New Forex System: Dedicated To New Traders
If you take your time to read this piece as a new trader, your quest to make it in Forex is almost successful. I will not only teach you how to be a profitable Forex trader but I will also show you a secret you may SPEND high fortune to get at absolutely free of Charge

First of all my discovery shows that most of Forex writers are not ACTIVE traders, so becareful of what you read. Don’t be confused whenever you see a person that claimed he or she made 100pips in a trade, how many time did he or she tells you he lost 100pips in a trade? So don’t get confused. It is a statement to hide his fear of being call a failure, you cant be winning all the time.

I had the opportunity to write this now after I changed from manual trading to using Robots. So I have nothing to do than to browse forums and chart.
NOTE: as a new trader I don’t expect you to jump into using Robots as I do, there are lots of things associated with the use of Robots else you will blow your account in flash.

Now let us Start your tutorial which I think we must finish in two weeks.

No1. Engage in One-On-One Training
No matter what you learn on the internet, you can never compare it with face to face training. You must prepare to learn a business that you intend to make living on.
Infact I was now an adviser to a person that taught me Forex. I have developed many profitable strategy for him. You can see life?

At least you will get basic stuffs like;
How to setup up your chart such as; how to setup your Timeframes, how to load indicators
How to Enter a trade, close a trade, set a stop loss and take profit, modify order e.t.c
From what I said above, you see that I did not include trading strategy, yes because his trading strategy though may be good but it may not suite your fancy. Although you will have some where to start from.

No2. Visit Forums like Forex Factory and Babypips, this two sites alone will give you every comfortable materials you will ever need. You will get a lots of valuable materials from expert for free. These are the experts that are making it from Forex and not those selling products to make money.
NOTE: Although some materials and softwares are paid products but you can be rest assured that Forex Factory is no nonsense website. Scammers will find it hard to scale through. They have that reputation because within few minutes of posting, many experienced forumites will respond and query your report, if you are not sure of youself you will run.

No3. Get Yourself a Trading System
Many new traders did know what a trading system is all about. They think getting Arrow entry Signal or Exit Signals is a trading system. No… Capital No, google for ‘what is Trading System” and you will find of them in plenty.

Features of a Good Trading System;
Entry and Exit Signal
Ability to analyse a trending and Ranging Market
Money Management
Trading Psycology
You can see that number 4 has to do with you as a person and not indicators but you as person is part of Your System.

No4. Turn Your Trading System Into A Robot: Art of Automation

Let your System work for you and enjoy the Good life God gave you.

OUR NEXT DISCUSSION IS “HOW TO DEVELOP A TRADING SYSTEM

HOW TO DEVELOP A GOOD TRADING SYSTEM

infact this is the most difficult aspect of the whole system. getting it once the remaining will be simple.

I have a friend he doesn't have a trading plan he will just look at the chart and enter the trade. after he pick anything from 5pips he will exit and run. infact I considered him a scalper. what he is trading is called PRICE ACTION. if he can take time to study price Action, he will be a good scalper.

I as a person, if I tried it I will fail miserably. some like trend trading while others like swing trading.

some may prefer smaller timeframe while some prefers larger timeframe. truth is you must decides styles that excites you.

I like trend trading and minimum timeframe im using is 1hr. therefore I will develop a trend trading system based on 1hr timeframe.
... to be continued

I dnt knw anything abt forex bt am willing to learn,so hw can u be of help?

adesolami36:
I dnt knw anything abt forex bt am willing to learn,so hw can u be of help?

the first help is to help urself. if u venture into Forex to make money you will end losing money.
two factors control how human trade Forex:
1. Greed & 2. fear

greed when you are making money & fear when you are losing money.

but if you take Forex as passion or hoppy and you put ur heart in it you will make big money to do all u dream of.

you can start from babypips.com it is an online Forex school. it is free of course.
when you get to the website click on school you will start from kindergarten to high school.

then try to do 1-ON-1 Training to put your theoritical in practice.

then you are ready to go.

thank you

A TRADING SYSTEM
A good trading system is a set of rules a trader must adhere to irrespective of a trader winning or losing.

before I give you my trading system let me give you 10 RULES YOU MUST FOLLOW

10 RULES TO FOLLOW IN FOREX TRADING

1. Do not trade forex if you have to make money. Emotions have a strong impact on forex trading and if someone has to make money, he will have more emotions than someone who likes to make more money, but doesn’t have to. If someone is desperate to make some money to pay his bills and mortgage, he loses money in forex, because he trades when there is no sharp and confirmed signal. You can become a full time forex trader and you can trade forex for a living later when you learn it properly and completely. At the beginning, you should have another source of income that covers all your expenses, otherwise forex will not have any good result for you.

