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Learn How to Trade Forex

4x Made Easy

8 April 2007 No Comment

One of the most difficult things that a new trader has to do is to get a winning track record with his trading system.I know I have said that forex systems are useless ,but it would be worse for you without one. Any trading system is better than guessing. The goal should be to come up with your own trading style. It takes time to come up with your own forex trading plan. In the mean time the new trader should concentrate on getting an education either through forex forums,forex books and reading from other forex blogs.

I came across one such blog. Daily20pip.I have listed this as one of my 4x made easy systems. I like the site as it has a very simple forex system that one can follow and it’s free. It’s a set and forget trading system and very good for those that have a problem waking up those funny 2am hours in the usa. The system results are very good for a set and forget system .I have not seen a losing month with them.My approach would be to try the system and then look for your own filter or even better if you have your own system, use the daily20pip system as a filter. Simplicity is king in forex and the fact that the webmaster takes the time to post the expected trades for the day should make this site one of your bookmarks. I know I have.

Like I have said so many times, it is not the system that makes money but money management and trader psychology. One of the best books I know that can help with that is Bird Watching In Lion Country. This book has been online for more than 5 yrs and is one of the best forex books I have ever read. I must confess that I used to be one of the traders who used to fight with drforex in the original moneytec but his book is excellent and every forex trader should have a copy.

I wish every one a great trading weekend and if you have any weird trading ideas,please do tell.

The Trading Authority