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Thursday September 11, 2014 - 11:13:16 GMT
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How to Select Your Best Forex Trading System

What are the different trading systems? In the world of retail forex trading, there are countless models for capitalizing on the potential of the currency market and being profitable. These models can be grouped into three main categories which we call systems: Self Trading, Social Trading, and Managed Trading. A System is a set of interacting or interdependent components forming an integrated whole[1] or a set of elements (often called "components") and relationships which are different from relationships of the set or its elements to other elements or sets.

The components which make up these three kinds of forex trading systems are the trader, execution method, and the platform/broker that the trader executes trades with. These components work together for the final goal of generating profitable trades and return on investment.

Self Trading
Self Trading is currently the most common system used in the retail forex industry. The traders are private individuals who open trading accounts with retail forex brokers and execute their own trades with the goal of growing their account. Most self traders execute trades manually while some technologically savvy traders implement (Expert Advisor software) or algorithms for for automated execution

  • Independence
  • Easy barriers to entry
  •  Zero management fees
  • Cons

  • Limited experience/professionalism
  • Time constraints
  • Limited broker /platform relationship
  • Psychological and emotional constraints Social Trading
  • Social trading is growing rapidly in popularity. Social trader enables retail forex clients to copy or automatically replicate other self traderís execution. Although the "copied" self trader tends to manually execute trades they often implement Expert Advisors. The social trading clientís account will automatically execute trades placed by the "copied" trader's manual or export advisor.

  • No experience required
  • No time constraints
  • Low management fees
  • Cons
  • "Copied" trades are generally executed by inexperienced non-professional traders
  • Non-regulated/licensed money management
  • Exposed to technological issues
  • No absolute control over risk management
  • Limited broker/platform relationship

  • Managed Trading

    Managed trading, or more commonly referred to as managed account, enables retail forex clients to have their accounts effectively traded by regulated asset management teams, programs, or individuals. The more formidable managed trading solutions implement a hybrid between algorithmic trading executing along with manual monitoring and execution. Being that managed forex accounts is the most sophisticated forex trading system, some companies focus all of their resources on this prime service. This enables clients to have a fluid and simple investor experience while the complexities of the industry are dealt with by the firm. Client's funds are generally placed in a trading account with retail forex brokers or even prime forex brokers. Using MAM or PAM terminal technology, a master account is used for the asset management team to execute trades while the exact proportional trades are executed in the client's personal account. Clients must check that the account managers they are signing with have the license to partake in this form of discretionary trading.

  • No experience required
  • No time constraints
  • Managed by professional, experienced, and regulated entity
  • Access to prime or institutional forex brokers
  • Ability to monitor and select risk level
  • Maximum drawdown mechanisms
  • Cons
  • Higher barriers to entry (deposit size)
  • Higher management and performance fees
  • Requirement of Limited Power of Attorney for nominated account manager

  • Two questions to ask when selecting your Forex Trading System The following two questions will help dictate which trading system will suit you best. After answering the questions, you can follow the table/matrix underneath to determine your best match.

    How much time and effort do I have to acquire experience and trade professionally? Anyone who tells you trading financial assets profitably is easy, either does not have your interest in mind or does not understand the market. Therefore, to effectively trade and manage risk appropriately you would either need to have the previous experience and current professionalism. Acquiring knowledge and experience requires hours upon hours of practice, knowledge and live trading experience. Professional execution and risk management also requires several hours per day analyzing the market and monitoring trades. Your level of time/experience/professionalism will therefore dictate which strategy of trading you will implement (intraday, swing, long-term) and if you will trade the account or a third party.

    What are my investment goals?

    The first element of defining your investment goals is the amount of funds you are capable and willing to allocate to forex trading. The second element which will dictate the optimal trading system are you target for speed or level of returns. The higher the speed and target returns, the more risk you are willing to incur.

     Wrapping Things Up

    Currencies, CFD, and commodity markets, or better known as Forex, has become a staple for any investment portfolio. Finding the right system to invest profitably and safely in the market is crucial. Asking yourself what your investment goals are and how much personal effort your are able and willing to allocate will determine if you are looking for another hobby, a quick gamble, to test new products, amplify your savings, or earn a steady second income. Once you answer those questions, you will be on the right track to being a savvy investor.


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    Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."

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    Mon 3 Dec 2018
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    Thu 6 Dec 2018
    AA 12:45 EZ- ECB Decision
    AA 13:30 US/CA- Trade
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