Today I would just like to write a quick post on the topic of the best forex systems. Now as a bit of a disclaimer I am not claiming to be a forex expert. But as someone who has been experimenting with forex for a number of years now, and who has tested a multitude of different forex systems and indicators I feel I can offer some valuable information, especially for the newby forex trader.
When it comes to the best forex systems this is a very difficult question to answer. At the end of the day the best forex system is going to be highly dependent on your personality type and lifestyle. If there is one thing I have learned about forex trading over the years is that there is a great deal of psychology involved.
For example, if you are a very analytical person who likes to take your time and really think things through before executing, and have a great deal of patience then you will probably want to gear your trading to the longer time frame charts such as the 4hour, daily or even weekly charts. On the other end of the spectrum are those individuals with less patience desiring a forex system that is going to offer more “action”, involving quicker decisions and trades which are much shorter duration.
In my personal experience the second type of forex trader will have a much more difficult time finding or developing a profitable forex system. This is not to say that there are not forex traders who earn a consistent income trading from the 1 min or 5 min charts. But in my humble opinion the shorter the time frame one is using to trade forex the more skill is required in analyzing the market and reading the charts. There is also more “noise” or randomness on the lower time charts making it much more difficult to predict whether a currency pair will rise or fall within the foreseeable future.
This is just a very brief introduction regarding forex systems. The bottom line is that before someone can become a profitable forex trader and find a forex system that works for them, they will have to discover which trading style fits their personality and psychology. In my next post on forex trading I will get a bit more specific regarding actual forex trading systems that I have dabbled with and may be worth exploring if you are curious about forex trading.
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As a bit of a disclaimer or warning, forex trading can be a risky venture and no one should ever consider risking real money trading until they have demo traded their forex system to death and are consistently making money on their demo account.
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