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Trading Strategies & Trading Systems
Welcome to myforexdot.org.uk - trading strategies and trading systems, primarily for trading the Forex market. I created this website in August 2009, mainly to share technical trading systems as I developed them, with the hope of getting some decent feed back and constructive criticism. I hope to create enough free mechanical trading systems to turn this website into the Internet's No. #1 library for free and tested mechanical trading systems.
There are plenty of traders who rely on their gut instincts and feelings when making their trading decisions - they are very rarely successful in their endeavours. There is simply no substitute for learning to trade, understanding the Forex market, and developing a trading system (basically a set of rules) that suits you and has been mathematically proven to have a positive return expectancy when thoroughly back-tested on historical data. Even if you're not trading a system that is 100% mechanical you should still be following a basic set of trading rules. It's very difficult to follow a trading system that doesn't suit you, your goals, expectations and time frames; and even more difficult to have the confidence to stick with it through the draw downs. This confidence can only come through thoroughly understanding the system you are trading and having done sufficient testing to have the confidence to know that over the longer term, with the right risk management strategies, your system produces a positive return.
There are a countless number of Forex trading systems for sale on the Internet. Some of these systems may well be good, but most of them are undoubtedly the work of unscrupulous fraudsters trying to take advantage of novice traders by passing themselves off as seasoned traders promising to give them the secrets to becoming Forex millionaires for a few hundred dollars.
The simple truth of the matter is that there is no 'special secret' to success in the Forex market, no 'Holy Grail', and no substitute for learning how to trade. Before buying any system I would recommend that you do your homework and get some third party reviews, especially from other traders on Forex trading forums who have tried it. Even if you are lucky enough to be able to buy a decent system, you will still need to understand it and thoroughly test it before you'll have the confidence to stick with it through the draw-downs; and the system will still need to 'suit' you.
Risk Warning: Forex and CFDs are leveraged products that carry a high level of risk to your capital and may not be suitable for all investors. You may lose more than your initial investment! Ensure you fully understand the risks involved and seek independent advice if necessary.