Best Forex Trading System

1. You need to predict to win

No you don't. If you try to predict forex movements you're nothing else but hoping and guessing and you don't get rewarded for that in forex trading. You need to act on confirmation and trade the reality of a turn not just hope.

2. Markets move to a scientific theory

No they don't. This myth is perpetrated by vendors selling systems based upon Gann Fibonacci and Elliot. Of course if markets did move to a scientific law, we would all know the price in strengthen and there would be no market! coarse sense really.

3. The More Knowledge I have the better

Not true. You need the right knowledge and even that is not going to help unless you can apply your forex trading law with discipline.

In forex trading you don't get rewarded for effort, you get rewarded for being right - in the operation of your trading signal. That can take 10 minutes or 10 hours but endeavor does not equate to success.

4. Discipline is easy

If you think following a currency trading law is easy you have never traded forex - it's hard, even for experienced pros. In fact, the only way you will ever do it is - if you understand your law how and why it works and have confidence.

This means not just following a law blindly - but understanding why it will lead you to currency trading success, when you hit a string of losses.

5. The more complicated my strategy the better

After all 10 indicators are best than 3 - Not true. It's a proven fact that easy systems work best, as there are fewer elements to break.

6. Buy low sell high is a great way to make money

If you believe that then you will miss the best trends that offer the best odds.

Why?

Because most major trends start and accelerate from new market lows or highs and you need to trade these breakouts.

7. Money administration is easy all I do is place a stop

Placing a stop is not money management! You need to see money administration in terms of risk to the farranging account. Money administration is vital to success yet most forex traders do it as an after thought.

8. I need to earn from losses

Well if you have a forex trading system, you are going to lose at some point. If the logic is soundly based you learn nothing - just take it on the chin.

Once you have a trading law you're happy with you, don't need any more education you simply trade it.

9. Experts know best I will follow them

Not in forex trading. We have great newswires but there just stories reflecting the greed and fear of the majority. Will Rogers once said:

"I only believe what I read in the papers"

He was joking of course - but many traders read a story and think its gospel and forget markets always rally when the news is most bearish and fall when it's most bullish.

If the news helped traders a lot more would win and 95% don't they lose.

10. Day trading is a great way to make money

Really? Then why do you never see a forex day trading law with real time track record?

Because it doesn't work.

All short term volatility is random and forex traders get wiped out.

Again it's a good story and so is Harry Potter - but I don't believe I can fly!

Avoid day trading which is perpetrated by vendors absorbing to greed and naivety.

One Final Point!

If you want to win you need to avoid the above forex myths and get a trading edge. A trading edge is something that helps you win and enter the elite 5% who make big gains and enjoy currency trading success.

If you don't know what yours is don't trade and all the above myths will Not Give you an edge - Period.