A way to trade Forex that works for me

This is a discussion on A way to trade Forex that works for me within the Forex forums, part of the Markets category; Hi, I've been trading Forex, stocks, futures and many commodities for several years, sometimes losing, sometimes winning. After several years ...

Reply
 
LinkBack Thread Tools Search this Thread
Old May 19, 2017, 7:53pm   #1
Joined Oct 2013
A way to trade Forex that works for me

Hi,

I've been trading Forex, stocks, futures and many commodities for several years, sometimes losing, sometimes winning. After several years I can't predict the market BUT I know what works for me and maybe it could work for you.

1. Trade mid term -> For me, short term is not an option due to my actual job. Long term makes me feel out of the market and I feel I'm losing reinvestment opportunities every week. So, mid-term is key for me.

2. Always set up an entry point, a take profits and a Stop Loss -> I never change them. I only increase stop loss if a new low has been made and after that a new high happened, that makes me feel comfortable enough to update the stop loss.

3. Winner set-up -> I write in an excel spreadsheet all the important things. Resistances, supports, trendlines, major news coming soon and so on. If most of them are aligned with my direction, I trade.

4. Share my strategy in Zulutrade -> This way they track my performance and I've added pressure to keep doing the strategy in a safe way. I try to avoid passionate trades or trades decided in less than 1 week. To be sure that I'm doing well I check my ratings in Zulu4me, those guys analyze all zulutrade traders and rate them. I'm not a top from zulu4me point of view, mostly due to my short track record (<2y)

5. DIVERSIFY -> I usually trade 3-4 currencies as much uncorrelated as possible. Furthermore, now I'm copying other top guys from Zulu4me. So, I'm not only diversifying currencies but also DIVERSIFYING STRATEGIES!

6. Don't read news -> That makes me feel uncomfortable because you can always find good and bad news, so I only read charts.

This is what worked for me for the past 2 years. Now, what do you think I can still improve?

Regards,
crauria is offline   Reply With Quote
Old May 23, 2017, 1:00pm   #2
Joined Jul 2016
I would not agree with the last one, sometimes news can be very much helpful for us to trade with Forex, news reading is a good idea according to me.
SmartGeek is offline   Reply With Quote
Thanks! The following members like this post: Pat494
Old May 23, 2017, 2:56pm   #3
Joined Feb 2002
Quote:
Originally Posted by crauria View Post
Now, what do you think I can still improve?

Regards,

I took a step forward in forex when I started taking account of which currencies are bullish or bearish. This might sound obvious, but its very easy to find you've gone long on a minor USD-based pair when all the major USD pair charts are looking bearish.
tomorton is online now   Reply With Quote
Old May 26, 2017, 11:53am   #4
Joined Jul 2016
We all have our favourable pairs and we trade with them but it is necessary that it will work for each time, we need trade according to the Forex Market Situations.
SmartGeek is offline   Reply With Quote
Old May 29, 2017, 6:15pm   #5
Joined Oct 2013
crauria started this thread
Quote:
Originally Posted by tomorton View Post
I took a step forward in forex when I started taking account of which currencies are bullish or bearish. This might sound obvious, but its very easy to find you've gone long on a minor USD-based pair when all the major USD pair charts are looking bearish.
That's a good one, but you have the risk to lose your focus in 1 or 2 markets.
crauria is offline   Reply With Quote
Old May 29, 2017, 6:41pm   #6
Joined Feb 2002
Quote:
Originally Posted by crauria View Post
That's a good one, but you have the risk to lose your focus in 1 or 2 markets.

Not really.
tomorton is online now   Reply With Quote
Old Jun 6, 2017, 7:18pm   #7
Joined Oct 2013
crauria started this thread
Quote:
Originally Posted by SmartGeek View Post
I would not agree with the last one, sometimes news can be very much helpful for us to trade with Forex, news reading is a good idea according to me.
Yeah, I use news only to be out of the market and avoid large spreads or fast movements. But never have used news to open a trade.
crauria is offline   Reply With Quote
Old Jun 7, 2017, 7:07am   #8
Joined Sep 2013
Quote:
Originally Posted by crauria View Post
Yeah, I use news only to be out of the market and avoid large spreads or fast movements. But never have used news to open a trade.
News outcome can be unpredictable and work against you. How you can be sure it will workout towards favorable direction for you? It may even start a new trend and drive you into deep drawdown.
gerryg is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Forex Training Works LesE Forex 11 Jun 21, 2014 7:12am
How to Trade the emini, what Works? NY emini General Trading Chat 0 Nov 6, 2008 3:02pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)