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Back from Hiatus...

Wow...it's been a while since I posted anything regarding trading. I've got a new strategy(for me anyway) that's quite simple and so far, has been quite successful. I'll be posting images of live trades as they come along starting tonight. Trading is a tricky business to master. Typically it's the psychology of trading that's the most difficult area to progress through. The next most difficult area for me is trade management, of which 50% of that falls under trading psychology. I'll be adding my thoughts of why I entered a trade, thoughts during its progression, and why I exited the trade to my posts. My hope is that folks who visit this blog will get an understanding and possibly a bit of education as I progress toward my goal as a full time currency trader.
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The Trading Strategy....

Here is the way I trade to make money. I apply this strategy to the four currency pairs I monitor. The strategy: Open a cable(gbp/usd) 5-min chart, set it to candlesticks, apply pivot indicator with standard(R3, R2, R1, P, S1, S2, S3) and mid-pivots(M1, M2,...) enabled. Apply the RSI(Relative Strength Index) indicator to the chart. Set it to 14. Set levels to 30, 50 and 70. 70 is overbought and 30 is oversold. Change chart to hourly peridocity and determine the dominant trend. It will be one of three things: ascending, descending or ranging. If the trend is not apparent, change to the daily chart and determine the trend. Mark it on your chart with a trend line. While at the daily and hourly charts, make note of support and resistance(s/r) levels. You can use previous highs/lows, fibonacci retracements, pivots, round numbers(00 or 50) or all of the above in any combination you find price reacts to. You can mark previous high/lows and round numbers on the chart with horizontal lines. As...
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Some Basic Information...

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People always want to know what software and hardware you're using for trading, what's your trading environment like, etc. Here's a bit of information about my trading area: My office is in the loft area of our home. It's quite comfortable and far enough away from the normal hullabaloo of what ever else is going on in the house. Usually, that's not too much since I'm based in California, eight hours difference to GMT. Though forex(foreign exchange) or currency trading is a 24-hr market, my trading session runs from near the end of the Asian session (10:00pm PT) to approximately a couple of hours into the London session (1:30-2:00am PT). I've found this zone provides plenty of entry opportunities if you stay focused and don't dilly-dally surfing on the net, watching YouTube, etc. If you need to read trading related news or find out what fundamental data will be released during your session, try to do it before the session commences. Make notes, whatever i...
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