A Simple trading strategy based on looking at chart formations and price action, with a few indicators or none at all if don't want to use any can make huge profits and complicated algorithms and systems loaded with inputs will fail to make profits. This is one of the themes which constantly runs through all our material - simple trading methods will make you more money than complex ones.
Trying to be to complicated, will not increase your chances of success with your trading signals and neither will working hard. From the time you first go to school being clever and academic achievement are seen as good traits and its a fact that the cleverer you are in life, the better your chances of success are likely to be.
Were also used to working hard and getting more for effort and the perfect example is — if you do overtime in many jobs you get paid more money. Finally, we tend to admire technology because it makes our lives easier and more pleasurable. Many traders believe these traits which are taken as good in normal everyday life can help them win at FOREX trading but the reverse is true due to the how the markets work.
Currency trading markets don't respect technology and don't move to science — they are made by humans and emotional beings make a price. The person who is clever and thinks technology will help him win soon learns the reality when he tries to bring these inputs to the market — he losses.
Many traders think, the more hours they spend on their trading, the better the odds of success but what they do is - over trade and pick trades which have low odds of success and lose. They think they should be rewarded by the market for their efforts but working hard is not a trait to bring to FOREX trading. FOREX markets reward you for being right with your trades and the fact is if you wait and only trade the best set ups, you can make bigger profits, than someone trading all the time.
The above should make clear, why a simple trading strategy will make money and why you don't need to be a computer nerd to make money trading currencies and don't have to work hard. Now if you want to make currency trading made easy a reality, you need to understand how important your mental attitude is to trading which we will look at now. The real key to success lies within you, the market doesn't beat the trader, the trader beats himself. If you want to win with a currency trading strategy remember, the execution of your method is the real key to success and if you do it correctly you can win.
So why is it so hard for most traders to do? To understand we need to look at another couple of traits which are admired in society but if traders don't unlearn them, when trading in the market they will help you lose. The problem most traders have is operating on their own in an unstructured environment. In life, most people are used to structure but the markets are anarchy and there are no rules it plays by and you have to adapt to this or you won't survive.
When you are trading in the markets, you have to survive an this means doing things which would be frowned upon in everyday life and some examples will make this clearer. You will lose probably half your trades or even more - but you have to accept your wrong and take them and above all keep them small.
The majority of traders lose so don't do the same as them. We've found that this system has a very high level of profitability. Within a single month it had a huge gain of The maximum winning trade in pips equivalent was: at 7. An even more significant feature is that the Hybrid Scalping System manages risk on an excellent level. The average loss in pips was just 9. This system isn't as novice-friendly.
It is a much more intense scalping strategy with a very different type of charting system. In addition, the Hybrid Scalping system implements a lot of indicators which aren't very well known. This system is probably better for those with more in-depth knowledge and experience within the Forex market.
It applies only one indicator - the Envelopes indicator. The period tested here was between November to February If you are looking at this system in terms of pure profitability over the aforementioned period of time, the system results are quite impressive, with a gain of Moreover, it was able to do so even though the system only won 6 out of 39 recorded trades. If we try to outline the risk tolerance, we would say that the stop-loss is too tight. The win rate is bounded by the following: As a matter of fact, it loses most of the performed trades due to the 'noise' in the markets.
However, the system is quite simple if you follow one simple rule - purchase at the lower band, and sell at the touch of the upper one. That is exactly what beginner traders may be looking for. The only issue that may scare the novices is the use of the Envelope indicator, which is not immensely popular.
We've talked about some of the free Forex trading systems that work which you may utilise in your FX trading. Although they are free, and there is no guarantee of them meeting your expectations, it does not mean that you should ignore them - they can be an extremely useful addition to your Forex strategy. If you would like to learn more about trading systems, make sure to read the following related articles:.
Best Forex Manual Trading Systems. Most Profitable Forex Trading System. If you're ready to trade on the live markets, a live trading account might be more suitable for you. To open your live account, click the banner below! About Admiral Markets Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8, financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5.
Start trading today! This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time.
Best Free Forex Trading Systems. November 22, UTC. Reading time: 8 minutes. What is a FX trading system? Conclusion We've talked about some of the free Forex trading systems that work which you may utilise in your FX trading.
