Develop your own trading system | ForexGen

Every successful trader uses a system. A system needs to tell you when to enter the market, how much risk you need to take in a position (which will determine your stop loss) and when to exit (it is unlikely that your system will be able to tell you what the exit point should be at the time when you enter a position).

A good trading system will result in average profits greater than average losses, with a manageable level of risk (measured by drawdown, or the maximum adverse impact on your account).

You need to develop your own trading system so that you can be confident of its effectiveness, and not be tempted to second guess it. We recommend against buying someone else’s system. We have seen a lot of systems that have been tested on past data, which was also used to develop the system. If a system is really good, it is unlikely that someone will sell it at a low price.

You can use the paper trading systems offered by some brokers to fine tune your system, and develop your own trading skills without risking your own money.

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