Hello Everyone!
I wanted to start a thread about chartless trading. Yes I'm serious and no I'm not crazy lol.
-First, you must be very comfortable with at least a handful of currency pairs.
- Second, you can still use your basic candlestick or line chart for quotes and support and resistance levels.
- Third, you must remember those important price levels and plant them in your memory. You need to get to the point where you can glance at a quote and know whether to buy or sell or stay away.
Once you get these steps down perfectly then you can procede to using this a strategy. I will go more in depth if you would like.
For now the people reading, who have never used this strategy, must focus on those 3 steps.
For those of you that are familiar with this will benefit from the next steps in the strategy and I would gladly share with you some useful tips!
This concept is rather big and takes a long time to perfect.
1st - option expiries
One of the easiest and most successful ways of trading the spot currency market is through the use of option expiry data. Options contracts are typically for sums of anywhere between 100 million to 500 million USD, and values beyond the range are not uncommon. Since these are relatively large sums to be concentrated in a few minutes before the expiration, the traders of these options will do all that they can, within reasonable limits, to move the quote to the strike price of the option, provided that the quote is within about 20-30 pips of the strike price at the time of expiry.
This is geared towards those just learning the subject.
Get familiar with the terms and meanings of options, a simple google search will tell you all about them and why they matter.
I will post quite often during the week with trade set ups I have taken or will take based on this strategy and fundamental's as well as hedging. It is a whacky strategy and you must believe in yourself for this to work. Not for the weak, new, trader.
I wanted to start a thread about chartless trading. Yes I'm serious and no I'm not crazy lol.
-First, you must be very comfortable with at least a handful of currency pairs.
- Second, you can still use your basic candlestick or line chart for quotes and support and resistance levels.
- Third, you must remember those important price levels and plant them in your memory. You need to get to the point where you can glance at a quote and know whether to buy or sell or stay away.
Once you get these steps down perfectly then you can procede to using this a strategy. I will go more in depth if you would like.
For now the people reading, who have never used this strategy, must focus on those 3 steps.
For those of you that are familiar with this will benefit from the next steps in the strategy and I would gladly share with you some useful tips!
This concept is rather big and takes a long time to perfect.
1st - option expiries
One of the easiest and most successful ways of trading the spot currency market is through the use of option expiry data. Options contracts are typically for sums of anywhere between 100 million to 500 million USD, and values beyond the range are not uncommon. Since these are relatively large sums to be concentrated in a few minutes before the expiration, the traders of these options will do all that they can, within reasonable limits, to move the quote to the strike price of the option, provided that the quote is within about 20-30 pips of the strike price at the time of expiry.
This is geared towards those just learning the subject.
Get familiar with the terms and meanings of options, a simple google search will tell you all about them and why they matter.
I will post quite often during the week with trade set ups I have taken or will take based on this strategy and fundamental's as well as hedging. It is a whacky strategy and you must believe in yourself for this to work. Not for the weak, new, trader.
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