Foreign exchange market is a profitable market and most people enter it with only one objective: to make money. By automating the income, you can enjoy free time and be rid of doing manual work. All you need is ten to fifteen minutes each day. However, if you are interested in a currency trading system, you should be well aware of ways the product operates and which suits your risk tolerance, trading style, and the current market conditions the best.
Many believe that automated currency trading is the only way to go if you want to make money. There is, however, a currency trading system, not automated, available free of cost that’s has been used by many of the world’s best traders. Below is the description of the system which could lead you to your currency trading success.
The system was first discovered in the late seventies, by a trading legend Richard Donchian, when he noted a dependable four week cycle in service markets. Although the system was designated for commodities trade, it worked on any trending markets including the forex currency market.
It is a simple system based on one rule only. No computer is required to do the calculations. All you have to do is: buy a new four week high in a currency and switch the position to a short on a four week low. Let your position be open in the market at all times and keep switching from a high to a low and vice versa. That’s the rule. It’s quite straightforward but it happens to work.
As to the question why it works, it’s because it is based on sound market logic: currencies maintain their trend for long periods and they always start a new trend and maintain them from breakouts to new market highs or lows.
It has been seen that all the best currency trading systems are uncomplicated. There are no relations between complexity and success. Unfortunately, traders mostly are hesitant to use this simple technique, even though it makes money. Most traders are so impressed by the hi-tech robots and automated systems that they are inclined towards buying them. The proof that the software presents are based on back tests and simulations that are done in known conditions. Of course, the results are never repeated. Buyers mostly like the trendy names and most of all the idea of making moneys with no drawdown is too tempting. This attitude leads to dismissing of the above mentioned simple rule, despite the fact that it makes profit.
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I hope you’ve been enjoying my posts lately. I thought I might do something different today and rustle up a few bits of info from around the WWW. These are some of the news items and blog posts that have been popular over the last few weeks. Leave me your thoughts.
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Trading Markets (press release), CA"AAA's new online Foreign Currency Exchange program allows members an easy and convenient way to purchase foreign currency before leaving on their trip," said Tom Wilt, AAA's managing …
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Also, please let me know whether or not you have had any success using the strategies outlined in the books you reccomend.
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The Forex market is completely huge, with a few trillion greenbacks being traded everyday round the world.
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If you’ve been keeping up with my blog posts lately you’ll know I’ve come to adding a few news posts from around the web on this subject. I’ve got a couple more today that are new and updated, so let me know what you think of em…
Region emerging as a forex trading hub: DGCX
On-exchange currency trading in the Middle East set fresh records in 2009, with the region emerging as an important trading hub, said Kevin Day, … Read More…
Rivas Sentenced To 24 Years In Chattanooga-Based Swindle
He said he had gains in a couple of the foreign currency accounts, but losses in about 15 others. The agent said foreign currency trading is extremely … Read More…
DGCX: ME region emerges as forex trading hub
(MENAFN – Khaleej Times) On-exchange currency trading in the Middle East has set fresh records in 2009, with the region emerging as an important trading hub … Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.
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