So far, we’ve taught you how to develop your trading plan. We’ve also discussed how important it is for you to discover which type of forex trader you are. Now it’s time to teach you how to add some meat to your thin trading plan by showing you how to create a forex trading system. More forex mechcanical system trading, we’re gonna teach you all about forex mechanical trading systems.
Mechanical trading systems are systems that generate trade signals for a trader to take. They are called mechanical because a trader will take the trade regardless of what is happening in the markets. In theory, this should eliminate all biases and emotions in your trading, because you are supposed to follow the rules of your system NO MATTER WHAT. These systems supposedly make thousands of pips a week and never lose. Besides, if his system making thousands of pips a week, I’ll be able to make my money back in no time.
There are some things you should know before you give them your credit card number and make that impulse buy. The truth is that many of these systems DO in fact work. The problem is that forex traders lack the discipline to follow the rules that go along with the system. Is there such thing as a second truth? The third truth is that creating mechanical trading systems isn’t that difficult. What is difficult is following the rules that you set when you do develop your system. There are many articles that sell systems, but we haven’t seen any that teach you how to create your own system.
This lesson will guide you through the steps you need to take to develop a forex mechanical trading system that is right for you. At the end of the lesson, we will give you an example of a system that one of the FX-Men use just so we can show you how awesome we are! DUH, the goal of my trading system is to make a billion dollars! While that is a wonderful goal, it’s not exactly the kind of goal that will make you a successful forex trader. Your system should be able to identify trends as early as possible.