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Tuesday, October 01, 2013
A Set And Forget Foreign Exchange System is exactly how it sounds. Usually at the same time every day you set up your trade with entry, stop loss and take profit. At this point you are done. By trading this way, you are not going to monitor or modify your orders as the trade progresses. Once the trade is placed, it will either hit your profit target, hit your stop or you'll still be in the trade the next day when you open your platform to place new trades.
Most of the set and forget trading systems use pending orders and are called "straddle strategies". This means you place two pending trades, one buy and one sell, that straddle current market price. The idea is that once price picks a direction, it triggers the trade and gets you into the market.
To use a set and forget Forex system you need to be patient and methodical. You need to systematically repeat your trading routine every trading day. Some days your trades will not even be triggered. When you do get into trades, the profit or loss is predictable because you use a predetermined take profit or stop loss. The trick to making this a profitable way to trade is to just place the trades and forget about them until the next day.
Set and Forget Forex Signals is a Forex signals provider that uses a set and forget system. As we spoke of above, they use a "straddle strategy". You can follow their trades by placing the same trades they do at 5:30 PM New York time. If this set and forget way of trading appeals to you, you should check out their site to see the performance results and case studies they provide to show how much you can make trading these types of Forex systems.