What trading system is best for you?

Total Result for 1/13/09
EUR/USD: +65 Pips
USD/JPY: -47 Pips
________
+18 Pips

Yesterday's Trades:
Time: 11:17PM
USD/JPY 4HR TF
Short: 89.12
Hit S/L at 89.59 (-47 Pips)

Today's Trades:
1)
Time: 9:23AM
GBP/USD 4HR TF
Short: 1.4530
S/L: 1.4583 (-53 pips) A little higher than my normal S/L rule. I usually use a 50 S/L cape.
TP1: 1.444 (+90 pips)
TP2: 1.4350 (+180 pips)
R:R 1 : 1.69 : 3.39

Results:
Time: 9:35AM

Trades closed out early because of strong, large ranging prices and strong votility in this pair. I know that I have mentioned earlier how you should stick with your trading plan. However, you will learn after trading for a while that you can sense a market rhythm in the prices. I will explain what is the market rhythm* in a later post.

Trades Closed at 1.4528 for +2 pips

2)
Time: 11:45AM
EUR/USD 4HR TF
Short: 1.3172
S/L: 1.3241 (-69 pips) A little higher than my normal S/L rule. I usually use a 50 S/L cape.
TP1: 1.3100 (+72 pips)
TP2: 1.3050 (+122 pips)
R:R 1 : 1.04 : 1.76

Results:
Time: 2:23PM
Currently running: 1.3172 (-2 pips)

This trade was placed because two previous candles were bearish and it bounced off from the 21EMA to 8EMA. The opening of the third candle was a break through from the 38.2 Fib line. Also, MACD indicate a TC signal.

WHAT TRADING SYSTEM IS BEST FOR YOU?
One of the most time consuming task for me was to find the "Right" trading system to fit your trading style. If you're still looking for the "Perfect" system, then please do not waste your time any longer. I'm sorry to dissappoint you, but there is no such thing as a forex "GURU" trading system. I think trading systems are usually taylored to your personality and style. After trying out systems after systems for months, I finally came across a system that was similar to my trading style. I would like to give credit to Mr. Phillip Nel* for his 4HR Strategy (MACD) system. You can learn more about this system and many other systems at www.forexfactory.com. After forward testing and placing over 100 trades for the past 4 months, I finally can produce a consitant number of pips per month. Everyday is a new lesson when it comes to trading. You can never stop learning.

First you must establish your trading style. As for me, I have a full time job, so I don't have time to sit infront of the computer all day long to wait for the right signal. That is why I chose the 4HR time frame instead of the lower time frame. I use the lower time frame to place early entry signal and use the 4HR time frame for confirmation. I did not use the 1day time frame because it requires using a much larger S/L (stop loss), which is too steep for my pocket at this stage.

Trading Forex takes a lot of patience and self educating. I will put a list of recommending books on my later posts.

Topics for the Next Post:
*What is Forex and why should you know about it?
*How to start trading Forex?