With the availability of hundreds of different Forex trading systems, ranging from free systems found in forums up to $5,000 systems available for purchase, new traders often want to know: are the free Forex trading systems as good as the ones you pay forall In this article I'll explain why it's not the price of the system that matters, but the effectiveness.
There are at least a half-dozen popular Forex forums scattered across the net, each with a section dedicated to promoting free Forex trading systems. At the same time, there are literally hundreds of websites selling one system or another, with prices ranging from $7 all the way up to $5,000 (and possibly even more).
So that raises the question: are free systems as "good" as systems you purchase?
The answer is a resounding "it depends."
There have been a few free systems I've investigated that showed real promise, and certainly in short bursts showed results that were every bit as good as the higher priced systems.
The flip side is also true. I've reviewed several $1,997 trading systems that were about a bad as could be imagined. Not only did they lose more often than they won (which is not necessarily a bad thing) but they were so confusing to trade I could not see how a new trader could possibly implement the system successfully.
When deciding on a particular Forex system to trade, remember that there is a truism about the Forex markets that no single system will ever overcome: there are three distinct phases of market action (ranging, breakout and trending) and each phase operates separate and apart from the other two. To my knowledge there has never been a trading system developed that used a uniform set of rules and successfully traded all three phases (meaning showed a profit) over an extended period of time.
Your first step in deciding upon a system to use should be to decide which type of trader you want to be: Range, Trend or Breakout.
Once that decision is made, now you can begin to evaluate systems designed to find trades during that particular phase of market action. Certainly, there is no better way to make a decision than to personally test the system yourself, but in some cases that just isn't feasible, particularly in the case of some of the higher priced systems.
If you are seeking third-party opinions before you decide to make a purchase, be aware that most of the so-called "review" sites you'll find online are nothing more than thinly disguised sales sites designed to earn the site owner a commission on each sale his site generates. So unless you know who it is that is doing the review, and you know if they have a financial stake in leaving a positive review, avoid those sites.
Most Forex forums have a section dedicated to system reviews, and here you will sometimes find some well researched and well thought out opinions. You will also run into a bunch of juvenile opinions and behavior, which becomes glaringly apparent the more time you spend in forums. So take most forum reviews with a large grain of salt, particularly if you do not know the party leaving the review.
As mentioned above, the best way to evaluate a system is to just start using it. If you found it for free in a forum and it does not work out for you, abandon it and look for something else. If you purchased the system, the vast majority of times you will have a 45-60 day money back guarantee that the credit card processing companies will honor. You simply have to ask for your money back and you will get it.
There are at least a half-dozen popular Forex forums scattered across the net, each with a section dedicated to promoting free Forex trading systems. At the same time, there are literally hundreds of websites selling one system or another, with prices ranging from $7 all the way up to $5,000 (and possibly even more).
So that raises the question: are free systems as "good" as systems you purchase?
The answer is a resounding "it depends."
There have been a few free systems I've investigated that showed real promise, and certainly in short bursts showed results that were every bit as good as the higher priced systems.
The flip side is also true. I've reviewed several $1,997 trading systems that were about a bad as could be imagined. Not only did they lose more often than they won (which is not necessarily a bad thing) but they were so confusing to trade I could not see how a new trader could possibly implement the system successfully.
When deciding on a particular Forex system to trade, remember that there is a truism about the Forex markets that no single system will ever overcome: there are three distinct phases of market action (ranging, breakout and trending) and each phase operates separate and apart from the other two. To my knowledge there has never been a trading system developed that used a uniform set of rules and successfully traded all three phases (meaning showed a profit) over an extended period of time.
Your first step in deciding upon a system to use should be to decide which type of trader you want to be: Range, Trend or Breakout.
Once that decision is made, now you can begin to evaluate systems designed to find trades during that particular phase of market action. Certainly, there is no better way to make a decision than to personally test the system yourself, but in some cases that just isn't feasible, particularly in the case of some of the higher priced systems.
If you are seeking third-party opinions before you decide to make a purchase, be aware that most of the so-called "review" sites you'll find online are nothing more than thinly disguised sales sites designed to earn the site owner a commission on each sale his site generates. So unless you know who it is that is doing the review, and you know if they have a financial stake in leaving a positive review, avoid those sites.
Most Forex forums have a section dedicated to system reviews, and here you will sometimes find some well researched and well thought out opinions. You will also run into a bunch of juvenile opinions and behavior, which becomes glaringly apparent the more time you spend in forums. So take most forum reviews with a large grain of salt, particularly if you do not know the party leaving the review.
As mentioned above, the best way to evaluate a system is to just start using it. If you found it for free in a forum and it does not work out for you, abandon it and look for something else. If you purchased the system, the vast majority of times you will have a 45-60 day money back guarantee that the credit card processing companies will honor. You simply have to ask for your money back and you will get it.
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