My strategy

Wanted to say hello and go over my strategy with you guys. This may get long and I dont mind if you hit on one point instead of them all but this is some of my ideas and strategies.

First what got me actually in this forum and reading books was from another forum im apart of where I met someone who trades and asked him a few questions. I looked into forex before but somehow got more into the scams of forex than what it is you guys deal with. Im sure you know what im talking about.

So as I read I found it very interesting. I currently was into stocks(not an expert by any means) but found the whole platform of forex trading awesome. The whole ADHD of it where you have so much information coming at you and you have to decipher it in seconds for some reason is appealing to me. Im currently a business owner and have wanted to deal with real estate and have mentioned my deal with stocks so this is right up my alley. In the last 2 days ive gone through the babypips "school" and I've enjoyed a white chocolate mocha while reading complete idiots guide to forex(I also found the idiots and dummies guides to be very good for getting an idea of a subject). Then came the forum reading where I came across you guys and read some interesting things. Read about 5-10% success rate and about how people lost money and faith.

This made me more excited. I was once young and thought that there was a way to get rich quick and easy. I then learned that the easy things that are supposed to get you rich usually end up being the reverse. So I learned to like challenges. So far I have found the great the challenge the greater the reward.

Just wanted to get that out of the way so you know im here to work. After reading threads I've also saw how people blow accounts due to impatience. I can almost guarantee what happens is they get bold because they had a good gain or perhaps even a lose and move away from there discipline. Good thing I've played a lot of blackjack. I know how that works all to well and although I tell myself now I will stay disciplined I can only hope in the coming months I stay loyal.

Anyways down to business I only get to introduce myself once so I figure I get a little back round in there. I did mention it would get long . So I have a short term strategy I wanted to run past you guys. I pretty know how I work and the strategy is true to myself but im more than welcome to additions and modifications. This semester I got bulled out of college so that will free up some time. Can't say the same for business but im lucky enough to be able to spend time reading/reading charts while doing it is what I do. The term for the strategy is from now until about January.

This month is learning learning learning. I have the gift to be able to take down books in a pretty short amount of time. So your recommendations are welcome. As long as you guys don't swamp me I'll even provide my ideas about a book in either this thread or another thread. To help future noobs. At the same time ive been looking at charts. I dont know what the im looking at but I found that if you stare at a chart long enough you notice things. I cant tell you what I notice its just something I notice in my head but cant actually say. Perhaps you know what im talking about? I already performed some trades on what I thought was good stuff. No basis other than it felt cool at the time . Ill admit though it was helpful. Seeing the trade go and do its thing was a learning experience and actually fun at the same time. I had one trade go up 34.20 and one go down 110. Most fun I had all week though(I need to get out more).

Anyways in October I will then start a new demo account. The one Ill use this month is for practicing things I read and such. Sure I can start a demo account and double it and then double it again but I have a feeling that it will be based on blind luck. This is where ill see if I can basically do the deed.

November I will take it a step further. Test strategies. Perhaps play around with different methodologies. Learn how to test things. To refine them perhaps run 5 different strategies to see how they work. Why they work.

December I will also refine but business ends up booming so I will more than likely run strats look at numbers have nightmares of charts and enjoy holiday season. When December ends I am on a nice vacation. At this point I usually just stare at walls for long periods of time and responding to people a day later when asked a question due to the busy holiday season for business.

January im live. Depending on how business and some very well places stocks go I will know what is my sweet spot for trading. Emotion will still be tested against my discipline because I hate to even see 50 dollars go down the drain.

After January I will look at my position and move on with a new 6 month plan for learning and growing. This plan can go live earlier but not because I get over zealous that im making uber demo account dollars but rather get that adrenaline boost.

Also I want to mention the learning I will be using is learning fundamentals. Using forex and economic geared books as well as taking a course or two in economics from:
http://ocw.mit.edu/OcwWeb/web/course....htm#Economics
(btw if you didnt know about this and you love to learn I just gave you a gold mine)

Also from that list what do you think are the best economics classes. Im thinking Intermediate Macro and Economics and Psychology.

If this is to long I can provide cliffs if need be. Also I will be hosting a vent dedicated to forex traders. If I get enough response from you guys I can either post an IP or you can PM me. You can all come and go as you please and Ill even add channels that you request. It would be nice to be able to chat with your fellow members.

So with that long post I would like to say hello to you guys hope to become the mentor.