2. Do not compete with the other traders. Any trader has a different trading style and
strategy and so traders pip and money results are different from each other.
While someone doesn’t like to take more than 2% risk in his trades and he is
happy with a 5-10% profit every month, another trader may like to take a 20% risk
and he likes to double his account every month. It takes a while until a new
trader finds his own style and when he does, he should never even ask how much
the other traders make. Trading is like walking on a tight rope. You lose your
balance and fall down if you try to walk faster than what you can.

3. Trade the signals not the trades! After having a few successful trades and
growing your capital, you may think that you can take a little more risk and also
take the signals that don’t look good and strong enough. Then you will lose all
you had made in your good trades. Whatever that your previous trades are,
winning or losing, it doesn’t matter. You should forget them. You should only
focus on the signals that form in front of your eyes. Do not risk more than usual,
both in lot size and in signal quality, just because you have been successful in
the past few days and you have more money in your account. You can lose all
the profits you have made in a few minutes.


4. Break your rules and you get burned. If you have become a disciplined trader
after so many months or years of practicing and learning, you should keep in
your mind that if you break any of your trading rules, you will be in trouble and
you will lose again. Forex market doesn’t know you. It doesn’t know if you are a
new trader or you have been trading for several years. If you make a mistake, you
lose. No matter how experienced you are. Here are some of my trading rules that
make me lose (or lose more) whenever I break them:
Moving the stop loss: Each position should have a reasonable stop loss.
Let your stop loss to be triggered. It is there to take care of your capital.
Do not move your stop loss when it is about to be triggered. I lost more
whenever I did it. A tighter or wider stop loss: As I said, each position should have a
reasonable stop loss. A tighter or a wider stop loss means bigger or more
frequent losing trades. Whenever I broke my stop loss setting rules, I lost
more. I lose whenever I take a position that has no strong and sharp signal.
When any of my system rules are not met and I take a position, that
position will be a losing position.


5. In forex trading, over-confidence is more dangerous than having no confidence. Someone who has no confidence, doesn’t do anything. There is an advantage in it. He doesn’t lose any money. But someone who becomes over- confident after a few successful trades, will blow up his account in one trade. A few good trades don’t mean that you are a professional and advanced trader. Like a few bad trades that don’t mean that you are a bad trader. Over- confidence is something that you will experience several times while you are still learning. You will learn to recognize this dangerous emotion after having some losses promoted and motivated by it. Anytime that over-confidence causes you to lose, you lose your confidence and feel more fear. If you don’t give up and keep on practicing, you will gain your confidence again, but you will become over-confident because you forget the problems it made for you the last time. So you lose again. And this cycle may be repeated for several times until you learn to recognize and control your emotions. Of course if you do not totally give up during this up and down. Monitoring your behaviors, emotions and thoughts help you to pass this stage sooner and easier. It is the most important stage in forex trading and most people give up at this stage. Those who come to a balance will become profitable traders. They are not over-confident and so they do not ignore any of their trading rules and they analyze the market properly and precisely to find the best trade setups. At the same time, they have no fear because they are confident enough. This is the balance.


6. There is nothing more important than experience in forex trading. Sometimes
you see a trade setup, but your experience tells you not to enter. This experience
can be gained through practicing. There is no magic formula in forex trading that
can be given to you and make you a profitable trader overnight. It takes time and
needs practice.


