What type of trading system do you use in Forex more often?

The best system is to share knowledge the way you are doing.

Hector

even a nubie knows... market can go in 3 directions, but the price only can choose one direction each day.

it means in everyday after london open the market price will choose neither uptrend, downtrend or...sideway, it means only 3 possibilities that will happend everyday :)
well that is very good news for me!

Then... another good news is...
so in 1 month we have 20 trading days
if in a day i could profit 150 pips minimum and limit the loss 50 pips each days,
so even if the odds in 1 month is 10 profit and 10 loss, i still came out as the winner!? am i rite?

oh what wonderful life it is! so many good news...

but hey wait!
there is one bad news!

Trading systems! it's so maaaaaany! i don't know which one to choose duh! >.<
if i don't find this trading system with at least 60% chance winning i could end up
forever with my dead end job with no retirement and the worst is to get layed with no savings either...
no no no...
this could'nt be happening no...

i will never stop using the 10,25,50 ema system ed gave sometimes ago i only added bollinger band rsi and macd thanks ed. [email protected](nigeria)

most indicators only lag or repaint price action, support, resistance and break out is what its all about.

I trading since 2001 and I want to say that it is very easy! Many "traders" loose due to the stress and emotion.

Fibonacci based system (support and resistance) + MACD, Stochastics and moving averages (20,40,100) will give you a good chance of success. Don't forget about discipline and proper stop-loss to gain ratio (3:1 minimum). Money management is equally important. All of the above = happy / stress less trading. Stick to your plan no matter what !!!

moving averages + fibonacci levels

Many people make the mistake of relying too heavily on indicators. A firm grasp of basic Technical Analysis and Fundamental Analysis is necessary to succeed in forex. If you don't know what's going on in the market beside what your indicators tell you, you are making a big mistake. A firm understanding of the following are essential: fundamental news and how it affects market sentiment; channel breakouts; trend lines; support and resistance; and basic chart patterns. Lastly, it is never a good idea to be purely fundamental or purely technical: the best approach is a mix of both. Learn to minimize your use of indicators.

sometimes i use 20,50,100 SMAs to chose when to trade and when to exit.

I trade base Support & Resistance with Candlestick reading & Chart Pattern reading.

Regards;

Manus168

Support & Resistance + Candlestick reading :)

Hi guys. I strongly agree trading without a system or strategy definately going to wipe off your capital soon that actually happened to myself and many of my fellow friends. Most of us only realized when the basic forex knowledge doesn't guarantee profitable trade. Then we review it and follow simple trading strategy and fine tune to the best market, currency pair, managing risk of trade to less than 3% of capital for each trade, protect profit and increase the reward ratio > 2. Finally, we got it right with 80% win of overall trades with minimum loss of trade. Again, I would say it take hell a lot of efforts and review because the most difficult part is self discipline & knowing your self.

Hey guys, about that "trade without a system" stuff, I did it when I gave up my automated system and it did not go too well. Of course I practiced on a demo account, but even though at the beginning all seemed to go more or less ok, after a few days my account was finished. Now that I trade using indicators I wonder how in this world the market did not eat me alive the first day I traded without a system! If you ask me, the breakout system has worked for me, say, 95% of the times. I have got spanked but it has always been my fault for being too confident.

Trading using indicators for position trading and scalping during news release may be a good combination.

how long you practice has little or nothing to do with how well you trade profitably. it is how well you have mastered your techniques. if that is achieved within a month of practice, then go live. dont be afraid of failure. believe in yourself and stick to your technique. it is not how far, it is how well.
thompson wealth