Hi Everyone
Its taken me a couple of years, but Ive finally found a trading style that suits my time allocation, time zone, and personality. I have tried various different tactics and trading philosophies but have finally settled on my version of Trend Trading.
Before I set out my Guidelines (not Rules) for Trading I want to acknowledge a few people who during my journey to learn to trade, have influenced, in some part, my education. Having started out with only a very limited working knowledge of how the FX Market operated, I thought this was a way to get rich quick. Initially, I fell under the spell of Joseph Nemeth (founder of Global Technologies) who had this contrary view of trading without stop loss and hedging your trades. He also introduced me to EA (robot) trading, which I spent too many hours on trying to develop my own Robot, which all worked for a while but then spectacularly crashed and burned. Anyway with all the time I spent researching Joseph's trading style I learned to hedge and manage my losing trades. Generally speaking, I wouldn't recommend Global Technologies 4X DAT software, it promised much but delivered heartache.
Second influence was Scott Barkley (Scott Barkley is the President of ProAct Traders LLC) his general influence was more favorable and less costly than Joseph Nemeth. Through an email, ProAct Traders offered a fortnight of learning to trade with Scott. In this time you get a general overview of his methodology, which is swing trading. Importantly I learned to set targets, and how to multiply your winners by adding to your favorable trades. Whilst I didn't continue past the initial fortnight of trading this method, (mainly because of my time zone) I want to thank Scott for this input and generous offer.
Further instruction was provided by the FX web site Forex Peace Army and in particular Sive Morton,a technical trader who follows the teachings of Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Sive is a Professional Banker who gives daily updates on mainly EUR/USD and Gold. His analysis is detailed and educational. Though his teaching and his detailed free educational course I updated my skill level and learned many types of Trading, but most of all through his daily analysis I learned discipline. It is this aspect of trading which everyone has to learn in their own way, whether it be by losing heaps of money or just by understanding that not every impulse to trade is a good one. As Scott Barkley says "Don't push the Button"
Also on the Forex Peace Army site was another of my mentors Jarratt Davis. Through Jarratts teachings I have learned Fundamental trading, and the importance of keeping up to date with Economic news that shapes and influences the FX markets. Events such as Non Farm Payroll, Reserve Bank announcements, CPI figures etc all effect how the market moves and therefore can effect your trades. But most importantly Jarratt has emphasized the significance of Market Sentiment
Finally, I want to thank Rayner Teo, an FX blogger who shares his time and wisdom weekly. It was by watching some of his videos that the last piece of the FX puzzle finally fell into place for me. Our trading styles are similar but not identical. Im sure you will end up developing your own style and technique depending on your own time frame, personality and amount of time (and money) you have to devote to trading. - believe me when I say that FX is a real time consumer.
It has been said, that to be an expert at something you need to spend 10,000 hours developing your skills. Personally, I have worked out that, so long as I keep my skill levels up to date, keep studying and reading, educate myself further, I will reach this goal of 10,000 hours in 7 years (5 years to go). So please understand that I am just a beginner in the FX scene, and you follow this technique at your own peril.
Its taken me a couple of years, but Ive finally found a trading style that suits my time allocation, time zone, and personality. I have tried various different tactics and trading philosophies but have finally settled on my version of Trend Trading.
Before I set out my Guidelines (not Rules) for Trading I want to acknowledge a few people who during my journey to learn to trade, have influenced, in some part, my education. Having started out with only a very limited working knowledge of how the FX Market operated, I thought this was a way to get rich quick. Initially, I fell under the spell of Joseph Nemeth (founder of Global Technologies) who had this contrary view of trading without stop loss and hedging your trades. He also introduced me to EA (robot) trading, which I spent too many hours on trying to develop my own Robot, which all worked for a while but then spectacularly crashed and burned. Anyway with all the time I spent researching Joseph's trading style I learned to hedge and manage my losing trades. Generally speaking, I wouldn't recommend Global Technologies 4X DAT software, it promised much but delivered heartache.
Second influence was Scott Barkley (Scott Barkley is the President of ProAct Traders LLC) his general influence was more favorable and less costly than Joseph Nemeth. Through an email, ProAct Traders offered a fortnight of learning to trade with Scott. In this time you get a general overview of his methodology, which is swing trading. Importantly I learned to set targets, and how to multiply your winners by adding to your favorable trades. Whilst I didn't continue past the initial fortnight of trading this method, (mainly because of my time zone) I want to thank Scott for this input and generous offer.
Further instruction was provided by the FX web site Forex Peace Army and in particular Sive Morton,a technical trader who follows the teachings of Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Sive is a Professional Banker who gives daily updates on mainly EUR/USD and Gold. His analysis is detailed and educational. Though his teaching and his detailed free educational course I updated my skill level and learned many types of Trading, but most of all through his daily analysis I learned discipline. It is this aspect of trading which everyone has to learn in their own way, whether it be by losing heaps of money or just by understanding that not every impulse to trade is a good one. As Scott Barkley says "Don't push the Button"
Also on the Forex Peace Army site was another of my mentors Jarratt Davis. Through Jarratts teachings I have learned Fundamental trading, and the importance of keeping up to date with Economic news that shapes and influences the FX markets. Events such as Non Farm Payroll, Reserve Bank announcements, CPI figures etc all effect how the market moves and therefore can effect your trades. But most importantly Jarratt has emphasized the significance of Market Sentiment
Finally, I want to thank Rayner Teo, an FX blogger who shares his time and wisdom weekly. It was by watching some of his videos that the last piece of the FX puzzle finally fell into place for me. Our trading styles are similar but not identical. Im sure you will end up developing your own style and technique depending on your own time frame, personality and amount of time (and money) you have to devote to trading. - believe me when I say that FX is a real time consumer.
It has been said, that to be an expert at something you need to spend 10,000 hours developing your skills. Personally, I have worked out that, so long as I keep my skill levels up to date, keep studying and reading, educate myself further, I will reach this goal of 10,000 hours in 7 years (5 years to go). So please understand that I am just a beginner in the FX scene, and you follow this technique at your own peril.
Respect the inescapable certainity of Math