Have you ever wondered what would it be like to trade forex without using a broker? I certainly have. After hearing about this system from some of my colleagues, I decided to give it a shot. What I found was quite interesting.
Day trading systems with no broker are nothing new, but until recently they were just that, systems. They were just rules that you had to follow to get results. The first thing that I discovered was that it was much easier to implement rules that you find online, than the rules that you have to write yourself. Then I discovered that these online systems actually worked. And what is even better, is that you do not have to stay logged into your computer all day. All you need to do is set up your system, take control of it and then leave it. The system will take care of the rest. No, you do not have to spend all day locked in front of your computer monitor watching the market, every day trading system has this feature.
Before starting to trade without a broker, I did a lot of reading and also tried a couple of different approaches. One way was to trade with a small margin account. It is best to trade with a small margin account so that you do not overdraw your account. However, this also means that you do not have to make every trade with a large amount of money in your account. This was a bit nerve-wracking since I did not want to overdraw my account. But I also found that it was easier to see how my system was working with a small amount of money in my account. This led me to believe that I was getting the hang of it. I was also starting to get a feel of the speed at which the system trades. And it was not long before I was able to trade profitably with a small margin account and a small amount of money in my account.
Another way is to just go for a wild guess. This is a good approach if you want to practice without risk. And since you are trading without risk, you can make a lot of mistakes. But since you are not carrying any risk, you can afford to make a lot of mistakes. The difference between this and the other approach is that you do not need to worry about how much money you will lose. No, you can just trade whatever you want to. It is really the Wild guess, for better or for worse.
There is one drawback to this approach though. You do not know how your system will perform in the real market. You might end up making mistakes based on your wild guess. However, this is a good way to get some confidence in your system. And this confidence will help you in the real market.
When you’re starting out as a trader you should focus on how you will make money. When it comes to trading a system is key. But is there another way? Yes, there is. When you know what and how to do you will be able to make money.
A system is the key to making money as a day trader. The key to making money is the execution of a system and the knowledge of how to make money in the market.
The most important aspect of a successful system is the entry of the system. Here the trader must know the rules of the market. This comes from experience, knowledge and training. If you have a system to trade, the first thing you must do is to know the rules of the market.
The second part is to properly define the entry point. What price you should buy when you enter the trade and what price you should sell at when you exit the trade.
The third part is the definition of the exit point. When you are making money out of the system and you are sure that you have identified the right entry point, exit point and defined the rules for exiting the system.
The most important aspect of a system is the execution of the system. As you are executing the system you must always be aware of the price and of the other traders in the system. The other traders are your competition in the market. It is essential that you are always aware of their trading habits and system behaviours. As a day trader you must be able to differentiate between what the other traders are doing and your own trading habits. When you execute a system well, the money will flow. The best way to do this is to take it slow. Take the system a day at a time and focus on the entry price. Remember you have to execute the system in a methodical way to execute the entry price effectively.