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How To Create A Simple But Accurate Forex Trading System
By: Gregory DeVictor
The foreign exchange market, or Forex market, is an around-the-clock cash market where the currencies of nations are bought and sold. The value of your Forex investment increases or decreases because of changes in the currency exchange rate or Forex rate. These changes can occur at any time, and often result from economic and political events. The purpose of this article is to present Forex trading system strategies from some of the world's trading greats.
Do Not Play With Your Trading Losses: According to William Eckhardt, These evidently instinctive human tendencies spell doom for the trader - take your profits, but play with your losses.
Good Money Management Alone Is Not Enough: According to Monroe Trout, Good Money Management alone isn't going to increase your edge at all. If your system isn't any good, you're still going to lose money, no matter how effective your money management rules are. But if you have an approach that makes money, then money management can make the difference between success and failure.
Don't Optimize Trading Size: According to William Eckhardt, Trading Size is one aspect you don't want to optimize. The optimum comes just before the precipice.
Do Not Play Catch Up: According to Richard Dennis, I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.
Trade Small: According to Mark Ritchie, I think it's generally a good idea that when you put on a trade, it should be so small that it seems almost a waste of your time. Always trade at a level that seems too small.
Do Not Override Your System Too Often: According to William Eckhardt, You should try to express your enthusiasm and ingenuity by doing research at night, not by overriding your system during the day. Overriding is something you should do only in unexpected circumstances - and then only with great forethought. If you find yourself overriding routinely, it's a sure sign that there's something that you want in the system that hasn't been included.
It Is A Skill You Can Learn: According to Michael Marcus, I think to be in the upper echelon of successful traders requires an innate skill, a gift. It's just like being a great violinist. But to be a competent trader and make money is a skill you can learn.
Courage: According to Bill Lipschutz, It is not enough to simply have the insight to see something apart from the rest of the crowd, you also need to have the courage to act on it and to stay with it. It's very difficult to be different from the rest of the crowd the majority of the time, which by definition is what you are doing if you are a successful trader.
Not Losing Money: According to Linda Bradford Raschke, The good traders are the ones who can hold their ground the majority of the month and participate in that small handful of trades that are windfalls. The real skill is in not LOSING money!
Trading Forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Gregory DeVictor is a consultant who has been developing and marketing web sites since 1999. Learn more at: www.forex-trading-system.name
Quick Forex Ideas
forex trading software
For the beginner, FX FOREX currency trading the popular currency pairs are Euro dollar and the US dollar (EUR/USD) or the British pound and the Japanese yen (GBP/JPY).
More info on a great Forex system
forex capital
What about Forecasting: Predicting current and future market trends using existing data and facts. Analysts rely on technical and fundamental statistics to predict the directions of the economy, stock market and individual securities.
easy forex
For those interesting in being involved with Forex trading, a basic understanding of how the system works is essential. Understanding both forecasting systems and how they can predict the market trends will help Forex traders be successful with their trading. Most experienced traders and brokers involved with the Forex use a system of both technical and fundamental information when making decisions about the Forex market. When used together, they can provide the trader with invaluable information about where the currency trends are headed.
More info on a great Forex system
forex day trading
One thing to remember when trading and trying to protect your investments however will be that you must take risks to gain. Along with taking a large risk, can come a large success or large loss. You have to be prepared for the worst. You can do this by educating yourself as much as possible on the trading system and your investments. The more you know, the better prepared you will be to make successful decisions. If you are unsure about a system of trading, like the Forex, be sure to take classes and read about the system before you begin trading. Only trade when you are certain you are ready to begin. Even after you learn what you need to know about the system and are a seasoned trader, there are times when you will have losses. The system is not one that protects your investments or your money in general. So, be prepared and aware of this issue. Being realistic can really help you gain more success.
More info on Forex software
Your Latest Forex Software News
Euro turns bullish - dollar slips across the board
Fri, 20 Oct 2006 21:14:00 GMT
Daily Currency report for Friday October 20 2006
This is only a guide.
