Confessions of a Professional Forex Trader
“It’s amazing how much those $6 lattes add to the expenses every month. Do you know what I mean? If you have all these crazy things, you know how it works. You don’t necessarily need to buy those new shoes or those peppermint lattes at Starbucks or whatever they’re selling this month…”
“There are different ways of doing it. If you feel like you really have to trade the lower time frames then it sounds like you’re a great candidate for automation. Otherwise, I would just focus on a higher time frame…”
“What matters is you’ve made those 3 steps to trade a system that you believe in on a live account. And so, everyone gets impatient. Everyone gets upset and wishes that it happened last year. I get it but the only way you’re really going to make progress is to do two things…”
“If you go back and look, you’ll see that some years it trends quite well and the market really moves. Other years,it just kind of moves around and I know people think that they just expect it not to move very much because people are on holiday. People aren’t really getting into it and there isn’t enough full stable of traders and all that sort of things.”
“I’m a big fan of a simply just taking and this is something that I’ve been testing and it’s been going quite well just taking, looking at trades — individual trades — and looking at them in blocks so the risk per trade actually becomes risk per block…”
“What I would do is just pull that Fib grid across and see if any of those levels lined up with support and resistance. And maybe like the 38.2 or whatever it is lines up with a nice support level and it’s a bullish breakout…”
“I know it seems kind of weird to reward yourself after a losing trade and you have to remember that you’re just moving the focus to what’s important which is the execution. The wins and losses, distribution of wins and losses doesn’t matter…”
“What are the chances of an inexperienced retail trader doing well? Furthermore, most of the traders make use of a mix of fundamental, sentiment and technical analysis to create bigger trades. Aside from the liquidity advantage, is it really possible for you to, for retail traders to profit using pure price action techniques? It’s a lot…”
‘If tapping doesn’t make sense or you don’t want to talk about your journal and write it out, talk about how you have no control. All the control you have is using your strategy, taking the right trade at the right time…”
“Let’s say you’re doing something on the Swissie. You will just filter out all of the Swiss news and you can set the date there back to whenever – to how far you want to go back and capture…”
“You can turn that into a technical chart where you draw all these multiple trendlines, it’s going to collapse and it’s going to come down really hard on the other direction. That’s a concrete example of what is a technical analysis has tapped into. It could just tapped into basic fear and greed stuff that we deal with in the market…”