Originally Posted by
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No issue, I am ready to share as I like to learn from other people.
First, I am a part-time dealer, who has a regular 9-5 job. In my office, I don't have any access to my trading system (my boss applies a smart system adminior !!) . So, I am only able to get my platform and evaluate my trading situation in the daytime and evening hours. Like I have a family to attend to too, I am a tiny bit restricted in the number of hours that I will spend behind my computer. So, the key-word here's time, part-time. Trading choices must be taken by me . Therefore, every time I log in, I want to get a fast though complete overview of the industry situation.
Just like more participants in this particular thread, I stumbled upon Forex coincidentally, browsing over the net. I too read the book of James Dick - Forex made Easy, which I liked. At this moment, I am reading Steve Nison's Japanese Candlesticks Charting Techniques, which I find quite enlightening.
Initially, I attempted some demos, obtained bankrupt more than once, untill I had the impression that I'd succeed in this.
Then I made the huge leap to trading with real money, in May this year. I began with Euro 10.000.
I restrict myself to EUR/USD, I must concentrate on a single set.
I always begin with assessing the charts in my personal trading platform Virtual Trader. I look at pivot points, Bollinger bands, RSI and other technical analysis tools. I am also fond of that the Alligator Indiors of Willi, to get a fast impression of the trends (in several time-frames).
Then, I always visit websites like FXstreet, in which you can find links to a lot of websites, where you can read the (not consistently) expert opinions of (less or more) professional traders. I am not looking for only-$300-per-month-guaranteed-money-back information from self-established experts for future trades. I just seek the independent, non-commercial explanations of movements that are past. I especially enjoy the daily reports of banks (I will recommend the commentaries of Saxo Bank(very great), who only give both bullish and bearish views. Reading 5 to ten commentaries has ever given me a fairly good basis to create my own opinion on the marketplace.
All the information that I get forms the basis for my trading choices.
I put EntrySell or EntryBuy only below support or over resistance, or I plunge in the middle of moves with a so-called hedge: my trading platform allows me to simultaneously open purchase and market trades, without one affecting the other. I can profit from swing movements of the marketplace.
My profit targets are always at least 75 pips. As I don't sit behind my computer daily, I do not wish to get thrown from the match before the severe moves begin. So no little profit margins for me. Sometimes, in the end of the day, that is difficult if you see what you could have won, but patience is a good thing. The industry always will proceed in my direction daily. At least, that's exactly what it's done till today...
My stop losses are always quite far away. This may be risky - I know what others think of the - but this enabled me to restrict my variety of losses. OK, if there are deficits, they are usually several tens of thousands of Euros. However, the profit can be huge too: only last June, I left nearly Euro 10.000, only in one month.
So, I would describe my system as a mixture of both technicals and fundamentals. It is not automated, and it will demand fear and emotion. I've had my set-backs, I've had moments I wished I had refrained from trading, but most of the time, it is good for me.
Forex made Easy -- yes, surely!
P.S. I enjoy this forum, people are so polite around here!