Forex Currency Trading
Forex Software
What Is Forex
Online Forex | Online Forex Trading
How To Create A Simple But Accurate Forex Trading System
By: Gregory DeVictor
The foreign exchange market, or Forex market, is an around-the-clock cash market where the currencies of nations are bought and sold. The value of your Forex investment increases or decreases because of changes in the currency exchange rate or Forex rate. These changes can occur at any time, and often result from economic and political events. The purpose of this article is to present Forex trading system strategies from some of the world's trading greats.
Do Not Play With Your Trading Losses: According to William Eckhardt, These evidently instinctive human tendencies spell doom for the trader - take your profits, but play with your losses.
Good Money Management Alone Is Not Enough: According to Monroe Trout, Good Money Management alone isn't going to increase your edge at all. If your system isn't any good, you're still going to lose money, no matter how effective your money management rules are. But if you have an approach that makes money, then money management can make the difference between success and failure.
Don't Optimize Trading Size: According to William Eckhardt, Trading Size is one aspect you don't want to optimize. The optimum comes just before the precipice.
Do Not Play Catch Up: According to Richard Dennis, I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.
Trade Small: According to Mark Ritchie, I think it's generally a good idea that when you put on a trade, it should be so small that it seems almost a waste of your time. Always trade at a level that seems too small.
Do Not Override Your System Too Often: According to William Eckhardt, You should try to express your enthusiasm and ingenuity by doing research at night, not by overriding your system during the day. Overriding is something you should do only in unexpected circumstances - and then only with great forethought. If you find yourself overriding routinely, it's a sure sign that there's something that you want in the system that hasn't been included.
It Is A Skill You Can Learn: According to Michael Marcus, I think to be in the upper echelon of successful traders requires an innate skill, a gift. It's just like being a great violinist. But to be a competent trader and make money is a skill you can learn.
Courage: According to Bill Lipschutz, It is not enough to simply have the insight to see something apart from the rest of the crowd, you also need to have the courage to act on it and to stay with it. It's very difficult to be different from the rest of the crowd the majority of the time, which by definition is what you are doing if you are a successful trader.
Not Losing Money: According to Linda Bradford Raschke, The good traders are the ones who can hold their ground the majority of the month and participate in that small handful of trades that are windfalls. The real skill is in not LOSING money!
Trading Forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Gregory DeVictor is a consultant who has been developing and marketing web sites since 1999. Learn more at: www.forex-trading-system.name
Quick Forex Ideas
forex trading software
For the beginner, FX FOREX currency trading the popular currency pairs are Euro dollar and the US dollar (EUR/USD) or the British pound and the Japanese yen (GBP/JPY).
More info on a great Forex system
forex capital
What about Forecasting: Predicting current and future market trends using existing data and facts. Analysts rely on technical and fundamental statistics to predict the directions of the economy, stock market and individual securities.
easy forex
For those interesting in being involved with Forex trading, a basic understanding of how the system works is essential. Understanding both forecasting systems and how they can predict the market trends will help Forex traders be successful with their trading. Most experienced traders and brokers involved with the Forex use a system of both technical and fundamental information when making decisions about the Forex market. When used together, they can provide the trader with invaluable information about where the currency trends are headed.
More info on a great Forex system
forex day trading
One thing to remember when trading and trying to protect your investments however will be that you must take risks to gain. Along with taking a large risk, can come a large success or large loss. You have to be prepared for the worst. You can do this by educating yourself as much as possible on the trading system and your investments. The more you know, the better prepared you will be to make successful decisions. If you are unsure about a system of trading, like the Forex, be sure to take classes and read about the system before you begin trading. Only trade when you are certain you are ready to begin. Even after you learn what you need to know about the system and are a seasoned trader, there are times when you will have losses. The system is not one that protects your investments or your money in general. So, be prepared and aware of this issue. Being realistic can really help you gain more success.
More info on Forex software
Your Latest Forex Software News
Euro turns bullish - dollar slips across the board
Fri, 20 Oct 2006 21:14:00 GMT
Daily Currency report for Friday October 20 2006
This is only a guide.
Forex Currency Trading
Forex Software
What Is Forex
Online Forex | Online Forex Trading
Labels: Forex Trading strategies | Forex Day Trading
posted by FX man | 4:03 PM
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