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Why You Need A Forex Trading Journal

You need to keep a trading journal. Journaling?!? Isn’t that only for silly high school girls who write about their silly crushes on silly high school boys? Heck ya! Ok, not really… high school girls keep DIARIES. Boys also (we don’t discriminate). Forex traders keep trading JOURNALS. Two entirely different things! Get it right! Geez! Keeping a…

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Summary: Creating Your Own Mechanical Trading System

There are many systems out there that work, but many forex traders lack the discipline to follow the rules and as a result, still end up losing money. Your mechanical trading system should attempt to accomplish two goals: Be able to identify a trend as early as possible. Be able to find ways to avoid…

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The “So Easy It’s Ridiculous” Trading System

As you can see, we have all the components of a good forex trading system. First, we’ve decided that this is a swing trading system and that we will trade on a daily chart. Next, we use simple moving averages to help us identify a new trend as early as possible.   The Stochastic helps us determine if it’s still ok for us to…

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Build Your Trading System in 3 Steps

Now that you’ve learned the basics of technical analysis. Let’s now combine all this information and build a simple trading system. This should give you an idea of what you should be looking for when you develop your own forex trading system.   This system is a moving average crossover system, which uses moving averages to determine…

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Position Trading

Position trading is the longest-term trading and can have trades that last for several months to several years! Position traders ignore short-term price movements in favor of pinpointing and profiting from longer-term trends. It is this type of trading that most closely resembles “investing”. The crucial difference is in markets outside forex, “investing” usually means you…

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Swing Trading

Swing trading refers to the medium-term trading style that is used by forex traders who try to profit from price swings. It is trading style requires patience to hold your trades for several days at a time. Swing trading stands between two other popular trading styles: day trading and position trading. Swing traders identify a possible trend and then hold the…