Secret to trading forex profitably

The Secret To Trading Forex Profitably

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The Secret To Trading Forex Profitably

The Answer Is Profitable Trading System What is a trading system? What is the difference between forex trading

strategy and forex trading system? How to design a trading system?


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What Is A Trading System? Beginner traders get overwhelmed by many forex trading

strategies that they read about in books, most of which is mainly focused on entry strategies.

To trade forex profitably, just good entry strategy is not enough

Perfect( or so called 'high probability') entry strategy Does Not guarantee profits because how you exit your position determines whether you make money or lose money.

So, only a combination of good entry strategy, exit strategy, risk management and psychology give you a profitable trading system.



Just One Trading System Or Multiple Trading System?

Advised to have different trading systems that work well in different market conditions.

The rationale: no single trading system works very well in ALLdifferent market conditions.

A trend following trading system will not do well in ranging market condition.

Similarly, a mean reversion trading system will not do well in strong trending market condition.

On top of that, trading systems that work today might not work forever. This is another advantage to have more than one trading system at your disposal.




There are two main types of market conditions: Trending Market Non-Trending Market

Generally, you can tell what market condition it is right now by looking at the candlestick charts.






MUST-KNOWS BEFORE YOU START TRADING FOREX

All Trading Systems Have Losing Trades Never let yourself doubt the trading system's

profitability and immediately discard it when you start to have losing trades.

For each trading system, there is a set of trading statistics associated with it, such as maximum loss, maximum number of consecutive losses, maximum number of winning trades in a row, percentage of winning trades, percentage of losing trades, the expectancy of this trading system and etc.




Start With One Profitable Trading System First You will never know if the trading system is right

until you have tried it and tested it.

Trading a lot of different trading systems Right From The Start For Beginners will not help you become a good trader. Normally, traders who focus on learning and mastering one trading system at a time are the ones who will eventually succeed in Forex trading. Once you have this one trading system mastered, you can then move on to design the next one.




Know Your Trading System Inside Out To know how your system performs in the long run, you

need to at least place 100 trades and record down the trading results, then calculate its max no. of consecutive losses, its winning probability, its expectancy and etc.

If you know these statistics of your trading system, you then have the confidence sticking with your trading system in the event of long losing streaks.

A lot of unsuccessful traders lose money because they cannot stick to their trading system long enough to see if it actually works. Don't repeat their mistakes.



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