In the post “The 3 “M”s of Forex : Method, Money, Mental,” we discussed the importance of finding a trading method or system for forex. This is simply a set of rules that helps you enter and exit trades profitably. It can take the form of fundamental analysis, technical analysis, or price action.
As a newbie, you may be scratching your head wondering where you can get a trading system. In this post, we are going to point you in the right direction.
Do You Have to Pay for a Trading System? (No)
Since a trading system is something you can use to make money, you might assume that it is also something you would have to pay for. Thankfully, this is not the case.
You certainly can purchase a trading system. But you do not have to. Forex traders are often generous, collaborative individuals. As a result, the internet is flooded with hundreds of completely free trading methods.
Where to Look for Trading Methods
Now that you know you do not have to spend a dime on a trading method, let’s talk about where you can look for systems to test.
1. Articles and Blog Posts
One good starting point is online articles and blog posts. Search for trading strategies using indicators or price actions you are interested in or specific fundamental analysis data. Search engines should pull up numerous results for you to explore.
For example, you could look up “forex systems NFP” if you want to trade using the nonfarm payroll report. Or you could search for “forex systems moving averages” if you want to trade using moving averages.
Both free and paid ebooks are additionally good sources for forex trading methods. Often, coaching programs give away some free forex systems and strategies to people who subscribe to their email newsletters.
3. Forex Forums
Another excellent option for discovering methods to try is visiting forex trading forums. Numerous traders post their methods on a continuous basis, so this is a rich source of countless systems.
One thing to keep in mind on forums is that a lot of users are quite inexperienced themselves, and their own systems might be works in progress. But you can also find some gems from successful professional traders.
When threads for individual systems become popular, they also may amass dozens or even hundreds of charts from different traders, providing a wide range of useful examples to teach you how to use the systems correctly.
4. Physical Books
All of the resources we have discussed above are electronic. But do not forget that good old-fashioned paperback and hardcover books also can teach you trading systems. You can shop online or visit your local library.
5. Forex Coaching Programs
If you are willing to spend money on a trading method, you could consider signing up for a forex training program.
Subscribers may receive exclusive access to systems that are not available to the public. They also may be able to watch videos and webinars, making it easy to learn the strategies. Additionally, if you join a program like this, the coach and other members may be available to answer your questions.
6. Friends and Acquaintances
If you have gotten to know other traders during your FX journey, do not forget that it is perfectly okay to ask for help. Not all traders will be open to sharing, but many will be excited to share their trading methods with you.
If you trade using a friend’s method, there are a couple of benefits. For starters, they can answer any questions you have as you are learning. Later, if you do end up using the same system live, you can help each other spot trade opportunities.
If there are any challenges that crop up later down the line, you and your friend will be able to work through them together.
7. Forex Trading Groups
Speaking of taking a social approach to trading, there are forex groups you can join through services like Discord, Telegram, or Skype.
Members of these groups may share their trading systems with each other, post and analyze charts together, and collaborate to search for trade setups.
How hard or easy it is to get into these groups can vary. Some may broadly accept just about anyone, while others may have very narrow criteria for entry or be invitation-only.
The more traders you talk to, the more invitations you are likely to receive. So, socialize freely on forums and social media sites.
8. Build Your Own Trading System
One more way you can “find” a trading system is by making your own from scratch.
As you start exploring and testing systems, you will learn more about various indicators, reports, price patterns, and so on.
Just as a cook can craft a delicious recipe from scratch after sampling many existing recipes, you too may find a way to combine trading ingredients into a powerful new system.
On that note, you also could start with someone else’s trading method, and then modify it until it works for you!
There Are Countless Trading Systems Out There Waiting For You
Now you know some places where you can discover forex trading methods. While some require an investment (i.e. coaching programs), most are free.
Just remember not all trading systems are equal in terms of quality. Not every method is a fit for every individual trader either. You need to find something to suit your style, personality, and schedule. Put any trading method you are thinking of using to the test before you go live.
When you are ready, you can start trading by getting the free $50 XM no deposit bonus as your starting capital.