Forex traders need a complete system for online forex trading. This article will provide any trader with a list of criteria that any great forex trading system should have. Traders can use these criteria to validate any online forex trading system. This will ensure that their trading is moving in the right direction quickly, towards profitability. We will provide traders with a list of what they need to screen a trading system, along with showing you what a complete trading system looks like.
When searching the web for an online forex trading system you will mostly find forex brokers and some education providers or coaching for a very large fee. This is not really an online trading system. It is easy to find a broker with web searches, they are all over the internet, this article provides a profitable online trading system that will work with any broker platform. A forex broker platform is not a trading system, it is simply a trade execution system. A trading system will give you everything you need to make profitable trades, regardless of who your broker is. This is what we will show you in this article.
Online Forex Trading System Components
First of all, there are several online forex trading systems to avoid. We would avoid any trading system provided by a broker, which will lead to repetitive trading and scalping. We would also avoid any trading system that is based on technical indicators. We would also avoid any online trading system that could not be easily explained and the details were not clear.
Here is a list of trading system components needed to obtain a goal of successful and profitable online currency trading:
1 – A forex trader would need a method to analyze the entire forex market or any individual pair, thoroughly and accurately. For this we suggest multiple time frame analysis by individual currency. This way a trader could determine if the pair they are considering trading is with or against the major trends of the market. We could also provide traders with a set of trend indicators that can be set up on any charting system. After you have completely analyzed the market trends you could draw up some simple trend based forex trading plans that are easy to follow.
2 – Alert systems for notifying traders when the overall market or any pair they are monitoring are moving is part of any great trading system. So you spend less time in front of the computer but can still catch the majority of the movements and good trades. An audible alert system combined with a forex news calendar should to the trick. We teach traders how to set forex price alerts. We also have visual alerts on our website to tell you when currencies are moving.
3- Traders would also need criteria for successfully enter trades and get into profitability, so they could move their stops and greatly reduce or eliminate risk trade after trade. Part of any trade entry management system would be clear signals like the ones you see below from The Forex Heatmap®. This is a buy signal for the AUD/CAD, this real time system works for 28 pairs, and the signals are easy to interpret.
4- Written methods to set stops and manage each trade, so traders can capture the pips they make. Money management techniques and determination of profit taking levels on a trade by trade basis should be included in any great online forex trading system.
5 – A full written tutorial and all education details to explain the system, along with some videos, so you have a practical guide to forex trading success with the system. And in case you have questions, an online trading system support like email, Skype, webinars and phone support.
If you can locate an online forex trading system with all of the components listed above, it would greatly reduce difficulties of any trader learning how to trade the forex market profitably. With a system like this you could set up a forex demo account with any broker you wish and begin demo trading almost immediately and working on profit taking techniques prior to going to live lots.
Forexearlywarning Has an Online Forex Trading System
If you are a forex trader looking for a complete online trading system, with all of the components listed above, there is one complete system available from Forexearlywarning. You can use the Forexearlywarning online trading system with any broker you like. We have trend based trading plans, several alert systems, and excellent live indicators like The Forex Heatmap® to validate all of your trade entries. Compare this online system with any one you see on the web and you will determine that this is the best online forex trading system available. The system works for 28 pairs and eight different currencies.