Mechanical Forex trading systems are great and can be very profitable. However, there is one big problem with these trading systems that you need to fix in order to maximize profits.
If you are disciplined enough to stick to a strict set of trading rules, mechanical Forex trading systems can be very profitable. Just enter the trade when the rules tell you to, and exit the trade when indicated. This is one of the most profitable ways to trade Forex.
The point is, if you want to be successful trading Forex, you MUST have a plan, or set of rules to guide your trading. Now, regardless of whether you study everything you can get your hands on about Forex Trading and come up with your own system, or follow a Mechanical Trading System ALREADY producing great results... there is one big problem!
No Mechanical Forex Trading System Is Perfect
Yes, it is true. No mechanical, or automated, Forex trading system is 100% on delivering winners. But the good news, is you don't have to win all the time to be profitable trading Forex. You can still be profitable while breaking even on your wins and losses if you have proper money management in place! So, not being 100% is really not the problem. But is is a factor that leads to the problem.
The Search For The Holy Grail Forex Trading System
Since no mechanical Forex trading system is perfect, it leaves room in traders minds for doubt. Even if they find a system that makes them profitable trades consistently, they are still looking for a "trick" to make their trading better. What happens is they jump from one trading system to another with the hopes of finding something that works better.
And this is the big problem. As the trader is off looking for something better, they abandon the Forex trading system that was already working. They keep buying more products. They keep testing more systems. They won't commit to trading ANY system until they find the PERFECT system (which we already know doesn't exist).
How To Eliminate This Problem
I believe the fastest way to eliminate this problem is to choose a mechanical Forex trading system ALREADY getting great results and then dedicating yourself for a full 30 days to using the system. ONLY open charts with that ONE system and ONLY trade that ONE system for a full 30 days. Keep track of all the trades you make. your winners and losers, lot sizes and risk management, etc.
At the end of the 30 days, I'm sure you are:
1. Going to be a better trader. After all, when you practice only 1 trading system you are going to get better at it. This usually results in more profits!
2. Going to make a lot more money. After all, when you are searching, testing and playing around you are NOT making any real trades!
Don't keep thinking the grass is greener on the other side. Pick a mechanical Forex trading system and stick with it. When you stop pursuing every wild claim made by "new" Forex products, you can focus on becoming the successful Forex trader you've always wanted to be.
8 Forex Trading Success Rules To Profit By
Becoming a successful Forex trader does not happen by accident. You need to follow a strict set of rules flawlessly. These 8 rules give you a head start in becoming a successful Forex trader.
What At Home Forex Traders Can Learn From A Pro
Many at home Forex traders make the mistake of treating Forex trading as a hobby. Here are some things you can learn from professional traders to make your currency trading more profitable.
Is Mechanical Forex Trading Or Autopilot Trading Best?
Two of the most popular ways to trade the Forex market is mechanical trading where you place the trades yourself, and autopilot trading where a Expert Advisor places the trade for you. My recent experience testing a product brought up some interesting questions.
