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Experienced ForEx Traders


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Hi There, I had a look at an online FOREX Trading Training Course, recommended believe it or not by a forum I use for poker. The problem I have is finding pairs to trade as my hours are no conducive to the £/$ or Euro/$ market times. I tried it a little over the Xmas period to some success using a demo account. But I am looking for something that is maybe active 9pm onwards during the week - Any ideas? I know this sounds strange but using the training and fractals etc I made a profit using the strategy in 5 out of 6 of my last trades after I go a hang of the discipline and the strategy involved. My point is that can that really be all there is to it - Patience and Strategy - I play a lot of poker and these are 2 big parts of the game along with a good head for calculating figures for risk/reward. I don’t want it to sound as if "is that all it takes" is condescending as patience in its truest form is a virtue. However I don’t understand if this (along with a bit of luck) is all thats needed... it seems (dare I say it) almost NOT difficult enough for what it actually is... I know from experience that this can be misconstrued as over confidence and results in failure through not paying attention especially when there is risk involved.... Also can any experienced ForEx traders tell me if there are different methods, training, etc or does everyone use the same/similar set of rules. Thanks in advance.

I am not into ForEx trading myself, but your hours would seem to match with Hong Kong, Tokyo or Australia. You should be able to trade £, € or $ there. Mike

I've been trading forex for a while now. London is the most active session, then New York. You will find that the markets don't move a lot during the times that you want to trade. It is quite simple, but it's not easy, emotions need to be removed as far as possible (I would imagine a lot like poker). Any pair can be traded at any time of the day, but as I said the liquidity is lower in the Asian market. You will also find a lot of snake oil merchants that "teach" how to trade forex. You can learn a lot for free, so don't go spending any money. I have recently become a member on acegazette.com (free), and there is a lot of good material on there. Also try babypips.com, forexfactory.com and readthemarket.com. Use supply and demand to trade, no indicators as they all lag. I also learned a lot by listening to power trading radio on podcasts (free). Search for Sam Seiden, and watch his webinars. He knows what supply & demand looks like on a chart, and thanks to him, now so do I.

Thanks very much for all that info Brian. I used Tradimo as the online trainer but they seem to be based on indicators, fractals etc... Is this what you do as an occupation or is it a sideline/hobby? Thanks again.

You're welcome :). I have to say, I haven't heard of Tradimo. Don't get me wrong, some indicators are handy, but only as an odds enhancer in confirming your trades. Personally I don't really use them now, price is the only thing that really matters. Once you can identify chart patterns and the way price moves at certain levels, you don't really need indicators that much. I am not a full time trader yet, but it is something I'm working on. My accounts are on myfxbook, this one I've done pretty well with although I'm having trouble with my broker at the moment: http://www.myfxbook.com/members/shinobi_brian/brians-sunbird/177108. This is one that I've just started: http://www.myfxbook.com/members/shinobi_brian/fxcm-acegazette/448909

Oh, and don't get hung up on winning percentage. In trading (anything) the most important thing is to ensure that your risk:reward ratio is at least 1:3, then you only need to win 34% of your trades to be profitable. Sounds odd I know, but that's how the best traders do it. Personally I try to look for 1:3 as my lowest risk:reward. Typically though, I'll look for trades with a higher ratio than that. Come to acegazette and you'll learn a lot.