Why I like Set and Forget Trading systems
You all heard about the trading pitfalls which cause you to fail as a trader… overtrading, undertrading, being too greedy, being too scared, changing your mind etc etc. The list of all the things which can go wrong trading goes on and on… however, there is a quick way to eliminate all this and that’s by adopting a set and forget trading system. These are systems where you can simply plug in your order into the market and get on with your life. The order defines an entry for your trade, a stoploss and a target. You then have all elements of your trade covered.. you know your maximum loss, potential gain and it gets round all the trading pitfalls as above. Of course, you need to ensure that you find a set and forget system that’s going to work for you and stick it… you may need to backtest it for a while but for me, these are my favourite systems. Here’s why:
- You don’t have to watch the market like a hawk.. you just put in your orders and do something with your life. Depending on your trading timeframe, you would log back in and see how your trade went.
- No meddling with your trade – you’ll find that once you have a set and forget system in place and you know your maximum loss (via the stoploss), you can just leave your trade alone. Well, you can still meddle with your trade but it’s just easier not to.
- No fear or exhileration – I don’t know about you but watching the markets go up and down makes your heart flutter as you see your open trade profits rise and fall. A set and forget trade means that you can just walk away after you have placed the trade.. you’ll come back and log into your system and you’ve either lost or won!
- No need to decide to enter or exit the market – knowing when to enter or exit the market is extremely difficult if your money’s on the line and the market is moving up and down. A set and forget system will trigger if it hits a certain price or activates a condition as set by your system… it takes away the decision process.
I’m sure there are more reasons why a set and forget trading system is, in my mind, the best way to trade. Anyway, some of the systems which have had good reviews and can purchase online are:
Forex Set and Forget trading system – by Tony Manso. Claims to be able to make over 60% return on your trading account per annum
Forex Secret Signals and Alerts – by Karl Dittmann. Karl is the author of many other trading systems including a few which I’ve tested myself. This is a 100% free indicator which tells you when to buy and sell.
Rich Lazy Trader – exactly what it says on the tin! I like this one as it is completely mechanical and works not only on the Forex markets but Oil and the Dow Jones also. Worth taking a look!
Well, I can’t speak directly for the Millionaire League as I haven’t used their program, but I did do a little research online for you checking all the scam alerts and was unable to find any red flags for them.