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In this article we will look at a free system that's used by some of the world's top traders and it's proven to make profits. If you use this system you will beat 99% of the forex trading systems sold by vendors online, so let's look at it.
The forex trading system were going to look at was devised by a trading legend - Richard Donchian who is considered the father of modern trend following and is considered a trading legend and has influenced such great traders as Richard Dennis and countless others.
The system is Richard Donchian's 4 week rule.
He originally devised it to trade commodities in the seventies but it's very useful for forex trading because it works well in trending markets and forex markets are great for long term trends.
The system is incredibly simple but don't let that put you off, it makes money!
The system is very robust and based on timeless logic.
It's a well known fact that the best forex trading systems are simple, as they are more robust than complicated ones that have too many elements to break.
Here are the rules:
Close short positions and go take a long position when a price exceeds the highs of the previous 4 weeks. 2) Close long positions and take a short position when a price falls below the lows of the previous 4 weeks.
Thats it!
Now the above will work very well in any trending market but in sideways markets it will get chopped about so you may want to consider a filter to take this into account.
The filter is to enter on the 4 week rule - but exit the position on a shorter time frame and go flat. 1 or 2 week cycles could be used for this; you would then simply re enter on the next 4 week signal.
Now you can test the above system and you will see it works but most traders wont bother using it - Why? Because it takes tremendous discipline to execute it and it's not a system that is particularly worried about price entry levels and most traders are obsessed with this.
It's also very often buying breakouts and most traders hate doing this because they would rather wait for the pullback, this is despite the fact most major trends start from new market highs NOT market lows.
Another problem is traders think it's too simple and prefer trendy systems which are more complicated (which don't work) this system doesn't have the buzz factor of being based on artificial intelligence or a neural network despite the fact it will beat most if not all of them longer term.
The pro traders however know its value and many systems by the great traders over the years have used it as a base - including the legendary turtle traders, who made $100 million in 4 years, with no prior trading experience.
So yes it is simple but that doesn't mean it doesn't work it does.
Test it and you will see, so now you have a free forex trading system which since inception, has made traders hundreds of millions of dollars and could make some profits for you to.
If you want to find a forex trading system that works then you need to look at one key fact to determine if it will give you forex trading profits - so here it is...
Fact: Well over 95% of the forex trading systems sold on the net have never been traded and carry the disclaimer below, read it carefully:
"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".
The vast majority of forex trading systems on the net carry this disclaimer and it really is of no use in telling you if the system will make money.
Let's face reality - anyone can make profits simulating in hindsight knowing the closing prices but we don't have that luxury when we trade! You also have to think that if a vendor doesn't have the confidence to trade it himself why should you?
Today anyone can sell a forex trading system easily online and make money not from the system itself - but by using clever advertising copy to appeal to greedy and naïve investors and vendors know and do this.
If you want to make money from a forex trading system try and find one with a real track record, that's been traded and ask the vendor some questions about his forex trading strategy - if it's a marketing company only you won't get a reply!
Forex trading is not as easy as buying a mechanical trading system from a vendor following the signals and piling up big profits - life is simply not like that.
If you find a forex trading system with a track record make sure your comfortable with the drawdown and look at the worst peak to valley drawdown ( if you joined at the worst possible time ) and be prepared for that loss.
While you can follow a forex trading system to make money by far the best way to make profits is to build your own. While this may sound daunting its not and you can put together a simple robust method for currency trading success in a few weeks.
A further advantage of developing your own trading system is you will know how it works have confidence in it and that will give you the discipline to trade it through losing periods.
Forex trend following can be very profitable and you can pile up huge gains - but you need to have the mental discipline and confidence to follow the trends. While you would think most traders could do this - they can't.
It's a fact that long term trends exist in forex trading and they last for months, or even years yet, most traders simply cannot make profits from them. This is not because they don't have the right forex trading system -but because they don't have the right mindset.
We all want to make big profits don't we?
Yes we do, but that's very different to accepting them. Let's look at a typical scenario.
A common scenario is:
A trader spots a trend and gets into it, the trend is still going his way but there are swings back into his open equity, reducing his profit. As his profit gets bigger, the more tempted he is to take it before it gets away and the more the price swings, the more the temptation to bank it.
In the end the trader snatches the profit, or moves his stop too quickly - he is out and the trend continues in the direction he thought but hes not in it
Forex trends always seem to last longer than most traders expect and if you get into one, you need to hold it and this means keeping 3 key points in mind:
1. If the trend is strong and you're confident it will continue, hold you stop back and trail it outside of normal volatility. 2. Accept that you are going to have short term price swings against you, that's simply the nature of trading - so get used to losing short term open equity and keep your eyes on the bigger prize.
