Forex is a global decentralised market useful for trading of currencies. The rate of exchange changes several times over throughout the day and trading is done on currency pairs. In fact, Forex is the largest trading market in the world in terms of volume.
Now, there are several methods for trading Forex based on different parameters and pattern recognition. The purpose of Forex trading system is to identify these factors and help traders make accurate judgements on which currency pair to go long or short on. It helps remove the emotional / psychological angle involved in trading and brings judgments down to raw figures.
While some of the most popular Forex daily trading system download software need purchasing, there are several others that are available for free.
- Kelter Channels Forex Trading System
Having received its nomenclature on Kelter Channels custom indicator, this trading platform combines 3 different technical studies to provide a unique list of intraday currency pairs to buy and sell.
This Forex daily trading system download uses a volatility based indicator to highlight markets that show credible movement.
The chart setup has the following trading indicators:
Forex Analyser Pro
One of the advantages of using the Kelter Channels platform is that it not only predicts what the standard price movement will be, but also show price movement outside of the expected curve.
If the Analyser Pro indicates a green upward arrow present below the price bars, one can expect a bullish trend. The sight of a broad candle opening and closing above the red line indicates a buy signal.
However, a red downward arrow shows above the price bars shows that it’s time to exit the trade.
New York and London are two of the most recommended trading sessions with Kelter Channels.
- Winning Buy & Sell Arrows
This is another popular Forex daily trading system free download that works with all currency pairs and time frames. Everyone from a scalper to a swing trader to a day trader can make use of this trading system.
With this system, the work flow is rather simple. If the system indicates the market as trending and oversold, go long. On the contrary, if it is overbought and trending down, one must go short.
While Forex Analyzer PRO stands as a prominent indicator, Robby DSS Forex is another recognizable name.
One can enter a long position when the following conditions are met:
Robby DSS Forex indicator is oversold (meaning that it reaches level 20)
It paints a blue dot but does not go beyond level 50
The Forex Analyser Pro indicates a green upward arrow
Likewise, the following conditions mean that one can expect to enter a short position;
Robby DSS Forex indicator is at or beyond level 80
It paints a red dot but does not cross level 50
Forex Analyser Pro indicates a red downward arrow
Apart from the two trading systems Forex daily trading system download softwares mentioned here, there are several others. These include the Super Trend Forex Scalping System, the Winning Forex System Stochastic Trading Oscillator and more.
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.