Create a Forex Trading System
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Before trading live, you have to figure out what works for you. It is good to know in what time frame you’re going to be working in, and how much you are willing to risk once you begin trading. It is generally suggested to use the moving average crossover system (in which times to buy and sell are determined by when two averages cross over or under each other) to identify trends, and the Relative Strength Index to confirm or deny trends.
The last piece of information needed, is deciding how aggressive you are going to be with entering and exiting a trade. The more aggressive trader wouldn’t wait until the candle closed, but enter as soon as their indicators match up. Most would wait until the candle has closed, to have more stability when entering a trade.
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3.Setting stops and limitsIn long positions, set limits near the top of resistance and stops several pips below the swing low. You don’t want to be taken out just as the market turns in your favor, so make sure to allow room. In short positions, limits should be set near the bottom and stops above the swing high.
In this section 988, the gains and losses from forex are considered as interest revenue or expense. Because of this, capital gains are also taxed as such. The 60/40 split is not used and traders can expect to pay more if they fall under this section. The Section 988 is also complicated because forex traders have to deal with currency value changes on an everyday basis.
Options offer another opportunity for traders to make a profit with lower risks involved. Forex options, in particular, are prevalent during periods of political uncertainty, important economic developments, and significant volatility. It is up to the trader whether he will take advantage of the opportunity presented by forex options or not.
It is exactly this attention to consumer confidence that led Japanese futures traders to turn to this chart form as early as the 1700s. In fact the distinction between candlestick charts and line and bar charts are historically the geographical difference in preference between Japanese and American traders. (Things have changed, however, and the candlestick form has become ubiquitous in America as well.) 
While the bar chart does leave out certain data values, there are someadvantages to this chart form as opposed to the candlestick chart. The bar chart is much less cluttered than the candlestick chart and analysts can consistently fit in more data values into less chart space with the bar chart format. 
As one can clearly see, the con to this type of chart is that it leaves out the most information. As was stated earlier, candlestick and bar charts provide the trader with the high and low exchange rate values, as well as the closing rate (and also the opening rate in the case of candlestick charts). This information is useful in the sense that it gives the trader a sense of the asset's volatility and direction. Line charts do not package this information well.
The major strength of the line chart is that it is easy to read and spot directional changes. The major weakness is that there is no way to see daily price volatility. 
There are few advantages that the bar chart offers over the candlestick chart, other than accessibility for first time chart readers. The candlestick chart offers all the same information, but in a manner that lets the reader who is familiar with the format pick up the information in a quicker manner. 
