Your Questions About Forex Trading System

Mandy asks…

Which genuine online trading forex system is suitable for a new comer?

I have always wanted to trade forex online and have done a lot of reading including attended a short course. Now I’m looking for a genuine online forex system to use. Please share what you actually have tried out and found profitable.

P/S Please don’t share what you have not tried out yourself, please.

kenspong answers:

I’ve read a lot about Forex, but I’ve never seen a proven profitable forex strategy, despite the claims of some scam web sites.

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.

Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347” is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347” gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

Richard asks…

how to build forex trading website and system?

Hi all, I just wondering that if i can to build Forex trading system or website up, what is the best Guide and expert to support it as well as working successfully sites. And in other way, you have any experience with this issue please share it with me honestly

thank you

kenspong answers:

You need both forex trading expertise plus computing expertise.

Maria asks…

what is the best forex trading system for a novice investor?

I am interested in trading currency. I attended a Premiere Trade work shop and know that there are much better, less expensive, systems out there. I also know that there is no such thing as “get rich quick” but i understand that you have to spend money to make money. Please give me a realistic answer.

kenspong answers:

I wish you would email me and tell me of the systems you’ve found that are better than PremiereTrade (PT).

But then, I’m not sure what you mean by “better.” I’ve seen quite a few with more indicators and others with better trading platforms, but there are many things the outsider doesn’t see.

They give you direct access to their traders, via phone, via the Message Board, and via a Live Commentary. They not only keep you well informed of what’s going on and what’s moving the markets and which pairs are doing what, they have 6 hrs a day of classes, help shops, commentaries, and a slew of worksheets, data sheets, trading systems, etc., it’s endless.

The Green Light, Red Light thing is fairly simplified so almost anyone can trade it, but they are adding stuff all the time, and you can almost get as complex as other systems now. But I’m a nuts and bolts kinda guy, and I like to use lots of technical stuff, so I have a backup system to trade currency futures, and a very powerful charting package and trading platform called RealTick, from TerraNovaOnline. I can trade Forex spot or futures through them. It’s always a good idea to have a backup datafeed and trade desk anyway.

I’ve been trading stock index futures for 17 years, and I write my own systems and indicators, but I’m real surprised how well the signals work in PT. Green Light/Red Light, yeah it’s simple, but it works.

Sandra asks…

Would you tell me the best forex trading system and what is your experience with that system?.Does it work?

I made many errors in my forex trading,losing thousands dollar and almost frustated.But i will not give up,except you suggest otherwise

kenspong answers:

Depends on the trading strategy..The one which is very populer is break of support or resistance level..In that buy when resistance is broken or sell when support is brooken

Thomas asks…

Does anyone know what is the Best Automated trading forex systems System Out There?

Automatic Forex Trading utilizes special software that keeps an eye on the trade and the currency rates.

kenspong answers:

My advice! Is don’t trade with AE… I spent a lot of money with them… And they don’t work as good as you thing… If you are going to be trading forex… The best thing you can do! Is to learn how to trade forex by yourself…. If you wanna follow my advice! I suggest to learn about technical analysis and trading psychology. There are a lot of places to learn it for free… At least the technical basics!!
If you don’t wanna learn… Then you should follow an experienced trader that offers Signals service

If you wanna know free web that I suggest to learn.. Please let me know!! I don’t wanna sound as i’m selling you something


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