Why should I have great foreign exchange trading systems? To answer this I must remind you on the following fact. Since 1970s the currency market grows exponentially until today the daily turnover reaches approximately $4 trillion. What a huge financial market. So many institutions and individual investors involved in the dynamic of foreign exchange market. The market operates for 5 days a week and 24 hours a day as foreign exchange market is a decentralized financial market. Very lucrative and teasing, isn’t it? Sure it is.
There are a lot of money making opportunities in one trading day. Realistically, if you’re only trying to lay your hands on 10 pips per day is an easy thing to do. I’m not lying to you; it’s easy to do if you have great forex trading systems and high self-discipline. Both elements should always be in tandem. If you only have currency trading systems but have no self-discipline then you’re just daydreaming. On the contrary, if you only posses discipline but no system, what do you expect in the market? They are soul mates, should always walk together.
Put aside for a while on self-discipline; let’s talk about foreign exchange trading systems. As with its name, obviously it is a system to trade in currency market. Trading not speculating, they are totally different. Every trader or investor, as with other forms of business in the world, should have a system to follow. The system will give a big hand to its user. It is a guideline which will lead its user to success. Therefore, if you really want to be successful in foreign exchange trading, you should have or find a great foreign exchange trading system.
A great foreign exchange trading system has to prove to be reliable, profitable, safe and consistent. It has to stand in the test of time. It should generate consistent profit in any kind of market situations. It also has to be able to preserve your capital. At last, it will be better for you if you can develop your own foreign exchange trading systems. Why is it so? The reason is you will be more comfortable to follow your own rule. Otherwise, when you use a foreign exchange trading system which developed by someone else, you have to adjust your own trading or investing style. It’s still alright anyway as long as it fulfills the basic foundations that should exist in any trading systems.