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Wednesday, July 7, 2010

A Few #Trading thoughts #FX

Just some thoughts on some of the things that are important to me when trading FX.

A strong desire to not only succeed but also not to lose. It is of utmost importance that you protect your capital at all times for it is merely the 'tool' you use to mine for the resource you are after...

My strategy has been to keep my trading size very very small, almost like demo trading, while making an all out effort to make consistent profits in the forex market... I try to use little to no leverage at all. Once this is achieved, and it's very close now, then i will begin to slowly increase my trade size to use a little leverage.

There is no perfect system out there that will work for everyone... Everyone MUST come up with the proper mix of technical indicators and techniques that fit their own personal trading 'style'. Trading technique is NEVER 'one size fits all'...

When/if things begin to go 'bad' for me (ie; 3 or 4 losses in a row), I reduce my size to the bare minimum until I begin to get direction right once again and then, and only then, begin to increase size once again.

Also it can be very important to know when NOT to trade... I have always fought with a desire to always be in the market trying to do something, make something happen... But there are times when you are better off on the sidelines for sure... in choppy low liquidity markets especially...

Hope this helps someone just a little...

Happy pipping everyone!


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