One of the most profitable markets to trade in is the foreign exchange market. This is due to the fact that it is estimated to have a turnover of 4 trillion US dollars every single day which also makes it the most liquid market trading place.
However, if you think that you can earn money pretty easily in this field, you are wrong. Finding success in the forex markets can be a job full of hard work. You need to understand that in the Foreign Exchange Market, you are trading up against some of the smartest and most well informed traders and investors in the world. If your strategies are not good enough with a statistically proven advantage over other traders, failure is pretty much guaranteed.
Knowing this most of the time leads to new traders trying to find the best forex trading system which has everything in it. You will have to understand that “one system fits all” mentality will not work here, in fact this is the biggest mistake that most of the newbies make.
One should recognize that these markets are most of the time driven by greed and fear. Yes, this is the reality to which you must adapt to.
If you are willing to use forex trading systems, finding the best and ideal one for you can be quite a hard job. Start off by making a list of tools that you need in your journey. This will help you in short listing trading systems. Remember, the best forex trading system that is used for highly variable conditions is the one that has a multi system, multi market, multi time frame approach. This helps the software adapt to the market change quicker and very easily.
There are also two types of trading system methods that a forex trader can implement: Trend Following and Counter Trend Following.
If we go ahead and talk about trend following systems, they generally perform well during the extended fat tail moves in the market whereas in such cases counter trend following systems tend to lose money. However, counter trend trading systems most of the time produce strong gains in choppy range markets while the trend following systems fail and experience whipsaw chops and also produces high losses.
Even still, something that you can do is combine both the methods in an account on a financial trading system as this will help in producing a smoother combined equity curve.
Something that many new traders nowadays struggle with is money management. It is also a crucial and much overlooked component of trading. Money management will help you a lot in some worst possible case scenarios by keeping the account draw down within tolerable limits.
Such features are available on Financial Trading Softwares like Arya trading which is available on https://arya.xyz/en/eshop. The arya Trading software comes along with many different User friendly tools that can be used by both veterans and beginners. The arya app is also available on mobile devices and is both compatible by IOS and Android so make sure you check it out!