I've started this thread with trading discussion in mind for those of us who are over 50. Not that anyone can't post to it, but the mindset of 'mature' folks may be a little different than the young newbie whose going to make a million his/her first year.
Any discussion is allowed but let's start of with:
- What are your reasons for trading forex?
- Are you a conservative trader or radical?
- Is forex intended to be a supplementary income, prime source of income or still have a day job and want to move up the financial ladder?
- What system do you trade if any?
- What pairs do you like best?
- Do you have or did you have a mentor when you started?
- Any interest in mentoring newbies?
- Do you trade news and/or charts? What percentage to rely on?
There is no particular agenda other than we'll lean toward the over 50 mindset.
I'll answer some of the questions above for my myself.
I've been trading Forex for about 3 years now. Some weeks I'll break even some weeks moderatly sucessful. I have 2 accounts, one at IBFX (standard capitlol account) and one at FXCM (Mini account for new and untested trades).
I have owned a small business for 20 years and been blessed by it. I like forex for a couple of reasons. One is the challenge of being in an industry where the failure rate is 95%. The other is later on in life, I'd like the ability to supplement my investment income with Forex.
As far as trading systems, I use James16, BRV No Brainer and combine them with Elliot Wave and S/R's. I'm more of a day trader than anything else but have been known to hold a trade for a month, once. It was painful not cashing out.
Earlier this year, I got burnt pretty bad trying to follow the ShakesFX system. Should have known better but got a little starry eyed. From that experience it familiarized me with Eur/Jpy so it is the main pair I trade. I also trade Eur/Usd and Gbp/Usd when they are paralleling each other.
Occasionally, I'll venture off those when I see a giant Pin Bar but not too often...
I love discussing others strategies and hope that you will chime in to this thread.
Best wishes for a Merry Christmas and a successful New Year.
JT
Any discussion is allowed but let's start of with:
- What are your reasons for trading forex?
- Are you a conservative trader or radical?
- Is forex intended to be a supplementary income, prime source of income or still have a day job and want to move up the financial ladder?
- What system do you trade if any?
- What pairs do you like best?
- Do you have or did you have a mentor when you started?
- Any interest in mentoring newbies?
- Do you trade news and/or charts? What percentage to rely on?
There is no particular agenda other than we'll lean toward the over 50 mindset.
I'll answer some of the questions above for my myself.
I've been trading Forex for about 3 years now. Some weeks I'll break even some weeks moderatly sucessful. I have 2 accounts, one at IBFX (standard capitlol account) and one at FXCM (Mini account for new and untested trades).
I have owned a small business for 20 years and been blessed by it. I like forex for a couple of reasons. One is the challenge of being in an industry where the failure rate is 95%. The other is later on in life, I'd like the ability to supplement my investment income with Forex.
As far as trading systems, I use James16, BRV No Brainer and combine them with Elliot Wave and S/R's. I'm more of a day trader than anything else but have been known to hold a trade for a month, once. It was painful not cashing out.
Earlier this year, I got burnt pretty bad trying to follow the ShakesFX system. Should have known better but got a little starry eyed. From that experience it familiarized me with Eur/Jpy so it is the main pair I trade. I also trade Eur/Usd and Gbp/Usd when they are paralleling each other.
Occasionally, I'll venture off those when I see a giant Pin Bar but not too often...
I love discussing others strategies and hope that you will chime in to this thread.
Best wishes for a Merry Christmas and a successful New Year.
JT
Balance in Everything