MoneyTec Traders Community Forum - View Single Post

noosafx · 06-12-2003, 20:40

I started FX Tradingjust over 2 years ago after attending a course which cost me AUD1000. I launched intoFX trading and promptly lost about 25% of my account. Since then I backed off realising the infor I got in the cousre was next to useless. I then started researching the internet and looking through various forums, slowly putting together a strategy, as no one source put everything together. About 5 months ago I came across the EBook "Guide To Profitable Forex Day Trading". This changed everything for me as I found the book covered most of what is needed, it does not cover things like Elliot Wave, but it covered the essentials. I started implementing the CI System and found my lost trades reduced to where now I have 72% winning trades. This has resutled in recovering my losses in 3 months.

What I have learnt from the EBook is to understand how the market works. For example when a trade goes against me I can workout with a good degree of confidence where the market will go so often ride it out only to come back int profit within a few days. One of the secrets also is to trade with the trend.

Sometimes the CI System gives false signals but I find now that I have got used to the system and now have a better understanding of the market I can quickly identify these false signals. I do not use it as a mechanical system where you trade every signal. To do this would lead to more losses.

Where it has improved my trading is now I am able to catch the bigger moves so I do not have to trade everyday.

Like everything in life take the information and build on it and do not blindly follow anything unless you understand what you are doing.

I mainly trade the Euro as I find there are suffient points for the taking and I do not have to study the oters and understand how they move and how the other currencies impact on their movement.

06-12-2003, 20:40	#5
noosafx level 1 Join Date: Nov 2001 Location: Australia Queensland Posts: 14 Downloads: 0 Uploads: 0 Rep Power: 0	I started FX Tradingjust over 2 years ago after attending a course which cost me AUD1000. I launched intoFX trading and promptly lost about 25% of my account. Since then I backed off realising the infor I got in the cousre was next to useless. I then started researching the internet and looking through various forums, slowly putting together a strategy, as no one source put everything together. About 5 months ago I came across the EBook "Guide To Profitable Forex Day Trading". This changed everything for me as I found the book covered most of what is needed, it does not cover things like Elliot Wave, but it covered the essentials. I started implementing the CI System and found my lost trades reduced to where now I have 72% winning trades. This has resutled in recovering my losses in 3 months. What I have learnt from the EBook is to understand how the market works. For example when a trade goes against me I can workout with a good degree of confidence where the market will go so often ride it out only to come back int profit within a few days. One of the secrets also is to trade with the trend. Sometimes the CI System gives false signals but I find now that I have got used to the system and now have a better understanding of the market I can quickly identify these false signals. I do not use it as a mechanical system where you trade every signal. To do this would lead to more losses. Where it has improved my trading is now I am able to catch the bigger moves so I do not have to trade everyday. Like everything in life take the information and build on it and do not blindly follow anything unless you understand what you are doing. I mainly trade the Euro as I find there are suffient points for the taking and I do not have to study the oters and understand how they move and how the other currencies impact on their movement.