First Steps for the Successful Development of a Trading System

This article presents some essential preliminary steps toward developing a successful trading system and the key biases you need to avoid. The following information is mainly based on Van Tharp's book "Trade Your Way to Financial Freedom".

Step 1: Finding a Concept That Works

Finding a concept that works should be seen as the first step in building any trading system. Among other things, an efficient concept should include detailed setups for entry/exit and money management rules. That means entry conditions, exit strategies, and position sizing. Most traders focus on high-probability entries without any concept of adequate position sizing or exit. This practice usually leads to a negative expectancy.

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EA Builder Review

EA Builder is a web application that allows Forex Traders to create their custom indicators and trading strategies without any programming skills. You can either create a manual trading system (for free) or build a fully functional Expert Advisor (Forex robot) for a one-time fee.

◙ Trading System: EA Builder

◙ Type: Create custom manual & automated trading system

◙ Platform: MetaTrader4, MetaTrader5, and Tradestation

◙ Price: 97 USD (One-Time Fee)

EA Builder Key Features

These are the main features of EA Builder:

1. Free for creating indicators and one-time payment for creating Forex Robots (EAs)
2. Supports MetaTrader-4, MetaTrader-5 and TradeStation
3. Trade any Financial instrument (Forex, stocks, metals, energies, indices, ETFs)
4. Supports Binary Options Trading via MT4
5. The free subscription includes Unlimited Indicators
6. The development of Forex Robots (EAs) comes with a one-time payment (97 USD)
7. Video Tutorials on how to use the EA Builder
8. Create custom alerts (via email, audible, and screen alerts)
9. Include complicated functions such as Trendlines, Support, and Resistance or Time Functions
10. Include complicated Money Management functions

» EA Builder Web

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A Trading System is a trading method that is based on a series of specific rules and conditions to determine whether to buy or sell a financial asset at a specific price and time.

What is a Trading System?

A Trading System is a trading method that is based on a set of specific rules and conditions to determine whether to buy or sell a financial asset at a specific price and time. Trading systems are usually based on a series of technical analysis tools and conditions for entering or closing trade positions. Other trading systems, may be based on fundamental analysis and trade the news, or even trade the inefficiencies between different financial markets (arbitrage trade systems).

Key Components of a Proper Trading System

(1) Trend Identification and Confirmation (in at least 2 timeframes)

(2) Complete Order Creation (enter-price, take profit, stop-loss)

(3) Money-Management Sub-System (additional rules)

(4) Positive and Proven Past-Performance

More: » Compare Expert Advisors | » Compare Trading Platforms | » Compare Fx Brokers

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The trader on Chart System Review

◙ Trading System: Trader on Chart

◙ Type: Plug-in Software for Advanced 1-Click Trading

◙ Platform: MetaTrader4

◙ Price: 59 Euro (One-Time Fee)

The trader on Chart System Basic Review Information

The Trader On Chart is a system that plugs in MT4 and offers advanced features for one-click trading. Metatrader4 is a great trading platform but anyone who has used it knows about the limitations of the Money Management control. Executing trades in wrong lot sizes is a common mistake for many MetaTrader users. Using this simple software trading via MetaTrader4 is getting easy, reliable and very fast, therefore, the system aims to cover the needs of short traders and especially scalpers.

Compatibility of the System

The system can be used in any trading account (4 or 5 digits) and in any broker type (ECN, STP or Market Maker). The system can trade any financial-traded instrument as long as it is offered via MT4 (Forex Currencies, Bonds, Stocks, etc).

» Trader-on-Chart System

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