There are lots of forex trading systems online to choose from and here we are going to give you 3 tips on finding the minority that can and do make big forex gains and avoid the losing majority...
Here are 3 tips for getting the right forex trading system for you.
1. Has It performed in Real Time?
Track records are not all they seem on first glance. Most are simulations, done in hindsight, knowing the closing prices this means they have never performed in rea time.
Check most of the forex trading systems online and you will see this somewhere hidden in the offer:
"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".
The above doesn't exactly build confidence in the system when you read it in fact it means the track record is totally irrelevant in terms of deciding whether the system has the potential to make money in real time.
Pass any system by that has the above printed on it and get one with a real time track record.
Ok, a real time track record doesn't guarantee profits - but at least it gives you some idea the system is soundly based and that the developer has traded it and risked his own money.
Why should you trust a system when the vendor doesn't trust his own? Exactly
2. Worst Peak to Valley Losses
You will find trading systems with good track records but keep in mind a track record over 2 or 3 years maybe great - but in between you have periods of losses and these can last for weeks or months depending on the type of system.
Sure they emerge from these losing periods and pile up big gains but you have to mentally handle the drawdown when its occurring without quitting.
The best way to do this is to pick the worst day to join the system, measure the size of the fall and how long it takes to get back into positive territory.
In conclusion, your worst always assume the worst drawdown is coming and be prepared mentally, to accept it.
3. Confidence
Many traders have sound systems but don't follow them because they don't know the logic and therefore lack discipline.
It is hard to keep executing a trading system when its losing and you don't know why! And just as important that the drawdown period will pass.
Take time to checkout the rules and parameters of the system and see if you agree with the way it trades and understand how and why it will make money
If you don't do this then you wont be able to follow your trading system and will quit it in a drawdown period, even though the chances are it will recover and make long term gains
Being a Winner with Your System
You can make money with forex trading systems that are automatic and there a great time efficient tool but there not all created equally.
Shop around for an automated forex trading system, ignore the claims and the hype, check for a real track record check the drawdown and learn the logic.
If you follow the steps in this article, you will find a system which can put you on the road to forex trading success.
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