What I trade:
- Primarily EUR / USD currency pair, but occasionally some other USD pairs.
My trading style:
- As I have a full time job I trade off the daily and 4H / 3H charts and occasionally look at the 1H chart for entry points.
- I use support and resistance lines/areas, round numbers and the normal fib ratios from a technical perspective.
- I also use fundamental analysis when assessing the overall direction of the currency pair in question and follow the major economic news releases.
- I use Oanda to place trades and their charting package.
- I used to Forex Factory's calender for economic news releases.
- I follow dailyfx for general interest
- I use bloomberg, google finance and CNBC for general market news
- I normally start the week by re-plotting my S/R levels etc and assess the economic news events of the week ahead. I identify the direction and price I'm looking for at the beginning of each day (before London open) and reassess at NY open.
- I learnt my trading style from trial and error, forex fatory, trade2win, a few books. I'd highly recommend reading the James16 and Jacko threads at forex factory - they are better traders than me and you can learn everything you need to know about trading successfully from them. My trading style is more similar to Jacko's style - I am a member of both of their groups.
- I risk up to a maximum of 5% of my bank per trade, depending on my confidence in the trade.
- I don't really bear risk/reward ratio's into my trading decisions. I focus more on picking successful trades and then let the trades play themselves out.
- I use a mixture of hard stop losses with the maximum around 100pips for the E/U market and will use trailing stop losses in certain instances.
- A mentioned above I focus on picking trades which have a high chance of success, thus I am not a day trader and do not trade unless there is a trade that in my opinion has a high chance / probability of being a successful one.
