Places To Get a Great Forex Trading System

September 7, 2008 by Trader Rich

It’s very important that if you’re exploring forex trading or already trading that you have a trading system. One aspect of that trading system are the actual setup rules which usually contain entry and exit techniques. Traders put a lot of time and effort in developing these setup rules too often neglecting other aspects such as position sizing or relative size of your profits compared to losses. Therefore it’s important to find a comprehensive forex trading system.

Where can you find a comprehensive forex trading system? Throughout the last three years, I’ve been through many trading systems obtained mostly from books, forums, or other websites. I’ve found that almost every time, I’ll mold that system into something totally different than the original incarnation, something that fits my personality and style of trading. Many times, the original system will also need to be expanded to include things that were neglected or forgotten. Those of you searching for the perfect system may find this method of modifying existing forex trading systems desirable. There are places where you can find the whole package without any need for modification.

This brings me to the question, "where did you get your forex trading system?" I think there are four main ways of getting a trading system.

Buy it. There are tons for sale out there on the net but heed caution. Many were just copied from forums, books, or other websites. Sometimes when you buy forex education, part of the package will include a trading system. For instance, Rob Booker provides his Arizona rules as part of his mentoring program.
Get a free one. There are many free systems that can be found in books, forums, or other websites. I guess one can question whether a system found is a book is free since you paid for the book.
Create an original system yourself. My main trading system is an original creation. There may be other systems out there that are similar to it since it’s a culmination of years of exposure to other systems and experiences.
Modify someone else’s system and make it your own. As I stated above, I have done this many times.

I’ve created a poll that asks you this question here. http://www.forexproject.com/forex-polls/

Popularity: 81%

Filed Under: Forex Trading Systems, Investing and Trading
Tagged: arizona rules, Forex Trading, Forex Trading System, mentoring program, perfect system, position sizing, Rob Booker

DailyFX Forex Radio - Bernanke's Forecast For A Recession Weighs Dollar, Overshadows Dour UK Housing Data

By DailyFX Radio | April 2, 2008

Listen to our Evening DailyFX Forex Radio PodCast:

http://media.dailyfx.com/podcasts/FXRadioPM040208.mp3
Key Points

· Bernanke testimony calls for rising unemployment, deeper housing slump and a recession; are market forecasts of a 25bp cut reasonable?

· UK housing market crumbles as mortage approvals, construction activity and equity withdrawals plunge.

Tell us what you think of our podcast and send us an e-mail at research@dailyfx.com

To chat with us and other traders about currency trading, visit our very popular Forex Forum

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DailyFX Forex Radio - Dollar Finds Relief From Risk Trends, Bernanke Testimony May Feed Rate Speculation

By DailyFX Radio | April 1, 2008

Listen to our Evening DailyFX Forex Radio PodCast:

http://media.dailyfx.com/podcasts/FXRadioPM040108.mp3
Key Points

· Dollar boosted as headlines show that the dollar isn’t shouldering the financial crisis alone.

· A lull in event risk Wednesday will highlight Bernanke’s views on the US economy and focus speculation heading into Friday NFPs.

Tell us what you think of our podcast and send us an e-mail at research@dailyfx.com

To chat with us and other traders about currency trading, visit our very popular Forex Forum

Want to hear our PodCasts daily? Subscribe to them for free on iTunes

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DailyFX Forex Radio - No End Yet In Sight To Credit Crunch, RBA Decision And US ISM Promise Action

By DailyFX Radio | March 31, 2008

Listen to our Evening DailyFX Forex Radio PodCast:

http://media.dailyfx.com/podcasts/FXRadioPM033108.mp3
Key Points

· ECB finds support for hawkish policy stance in highest CPI reading in 16-years.

· ISM Manufacturing report offers dollar traders their first taste of top market moving event riskk this week.

Tell us what you think of our podcast and send us an e-mail at research@dailyfx.com

To chat with us and other traders about currency trading, visit our very popular Forex Forum

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Start at the top and work your way down.

By Tom Long | March 31, 2008

One of the important points we teach in the FXCM Power Courses is to trade in the direction of the trend on the daily chart. We recommend only trading the strongest trends as that is where you are likely to find the best trading opportunities. After having identified a strong trend on the daily chart, we then recommend moving down to an hourly or 4-hour chart to find your entry and exit, but only in the direction of the daily trend. Too often though, new traders lose their way and start with the short-term charts to find a trade and then move up to the daily chart to justify their choice. But this approach is not as effective as starting with the daily charts to find the strongest trends. These new traders want action and seem to be able to squeeze a trade out of the market even if there are few solid opportunities. This of course lowers the win percentage and profitability of your approach. We must start with the daily chart first and stick with the most obvious trends. Then if you move down to the intraday charts of those strongest trending markets and no trades are setting up, you must exercise discipline and patience to stay out of the market and not force a trade. Being okay with staying out of the market is key to long-term success. The idea is to trade the strongest setups instead of always being in a trade. So make sure your goals are prioritized to increase your chance of success and only trade when you have the best chance of winning.

