Well, here it is. My first trading journal on FF. I have been a member here since 2007, and followed various systems and threads along my journey.
I take a fundamental approach to form a bias from a global macro-economic perspective. Thus forming an idea of market sentiment, I will use this information combining technical analysis of levels to capitalise on currency moves.
I'm a purely discretionary manual trader from London UK. I combine technical analysis with fundamental analysis. I researches the core underlying elements that move a currency, zeroing in on the focus of the central banks trading risk events in line with the daily sentiment. I speculate on the interest rate differential between any two major currencies.
My thought process before placing a trade:
1. Which currency is moving?
2. In which direction the currency is being moved?
3. What has caused the current move in price?
4. What expectations do other traders/analysts have regarding the move?
5. Where are the technical levels for entries and exits?
Following these steps gives me a big picture, and vastly increases my chance of success compared to traders using just technicals. I generally looks for 50 pips per trade and i mitigate equity risk by using stops. News trading from the premium news flows (Ransquawk, Reuters Eikon, MNI) play a crucial part in my strategy, and i will scalp these events as and when they occur.
I often average back into a trade if is moves against me building my position in the market, and 1 use a maximum leverage of 3:1 on each trade.
My maximum drawdown on all open positions will not exceed 20% (Although it was 30% in the past) You can follow my trades through my trade explorer below.
Thanks
Steve
I take a fundamental approach to form a bias from a global macro-economic perspective. Thus forming an idea of market sentiment, I will use this information combining technical analysis of levels to capitalise on currency moves.
I'm a purely discretionary manual trader from London UK. I combine technical analysis with fundamental analysis. I researches the core underlying elements that move a currency, zeroing in on the focus of the central banks trading risk events in line with the daily sentiment. I speculate on the interest rate differential between any two major currencies.
My thought process before placing a trade:
1. Which currency is moving?
2. In which direction the currency is being moved?
3. What has caused the current move in price?
4. What expectations do other traders/analysts have regarding the move?
5. Where are the technical levels for entries and exits?
Following these steps gives me a big picture, and vastly increases my chance of success compared to traders using just technicals. I generally looks for 50 pips per trade and i mitigate equity risk by using stops. News trading from the premium news flows (Ransquawk, Reuters Eikon, MNI) play a crucial part in my strategy, and i will scalp these events as and when they occur.
I often average back into a trade if is moves against me building my position in the market, and 1 use a maximum leverage of 3:1 on each trade.
My maximum drawdown on all open positions will not exceed 20% (Although it was 30% in the past) You can follow my trades through my trade explorer below.
Thanks
Steve