How quickly time flies here on earth – it’s the end of another month! You know what that means, don’t you? It’s time to vote for the Best Forex Trading System!
This month, we have three trading systems vying for the title of March’s Best Forex Trading System.
The three systems battling for the top spot couldn’t be more different. The first relies heavily on multiple indicators for trade signals, the second uses EMAs, while the third trades are completely naked!
Which do you think deserves to come out on top?
Pipsflowfx has been using this system for over 8 months now and he claims that it’s quite impressive.
It makes use of a handful of indicators (EMAs, MACD, True Strength Indicator, Coral Indicator, and Time Zone Trading Indicator), which all have to give a green light for a trade signal to be valid.
What’s cool about this system is that it only yields 1 trade a day, so you can focus on managing your trades. With a stop loss of 25 pips and a profit target of 20 pips, it doesn’t offer the best reward-to-risk trade-off, but early estimates by forum users say it has a 78% accuracy.
If you’d like to learn more about this system drop by Pipsflowfx’s thread!
This one’s an oldie but a goodie!
Tassiefx decided to nominate the Mad Scalper, claiming that it has done quite well for many of our forum traders. As its name suggests, this trading system is designed specifically for scalpers.It uses 20-pip stop losses and profit targets and trades based on the 15-minute charts of EUR/USD and GBP/USD. It’s all about trends with this system, which uses the 14 and 50 EMAs for trade signals.
If you’d like to give it a go, you can check out the Mad Scalper thread, where its creator, petefader, has shared a zip file of everything you need to trade the system.
The third system is certainly not for the risk-averse. It may seem like it’s a conservative system due to its small recommended fixed lot size of 0.01, but it does not use stop losses. This means that there is a possibility that you will incur huge drawdowns.
According to Bijoymj, the system only requires 30 minutes of screen time per day and makes use of daily candlesticks and Fibonacci retracement levels. As such, it produces only one trade a day.
Although Bijoymj recommends that you use it on GBP/JPY, from Monday to Thursday, he says that it is absolutely essential that your broker has Sunday candles. This means that per week, your charting software must have six daily candles.
Those are it for this month’s contenders. Let me remind you that voting will end at the stroke of midnight on April 9, 2013. The winner will be backtested by yours truly and will be graded using my Standard for Mechanical Systems. With that said, please do vote wisely!