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DailyFX Forex Radio - Data Puts Pound Strength In Question, Fed Chatter Holds The Dollar

By DailyFX Radio | March 27, 2008

Listen to our Evening DailyFX Forex Radio PodCast:

http://media.dailyfx.com/podcasts/FXRadioPM032708.mp3
Key Points

· Scheduled data disappoints pound though news the largest mortgage lender is boosting rates was the real concern.

· Japanese docket lined with top tier but imponent indicators, German CPI a policy guide though lacking a release time.

Tell us what you think of our podcast and send us an e-mail at research@dailyfx.com

To chat with us and other traders about currency trading, visit our very popular Forex Forum

Want to hear our PodCasts daily? Subscribe to them for free on iTunes

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DailyFX Forex Radio - Data Weighs On Dollar, IFO And Trichet Boost The Euro

By DailyFX Radio | March 26, 2008

Listen to our Evening DailyFX Forex Radio PodCast:

http://media.dailyfx.com/podcasts/FXRadioPM032608.mp3
Key Points

· Dollar back on the chopping block with disappointing housing and business spending data.

· Euro rallies back to 1.58 as data and ECB President Trichet confirm the Euro-Zone’s strength.

Tell us what you think of our podcast and send us an e-mail at research@dailyfx.com

To chat with us and other traders about currency trading, visit our very popular Forex Forum

Want to hear our PodCasts daily? Subscribe to them for free on iTunes

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Topics: DailyFX Radio Podcasts | 1 Comment »

DailyFX Forex Radio - Dollar Loses Its Risk Appeal As Data Draws A US Closer

By DailyFX Radio | March 25, 2008

Listen to our Evening DailyFX Forex Radio PodCast:

http://media.dailyfx.com/podcasts/FXRadioPM032508.mp3

Key Points

· Dollar can’t hold its risk correlation with?

· Economic docket holds event risk for Dollar, Euro and Kiwi tomorrow.

Tell us what you think of our podcast and send us an e-mail a

To chat with us and other traders about currency trading, visit our very popular

Want to hear our PodCasts daily? Subscribe to them for free on iTunes

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Take a step back to see the big picture.

By Tom Long | March 24, 2008

One issue I see with many new traders is that they use the shortest time frame charts to make their trading decisions. It is typical to see new traders use a 1-minute or 5-minute chart because they think that their risk is lower. Since they risk less on each trade, they must be better off. The problem is that these trades found on these charts usually result in more risk as you can have many losing trades in a row because of the volatility on those charts. In our FX Power Courses we recommend trading off of the hourly or 4-hour chart in the direction of the trend as seen on the daily chart. This way you are trading with the momentum of the market and are able to be in on some of the bigger moves that these markets are known for. Those big spikes on the 5-minute chart are easily explained on the longer-term charts as they usually are within a bigger move. So start with the daily chart to identify the direction of the trend and then move down to the hourly or 4-hour chart to find your trade. If the trend is up, then only look for buys and if the trend is down, then only look for sells. This does keep your risk acceptable and the potential profit big enough to cover those losing trades.

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DailyFX Forex Radio - Dollar Ends The Week Higher On Risk Aversion, Can Fundamentals Carry The Rebound?

By DailyFX Radio | March 21, 2008

Listen to our Evening DailyFX Forex Radio PodCast:

http://media.dailyfx.com/podcasts/FXRadioPM032108.mp3

Key Points

· Dollar ends the week with major rebounds against major counterparts, will data sustain the rally?

· Holiday liquidity quickly neutralizes the market, but risk could quickly revive volatility next week.

Tell us what you think of our podcast and send us an e-mail at

To chat with us and other traders about currency trading, visit our very popular

Want to hear our PodCasts daily? Subscribe to them for free on iTunes

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DailyFX Forex Radio: Market Squares Dollar Shorts, Loonie And Pound Top Market Movers For The Day

By DailyFX Radio | March 20, 2008

Listen to our Evening DailyFX Forex Radio PodCast:

http://media.dailyfx.com/podcasts/FXRadioPM032008.mp3

Key Points

· Traders square their books before the holiday weekend, giving the dollar a boost despite sour data.

· Fundamentals lead traders to reconsider UK and Canadian growth forecasts.

Tell us what you think of our podcast and send us an e-mail at

To chat with us and other traders about currency trading, visit our very popular

Want to hear our PodCasts daily? Subscribe to them for free on iTunes

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alfa81-forexkid

الاثنين، 9 فبراير 2009

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