In understanding a Forex currency trading system, it is first essential to understand the basic terminology. First, the term “Forex.” What is it exactly? Well, Forex refers to the foreign exchange market where currencies are exchanged, traded, bought and sold.
Basic Definitions
In a currency trading system, the term “currency” refers to the exchange 
rate’s price. Here is an example to better understand and visualize that definition: a dollar in the United States has an exact equivalent and worth in a Japanese yen. The currencies are different to each other—dollar versus yen—and the countries have much different economies, but through the Forex currency trading system they find equal footing. When this is achieved, which is called the exchange rate between the currencies, it is then more convenient to conduct market exchange and stocks trading.
Banking Systems
So now that you understand its basic definition, maybe you are asking where the best place to turn to when you want to make the most profitable exchange for currencies you have from other countries? When it comes to finding out the best currency exchange rates, there is only one type of institution that stands out: the banking world. Banks, in essence, possess the best rates in currency exchange. T
Online Resource
The Internet is home to many resources to find the best online currency trading system that can help, aid and guide you in finding the best exchange rates for your money. But investors are not just looking for a place to earn interest, but are searching for a profitable currency, Forex or FX currency trading system to enter the lucrative, but risky, Forex trading arena.
There are many online resources for Forex investment trading. You can enter a Google search on Forex investment or the best Forex currency trading system and find many sites that offer both free and commercial currency trading systems. I advise you to search the Forex forums and try free systems first as these may be all you need. The best Forex currency trading system differs depending upon the risk aversion and trading preferences of each trader. Some like the free 4HR MACD and James 16 systems found on the forums, but others like a commercial automated currency trading system like FapTurbo. It depends upon many factors: risk levels, time frame that you prefer trading in (15 minute charts, 30 minute charts, 1 HR, 4 HR, etc.), the proven currency trading system you want to try, the Forex broker you are using, how much time you have each day for trading and many other factors.
Here is a free system on a popular Forex Forum:
EdNineball Trading System
This is a system from EdNineBall placed at a popular Forex forum: “This was the key to my short trades this morning. Once it broke the 15 minute trendline, it retraced and bounced back short off the trendline I had drawn. I have been trading price action and trendlines successfully for a couple of years now. When I added the Hercules, AO and Waddah, my trading success shot up tremendously.”
This is the one minute chart Ed places his scalp trades from. Again he hasdrawn in some trendlines, and when the price breaks below those lines (in keeping with the down trend on the 15 minute chart) he sells the pair. This chart shows two trades taken in about one hour, one for +120 and the other for +75. In both cases, the Waddah and the AO were Red, indicating a sell. And although he doesn’t mention it, his Hercules indicator showed that the GBP was very weak and the USD was very strong when he placed both sell orders. Finally, he shows on his charts a third sell opportunity which he missed because we were talking in the room and not paying attention to the charts. That sell would have been worth about 40+ pips.
To duplicate Ed’s charts, you need to use the MT-4 platform, since two of his indicators ONLY work with MT-4. The AO (Awesome Oscillator) is found on every MT-4 platform that I am aware of. The “Waddah” is the Waddah Attar Explosion Indicator, which you can download for free from the forum on www.ForexFactory.com. Just search for the words “Attar Explosion” using the search box on the forum, and look for the post which has the Waddah Attar Explosion Indicator as an attachment. In both cases, install using the Default settings.
You also want to start using Heiken-Ashii candlesticks (another indicator found in the MT-4 platform) as they will help you stay in good trades longer, and get you out of bad trades (or reversing price action) sooner.
The Hercules indicator may be a problem for most people. I am going to shop it out to some software people to see if they can reverse-engineer it and create something for us that is identical, but without violating any copyright laws.
And to sum up the method quickly, Ed focuses on the pair(s) that have the strongest currency paired with the weakest, according to Hercules. He draws in his trendlines, and waits for a break of those lines in the direction of the 15 minute chart trend. When the Waddah, AO and Heiken-Ashii candlestick color are all in agreement, he executes his trade. As long as the candlesticks remain the same color, he will stay in the trade. When the candle turns the opposite color, he exits. He also sets a 10 pip stop-loss, so any false breakouts that turn quickly on him do not cost him a lot of pips.
Benefits of Advanced Technology
Due to the influx of advanced and modern technological growth and development, automated currency trading systems have been created that can provide data, analysis, and currency exchange information in a fast, efficient, and accurate manner. Because currency exchange rates can change in a matter of seconds or minutes, these automated currency trading systems can easily track and monitor the volatile market and place orders without trader intervention.