Forex: trading the professional side of FX market

[tomas.cherry]

Hi everyone,

I stumbled upon this forum and decided to post my trading results and insights about trading regularly in this thread - perhaps it will be useful to some of you here and will serve as a source of inspiration.

I tried forex trading for the first time 13 years ago and went through a long learning and trial-and-error period.

For the last 1.5 years I trade this market every day, full-time, and 6 months ago I became a consistently profitable trader.

I trade the professional side of the forex market, by using my professional understanding about how this market works. It has nothing in common with the information that is provided in most of the publicly available education courses.

During the last 6 months (July-December) I generated 83% profit. Last week's (starting at 2023-01-02) result was +3.98%.

In this trading diary I'm planning to share my weekly or monthly results from time to time and also post some of my videos where I share my thoughts about trading.

Here is the latest video that I uploaded last Friday right after the NFP announcement:

P.S. I live in the northern part of Lithuania. If anyone here lives somewhere around, I'd be happy to meet up and talk about trading & life.

Cheers and have a good trading week ahead!

 

[tomas.cherry]

Hi everyone. I've decided to share another video of mine - about how to treat your trading as a business. It is very important for anyone who is looking to achieve good results trading the markets.

Cheers and have a nice trading day.

 

[tomas.cherry]

Last week we spent in Cyprus and it was a good time for reflections and negative thinking ("what if"). I've noticed that many people (not only traders) do not want to think negatively because it's more attractive to think about the "positive tomorrow". Or, other type of people are in the other extreme - they're in depression and they see everything as only black. In both cases these types of thinking are not effective. It pays to see both sides of the coin - as only then you're seeing the full truth.

Therefore, in this video update I'm encouraging traders to spend time thinking negatively - i.e. to think about what is the worst that can happen in your trading (beyond your daily/monthly fluctuations) and prepare a robust plan on how you'd handle that situation. Wish you success in trading.

 

[oops! stopped again]

Last week we spent in Cyprus and it was a good time for reflections and negative thinking ("what if"). I've noticed that many people (not only traders) do not want to think negatively because it's more attractive to think about the "positive tomorrow". Or, other type of people are in the other extreme - they're in depression and they see everything as only black. In both cases these types of thinking are not effective. It pays to see both sides of the coin - as only then you're seeing the full truth.

Therefore, in this video update I'm encouraging traders to spend time thinking negatively - i.e. to think about what is the worst that can happen in your trading (beyond your daily/monthly fluctuations) and prepare a robust plan on how you'd handle that situation. Wish you success in trading.

just use a stop loss.. its not negative thinking, its trading.

 

[tomas.cherry]

Hi everyone, I am sharing an article that I wrote from my recent realisations trading the forex market.

Here are some of the things that are needed to become super successful in trading the financial markets:

1. Professional knowledge about how the market works. Not just markets in general but the specific market that you trade. Most traders do not have this knowledge and their trading is based on incorrect beliefs about how the market works. But the worst thing is that most of them are 100% confident that they know what they're doing. Chances of long term success trading under such conditions are close to impossible.

2. Continuous improvement. Even Jesse Livermore himself, one of the most famous traders of the past century, once said: "I'm a student of the market who occasionally makes money". There's nothing worse than falling asleep after reaching your first success milestone (consistent profitability and 1st level financial independence). Only our beliefs dictate our boundaries and how much we can actually achieve. Therefore, a trader has to be always learning and improving their performance, otherwise the inner void will kill them. A trader has to always ask: "how can I earn more by risking less"? Because the one who feels successful, stops improving and that's the beginning of falling into the abyss.

3. Love for work. If you trade the market only for the sake of money - you won't last long. Trading is not about making money, no matter how weird it may sound. You have to like the process and go so deep until you'll feel that every day you're touching the Universal laws and receiving Divine wisdom. This will empower you and will give you strength to continue the process. When I became a full time trader, it was very hard for me to keep my attention for a few continuous hours, because as long as you're seeing only the surface, trading is incredibly boring. But nowadays I trade the market with enthusiasm from 8am to 6pm and on Saturdays I dedicate a few hours for learning. If I come up with ideas on how to improve my trading tools - I would start working at 6-7am so that I'd be able to code and test those tools before the trading session. I can't wait until Monday comes and the market will open again because it will bring yet another fantastic opportunity to learn, improve and make money!

