Confessions of a Professional Forex Trader
“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…”
“What you need to do is come up with a number of trades that you need to have sort of bank in your account so that you are able to withstand one a drawdown…”
In this episode of Truth About FX, Walter digs in the idea about how your intuition as a trader – and as a human being – affects your trading decisions. He also gives a brief…
“What happens if my broker goes bust? What happens if something happens overnight, my position gets stopped out? Those are the sorts of things and maybe meditation would help…”
Walter talks about becoming a successful forex signal provider. What are the things you should keep in mind and do you have the right outlook to pursue it? According to him, the’re an easy trick to help you attract subscribers and give you the edge. There’s also this very easy to use tool that can help you set-u risk parameters… And who is this signals-guy Walter is talking about and how you can learn a thing or two in finding your niche.