7. Do not take any position just because someone else has the same position.
Novice traders are used to exaggerate about their success and hide their failure.
Whenever they make a good trade, they talk about it with a lot of excitement, but
they are not used to talk about their losing trades. This may make you think that
some people are the best traders of the world and so when they say they are long
or short, you take the same position just because they have the same position.
This will not make any money for you, nor makes you a trader. A professional
and profitable trader is humble, because he knows that Forex market breaks the
bones of a bold and stubborn trader who knows himself as the best trader of the
world. Market is stronger than all of us. Nobody can defeat it.


8. Do not try so many systems. I takes your whole life and you are still trying.
Some people have a researching spirit. There is nothing wrong with it. It is even very good. But when it comes to Forex trading, researching spirit does not let you make money, because it causes you to spend all your time and your life to try and compare different systems and methods. After a while of trying, a rational beginner will come to this conclusion that the secret is not in trading system. The secret is in discipline and controlling of the emotions. So he stops trying, chooses a suitable system and starts making money through it. Whereas other beginners keep on testing, trying and comparing and will finally give up after wasting a lot of time and money.


9. Keep it simple. A Forex trading system does not have to be complicated to
work. In contrast, simple systems have better results.

10. Take a break every now and then. You do not have to work hard to make money through Forex. In contrast, spending too much time in front of the computer and trying to take all the movements will make your mind and body too tired and then the chain reaction of bad positions will be triggered. You can not force the Forex market to work for you. It will not. As I said earlier, it does not know you and it has no mercy for you. YOU have to take care of yourself and your capital. Forex market does not do it for you.

KSWOT TRADING SYSTEM

I Will Talk on Money Management After This Strategy

Kswot Forex Trading Strategy


Entry from Daanish Arrow Signal
ADX (14) (DMI)
3. PSAR (0.04, 0.2)

- Timeframe: I use it on 1 hour, feel free to use it on smaller timeframes as well
- Currency Pair: Any
(Directional Movement Indicator with ADX)
- DMI Settings: Draw a horizental line at 22
to watch for the crossovers of DI+ or DI-
- ADX Settings: Ignore signals where ADX is
lower 15

GO LONG WHEN:
When you see Daanish Blue Arrow
- DI+ >= 20
- ADX >= 15
- ADX is in between DI+ and DI-
- PSAR is below the Candle

EXIT LONG WHEN:
When PSAR (0.04, 0.2) changes direction
Or
SL: 40pips
TP: 60pips

GO SHORT WHEN:
- When you see Daanish Red Arrow
- DI- >= 20
- ADX >= 15
- ADX is in between DI- and DI+



EXIT SHORT WHEN:
When PSAR (0.04, 0.2) changes direction
Or
SL: 40pips
TP: 60pips

if you need a robot that incoporate all these elements in her trading check

https://www.nairaland.com/2134764/havel-forex-robot-secrets-banks

this will save you a lots of time if your work doesn't permit you to stay glued to your computer waiting for signal

I appreciate ur effort 4 taking time to put dis article. But I'm a new to dis, I don't know anything is it possible 4 me to be a trader of dis bisness? Thnxs

Thanks 4 ur efforts sir,pls explain more on those abreviations :- DMI,DI+,DI-,ADX,PSAR & hw to make use of them

it is possible to trade successfully in Forex. I will try to teach Forex here with little I know.

on DMI of ADX. I tried to upload the picture to back it up. I will try to explain it when im less busy. im currently at work.

cheers.

Just to help us here. You should follow www.followthegain.com for profitable market analysis and signals. You would find trade ideas from a host of professional traders there. This financial blog makes sense!

to f person that asked question on DMI. I will use my computer to attach picture example today. im currently on Android and cant use MT4 standard indicator to illustrated

I think the person that requested for the use of DMI of ADX should check the link

http://www.investopedia.com/articles/technical/02/050602.asp

to read more on ADX and DMI but one secret many didn't understand about ADX is that DMI of ADX is more important than the normal adx line you were told to always consider.

successful Forex traders use DMI of ADX to scan for market and it is the best scanning software for FOREX.

Getting proper way to use ADX will save you many troubles when you are Entering a trade. when DMI+ and DMI-

... as I was saying when you get signal from your entry indicator like Daanish Signal I gave you above and DMI+ CROSSOVER DMI-
That is buy and ADX line must be inbetween DMI+ and DMI- similar thing for sell order.

however dmi must be above the level I gave you above