A Sneaky Way to Steal Someone Else's Forex Trading System
By David Jenyns
Anyone who is serious about trading needs to have a Forex Trading System that
is tailored to them, but there is no reason to start constructing your Forex
trading system from scratch.
Why try and reinvent the wheel when you can benefit from other traders
years of experience and borrow your trading system's ideas and concepts?
It's easy to do, and there are some pretty good Forex trading systems out
there for you to work with. Some of them are free and some are very expensive,
but the price tags don't always reflect the actual value of the Forex trading
systems. But, many of these systems won't work for you, and I am not talking
about out-right dishonesty here, which can be a big problem when trading. What I
am talking about is your ability to effectively trade with the system that you
may be considering using or buying.
You need to use a system that matches your life style and personality. If you
have a day job (not trading), a Forex Trading System that requires you to stare
at a screen all day wouldn't be appropriate. You would be distracted at work and
miss the opportunities to make money, or even worse, you will not close a trade
effectively and could lose money.
Some Forex trading systems have a potential to lose 20, 30 or 40% of your
money before they are profitable. Can you handle a system that can drop your
trading capital to half before making money? Or, are you prepared to have a
string of 8 to 10 loses in a row before you have a winning trade? Some of the
best traders in the world lose money on more than 50% of their trades. These are
all important points to consider when you are creating your Forex Trading
System. Choose aspects of the different systems that are out there that fit your
trading style best, and then build your Forex trading system.
An excellent trading method, which was made famous by Richard Dennis and
William Eckhardt and is sometimes referred to as Turtle Trading, is one of the
best Forex trading systems that I know of. They get returns in excess of 20 to
100% per year using this system. But, could most traders trade their system? Not
a chance! Dennis and Eckhardt also loose on over 60% of their trades.
Once you know what sort of Forex Trading System will work best for you, look
at the components that make it work. Face it; if you are a new, or even a fairly
serious, trader how likely are you to come up with a totally new concept? There
are some very smart and wealthy traders out there. Why not use their ideas.
Consider Dennis and Eckhardt's turtle trading, their system is based on a
"breakout" method. I know most traders could not trade using their exact method,
but they could take parts of it, such as the breakouts, to confirm a trend.
You can also use other Forex trading systems to give you an outline of what
parts a system has to have for it to make money. All great Forex trading systems
have these three basics:
Entry Rules,
Money Management Rules and
Exit Rules.
Study and learn from the Forex trading systems out there, borrow their
concepts, and steal their ideas. It will put you on the track to the
system that will make you a successful trader.
About the Author -=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=- David Jenyns is recognized as the leading expert when it comes to designing profitable stock trading systems.
Discover the "secret formula" of trading that anyone can use to consistently generate BIG profits from the market by downloading your FREE copy of David's new Ultimate Stock Trading Systems course.
Click Here To Download ==> Stock Trading Systems http://www.ultimate-trading-systems.com/stocks.htm -=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
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