What Are Forex Trading Systems?
A Forex trading system is a set of rules which are aimed to ensure that you are trading in a way that is free of bias and the influence of emotion. Most beginner traders will look to learn a forex trading system whereas more experienced traders will eventually move to build a trading system of their own.
A good Forex trading system should look to encompass and cover for all possible eventualities which the markets may through up. In that respect, they should comprise of rules which govern, amongst other things the following:
1. Which currency pairs to trade.
2. When exactly to enter and exit a trade.
3. Where to place Stop Losses and Take Profit rates.
Forex trading systems must always be tested against historical data (known as back-testing). Beginner traders, when looking to purchase a forex trading system, should always ensure that the system was properly backtested and that the results are genuine. There are certain software packages available now which back-test trading systems automatically.
Which Forex Trading System To Choose?
This will depend upon your trading style. Some traders...
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