7 Stealth Steps to Evaluating Forex Trading Systems

Are you tired of testing different forex trading systems with little to no success? Have you been browsing forex blogs, forums, and articles to find the perfect system? Instead of relying on others, why not evaluate and create your own forex trading system? Here are 7 stealth steps to help you build the perfect system that matches your personality and trading goals.

1. Define Your Forex Goal.

Before diving into the forex market, it’s important to answer some important questions such as: Will forex trading be a part-time or full-time income? Will it be a passive income or to pay for your next vacation? Is forex trading part of your overall investment portfolio? By defining your forex goal, you will have a point of success to reach for and a direction to pursue.

2. Keep It Simple.

Some traders use five indicators on one chart, hoping for success with no avail. Forex indicators don’t work, and the three most powerful tools to use when trading are candlesticks, price action, and trend. Stick to what works and avoid over-complicating your trading approach.

3. Don’t Get Emotional.

Money is attached to your forex trades, but avoid attaching emotions. If you lack trading experience, start low, and gradually increase your lot as your experience and confidence grow.

4. There’s Nothing Wrong with Breaking Even.

Not every trade will be a winner. It’s better to break even than to lose. If you feel that the trade has turned against you, cut your loss and move on. The forex market is full of profitable opportunities.

5. Speculation Is Your Worst Enemy.

Don’t speculate where the currency is heading. Always keep your forex charts up and running and study the currency’s trend. The chart is your friend, so make good use of it.

6. Don’t Allow Winning Trades to Turn Against You.

Protect your winning trades by placing a stop 5 pips ahead of your opening point. It’s better to break even or win a small amount than to lose your profit.

7. Experience, Training, and Education Build Confidence.

Experience, training, and education are important in building your confidence in forex trading. Take advantage of education and training opportunities to grow your knowledge and skills, which will help build your confidence in your trading decisions.

By following these 7 stealth steps and evaluating your own forex trading system, you can maximize your success and avoid the stress and frustration of relying on others.

Written by Al Habib

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