After posting this I realized how long it is. If you dont want my backround and such then just forward to the dark green text. That actually goes over my strategy.

Hi cTrackstar,

Sounds like your committed to learning about how to trade the forex, firstly my apologies if the sentences dont quite flow as I'm trading at the moment and I'll be checking my charts every so often.

Firstly about myself which might help you alittle. Back in the early nineties I started researching about how to trade shares and then branched into options, futures etc and finally currency. But what I used to do at the start was go into Borders book store and read for 4-6 hours every night after work and on weekends use to spend around 6-8 hours reading books on trading techniques (it also helped doing a speed reading course which meant that I could power through the books). Which I did for 3 years and in doing so transformed a $2,000 investment which was all I had at that stage, into $40,000 a day within 12 months.

So basically what I'm saying is research, research and research and then test your system and then improve your system and no matter how good you get with your trades always listen to the people who are just starting out because some of the idea's they come up with can help improve your trading style.

Some of the stuff you want to research is candle sticks (Good Authers Steve Nison, Louise Bedford to name a few), books on Fibonacci, Pivot Points,material on RSI (range expansion index), Moving Averages, Trend lines (Tom De Mark is great for this), Projection Techniques, MACD (Moving Average Convergence Divergence) I use a 3 time frame technique and read MACD differently in each time zone which improves entry and exit points and one of the best indicators you want to look at is REI (Range Exspansion Index) by Tom De mark. Just to let you know Tom De mark is a guy who is really out there, but if you take the time to learn some of his stuff it will help your trading alot.

I seem to have developed verbal diahoerra but at least you have some where to start.

good luck Go Getter

Yea I long ago read a speed reading book which is what I was talking about when I said I can rip through books. You said you went to borders for 4-6 hours and just read what did you do to reinforce? Did you bring a notebook or just pound them out? I was thinking of just going and just going books crazy and then going back and reviewing. Didnt know if a better strategy would be to take it slow. I figure the more ideas I get the more I can narrow it down. Thanks a lot for the recommendations!!

Welcome to FF, and the best of luck to you.
Sounds like you are off to a good start. Especially finding FF. A lot of great resources here.

Advise? hmmm.. . . patience.

Yea im not planning on being a billionaire just yet. Perhaps next year but this year I figure I learn discipline. One thing I picked up the most on this forum is that discipline>all.

Hi cTrackstar,

yeah to reinforce the information I use to take notes and then practice on paper the next day unless it was a weekend of course and also with the volume of books that I read it seemed to put me in the place of being in the zone, sometimes I didn't even notice other people were there.

another thing you might want to look at is when you start studying indicators (I studied hundreds of them), don't always accept the values that they start with, play with them alittle or maybe even put an indicator within an indicator if you catch my drift. think outside the box and that way you'll come up with a system that is like no one elses.

one other thing once you come up with a system always remember to pull it apart every 3-4 months and see if you can improve it, always look for perfection with your system don't accept any flaws, look for solutions there is always an anwser its just sitting there waiting for you to find it.

cheers Go Getter

Another part of my strategy was too hook up with other new people. I've met some people on here so far that are new and have the same mindset as me. Thats pretty much we've got a lot to learn. That is in part why Im going to host a vent so people can come in and discuss the things they know and perhaps help each other better understand. Now I know there would be nothing better than for to sit down with a mentor type or someone who has been here for a while but time doesnt always permit for them. Also when studying in college you dont always have access to TA(teacher assistant for you traders who have seen to many years) or tutors that been there done that.

I would hope that there are some other new comers on the same page as me. People who understand that this isn't a part time job until you've put in your due time. I kinda find it as an insult to the gurus around here to think that they put in an hour or two a day learning to get to where they are. Anyways shoot me a PM Ill be getting the vent up and you can come and discuss. Anyone will be free to come and use it as they please as long as there mature. If you want to mentor someone Gurus your more than welcome to

hi cTrackstar,
like you, i'm a newbie. interested in forex 3 years ago but never got round to it until 6 months ago. after much research and lots of reading, decided to paper trade 3 months ago. i don't have any experience with speed reading so trying to dissect all the materials can be daunting.

then i looked in the trading journals of some of the traders who is nice enough to share their trading systems and strategies in ff. one that come out great is "jacko's house of pain and pleasure". it's a good read.

hope that helps.

fatdragon88

Yeall ill be using some strategies people use and then come up with my own. I love number crunching and doing what if scenarios but it will be a ways before that.