Can anyone recommend a forex system that the use and trade?

Monday, December 16, 2013 , Posted by Ryanita at 6:00 AM

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 on Broker FxPro - Forex-Tribe.com - Forex
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ken


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.


Answer
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/index.php?_m=knowledgebase&_a=viewarticle&kbarticleid=42&nav=0 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?

What are the Best Forex Trading Platforms?

Q. There are so many, what are the best Forex Trading Platforms, particularly for a new trader?


Answer
I've posted this before, but I think this applies here.

Choosing a great trading platform is an important step in Forex Trading. A good one should offer the following:

Easy to Use
The software you use should be easy to understand and it shouldn't take a long time work-You should be able to trade right away. If it's too complicated to even start, how will you be able to use it to trade regularly!?

Real Time Quotes
Because Forex Trading is done 24 hours a day, and you need to have live quotes. Live quotes give you control of your money and you can check on it whenever.

Trading Rates
The software should have a freeze option when you decide to buy or sell.

Your Part
Do not be greedy! Before you start, figure out how much money you want to invest, and stick to it-Do Not Go Over!
Trading is not a 'get rich quick' deal. Just like starting any new job, trading takes time to learn and involves risk and loss, but can potentially be a great source of income-once it's mastered.

I would recommend:

http://userfriendlyforex.com




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