Forex is becoming more popular daily because Forex markets are open 24 hours a day and most brokers offer platforms which run on your home pc or laptop. This means that anyone, anywhere, any time can trade Forex and with the gains one can make trading Forex, there is a growing move towards using Forex to supplement your income or help to make ends meet at the end of the month.
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But with so many people turning to trading Forex as a means to increase investment or savings, there are a growing number of people who are now trading Forex with little or no education or Forex knowledge. For a beginner, Forex can be intimidating to say the least, and the best way to trade Forex is to find the best Forex trading system for you to follow.
What A Good Forex Trading System Should Provide
A good system should provide trade entries, exits, as well as details on stop loss placement, risk management, and money management. But finding a good Forex trading system is harder than it sounds. There are automated Forex systems, manual Forex systems, technical systems, fundamental systems. So how do you find the best Forex trading system for you?
Start By Knowing The Basics
To find the best manual Forex trading system for you, you need to know some basic information about yourself as a trader. Are you a fundamental or technical trader? Do you have enough time to scalp the Forex market or are you a day trader? Do you learn best by reading printed material or watching videos, or do you learn best when taught by someone? All of these questions will help you to narrow down the courses available to teach you’re the mechanics of manual Forex trading.
Once you have a few courses in mind, you can begin to look at the strategies these courses use and what the courses offer. You can also do some research on the courses and see what other customers have thought about the course, and what it has taught them.
Once you have found a course then the hard work starts. You need to study the mechanics of the system, when to enter trades, when to exit them, what positions to trade and what stop losses and take profits to use. Once you understand the rules of the system, it is time to put the system into action. But don’t run off a fund a trading account just yet.
Its best to try out the system for a few months on a demo account. This will allow you to see if the system really works in practice. A lot of systems look great in hindsight but can’t be applied in practice so you need to spend a few months testing your system.
Once you know the system like the back of your hand, its time to try and trade on a live account. But don’t be surprised if you results on the live account differ from your results on a demo account. There is an amazing amount of psychology involved in trading and this affects how you trade real money versus how you trade on a demo account.
The Best Way To Learn A Manual Based Forex System
I have found the best way to learn a trading system is to make use of a course which offers some sort of mentorship. A course which offers training material followed up by a live trading room environment or personal tutoring allows you to learn a system and then actually see how the system is applied in live market situations. It also allows you to clarify any points you don’t understand and watch a professional trader in action.
And one of the best trading mentorship and Forex training systems I have found is offered by Andrew Mitchem and is called “The Online Forex Trading Coach”. This course is designed to take you from a beginner trader to a professional trader in gradual steps. It offers self learn videos and then private mentoring options thereafter so you can first learn the basics of the system and then perfect the system with Andrew Mitchem’s help.
The Best Manual Forex Trading System Is Never Complete
Once you have settled on a manual Forex trading system, remember that in trading nothing works forever. You need to keep learning and keep improving on your trading system so that you can develop your system into the best manual Forex system for you.