Can Anyone Recommend A Forex System That The Use And Trade?

Posted by benny in Barebone PC on December 22nd, 2009 | 2 responses

I am interested in learning this however there are so many different options to choose from. I would like to know what works and what are you opinions.

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2 Responses to “Can Anyone Recommend A Forex System That The Use And Trade?”

  1. Markus Heitkoetter says:
    December 22, 2009 at 12:49 pm

    No.
    The reason is simple: No serious vendor would offer Forex Trading Systems.
    Here’s why:
    Though they call it the “Foreign Exchange” there is no exchange. Prices are NOT regulated or standardized as they are in the futures markets. In fact, when trading Forex you are trading against the broker and not against other traders.That’s why they can “guarantee fills”.
    You are trading against the house, and the broker takes the other side of the trade. Keep in mind that you receive the forex quotes from your broker, and he can basically display any price.
    Take a look at the following Forex quotes. All three screenshots were takes on Tuesday, March 21st at 3:30pm US Central Time.
    I used three different websites to obtain the quotes:
    ** (I can’t post graphics here. Please visit http://rockwelltrading.helpserve.com/ind… to see the graphics).**
    Take a look at today’s high of the USD/EUR currency pair:
    * The first data source reports it at 1.2164.
    * The second dat source shows 1.21595 and
    * The third data source reports a high of 1.2166
    That’s a difference of 6.5 ticks (= $65!!!).
    As you know, all indicators and trading rules are based on the following five data:
    * Open,
    * High,
    * Low,
    * Close
    * Volume
    There is no volume information available when trading Forex, so you’re already limited when creating a trading system.
    And then there’s the difference between the data sources, which causes the following problems:
    * False Signals
    If your trading system is based on the high of the previous day, you would have to enter the market tomorrow at
    …. uhm…. 1.2164? ….. or 1.21595? ….. or 1.2166? ….. or maybe something completely different?
    * False Fills
    Let’s say your trading system gave you a signal to enter the market today at 1.2160.
    If you’d be using broker No.2 you would have been filled, but what about Broker 1 and 3?
    Probably no fill there.
    Do you see the problem?
    How can a serious vendor offer a trading system, if you get false signals and false fills?

  2. nemogamo says:
    December 22, 2009 at 12:50 pm

    i used the fibonacci & it works !!!
    about difference quote,
    in a normal market, the 3 – 4 pips diference is acceptable
    in a hectic market, the 10 – 20 pips diference is normal.
    its common among the FX trader & if we able to make some profit from it, that is the art of FX market that do not exist in other market
    happy trading

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