4. Patience. You will need more patience than you initially thought. The market is not stupid and it brings only a handful of good opportunities to trade throughout entire day. It's like looking for particles of amber in the sand - during the day I might evaluate as many as 500-1000 potential opportunities to trade, but only a few of them will match my criteria (sometimes none). I trade only when I receive top notch opportunities, because average opportunities lead to average results. In a competitive market average results mean losses.

5. Connection to yourself. Emotions and inner voice are important feedback mechanisms that signal to the trader if they are doing something wrong. For example, if you feel stress while trading, it could mean that you're risking too much or that you broke your rules and opened a stupid position. Greed and euphoria are bad companions as well, leading you to the abyss. The normal condition of a trader is emotionless - i.e. when you've transcended your emotions and lower animal mind impulses, you're in unity with Yourself, you're Here and Now, you're free of any unneeded thoughts - then you're seeing an undistorted view of actuality, you can interpret information in the way it actually is and you're acting correctly. You're acting with inspiration and thankfulness - these conditions are above emotions.

Of course, the list of 5 points above is not all that is needed to become a successful trader in the market, however, these points are very important. It's interesting that they're valid not only in trading but in also in other professional areas. Because deep down they're about self mastery. I wish you an interesting and fulfilling road while striving for self mastery in your professional area.

 

[tomas.cherry]

Hi everyone, hope you had an inspiring trading week. Wanted to share with you a very important morning routine that I have recently discovered that has upgraded my trading mindset to a new level. After three weeks of practising it helped me create a new layer of focus and tranquility that enabled me to trade successfully even while on the move or at the beach.

How it looked from the technical side: I get push notifications to my smart watch, then I open the phone to connect to my Windows VPS via RD client app and see if there's an actual setup, if yes I enter into trade and then open the laptop to set and fine-tune exit orders (as my phone's screen is too small for that), by using tethered mobile internet connection.

That is a dream actually coming true because trading while sitting near the winter sea in southern Spain brings me a calm and inspired state of mind and my phone nor laptop don't overheat because it's winter! But that would have been impossible to comprehend for me without this morning routine as my mind was too stubborn, frigid and attached to the idea that "to trade seriously you need to trade from the office". Nope it's not true because it's all in your mind. And to master your mind, consider the morning routine as explained in my video:

P.S. If you have any specific questions about trading the professional side of the forex market, feel free to reach out to me via private messages and I will consider your question for my articles and videos. Only private messages will be considered.

 

[tomas.cherry]

Hi everyone, didn't post much lately as I have been working my ass off without weekends expanding my services portfolio as a professional forex trader.

So after my early morning's walk in the forest I thought I will share a quick advice for other traders.

PROACTIVE VS REACTIVE TRADING

Many traders want a simple, mechanical trading plan that is based on indicators and chart patterns. It's like you get something on the chart and you react by either trading it or not. However, we see that indicators are more often failing than working. Chart patterns are also more often failing than working. So what can you do about it?

You need to be proactive. First of all, you have to identify price areas where you're going to expect a chart pattern or indicator signal to happen. To be able to do that you need professional market knowledge which you can't get from youtube, babypips, books and most forex teachers.

When you identify your price area and expect a certain pattern or signal to happen, you're making a prediction (step 1). After you've predicted what's going to happen, you wait for it to happen (step 2). And then you know that if A happened, followed by B, then it's very likely that C will happen as well. So then you trade (step 3).

Sometimes I wait until evening for my morning's predictions to happen. Or until tomorrow. Or longer. Remember - patience is the name of the game and if you use proactive approach then you're less likely to fall into trader's psychological traps and also more likely to make more money.