Even though Forex trading is considered profitable, one should understand that it is not a get rich quick scheme. It can turn out to be a profitable venture only if people master the trading strategy and try to keep themselves abreast of all the happenings in the world. This is because currency rates fluctuate even if there is a small political issue in a country. Each trader who wishes to make profits by trading Forex will not have enough time to look out for news from across the world. To help such people and to provide them hints about when to buy or sell a currency pair, Forex trading systems have been introduced.
Forex boards systems are usually developed by professional or experienced traders to provide information to other traders. These systems help traders to determine whether to buy or sell a particular currency pair at a given time. The Forex trading systems or software will be designed to gather information from several sources like signals, charts, news releases or fundamental analysis. The trading systems can be manual or automatic and different traders will have different preferences in this regard. Some prefer using both of them before arriving at a decision to buy or sell a particular currency pair.
Both free and paid Forex trading systems are available over the internet. One should choose the one that suits their needs by trial and error or by consulting other traders. Some of the best free Forex trading systems available online are
- The Skyplay System – The Skyplay trading system is a mechanical system which is designed using MACD, Coral Indicator,20 EMA, Time Zone and True Strength. The software system is designed to indicate the trend in a 1 – hour time frame. Then it zooms the 5 minute chart to define an entry. The system displayed a profit of 3.56% spread over a period spanning 4 months which can be considered fairly good in the market. This software is good for experienced traders but beginners may find it a bit difficult to understand initially.
4H Scalping Method – This free Forex trading system deals with the currency pair of GBP/JPY. This system is quite is quite simple and is considered to be perfect for newbies or novice traders in the market. The only drawback in this system is that, defining scalp lines or swing highs and lows can be very subjective. People usually make mistakes in establishing them. It can be well suited for experienced professional s though as they will have a better hang of the system.