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Forex Breakout Systems - Finally, One That Works?
If you like your automatic Forex trading system to scalp the markets for a couple of little pips here and there all day long, then this article is not for you. This is for all you Forex breakout trading enthusiasts out there who love watching huge moves grow out of those boring consolidation ranges and riding them all the way into profits.
If you're a true blue believer in Forex breakout systems, then you'll know that as rewarding as it is when the breakout does follow through to your profit target, breakout trading isn't without its problems. We've all lost money in false breakouts, whipsaw trades, and most frustrating of all... getting stopped out by a few pips, only for the price to hit the profit target in the next two bars. If all that pain is making you want to give up on Forex breakout systems, then I want to share a simple Forex trading system with you that will get you the breakout profits that you crave.
First of all, if you're trying to apply Forex breakout trading to every trend exhaustion, consolidation range and support/resistance area, then you need to give it a rest and stop torturing yourself. The key to successful breakout trading is to be very selective with your trades. Otherwise, you end up losing so much money in your whipsaw and false breakout trades that even the biggest breakout move can't recoup those losses. The Forex breakout systems that work the best follow two simple rules: they trade at the right time, and they trade in the right direction.
There is one particular time of the day that is very attractive for Forex breakout systems to trade, and that's the period leading up to the London open. That's when all the Asian traders are just coming back from lunch, and the European traders are just beginning their day. As a result, there's a lull period in between the Asian session and the European session followed by a huge rush of trades pouring into the market all at once. That's one example of trading at the right time, and really if you could pick just one time throughout the day for your Forex breakout trading, this would be it. Narrow consolidation ranges followed by a breakout that is sure to come, isn't that every breakout trader's dream?
Of course, you can't just flip a coin to pick whether you want to go long or short, which necessitates the use of a Forex breakout indicator to signal the best direction to trade the breakout in. Well, you could go out and test the various combination's of indicators on many different time periods and pairs and hopefully find a Forex breakout indicator that works eventually. Alternatively, you can buy one of the commercially available breakout systems on the market that works and save yourself the trouble.
One of these systems that I have personally tested is Forex Morning Trade, which contains a Forex breakout indicator that is highly accurate, as well as tried and tested entry, stop loss and profit taking points. Forex Morning Trade gets you in a trade right before the London open rush kicks in, and that's the only trade it will make for the day, so there's no danger of overtrading and being caught in repeated whipsaws and false breaks. This simple Forex trading system only been commercially available for six months, but during that time it has averaged 300 pips a month in profit, a result that has been verified by many traders already using Forex Morning Trade all over the world.
I personally use Forex Morning Trade, and I can agree with many other users out there that it's one of the best Forex breakout systems around. It's a very simple Forex trading system with the whole package: pinpoint entry, Forex breakout indicator, smart stop loss and profit taking points. If you like breakout trading, or if you just want to add Forex breakout systems to your portfolio, then I highly recommend Forex Morning Trade for steady and reliable Forex breakout trading profits.
Thad B. is a Professional Trading Systems Developer who has developed and managed dozens of profitable trading systems over the years for a private hedge fund. Forex trading systems are his passion and expertise, and he has a wealth of helpful resources available for any serious Forex systems trader.
Article Source: http://EzineArticles.com/6049349
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