Things to Consider when Choosing Forex trading systems

[orange2009]

Forex trading applications have been very popular lately since the forex trading industry became bigger. When people came to know about forex trading and how much money they are able to earn, a lot of people readily involved themselves in this industry. For beginners, they will first make use of a demo account using a forex robot to get a feel of how forex trading is done. Trading under a demo account will also help them in improving their basic skills and learning the do’s and don’ts.

So, if you are planning on purchasing forex trading systems, here are some things to consider:

1. There are online brokers that will usually provide you with a demo account in exchange for a small fee and several real accounts. But once you are already ready to open a real account, the fee will be waived. Using a demo account will also help you familiarize yourself with forex application.

2. Forex applications come in two forms, which are Internet-based or desktop-based. The Internet base is much more beneficial because you do not have to worry about maintaining the application. This is done by the developer’s support team. The data that is used under Internet-based software is more secure because it is run on a data-encrypted server.

3. Money-back guarantee. You must also make sure that you will be able to get your money back in case the software does not perform its functions according to your expectations. Not all forex applications are reliable some are just used to scam other people, so be very cautious when purchasing.


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[FXexpert]

The money back guarantee or trial offer is most important, just in case the system doesn't fit your trading style or is a flop, having the option to get a refund is key.

 

[wayne43]

The must things to consider:
1. Using trail account - learn & get benefit
2. Money Back Guarantee 30, 60 or 100 days.
3. Choose the suit with you & must be understand with the system offers.
4. Be careful, maybe its a scam.

Education is one of the strategy.

 

[Pinalli]

Hello all,

I'd like to share my views with you. There are certain things you should follow while buying a currency system

1. Understanding the basis of the logic of the system.

2. The system should aim to catch the long-term trends; day trading currencies has less probability of success than long term trading.

3. Simple systems tend to work best, as they are stronger in the face of changing market conditions. There is no link in currency trading systems between complexity of systems and their success.

4. Look at the maximum drawdown from peak equity. This is important in terms of money management, as you need to expect your biggest drawdown is ahead and commit sufficient funds to cover these downturns.

5. Not all systems come with real trading records; they can come with simulations over historical data. If the basis is soundly based logic then they can still work well.

6. At last, judge a system over years not months. All systems can have periods of losses.

Hope it may be helpful

 

[FXexpert]

Good points Pinalli, a trader can always make more if he/she understands the concept behind the system itself.

 

[onliestock11]

Hey thanks buddy, these are awesome tips for every new beginner in Forex. I am also new to forex, just a a six month old champ. Thanks again.

 

[Pinalli]

Welcome my friends.....

I believe in forex broker trading many people think that the more complicated a method they use in forex trading the more likely they are to make money. The fact is that is not a truth the simple systems work best.

 

[jimb12345]

these are great tips thanks for sharing

 

[andy003]

Hello all traders
From my own experience I have realised that most of the automated forex trading systems we see seriously promoted on line are junk - they come with paper, back tested simulations and never been traded. They rely on overvalued clever marketing to get sales but they do not work and the trader loses his equity and capital.

That said, it is a fact that

• Automated trading system allow traders to carry out trade in real time anywhere in the globe and nearly eradicate the losses that is usual in manual systems.
• Automated system facilitates the trader to operate in fast moving and volatile environment.
• Traders using manual trading system know very well the frustration of losses in a row.Simple time delay in buying and selling is the major reason of losses and they would be grateful to automated currency trading.
• Operate in wide range of different currency market in the same time without watching the time zones of the market concerned.

Most importantly friends,with further rapid technology developments we shall have access to automated system from the comfort of our homes which means that we would be able to manage our investment with ease.

 

[ForexTrader]

The best Forex system is the latest one on the market, Forex Phantom.

 

[FXexpert]

I think Megadroid and LMT were developed after Phantom right ??

 

[ForexMoney]

This new robot, IvyBot is supposed to have amazing returns. I'm pretty sure I'm going to get it. It doesn't come out until July so I don't know too much about it. Has anyone else heard anything about this robot?

 

[metalx00]

these are great tips!! thanks for sharing!! ive been with the trial account but im gonna start pretty soon with the real thing

 

[Pinalli]

definitely! All the best and hopefully you will succeed.

Great work.

 

[dvwilliams]

Do you recommend Forex Phantom over Ivy Boy or Fap Turbo?

 

[Forex247]

Doesn't Fap Turbo hedge trades? If so, wouldn't this EA really be worthless in the U.S. now because of the new hedging regulations?

 

[arekale]

Great posts guys, the tips being shared are really valuable and informative... many many thanks

 

[Exness Support]

Well i think the two most important factors which one should look for regarding a trading system are

1. Risk management
Risk management is extremely important for me. No matter how much profit you make, but if you make it without risk management one day you will lose all gain

2. Compatibility
Compatibility with all the broker specially with spread brokers like exness. So that you can have the most profitable trading conditions and make maximum profit.

 

[Steve Lock]

Well i think the two most important factors which one should look for regarding a trading system are

1. Risk management
Risk management is extremely important for me. No matter how much profit you make, but if you make it without risk management one day you will lose all gain

2. Compatibility
Compatibility with all the broker specially with spread brokers like exness. So that you can have the most profitable trading conditions and make maximum profit.

I completely agree with you. The main problem here is to chose an appropriate broker, there are lots of them.

 

[seekfxhelp]

I completely agree with you. The main problem here is to chose an appropriate broker, there are lots of them.

approriate brokers who perfectly match with our current trading method would be good one, these should narrow our search.
for example scalping method require a low trading cost, not just low spread only. my past experience with several ecn account type told so, but the execution process and their policy upon slippage also important. just got some advice from these board member related to commission discount with tickmill ecn account, with 3,8$ commission charged most short term trading method would se this as great advantage.