Today is rest day for me. And as I wait for a few hours before I go to my jujitsu class, I would like to answer some questions from a reader of this blog.
Just like to ask where did you learn about forex?? can you recommend books or seminars?? i’m going through the babypips site right now.. and i got a pdf of market wizards that you recommended.. it’s the 22 page book by jack schwagger right? also what’s your background?? just say your college course if your really private… i’m an engineer by
the way who wants to change careers. thanks.
Tot’s thank you for you question and I think these are the questions for every new trader in forex in order to get started. I got my first encounter in forex with a google search for the best business. The one that fits me, flexible time, flexible workplace, no customer support, no inventory, no employees. The search comes to an end when I discovered forex. Then I started learning and reading all I can to learn about it. My first stop is BABYPIPS.com.
When I finished all of their articles. I picked a system that fits my personality. I personally liked contrarian trading, swing trading and loved the indicators, simple moving averages and ichimoku. Those are my tools of the trade.
Then I started buying books about the topics that interested me most about forex. Jack Schwagger’s market wizards 1 and 2 are a classic. Probably the best book purchase I ever made. Then books about money management, and psychology. I still buy books about the subject and I’m not sure as to what level you are now or interests that my recommendation would not be good for you. As for now, market wizards books and babypips will be a good start.
My background is engineering as well. I’m a computer engineer. Loves programming and challenges, maybe that’s why I got hooked at forex trading. I hope these answers helped.
These past few months, trading has been very good (I am up by 20%). I’m trying to figure out a way for me to remember my plan and strategy when trading session starts. I seem to keep jumping in and out of trades quite frequently and eventually losing.
So I will be posting small notes here to remind myself of what plan I should take. Pen and paper doesn’t seem to go well for me.
Please remember that the notes here are for my personal use only. If you follow these suggestions, I will not be held responsible for your lost.
Audusd is uptrend on monthly. Pullback on weekly. Major resistance on 1.0273 and good spot to buy.
Eurusd is downtrend on weekly. Downtrend on monthly. Strong indication to get on downtrend trades.
Eurjpy is downtrend on weekly. Downtrend on monthly. Very strong indication to take downtrend trades.
Usdcad is not sure on weekly. Looks like a pullback on monthly. Better not to trade usdcad for a week.
Eurchf is large pinbar on weekly. Large pinbar on monthly.. It is still a downtrend but the pinbar is really large. If going contrarian, better trade on upside. Trade at own risk.
Usdchf same as eurchf with large pinbar. This could be the end of the downtrend for weekly. Large pinbar on monthly. Favoring uptrend. This is a good opportunity to buy.
AUD/USD 354pip profit
I have heard a lot of people saying “I will trade forex, and excel on my day job (and other business) and still enjoy life”. As if they can do all those things at once with great efficiency. Dividing your attention only makes it worse. If you’re not yet good at trading, don’t you think that focusing on that alone first should be your ultimate goal?
I have heard a lot of my friends ask me if forex is easy. I say, “Forex is simple. You just buy or sell. There’s a 50 – 50 chance that you’ll be right”. And they think that is great. They think it is easy. I say its simple not easy. Then they tell me their dreams about going to a paradise island, retiring with only forex to keep them alive. There is nothing wrong with this. And a lot of people have done it. But I think people underestimate forex because of its hidden simplicity. More often than not, it is hard. And you won’t be able to master it just by looking at charts and asking for your trader friend’s opinion.
Discussing ideas with friends are good. But it is still the execution of that idea is what makes a difference.
They start out at $100 – $500 dollars in capital and expects to be a millionaire overnight. This is far from truth. Overnight successes are 10 years in the making and you won’t get anything out of a measly capital. Maybe a couple of trading experience and testing. But keep in mind that you make money by risking money and the more you risk, the more you earn. Always keep your expectation with the borders of reality.