Well, there is no one trading system that can be said to be the most popular in the forex market. This is because there are quite a lot of good ones out there. Another reason is that the forex market is so diverse, dynamic, and huge. A system that is well known to do well in a particular market condition may not be so good in another. So, if you are looking for the best forex trading systems to download, you have to ask yourself this one question
“What kind of trader am I?”
Once you know the answer to this question, you can easily channel your search to the right direction and download a system that can actually work for you.
DIFFERENT TYPES OF ACTIVE TRADERS IN THE FOREX MARKET
An active trader is a trader that buys and sells securities based on short term movements with the aim of taking advantage of short term stock chart. There are four main types of traders that fall under this category, they are
- Swing trading
- Position trading
- Day trading
Let us do a brief definition of each of these trading types and then go over to what forex trading system is best for them.
1. FOREX TRDING SYSTEM TO DOWNLOAD FOR SCALPING:
In scalping, traders attempt to make many profits on small price changes within a business day. It utilizes larger positions sizes in a very small period of time, and makes small price gains. Traders are advised to download forex systems that only focus on exact movements that happen in the forex market.
2. FOREX TRADING SYSTEM TO DOWNLOAD FOR SWING TRADING:
Swing trading has to do with trends of the market. Swing traders are always on the lookout for a time when trend will break. The best forex trading system download for swing trading should be aimed at trend identification.
3. FOREX TRADNG SYSTEM TO DOWNLOAD FOR POSITION TRADING:
Position trading is basically a buy and hold kind of trade, and is typically used with long term trades. Apposition trader should go for systems that follow the timeless principle of forex trading, which are
- Cut your losing trades short
- Let your winning trades run
- Size your position according to available volatility
- Never risk too much on a single trade
- Trade with the trend
4. FOREX TRADING SYSTEM TO DOWNLOAD FOR DAY TRADING:
Day trading simply entails opening and closing a transaction within the same business day. As a pseudonym for active trading, the best forex trading systems for day trading one can ever download is made of the following basics
- Daily pivots
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.