Managed Forex Trading - How Can You Choose The Best Forex EA?

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Managed Forex Trading - How Can You Choose the Best Forex EA?


The next step is to study your charts with various parameters. It can be some indicators   Forex Millennium Review  pivot points or candlestick patterns. You need to find a parameter that would be a good signal to enter the market. Put the rules of your signal on paper. They can be something like if price brakes above the previous day range place buy order if price brakes below the previous day range place sell order. You also need to decide on placing stop-loss and take profit levels.

Once you have the rules of your system in place it is time to test them on the historical data that comes with your charting platform from your broker. Start as far back in time with your trading system. Move one candle at a time and look at the parameters of your system. As soon as you see the signal is generated place a horizontal line at the price where you would enter the market.

Now according to the rules of your system place the lines at the stop-loss and take profit levels. Continue to go forward. Once price hits the take-profit or stop-loss line record the gain or loss into a spreadsheet. Continue until you reach at least 100 trades.Now its time to calculate the mathematical expectation of your system. If it is positive follow to the next step. If it is negative you have to redefine the rules either for buy and sell signal or the rules for stop-loss and take profit placement.

Now you have the rules of your system in place and it is profitable on the historical data. It is time to test it in real time trades. Most brokers allow you to open a demo account to practice your trades. Execute at least 100 trades based on your system. This will do two things for your. First you will find out if this system is profitIf you spend some time online Im sure you come across ads inviting you to join worldwide market of currency trading. Since you are reading this article I can assume that you are either thinking about or already have started you trading career in Forex. Many people after initial slap of losing their money on the market start the search for the perfect system or strategy that could help them win all the time. Unfortunately such system does not exist.

 

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