Wednesday, February 16, 2011

Best Forex System


Which is the Best Forex System?

Determining which forex trading system is the “best” is a somewhat subjective process, as there are various ways to trade the forex market successfully. However, there are a few common characteristics that forex trading systems which give traders the ability to profit consistently will possess. The best forex system will contain all of these characteristics in addition to other factors that put it above and beyond the competition to qualify for the title of best forex system. Let’s first discuss the common traits of successful forex trading systems and then we will discuss some of the traits that can put a forex system into the category of “best”.
First off, any forex trading system worth its purchase price will assume that people buying it might not have a thorough understanding of the forex market. Many aspiring traders look to find a quality forex trading system right away in hopes that they can learn about the forex market and how to effectively trade it. So it would go to reason that the best forex system will not only contain a trading strategy but also will provide traders with some solid background on the inner workings of the forex market, because it is important to understand the market you are trading and how it works.
Next, for a forex system to be effective and efficient it needs to be based around fundamental principles of chart reading. Basic chart patterns that have been used for centuries are essential to learn in order to develop a core understanding of price dynamics in the context of the forex market. Simple price action setups like candlestick patterns are an essential tool to have in your trading tool box, such patterns often form at major market turning points and in the context of trending markets, if you don’t understand simple one, two, and three bar candlestick formations you will miss out on many good trades. The best forex trading system will teach traders how to effectively use these simple price setups by combining them with significant support and resistance levels to develop a profitable trading plan.
One very common feature that separates the best forex trading systems from the rest of the pack is that the system or method you are learning is not heavy on lagging indicators. If lagging indicators are the primary analysis tool of the systems you are trying to learn, than it is probably time to keep looking. If the system integrates a couple moving averages on top of core price action trading strategies, than it is probably likely to be a good forex system. However, once you start getting into systems that base all trading decisions, or nearly all, off of multiple lagging indicators, you are digging your own trading grave. The reason is that there is simply no better predictor of impending price movement than price itself, to believe that you will get a more clear representation of price movement from looking at some fancy lines on your charts than from just learning to read price action is simply futile.
Another feature that can really define the best forex system is whether or not it provides traders with free content in addition to any premium content being offered. The reason that this free content is a good mark of a quality forex trading system is that any truly professional trader that has authored a forex trading system will have no problem providing a plethora of free information that conveys some of the concepts in their educational product. The only people who do not provide free content are those that are not making money from trading, therefore they are simply just internet marketers looking to make a quick buck.


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