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Currency Trading Information Channel |
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Currency Trading Information Channel |
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Mechanical or Discretionary Trading - Which is Best?Discretionary Trading Pure discretionary trading will rely solely on the traders judgment. For example a discretionary trader may spot a particular pattern developing on a chart and decide to enter a trade on that basis. It would be impossible to systemise their trading because it relies on subjective judgments and 'gut' feel. Mechanical Trading Pure mechanical trading involves the development of trading rules that cover every situation, from entry to exit and position sizing. The trader is executing a predefined plan. They must however take every trade that the system gives them which can be difficult if the trader begins to 'think' too much! Both sets of trader are working hard at different times and at different things. The mechanical trader spends time developing a system and does not need to think whilst trading, merely executing a plan. The discretionary trader has to be thinking all the time that they are trading and can suffer from 'information overload'. Which is best? The answer is probably a combination of both approaches. Coming to the market with a proven strategy rather than relying on gut instinct is far less stressful and gives the trader more confidence. However the markets are always changing and one trading strategy will not work forever - i.e. the Turtle Traders. Strategies will always need updating. Many traders will use a mechanical system to generate buy and sell signals but then use discretion, reading the market, to attempt to gain better fill prices. All successful traders will use some sort of proven trading strategy to begin with but the level of discretion allowed by it will vary. A trader with no plan at all will fail. Tim Wreford runs Online Futures Trading, a website that provides information and resources for traders. Tim also provides a free day trading system, the results of which are updated daily on the site.
 MORE RESOURCES updated Wed. October / 09 / 2024How Currency Trading Works Investopedia What is Forex? FXCM Kantox Currency Cast: FX Hedging Beyond the Carry Trade BNP Paribas Global Markets CME to add USD/CNH spot FX basis spreads on CME FX Link FX News Group What Is an ECN Broker? Investopedia Best Times to Trade the Forex Markets: A Guide Investopedia 8 Forex Trading Tips Investopedia The Last Look… The Full FX 5 Forex Careers for Financial Professionals Investopedia As forex markets await political shocks, one tipping point could lead to a 'catastrophic trade' that unwinds markets Business Insider Currency Pairs: What They Are and How They Work Investopedia EUR/USD churns on indecisive Tuesday FXStreet What Happened at the Month-End Fix? The Full FX China’s yuan faces volatility amid US pressure and home-grown stimulus: analysts South China Morning Post Beijing tightens grip on renminbi after stimulus rally Financial Times Top 5 Books for Beginner Forex Traders Investopedia GBP/USD Vulnerable on Close Below 50-Day SMA FOREX.com US What is Forex? FXCM Currency Carry Trades 101 Investopedia How to Trade Forex on News Releases Investopedia GBP/USD Analysis Today 08/10: Limited Rebound (Chart) DailyForex.com Dollar Dominance in the International Reserve System: An Update International Monetary Fund Gary Stevenson: This Is How You Make Money Trading New York Magazine Stock market today: Global shares mostly rise after Middle East tensions weigh on Wall St Mankato Free Press How to Spot a Forex Scam Investopedia USD/JPY Analysis Today 08/10: Eyes 150.00 Resistance (Chart) DailyForex.com Stock market today: Wall Street gains on stronger than expected September jobs report Mankato Free Press 6 Best Forex Trading Apps Benzinga Best Forex Brokers In 2024 Bankrate.com Gold Analysis Today 08/10: Mixed Signals (Chart) DailyForex.com GBP/USD Forecast Today - 08/10: Pound Seeks Support (Chart) DailyForex.com Towards Increasing Complexity: The Evolution of the FX Market Liberty Street Economics - India, Russia central banks renew talks for mechanism to expand local currency trade - source Reuters What Is Forex Trading? Forbes T+1 impact on FX costs: The story so far Euromoney magazine 5 Best US Forex Brokers in 2024 Benzinga Nigeria’s central bank to automate FX trades from December CNBCAfrica.com Investors are unwinding the biggest ‘carry trade’ the world has ever seen, SocGen strategist says CNBC Dax Forecast Today 08/10: Support at Large Figure (Video) DailyForex.com CAD/JPY Signal Today - 08/10: CAD Pulls Back vs JPY (Chart) DailyForex.com Gold Forecast Today - 08/10: Consolidating Gains (Chart) DailyForex.com EUR/USD, EUR/GBP try to stabilise while AUD/USD drops IG UAE (English) 15 Banks and Credit Unions That Exchange Foreign Currencies Business Insider CME FX Steady Amidst Record Month for Exchange The Full FX Forex Spread Betting: What It Is and How It Works Investopedia Weekly Forex Forecast For DXY, EURUSD, GBPUSD, USDJPY, and AUDUSD (October 7-11, 2024) Daily Price Action How Would a New BRICS Currency Affect the US Dollar? (Updated 2024) Investing News Network Global central banks cut rates in unison, but Japan’s contrary move could upset market rally Charlotte Observer Learn About Trading Forex With Binary Options Investopedia Carry trades: What are they and why are they impacting the global economy? World Economic Forum Rupee rises 4 paise to 83.96 against US dollar BusinessLine Siren FX Partners with QuantHouse The Full FX
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