A trader must understand that they will need to invest a significant amount of time and effort into developing the necessary knowledge - and more importantly, they need to learn how to use the different systems needed to succeed in Forex.
Forex trading systems vary greatly, and one area with the most noticeable difference is price - as some systems are completely free, whilst others charge hundreds of dollars. An FX trading system is what traders will employ to help them to decide whether to buy or sell currency pairs at any given time.
The trading system gathers information from a number of trading tools such as charts, signals, news releases, and fundamental analyses. The system can be manual or it can be automated, it depends on the trader's preference. Both ways have their own advantages and disadvantages. We are going to look at some free trading systems which may help you to be more profitable in your Forex career. When researching such systems, it is important to be vigilant and be aware of scams or fraud.
Whilst we are going to look at four free systems which we believe traders may find useful, it is ultimately up to you to decide if they are for you, and whether you trust them. Some of the systems will be shown along with the statistics from , because in those years the systems actually came to light, and were tested for the first time.
Technically, the system indicates the trend within a 1-hour time frame by zooming in to the 5 minute chart to define the entry. In addition, the system sets a pip stop, and a pip profit target. The statistics were observed as of December - March Generally, the system had a 3. There are some systems that may have performed better at this time - and it's for this reason that this system may not be regarded as the best free Forex trading system - but this is still a relatively decent result.
The average win here was If we take a look at the average win, we might think that the system had performed better if the profit target and the stop-loss were tweaked. The winning trades' score was 44 and the losing trades equals 33, which isn't bad. As for the usability, for the beginner it may be a little bit difficult to look at two different time frames - but if the indicators mentioned above are familiar to you, then it will be no problem to manage with the system. It has a 4-hour time frame, and no indicators are used.
The entry rules are quite simple. You should use the swing highs and lows as scalp lines, and therefore, enter on the break above or below these levels. The stop-loss and the profit target should both equal 50 pips. We will use the statistical data from February - July The system was profitable on approximately At first sight, one can claim that it is pretty good, but if we take into account the duration of the testing period, which was in fact 18 months, this provides us with nearly 0.
This stop-loss strategy permitted the system to cut losses in the case that the price fell to either the upside, or the downside of the concrete scalp lines. This free Forex trading system is more newbie-friendly, and much easier to understand, because technical indicators aren't needed here.
That being said, the downside of this system, especially for newbies, is that defining scalp lines or swing highs and lows can be too subjective. Novices are more inclined to make mistakes when attempting to establish them. Additionally, one also has to be permanently monitoring the charts to expect breaks within the scalp lines. Generally, this is an easy-to-use system, and may be more beneficial to those with experience.
The specific characteristic of this system is that it is excessively subjective, that in turn implies that it may be impossible to obtain similar results, compared to other traders' results. Professional traders that choose Admiral Markets will be pleased to know that they can trade completely risk-free with a FREE demo trading account. Instead of heading straight to the live markets and putting your capital at risk, you can avoid the risk altogether and simply practice until you are ready to transition to live trading.
Take control of your trading experience, click the banner below to open your FREE demo account today! This is probably one of the best free Forex trading systems, which makes use of Ichimoku Kinkyu Hyo charts. This system integrates seldom used indicators from other Forex systems, such the Hopwood All the necessary indicators can be directly installed into a MetaTrader 4 trading platform.
We've found that this system has a very high level of profitability. Within a single month it had a huge gain of The maximum winning trade in pips equivalent was: at 7. An even more significant feature is that the Hybrid Scalping System manages risk on an excellent level.
The average loss in pips was just 9. This system isn't as novice-friendly. It is a much more intense scalping strategy with a very different type of charting system. In addition, the Hybrid Scalping system implements a lot of indicators which aren't very well known. Of course, not all your trades will look this sexy. Some will look like ugly heifers, but you should always remember to stay disciplined and stick to your trading system rules. We can see that our criteria are met, as there was a moving average crossover , the Stochastic was showing downward momentum and not yet in oversold territory, and RSI was less than Now we would record our entry price, our stop loss, and exit strategy, and then move the chart forward one candle at a time to see what happens.
Boo yeah baby! As it turns out, the trend was pretty strong and the pair dropped almost pips before another crossover was made! Well, the truth is that it is simple. In fact, keeping it simple will give you less of a headache.
The most important thing is discipline. Well, yes we can.
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