Best Forex Trading Systems in 2021: Reviews and Comparison
Are you struggling to find the best forex trading systems that can help you make consistent profits in the currency market? Look no further than our comprehensive review and comparison of the top-rated forex trading systems in 2021!
In this article, we'll take an in-depth look at the most effective and profitable forex trading systems, from automated software to price action trading techniques. We'll provide you with detailed reviews of each system, as well as their pros and cons, so that you can make an informed decision about which system is right for you. So, let's get started!
What is a Forex Trading System?
Before we dive into our reviews of the best forex trading systems, let's first define what a trading system actually is. A forex trading system refers to a set of rules or guidelines that traders use to make their trading decisions. These rules can be based on various methods of analysis, such as technical indicators, price patterns, or fundamental news releases.
The purpose of a forex trading system is to provide traders with a clear and objective way of identifying entry and exit points in the market. By following a set of predefined rules, traders can remove their emotions and biases from their trading decisions, which can lead to more consistent and profitable trading results.
Types of Forex Trading Systems
There are several different types of forex trading systems that traders use to analyze the market and make their trading decisions. Some of the most popular types include:
Automated Forex Trading Systems
Automated forex trading systems use complex algorithms and software to analyze market trends and take advantage of price movements. These systems can trade automatically on behalf of the trader, making them ideal for those who don't have the time or expertise to monitor the market manually.
Automated forex trading systems can be either fully automated or semi-automated. Fully automated systems make all trading decisions automatically, while semi-automated systems require the trader to confirm each trade before it is executed.
Price Action Forex Trading Systems
Price action forex trading systems use the price movements of a currency pair to identify trading opportunities. Instead of relying on technical indicators, these systems analyze the price action itself and look for patterns and trends that can indicate a potential trade.
Price action trading systems can be used for both short-term and long-term trading, and are often favored by traders who prefer a more intuitive and discretionary approach to trading.
Scalping Forex Trading Systems
Scalping is a popular trading strategy in which traders make multiple trades within a short period of time to take advantage of small price movements. Scalping forex trading systems are specifically designed to identify these short-term trading opportunities and provide the trader with clear entry and exit signals.
Scalping systems can be either automated or manual, and can be used on any time frame, although they are most effective when used on shorter time frames such as the 1-minute or 5-minute charts.
Forex Trading Signals
Forex trading signals are alerts or notifications that traders receive when a trading opportunity arises. These signals can be based on various types of analysis, such as technical indicators or fundamental news releases.
Forex trading signals can be either free or paid, and can be delivered via email, SMS, or through a trading platform. Although trading signals can be a useful tool for traders, they should always be used in conjunction with a solid trading plan and risk management strategy.
How We Reviewed the Best Forex Trading Systems
To determine the best forex trading systems, we used a combination of research and analysis. We looked at the features and performance of each system, as well as user reviews and feedback, to determine their strengths and weaknesses.
We also evaluated each system based on the following criteria:
- Ease of Use: How easy is the system to use and understand for both novice and experienced traders?
- Profitability: How profitable is the system, both in backtesting and live trading?
- Risk Management: Does the system provide effective risk management strategies to protect traders from excessive losses?
- Support and Resources: Does the system provide adequate support and resources to help traders succeed?
Based on these criteria, here are our top picks for the best forex trading systems in 2021.
Top Forex Trading Systems in 2021
1. Forex Robotron
Forex Robotron is an automated forex trading system that uses a combination of price action and technical indicators to identify trading opportunities. The system is easy to install and use, and comes with a detailed user manual to help traders get started.
Forex Robotron has been extensively backtested and optimized for multiple currency pairs and time frames. The system has a high win rate and low drawdown, making it a profitable and reliable trading system.
One of the key features of Forex Robotron is its advanced money management system, which can adjust the trade size based on the trader's account balance and risk tolerance. This helps to ensure that traders can maximize their profits while minimizing their risk.
Forex Robotron is priced at $299 for a single license, and comes with a 60-day money-back guarantee. The system also comes with free lifetime updates and support.
Pros:
- Easy to install and use
- High win rate and low drawdown
- Advanced money management system
- Backtested and optimized for multiple currency pairs and time frames
- Free lifetime updates and support
Cons:
- Relatively expensive compared to some other automated trading systems
- Requires MetaTrader 4 to use
2. Forex Fury
Forex Fury is another automated forex trading system that uses a proven scalping strategy to generate profits in the market. The system is easy to install and comes with detailed instructions and support to help traders get started.
Forex Fury has been extensively backtested and optimized for various currency pairs and time frames. The system has a high win rate and low drawdown, making it a profitable and reliable trading system.
One of the key features of Forex Fury is its built-in money management system, which can adjust the trade size based on the trader's account balance and risk tolerance. This helps to protect traders from excessive losses and ensure consistent profits.
Forex Fury is priced at $229.99 for a single license, and comes with a 60-day money-back guarantee. The system also comes with free lifetime updates and support.
Pros:
- Easy to install and use
- High win rate and low drawdown
- Built-in money management system
- Backtested and optimized for various currency pairs and time frames
- Free lifetime updates and support
Cons:
- Requires MetaTrader 4 to use
- Relatively expensive compared to some other automated trading systems
3. Price Action Trading System by Nial Fuller
Nial Fuller is a well-known price action trader who has been teaching traders how to trade using price action techniques for many years. His price action trading system is a comprehensive course that teaches traders how to read and understand the price action of a currency pair.
The course covers a wide range of topics, from basic price action patterns to advanced trading strategies. The course includes video lessons, trading examples, and live trading webinars to help traders master the price action trading approach.
One of the key benefits of Nial Fuller's price action trading system is its emphasis on trading psychology and discipline. The course teaches traders how to create a solid trading plan, manage their risk effectively, and stick to their trading rules.
The price of Nial Fuller's price action trading system ranges from $347 to $997, depending on the package chosen. The course also comes with a 30-day money-back guarantee.
Pros:
- Comprehensive course on price action trading
- Emphasis on trading psychology and discipline
- Video lessons, trading examples, and live trading webinars
- Suitable for traders of all levels
Cons:
- Relatively expensive compared to some other price action courses
- No automated trading system or trading signals included
4. Forex Trading Signals by ForexSignals.com
ForexSignals.com is a popular forex trading signals service that provides traders with daily trading signals based on technical analysis. The service is run by a team of professional traders with years of experience in the forex market.
The trading signals provided by ForexSignals.com are easy to follow and include entry and exit points, stop loss and take profit levels, and trade commentary. The service also provides access to a private chat room where traders can interact with other members and discuss trading ideas.
ForexSignals.com offers a variety of subscription packages, ranging from $97 to $287 per month. The service also offers a 7-day trial subscription for $7.
Pros:
- Easy to follow trading signals
- Access to a private chat room
- Run by a team of professional traders
- Suitable for traders of all levels
- Affordable monthly subscription packages
Cons:
- Trading signals can be affected by market volatility and news releases
- No automated trading system included
Conclusion
In conclusion, finding the best forex trading system requires careful research and analysis. By evaluating each system based on factors such as ease of use, profitability, risk management, and support and resources, traders can make an informed decision about which system is right for them.
Our top picks for the best forex trading systems in 2021 include Forex Robotron, Forex Fury, Nial Fuller's price action trading system, and ForexSignals.com. Each of these systems has its own strengths and weaknesses, so traders should carefully evaluate each system based on their own trading goals and preferences.
Whether you're a beginner or an experienced trader, finding the right forex trading system can help you achieve consistent profits and reach your financial goals. So, start your search today by exploring the top-rated forex trading systems and finding the one that works best for you!