Please discuss the realizations, breakthroughs and other advancements in your trading that led you to forex profits.
I'll start. Realizing that the market doesn't care about my position or my entry price. Recognizing that positioning at an advantageous price is critical to short term trading. Realizing that big profits can be made by taking small positions and letting them run. Concluding that the ability to add to my position is a powerful advantage, and so to always save up something in reserve for those times when I need it. Realizing that it isn't wise to fade a strongly trending currency. Recognizing that the weekly charts set the tone.
Know your exit and entry before you make the trade. You don't have to trade every day. Wait for the right moments. Don't get emotional over a trade. If you are wrong, get out. Don't let a series of winning trades gives you a false sense of confidence.
When trading in a highly volatile time like surrounding a fundemantal news report, it is vitally important for me to have a simple game plan worked out in advance so there will is no question as to what to do and nothing to prevent me from executing the strategy fluidly as the different scenarios unfold in realtime. I've come to recognize that gratitude is the key to trading in the zone.
I'm curious as to what lead you to that conlusion and what you do to show and feel gratitude. I'm not a successful forex trader so what I say may be worth a grain of salt, but a lot of people post about forex as though it's vastly vastly harder than other markets and success for the retail account almost never comes. If treated as a minor hobby, probably not. But folks, trading forex is just like any other market - maybe you have some disadvantages from the bucketshops but if you're placing a stop where they can easily stop-gun you you aren't doing the trading properly and likely looking for an excuse for your losing. Realize that trading forex... is no different than trading any other market...
-- Follow trendlines until they're broken. -- 1440m, 240m and 60m are all you need. -- FX is the best market for trading GAs and pattern recog. -- Follow the carry pairs as they move in tandem. -- Master the triangular arbs, correlations become second-nature
Trading against the USD will give you better chance of winning, because this currency is going down in the long term.
sorry jerry, but the path of least resistance for the dollar for most if not all of 2007 is up, up, up. just a friendly note.