Best Forex Trading System Unquestionably

Best Forex Trading System Unquestionably : Forex investments are quickly becoming a great way for many people around the world to earn a substantial income. By watching the markets around the globe and investing in currency pairs you believe will become profitable (either in the short-term measured in minutes or by holding onto the pair for days and even weeks), you may be able to set yourself up for a very enjoyable retirement. Before you can expect to do well in the Forex market, though, you are going to have to learn the “ins and outs”, and the tricks that only education and experience can provide.

If you follow this set of rules, you will have a great chance to reap large profits in your currency trading:

1. Learn all you can about Forex. Visit free forums, such as BabyPips.com, and go through all their tutorials – take notes. Go to ForexTSD.com and other Forex clubs and read the questions and answers. Post questions yourself.

2. Go to independent forums and get Forex software and broker reviews. Websites such as ForexPeaceArmy.com and Forex-TSD.com are good sites, but there are many other good forums. You must realize that some people will post fraudulent comments to encourage novice traders to use their brokerage firms, so be sure that you are basing your opinion on software or a on a large number of review comments. I have confidence with some Forex investment companies and Forex investment plans, such as ACM Forex, Dukascopy and MB Trading, but some I have used are to be avoided at all costs (reviews will tell you which ones to avoid).

3. Realize from the start that non-ECN brokers, or any broker that has a dealing desk, actually trade against their clients. These market makers (also called “bucket shops” by traders) are often unregulated and have great discretion on how quickly and at what price they fill orders. Not all of these types of brokers are bad, your trading is just more transparent with non-dealing-desk brokers.

4. Open a demonstration account (demo account) with a broker and trade for several months using only virtual money. These Forex simulator trading accounts are usually very similar to the actual trading platform you will be using with live trading, and the price information you receive will be either delayed only slightly or will be real-time currency price information.

5. Try different trading system software programs, such as Stealth, Forex Virtuoso, London Gold Rush, etc. You may even trade some automated Forex systems like FapTurbo and Megadroid, but, again, only in demo mode to start.

6. Once you are consistently profitable in demo trading, switch to a live account but use small margin and small pip values. Probably the largest problem in Forex trading is that you must follow your system rules exactly and not let your emotions get in the way. You will not discover how much work you have to do in this area until you are risking real money. You must follow your system.

7. Practice money management. Never risk more than 1% of your account capital in any one trade (this means you must use stop loss orders set at the 1% loss values – this likewise means you do not need to be using a broker who does not have a wide range of order options such as stop loss, stop limit, buy limit, etc.).

8. Limit the amount of leverage to use – 50:1 is adequate unless you just want to gamble your money away.

9. Make your own trades, monitor them closely. Treat this is a business, not as an outlet for your gambling urges. While there are some good Forex signals services, the best trading is done using a Forex trading system that you understand thoroughly and generates its own signals.source thebizhunter.com...

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