Best Forex Trading System

Best Forex Trading System

Best Forex Trading System

The answer to this question is very simple: there is no single forex trading system that will work for every individual trader under all circumstances. The reason is that we as humans differ. And when it comes to trading, you are in effect trading against your own weaknesses. What is the best forex trading system for another person, might therefore not work for you at all. Let us explain.

Some traders for example have the self-discipline to trade without a stop loss. These traders

do it because they want to give the market time to "breathe". They don't want to exit a potentially profitable trade just because it went down a short bit.

They are strong enough, however, not to hang on to losing trades. When it becomes clear the currency is heading south permanently, they get out of the trade.

If you are one of the many traders, however, who find it difficult to let go of a losing trade, if you cling to the hope it will eventually turn around and make a profit, you need to set up a stop loss prior to starting every trade. Otherwise your weakness will eventually destroy you financially.

The same goes for profitable trades. If you tend to get scared when a trade turns profitable, because you fear it will turn around and wipe out your profits, you will cash in on trades long before you should. In this way you will rob yourself of a lot of potential profits. You therefore need to always trade with a set "take profit" level. This means you have to decide beforehand you will stay in the trade until it has made a certain profit.

The best forex trading system for you as an individual is therefore one that takes into account your strengths and weaknesses, as well as your financial situation. Someone with a million dollars in his trading account should use a different trading system than someone with a hundred dollars in his account.

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