Hello all!
I would like to take the time and ask all of you fellow traders a very important question.
I have already forged my long term wealth building strategy for forex trading. Due to the huge gains I saw with it near the end of last year, and the beginning of this year, I quit my full time job to actively pursue a career as a professional forex trader. Since then, I have been living off of the income I have been making using my strategy. However, for the last few months I have come into a dry spell with my system. Trades are now few and far between, and I am getting worried as to whether or not I can rely on my system to consistently make me money so I can pay my bills and live. I don't place as many trades as I once did due to market indecision, and lack of trend. With that said, I would like to ask all of you for some advice and knowledge on the concept of CONSISTENT daily or weekly profitable trading.
I am searching for a 2nd strategy now, so I can start generating a somewhat consistent income for myself, while using my long term strategy to build my financial independence.
1. In all of your experiences and knowledge trading this market, do any of you have any idea if this is a viable concept?
2. If so, what type of trading systems/styles should I be looking for specifically? IE: scalping, intraday, etc?
3. I have been looking very seriously at momentum based strategies lately. For example, taking trades based on how fast the price moves on a certain pair, in a small amount of time. Taking small profits, and eliminating losses to a very few, and keeping those losses extremely small. For anyone who is familiar with this type of trading, whats your experience or advice on this kind of methodology?
Thank you all very much for your input. I have been a long term "lurker" and reader of FF, and you have all helped me so much in my trading career as of late. After all, if it wasn't for all of you, I wouldn't be driving in my new car
Any input at all would be overwhelmingly appreciated! Thank you again!
I would like to take the time and ask all of you fellow traders a very important question.
I have already forged my long term wealth building strategy for forex trading. Due to the huge gains I saw with it near the end of last year, and the beginning of this year, I quit my full time job to actively pursue a career as a professional forex trader. Since then, I have been living off of the income I have been making using my strategy. However, for the last few months I have come into a dry spell with my system. Trades are now few and far between, and I am getting worried as to whether or not I can rely on my system to consistently make me money so I can pay my bills and live. I don't place as many trades as I once did due to market indecision, and lack of trend. With that said, I would like to ask all of you for some advice and knowledge on the concept of CONSISTENT daily or weekly profitable trading.
I am searching for a 2nd strategy now, so I can start generating a somewhat consistent income for myself, while using my long term strategy to build my financial independence.
1. In all of your experiences and knowledge trading this market, do any of you have any idea if this is a viable concept?
2. If so, what type of trading systems/styles should I be looking for specifically? IE: scalping, intraday, etc?
3. I have been looking very seriously at momentum based strategies lately. For example, taking trades based on how fast the price moves on a certain pair, in a small amount of time. Taking small profits, and eliminating losses to a very few, and keeping those losses extremely small. For anyone who is familiar with this type of trading, whats your experience or advice on this kind of methodology?
Thank you all very much for your input. I have been a long term "lurker" and reader of FF, and you have all helped me so much in my trading career as of late. After all, if it wasn't for all of you, I wouldn't be driving in my new car
Any input at all would be overwhelmingly appreciated! Thank you again!
-2 SCOOPS OF PROFITABLE RAISINS