Choose One Good System and Stick to It!

by Vahid | Forex Market Analysis and Signals | Monday, February 16th, 2009

Hello

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My special appreciation to Ivan for joining our lending team at Kiva.org.
Thanks Ivan! I kiss your generous hands.
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As you saw I published some signals last night which was Sunday afternoon. It is exactly the time that the forex market becomes opened and starts working. Sometimes we have some good signals forming from the previous week. So I thought it is a good idea to have the signals posted on the weblog because probably some ofÂ you are able to login and take some positions on Sunday afternoon. The Sunday afternoon signals will be posted on 16:00 EST (21:00 GMT) which is one hour sooner than the time that signals are posted on the site during the normal business days. So if you like to take your Sunday afternoon positions on time you have to be here at 16:00 EST.

Tip of the day: Choose one good system and get stuck to it!

Some of you may have been learning and practicing forex trading for a long time but have not been able to reach to any reasonable level. One of the most important reasons is that you always look for a new system to try and test. There are thousands of different systems over the internet and if you really want to try each of them you will not become a profitable forex trader. Choosing a good system is a different story that I have to talk about it later. What I want to talk about here is that as soon as you found a good system and you felt comfortable and happy with it, you should stop looking for another system and get stuck to the one that you have found. It takes a long time to become expert in using a system. So when you shift from one system to another one, if fact you waste the time that you have spend to learn and try the previous system because you just leave it before you learn it properly.

As I have already motioned, forex is really different from everything you have done so far. In other businesses, we should always look for some better and optimum ways to improve and progress but in forex we should not do that. I mean as soon as we reach to a good level and we have a good system that we feel happy and comfortable with it, we are done and we have to stop looking around. We have to get focused on what we have. If we want to learn more, this learning has to be related to different parts of the system we are using. For example if our system is based on candlestick signals we should keep on reading more about the candlesticks but at the same time that we are learning more, we have to be careful that our new knowledge doesn’t make any negative impact on the system rules that took us a long time to develop.

Having a good system is one thing and being loyal to its signals and rules is something else. As soon as you develop a good system, you should be disciplined enough to follow its rules and signals and you should not let something you learn or hear from the other resources have any negative impact on your system.

Developing a system is not just limited to setting some special rules on a peace of paper and then looking at them when you want to trade. A system doesn’t work on the paper. A system is well developed only when you as the trader become able to find and follow the signals. So a system has to be fully formed and developed in your mind not on the paper. You can invent one new system everyday but it can take over one year to become expert in using a system.

Today signals will be posted in the below table at 17:00 EST which is 22:00 GMT. Be on time!

Announcement (00:18 GMT, 17 Feb): Ok! We are done for tonight. No more orders. Click here if you are late.

Note: 1. Read the disclaimer before you use the below buy/sell signals. 2. If you have not received the below signals on time, just compare the current price with the entry price and do not take any position if the target is already triggered or the price is close to it. 3. Please note that some of the below signals can be pending orders. So read all the explanations carefully before you take any position. 4. Cancel all the pending orders that are not triggered from the previous day.
CP	What to Do?	Entry Price	Stop Loss	Trailing Stop	Take Profit	Results
EUR/USD	-	-	-	-	-	-
GBP/USD	-	-	-	-	-	-
USD/CHF	-	-	-	-	-	-
USD/JPY	-	-	-	-	-	-

USD/CAD	Sell (00:12 GMT, 176th Feb)	1.2415	1.2797	40	1.2365	This was a fake signal posted by hackers!
USD/SGD	-	-	-	-	-	-
USD/NOK	-	-	-	-	-	-
USD/SEK	-	-	-	-	-	-
USD/DKK	-	-	-	-	-	-

EUR/JPY	-	-	-	-	-	-
EUR/CHF	-	-	-	-	-	-
EUR/GBP	-	-	-	-	-	-
EUR/AUS	-	-	-	-	-	-
EUR/CAD	-	-	-	-	-	-
EUR/NOK	-	-	-	-	-	-

GBP/JPY	-	-	-	-	-	-
GBP/CHF	-	-	-	-	-	-
GBP/AUS	-	-	-	-	-	-
GBP/CAD	-	-	-	-	-	-

CHF/JPY	-	-	-	-	-	-
CHF/SGD	-	-	-	-	-	-

CAD/JPY	-	-	-	-	-	-
CAD/CHF	-	-	-	-	-	-

AUS/USD	-	-	-	-	-	-
AUS/JPY	-	-	-	-	-	-
AUS/CAD	-	-	-	-	-	-
AUS/CHF	Sell (22:01 GMT, 16th Feb)	0.7539	0.7967	80	0.7439	+100 (20:54 GMT, 17 Feb)
AUS/NZD	-	-	-	-	-	-
AUS/SGD	-	-	-	-	-	-

NZD/USD	-	-	-	-	-	-
NZD/JPY	-	-	-	-	-	-

SGD/JPY	-	-	-	-	-	-
Total:						+100

Further Reading:

25 Comments:
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Comment by bzyqe

2009-02-16 14:00:32

Hello,

Did you see the PLN crosses. Today on EURPLN I made about +1500pips in one trade. Tomorrow I expect a higher profit on this pair.