I can talk about how many years of experience I have, about how wonderful my system is, blah blah blah. But you know what, I don’t want to bore you.
Instead, I want to talk about you, about your trading.
What I’m about to share with you is what I think is critical to succeed in the forex market.
Put in practice the following ideas and you’ll eventually reach your trading goals (provided that they are realistic) and believe me, they will save you an enormous amount of time and money.
The 4 tips that will get you the results you need:
- Simple is better. Go back to the basics. Even with thousands of technical indicators and tools, I always came back to the easiest of them: price and support and resistance levels. And you will too, eventually you will.
- Market condition. What ever you do in the short term charts, the market will always move based on what is going on on the long term charts. Keep an eye on them, and only trade when both, short and long term charts are connected.
- Confidence. You need to be confident in yourself and in the trading system you are using. The only way to get there is if you are comfortable with the system you are trading. So tweak it until you make the system you are using YOUR own system.
- Risk. The fact that you open trades doesn’t mean that you accept the risk of taking that trade. Understand that risk is part of what we do and every trade has the possibility to move against us, therefore you need to manage your risk, capital and trades.
Follow these 4 ideas and you’ll be on your way to get consistent results. I can help you put these ideas to work.
This is how I trade
I first analyze the long term charts to determine:
- Which currency pairs to trade, and
- Determine whether the market is ranging or trending.
Once I have a list of the clearest currency pairs for the day, I switch over to the short term charts to look for my entries.
I use some of the easiest to use tools to trade the forex market:
- Support and resistance levels
- Price action
I don’t use technical indicators, nor Fibonacci or Elliot Waves (I find them too subjective).
I have a very well defined trading plan, including risk & trade management.
The common denominator in everything I use to trade is: simplicity.
I contribute to the following sites:
A few other things about me:
- I have more than 11 years of experience trading in the forex market
- I got interested in the Forex market in a senior project back in my college days
- I majored in economics with a specialty on financial derivatives
- I trade a self-developed system based on price action
- Hobbies: play classical guitar and running (I have ran a few marathons)