3. You need to accept that when the trend does change you are going to give back a big chunk as it turns, because you are trailing a wide stop. Keep in mind you are not after perfection, you want to make money. Keep in mind if you caught just 50% of every major forex trend, you would make a lot of money.
Long term trends are always there because they reflect the underlying economic health of a country and these economic cycles last for many months or even years. If you spot and hold long term trends, you could make big profits and only trade a few times a year!
Many traders make the mistake of trading too frequently and protecting their positions so much with tight or close trailing stops that they end up making no money.
By trying to reduce risk they actually create it.
Don't make the same mistake - big profits are made trend following the currencies and if you learn to have the discipline to hold trends, take dips in open equity and take calculated risks at the right time, you will enjoy currency trading success and have the opportunity to enjoy some great profit potential.
If you trade forex online, I'm sure you've probably heard about Andreas Kirchbergers' Forex Killer software by now. There has been a lot of exciement and controversy over this automated forex trading signal generator.
Before purchasing this or any other automated trading software, you really need to understand what are thinking about buying and whether or not it truly suits your needs. I am going to give you some honest feedback on the popular Forex Killer software. I'll tell you what I do and don't like about this foreign exchange trading system.
To many people it appears that Forex Killer is a scam because it is being marketed as a "get rich quick" system. That is unfortunate because I feel the software does have great potiental with proper usage. Most conservative traders, myself included, generally research the market they wish to trade and then begin the technical analysis of the trade itself. This software, however, allows you to speed up the technical analysis portion of your trades.
Should you decide to buy Forex Killer, the very first thing I recommend that you do is read the manual and learn how to download your data from your broker's trading platform. If you don't, the time consuming task of manually entering this data will drive you up the walls. It's much faster and easier to allow the software to do it for you.
Once you have the data entered into the software, identify the timeframe, the number of decimals in your quote and the instrument you are trading. The software will calculate a percentage probablility of whether or not you should trade with one of three signals. You will see "buy, "sell", or "flat"(this means no trade should occur). You will also see a short term or long term signal, but Forex Killer does not designate a time frame of what is considered to be short or long term. It would be nice to see this improved upon in future versions.
Combined with your own market research, the software gives you an objective second opinion and allows you to make a more educated trade. All in all, I do recommend this product as an addition to, rather than a replacement for, you own technical analysis and research.
My Personal Forex Killer Software Feedback
1. It's easy to use
2. Quickly generates trading signals for multiple currency pairs
3. Excellent addition to your own market research
4. Very Affordable - It's cheaper than paying for a professional consultant.
One of the greatest things about living inthe computer age is that there is software that works for virtually every trading strategy imaginable. When it comes to foreign currency trading, there are many different types of FOREX trading software to choose from. Here are some tips to help you pick the FOREX trading software that is best for you.
When looking for quality FOREX trading software, you probably want to start by talking to your broker or dealer. There is a very good chance he/she has some specific recommendations about software packages that would be of interest to you. Because some types of trading software are more ideally suited to specific investments, your broker or dealer may have some ideas that will not only help you manage your FOREX assets, but also provide some assistance with other types of investments as well. After getting FOREX trading software recommendations from your broker or dealer, test drive each one to see what is best for you.
Another possibility is to get some ideas for FOREX software from some of your fellow traders. You can visit online forums and message boards, post your query, and receive several excellent recommendations. There are literally hundreds of different FOREX forums on the internet. One of the advantages of this approach is that you will often also get some ideas on software packages to avoid, which can also be very helpful.
Of course, you can always to your own online search for FOREX trading software packages. If you decide to go this route, look for products that offer a free downloadable version that you can try out for a while. There are many software sellers that offer free editions with limited features that will work for a short period before becoming inoperable. This will give you the chance to test drive the product before you make a purchase. If the seller is not willing to let you try the FOREX trading software for free, you should avoid buying it.
When choosing a type of FOREX trading software, make sure you know what features will be of most interest to you. A good idea is to make a list of features you must have, along with a list of features that you would like to have. Using these two lists as your guide, you can search for the right FOREX trading software options through these several avenues, and find exactly what you want.
Most of all, you really need to make sure that the FOREX trading software is right for you. If you go to Google you will find many different reviews about the software you are thinking about purchasing, what its benefits are, and who will benefit most from it
There is an abundance of free information on the internet that will help you make your decision. USE IT!!!
www.forexrangetrading.com