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The secret forex trading system
First of all, there are NO secret systems in Forex or any freely traded market. The market either moves up, down or sideways. It is either a trending market or a ranging market.
Any trading system or any secret "members only" entry program is just a series and/or a combination of indicators ie: MACD, RSI, Stochastic, Moving Averages etc etc etc. to give you an entry into the market with an effective batting average of winning 6,7,8 out of 10 trades. No system is perfect.
The best time to trade the forex market in North America is - during the European time zone (approx. midnite until 8AM) and/or the US EST time zone. To trade effectively, you have to be there to track the market, so, your red eyeball is stuck on your computer screen from - midnight until 9AM-10AM the following morning waiting for a possible signal for a trade entry. Sometimes, you can be up all nite - the market does not move and thus there are no trades. Result: You were up all nite and nothing happens. You make $0.
Once the new "state of the art", never been seen before, propritiary trading system or any other indicator/entry program tells you to enter the market - at say... 3AM or 5AM or 8AM, you patiently wait until then to manually enter the market.
Once you are in the market. You babysit the trade. You minimize losses and maximize profit. Easier said then done. 6-7-8 of 10 trades are winners and thus 2-3-4 of 10 trades are losers. a real crap shoot. The pain starts when you enter a market and you lose money. You have a predetermined loss built in and at times, you tearfully watch the screen as the market races to your stoploss of $400-$500.
You are out $500 and go to sleep. The next day, you try again. To make a living and to survive trading, you have to make up for the $500 loss the night before AND make an additional $500 to $1000 to have a positive $$ result. That is a turn around of $1000 to $1500 with no guarantee. Negative -$500 to a +$500. If you lose again the following trading day... well.
The smart money is in Marketing a trading strategy. Internet marketing is not a zero-sum game. It is win-win. You sell a product of value, the buyer gets value... you get paid. If you want to make money in trading, sell a effective trading program. That is the same theory during the California gold rush. The marketer who sold the picks, shovels, equipment to mine the gold as well as the industrial grade alcohol to fuel the drive are the ones that got rich. Not the gold miners who went into the mountains to find nothing.
Trading the forex, stocks commodity markets is a vicious cycle where only the selected 2% with a large payroll and cushion make enough money to survive in the long term.
Last edited by mika : 06-01-2005 at 13:47.
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