.
NEW YORK
13:31
LONDON
18:31
PARIS
19:31
FRANKFURT
19:31
HONG KONG
00:31
TOKYO
02:31
SYDNEY
03:31
  • Trade Now

Forex Day Trading System

Written by ForexCult Team
Rate this item
(0 votes)
Forex Day Trading System In this article, I am going to take the time to tell you about six steps that you can take as a trader to set up your very own forex day trading system. My main goal in this article is to be able to actually guide you through the actual process to create your own forex day trading system. I am sure that you may know that it doesn’t actually take long to come up with an idea for a system however, you will find that it is going to take some time to test it out to make sure that it works. So when it comes to developing your own forex day trading system makes sure that you are patient and if you are able to remain patient, the system that you are working on can bring you a lot of money in the long run. Creating Your Very Own Forex Day Trading System The first step that you are going to need to take in order to create your very own forex day trading system is to actually determine what type of trader you really are. You may be a day trader or you may be a swing trader. Also consider when you like to look at the charts. Do you look at the charts on a daily basis or a weekly basis? You also want to make sure on how long you want to actually take and hold your current positions as well. In return you will be able to actually determine which timeframe you will be trading in. This is also determining the timeframe that you will use to look for a trade signal. The second step that you are going to need to take is to find the indicators that will actually help you identify a relative new trend. Based on the fact that it is a top priority to identify the trends as soon as possible, you should use the actual indicators that will make this possible. In fact, moving averages are known to be one of the best indicators to use for the job. There are some traders that will use what is known as two indicators so that they can see when the fast one is able to cross over the slow one. This is known to be the actual basis for a moving cross over type of system. Finding Your Forex Day Trading System The third step that you are going to want to take is to actually find the actual indicators that are going to confirm the trend. The fourth step that you are going to want to take is being able to define the risk that is involved. When you are developing your very own system it is important that you take the time to determine how much you are actually willing to lose when it comes to a trade. The fifth step that you are going to take is going to be to actually define the entries as well as the exits. The last step that you are going to take is to actually write down the rules that you have set for your system and actually follow them as well. This last step is going to be the most important step at all. Make sure that you take the time to write your system down and also make sure that you take the time to follow it through. Also make sure that you take the time to make sure that it works by testing it out before you start relying solely on this one system. The main benefit that you are going to get form all of this is that you are not going to have to pay thousands of dollars for a system that just isn’t worth it especially when you should be able to take the information that you already know and take that into consideration to make on of your own. I know when you first think about this you are going to be like wow that is a lot of time and effort but when you really think about it its not. When you take into consideration all the money that you are going to spend on a system that you don’t even know that works and relate that to actually saving that money and creating your own, you will find that you are going to be better off in the long run. So take the time to create your own.

Add comment



Currency converter
Amount:
From:
To:


Polls

Which is the Best Forex Broker you have traded with?

Interview with Matthew Sheppard

Senior Forex Advisor at XForex


1. What is your name and position?

Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?

In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?

We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?

Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?

Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..

Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?

My advice to the beginning trader entering the Forex world is as follows:
  • Learn the market and understand what you’re getting into.
  • Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
  • Invest smartly and calculate your risks.
  • Always know when to get out of a trade.

Broker of the Month

5_small_logoUFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank traders can access the biggest market in the world 24 hours a day with ease.

By keeping their platform, site and deposit process simple, safe and secure, UFXBank have become the web’s premier online forex trader.