I do believe that you need a system to trade forex.
The problem is, I don’t have a system that works.
I thought I have one, it was making money initially then it stopped.
I started with USD 4500, now I am left with USD 2900.
So anyone care to share with me their tried and trusted system, to help me recover my losses and make money in the long run.
Really appreciate it.
I’m going to be honest with you, only you can make your system. However, a system is more than an entry, more importantly it should have an exit, an edge. The system you have is probably good, but did you follow it 100%. Did you try just reversing the system, so instead of buying when it hits, sell or vice versa? Check the past results and see what your system does normally when the signal hits. I used to trade where the ADX and stochastic was at extremes, for reversals, and continuation, a great system is just waiting for two MA’s to cross while continuing a trend. But also, you can have a good entry, but if you don’t define when you will get out, the system won’t have an edge. Sorry if it seems I didn’t help you. There are systems in the Forex trading systems section, but you have to develop yourself as a trader, to be able to trade the system. You could even say that it’s not the system, but rather the trader that makes it. Have a good one eh!
Loneranger,
My advice would be:
1: pull whats left (USD 2900) out of the trading account. Put it away
and quit giving it away.
2: Read EVERYTHING in the babypips school, then read it again.
3: Open a DEMO account somewhere (I am now using Oanda, not super-
sophisticated platform, but LOTS of trading plusses) and practice.
4: Read ALL the forum posts here and at any other forex forum you can
find, remembering that no one is %100 right all the time, so find what
makes sense to you.
5: develope and test strategy on demo account. if it works well, go to
step 6, if not, start at step 4 with a fresh outlook.
6: use working strategy to train yourself to discipline. Learn to ignore
greed and fear. (this is what kills a lot of traders who have workable
systems) Become profitable for at LEAST 6 mo’s with system.
7: re-open trading account with USD 2900 and get busy.
There is massive amounts of info available on trading systems, but until you can grasp or understand the general movement of the market, NONE of them will work. There is NO easy way to be successful. It can only be achieved through your own diligence and learning.
P.S. This is from a newbie to trading, this is just the most important stuff I have gleaned from the pro’s that are willing to help.
good trading to all!
hi mate
sorry to hear that …but
Heres the vanessa system, its the free one that was posted, read it twice and try and demo it for a while. I think as far as systems go, you have to find one that you are willing to work with and stick with it to see the results, they do suggest getting a good grip of the fundamentals aswell, which help to decide whether to take the trade.
Let me know how you get on.
VanessaFX_Advanced_Systems.pdf (651 KB)
I agree with everyone else here. The best proven, most profitable system in the world will Fail if you lack the discipline to follow the rules and to have a good exit strategy. For all you know this system of yours has a $1600 drawdown and will start turning around now but you won’t give it a chance. Have you DEMO traded the system or just took the person/groups advice from where you aquired it that it makes $$$. Good Luck but I would read through the school one, two, three or more times and then try some of the systems on here if I were you. What’s going to happen when you find a great system and it stops working? Will you be able to adapt to the market changes or will you give back everything that you just gained. Sorry to be so negative but if trading was just as easy as asking for a system to make me money than what the hell am I dedicating years of studying for!! 
Topgun
I saw somebody posted the VanessaFX system in this thread. they released a system update and I thought the introduction the Vanessa gave fits perfectly in reply to the thread starters question.
Hi guys
I’m going to start with a little speech again. I receive a lot of emails from people who tell me my system doesn’t work for them. They are exactly right it doesn’t work for them and the reality is no system in the world will work for them in the long run. You may be one of those people and if you are you should pay attention and take as much away from what I am writing as you can.
There is a problem with the Forex market actually this goes deeper than the market there is a flaw with humanity as a whole. People take the easy way out; if they find something to hard they give up and try something else. Of course I am referring to people who spend their entire day scouring forum after forum looking for the next great system. A system is not going to make money, making money is up to you. You are the one that needs to trade the system the system can’t trade itself.
People email me all the time concerning bad signals given by the system and I have got tired of telling them what to do. Nobody ever listens; they dismiss my advice and go back to the forum looking for a new system. The truth is that if you are one of those people you will fail, not because of the Forex market but because of yourself.
Every system will give false signals, the questions what do you do with the false signal?
A smart trader would not take it and if she/he did she/he would exit with a relatively small loss most of the time.
A dumb trader will take the signal and will take every signal as soon as it’s given. They will use no discretion and they will lose, after that they will go look for a new system.
As much as I hate to say it traders like me (smart traders) need dumb traders to be on the other side of a position when we take it. What you need to ask yourself is if you want to be the dumb trader that losses money to the smart trader or the smart trader who is given money by the dumb trader.
It is easy to be either; it all comes down to a choice you have to make.
Choice 1: Read this book, try the new and improved system, lose a few trades, go look for another system and repeat until you liquidate your account.
Choice 2: Read this book and try the new and improved system. Then spend some time learning the basics about Forex, basics like candle stick patterns, support + resistance lines, [B]fundamentals[/B], price action. Do not just watch a video or read a post in the forum actually try and learn the basics.
Ask questions on the private forum that is what is there for.
The reality is 90% of you will probably pick choice 1, not right away but you will revert back to it. I just hope that I get through to at least one of you…
VanessaFX