The Best Forex Trading System
The Best Forex Trading System
The first time I started trading forex those 5 years ago ,we were a small group of wide eyed wanna be millionaires. The FXCM salesperson who contacted me and my buddies was excellent in convincing us that forex trading was easier than trading stocks . Come on over , forex is just about buying and selling and it doesn’t matter if the price goes up or down, you will make money.
As you might have seen from my realistic forex trading goals story, it wasn’t to be. So the next thing I did , was to go to the only forex forum at that time moneytec. Over there I met a number of forex gurus. They are too many to name. However when I look at the forums now, none and I mean none of them are still there.Every week there was another forex holy grail system that would make me millions. Every week my account would just become less in value.
Then it occurred to me. Why is it that I am taking forex trading to be that different from stock, futures or emini trading that I was doing without too much of an effort? After 1 year of only having losing weeks ,I found out that I still did not know anything about trading the forex market.I was just going to forums and learning the new forex hybrid system and testing it for a week then trading it in my trading account. After another week ,I’d go looking for another system that would make me rich.
Of course I went no where .But I knew I was on the right train but wrong track .It occured to me that without the proper tools and training I was doomed to failure in this business. So these are some of the steps I took.
1. buying forex books and more trading books
.Let me assure you that reading forex books is better than going to any forex forum. I will be posting some of the books that I read and still continue reading. I actually have a small library.hehe.
I really would recommend Raghee Horner ,John Murphy ,Alexander Elder books .You will be surprised how $20 can make a difference in your trading
2. Joined forex mentoring programs.
These are hard to come by as most of them are just snake oil sales men. However a few have been there for some time .For example
- Peter Bain and his forex mentor program . I still use his pivot points in my trading systems. He has a good forex blog too but I just go there to see what he’s thinking .Rarely do I agree but that’s my trading system.He might work for you.
- Market Trader’s Institute. At the time I joined this it was a tiny operation but got to know the traders from asking too many questions. I don’t use their trading platform but I believe their Fibonacci levels trading is some of the best.
- The Trading Authority . This is the newest and seems to be the most comprehensive I have seen with videos, live trading and seminars. They are a bit expensive but you can write that off you taxes or even say your paying for education instead of giving free funds to your broker. I’ve had one of my traders doing it and he’s not complaining so far. We shall inform of more.
Forex mentoring programs are expensive but think about it, isn’t it better just to get the education and know it’s not your thing rather than giving all your cash to your broker?
3. Worked on my trading psychology.
You will be surprised to learn that instead of reading trading books ,I was reading books and reading newspaper clippings of guys like the oracle of omaha, Vanderbilt’s etc .As in business people who actually have succeeded in other en devours. I went that route because I believe that trading is a business like any other.
You will be surprised to learn that I started to make consistent profits which I could live on 2 years after I started trading and it is the best experience I have ever had. However the road is full of potholes but it is a lot of fun. Now i have other hobbies including starting a blog. Never give up because forex trading is the best thing you can ever do but you will first need to pay the price. For those who are interested, of the small group of 10 traders I started with , only one still trades with me.
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[…] Posted by niatrading as General Site News, Forex Trade Setups, Forex Trading, How To Trade Forex No TagsThe forex article on the best forex system has an extremely high number of hits on this site. And one of my fellow traders told me it’s probably because people are busy looking for the best forex sysem with no loses to trade. Then we got into an argument , is it the forex trading system or a forex trading plan with proper forex money management that makes the trader money? The argument has lead to a forex experiment we want to conduct from May 14th 2007 2am est to May 14th 2008. We shall open two real forex trading accounts with Oanda. One will have a forex trading plan and the other account will have nothing other than a trading system. […]
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