Tips on How to Become Highly-profitable with FOREX Trading
Posted by Graham Briggs in General BusinessJan 15th, 2012 | no responsesWe can define Best FOREX trading system as a trading system that is simple, has well-defined rules, and provides you with a profit/loss ratio of at least 2:1. As a trader, your trading system must also fit into your lifestyle. You need a system that operates with delayed orders if you can trade during 2 morning hours a day only. But if you available to trade during the whole day, you can enjoy trading with a scalping system.
The best FOREX system’s important part is money management. In order to stay profitable for a very long time, you also have to manage your risks well. You should not risk too much. Do not use more than 5% of your deposit per trade no matter how often you close your positions with profit. One day you may experience a large drawdown and you must have sufficient funds on your deposit to survive it.
The bases of my best FOREX systems are on third-party FOREX signals, money management and special rules of opening and closing positions. I check if profit/loss ratio is at least 2:1 when I receive signals from one of my two signal providers. By doing this, I only accept safe signals and I reject the risky ones. I also set take profit orders based on the average daily range of a currency pair I am trading no matter what projected target is. I manually close my positions if they do not close by take profit orders by the end of the day.
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