A forex trading system is a method of trading forex that is based on a series of rules to determine whether to buy or sell a currency pair at a given time. These systems can be based on technical analysis, fundamental analysis or a combination of both.
Many traders believe that a good forex trading system can make the difference between a profit and a loss in forex trading. This is because when you don’t have a system it’s easy to change rules or indicators and lose consistency.
One of the major benefits of a trading system is that it can be automated, well, not every trading system can be automated but it will make it easy for you to focus on the essential parts and let the rest of the system do the heavy lifting.
And now here’s a motivational piece of work, written by an anonymous millionaire day trader:
The Poem of the Day Trader
The market moves and trades are made
But the day trader’s heart is not swayed
Trying to time the perfect buy
All the while, the market sighs.
Trading all day, he sees the highs
And all of the lows, and he cries
He takes the risk, and he takes the fall
But he’ll get back up, he’ll stand tall.
He’s heard ’em say, it’s just a game
But he knows it’s more than just a name
He knows the stakes, and he knows the score
He needs to strike while the market is raw.
The market moves, it’s ever-changing
He needs to stay one step ahead, re-arranging
He’ll try his best, but in the end
He’ll take the losses, try again.
He knows the risks, he knows the cost
But he knows the reward is worth the loss
For the trader, it’s a risk for life
But he’ll keep trading, through the strife.