what is the best forex trading system for a novice investor?

Question

I am interested in trading currency. I attended a Premiere Trade work shop and know that there are much better, less expensive, systems out there. I also know that there is no such thing as "get rich quick" but i understand that you have to spend money to make money. Please give me a realistic answer.

Answer 1

I wish you would email me and tell me of the systems you've found that are better than PremiereTrade (PT).

But then, I'm not sure what you mean by "better." I've seen quite a few with more indicators and others with better trading platforms, but there are many things the outsider doesn't see.

They give you direct access to their traders, via phone, via the Message Board, and via a Live Commentary. They not only keep you well informed of what's going on and what's moving the markets and which pairs are doing what, they have 6 hrs a day of classes, help shops, commentaries, and a slew of worksheets, data sheets, trading systems, etc., it's endless.

The Green Light, Red Light thing is fairly simplified so almost anyone can trade it, but they are adding stuff all the time, and you can almost get as complex as other systems now. But I'm a nuts and bolts kinda guy, and I like to use lots of technical stuff, so I have a backup system to trade currency futures, and a very powerful charting package and trading platform called RealTick, from TerraNovaOnline. I can trade Forex spot or futures through them. It's always a good idea to have a backup datafeed and trade desk anyway.

I've been trading stock index futures for 17 years, and I write my own systems and indicators, but I'm real surprised how well the signals work in PT. Green Light/Red Light, yeah it's simple, but it works.

Answer 2

How much money do you want to lose?

How's that for realistic. Now stay away from Forex

Answer 3

Support and resistance are very proven model.

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http://the-forex-trading.blogspot.com