The Top Forex Trading Systems

There really isn't one best Forex trading system that works for everyone. There are many great Forex trading strategies and Forex trading systems but to say there's only one, would not be true.

Each Forex trading system can be as individual as the person using it. One currency exchange trader will find a trading system that works perfectly for them and another Forex trader won't think it's worth the paper it's printed on. If you know something about trading in the Forex market, you know there are certain times of the day your should trade specific currency pairs to increase your odds of making winning trades. Trading off-hours, using the best Forex trading system could be the difference between winning and losing. Try to stay out of the market during the slow times as well.

Experienced Forex traders know the best times to trade in the Forex market. The best times are between the hours of 2AM and 11AM EST. At 2AM EST the European markets are just starting to open and at 3AM EST the London session starts to begin. At 7AM to 8AM EST the New York session start to come alive. At 8:30AM EST there are many news releases (mostly US ones) that can cause market to move. This is when price can move in a big way. These are the times most Forex trader love and this is where the money is made, and lost. The London session starts to close around 11:00am EST and the Forex market tends to slow down until the Asian market start up again around 7PM EST. Then everything starts all over again for the next day. That's why a good Forex trading system is so important to a Forex trader.

To make the most of a Forex trading system, you need one Forex trading strategy for trading at news times and another one to trade for the other times. A good trading strategy for trading the news is to do your homework beforehand. Know what the key news releases are for the day and find out what the consensus numbers are for each news report. There are many Forex news web sites, so I suggest looking at no less than 3 news sites to make sure the consensus numbers are close to each other. Sometimes Forex news websites get the wrong numbers, so doing your homework early, you will easily know if the consensus numbers are on the mark or not. At news release time, what you are looking for are the numbers with a shock value. Numbers that do not meet expectations but exceed or fall shot of the expected numbers. These are the news events to trade. You want to know beforehand what these shock value numbers are, and take action when they get released.

When news is out of the way for the day or it's a very slow news day, that's when you must have a Forex technical trading system. Forex technical trading is when you use forex charts and price action. Forex chart patterns, trendlines (trendline analysis), Fibonacci (Fibonacci numbers/Fibonacci studies) and a many other Forex trading tools can be used for analysis. Just remember to keep it simple. Do not go crazy with the number of tools you decide to use. I recommend picking two or three and work with them at all times. Give each one at least a months time to decide if it's working for you before you move on to another one. Some folks may find they don't like using Fib retracements for example, while other traders like myself, couldn't imagine trading Forex without them. All Forex traders are different so you need to find the best tools and Forex trading systems that work best for you.

There are lots of fantastic online Forex training web sites available to you today and most are free. You should read all you can about Foreign currency trading before jumping in to it. Forex trading is a great business and like any new profession, it takes a lot of time to learn and do it right. Just take your time and remember to get the best Forex trading system that works for you and stay with it.