At the Start of this Millennium, Currency Trading  / FX / Forex was been sold to potential newbie traders as one of the best ways to make your millions from just a small capital base and a few hours of work a week. We had all heard about all the money Hedge Fund and Bank Traders had been making during the 80's and 90's and now with the availability of the world wide web and access to the markets - it was time to get involved.

All you had to do was spend a few weeks or months learning how to trade - and of course it looks easy - just follow the news and work out whats happening on the charts and then buy and sell different currency pairs and then bank your profits - etc etc

If you were all ready employed and so only had a few hours a week to trade that would not matter as you could become a positional trader - or a long term trader just taking trades that might last over a week or even a few months etc. However if you had more time available you could become a swing trader or a day trader and instead of only taking a few trades a month - you might take a few a week or even more than one a day - with smaller targets - but with smaller stop sizes etc and so the possibility to use a larger stake size.

For those newbie traders who might have been made redundant or have available capital and lots of time on their hands - well they certainly could become day traders - or even intraday traders and even scalpers - ie taking trades that might only last seconds or a few minutes.

Sounds in theory - absolutely fantastic - lots of options to chose from on a way to make money - you just chose the method that suits you the best 

Trouble is - maybe the method you chose might suit your time availability - BUT not your own personality and characteristics etc. Ie are you a patient person - are you very disciplined and can you stick with a plan ? - or are you easily bored - have a short attention span and just don't like waiting ?

In my own particular case - I was going through an early semi retirement based on a sale of my main business interest and then looking at selling my other business interests over the next 3 years. I had money and time on my hands - but I was nearly 50 yrs old when I first invested some money with an American currency trading group based in New York - called Next 24. They did double my $5000 investment under 4 months - so that made me think - I need to look into this. I later found out if I had left my capital with them another 6 months - I would have probably lost most of the gains - showing my gains were not through a great reliable consistent method .

Approx 14 years later - i still don't count myself as a "Master Fx Trader " - ie an expert retail trader in scalping / short term / swing / long term / positional - mainly because I have only really focused on scalping and intraday - purely because I had the time available and like problem solving etc and therefore have found methods to be successful intraday and most importantly consistently profitable

I am going to go into more details with regards to all the different styles of FX trading - but not just yet - there is so much to understand and learn.

Also remember once you have found a method / style that suits you - its still only half the battle - you then need to improve your money management methods - as the basics explained everywhere are just not enough. I also think nobody really goes into the real details of intraday trading - and as they say - the "devil is in the detail" - ie the optimum number of trades per session - why everyday will be different - clues given from the economic calendar etc etc etc

I hope up you have found the first five parts interesting and now from part six onwards we will start to tell it more like it is - in real life - not from a false guru view - or a frustrated loser's bias etc etc - but what is actually all possible 

Please feel free to comment and ask any questions etc

Good Trading



Forex Trader,
Previous Contributor: FXstreet, T2W, Forexmosgate,
Currencies: Various: Intraday, Scalp,
Senior Technical Market Analysis


  • Thanks for posting - always an interesting read.

    Why choose FX over other markets (indices, commods etc) have you tried them as part of your fx strategy?



    • Hi Marcus

      In my own case - NO - never traded any other instruments other than FX pairs - never mind the Dow or Dax or shares etc - never even traded Gold or Oil - although I am told by many other traders that certainly some of my own intraday methods are transferable to these other instruments. I have probably covered less than 20 FX pairs over last 10 years - with at least 80% of my trading being with just 5 or 6 pairs.

      My own reasoning was to focus and concentrate on just a few products and get to know all their quirks and movements in real detail - ie the "devil is in the detail" - although I admit earlier on in my trading journey I spent far too long ( 3 yrs) just trading the EU - yes got to know it really well - but missed lots of other opportunities with other pairs that moved better etc etc.

      I suppose it's what suits your own style and with me being more short term and intraday - I don't need to cover 10 or 20 or even more pairs - ie too much risk exposure unless I can get my stop moved into profits - then I dont need to "babysit" them so much etc

      Hope that helps Marcus and Good Trading



  • Thank you for your reply.

    look forward to hearing more tell it as it is!


  • Keep telling it peter ......we are all ears !

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"Keep a Record of the Business or Currency Pair Traded. Reasons why the Trade was taken. When was the Exit. How and why the Trade turned out the way it did"

"It's my pleasure to be part of this forum, which is always different than other places & with a friendly environment. Glad to be in this team"

"Yes, the truth requires neither our belief nor understanding. However to harness truth and apply it for our benefit we must at a minimum allow that it is possible".

"We all know we will never be 100% Accurate with 100% win rate over 100's or 1000's of trades - but as long as your winning pips and money - add up to a lot more than your losing pips and money - then "Bingo" you are successful winning FX trader"

"I figured this was a legitimate break, so I went on the hunt for evidence, so here in succession is the list of clues I used to make my decision:

Rejection of market and weekly pivot at ema confluence.

Complete and broken head and shoulders on 1hr time frame.

Broadening formation on daily with test and rejection of 200 day ma

Bull hinge on daily and Renko stochastic.

Positive momentum on 5min, 1hr, 4hr and daily chart"

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"Sometimes You Win,

Sometimes you Learn".

"Forex Market analysis relies on two types of analysis much like Stock Markets:

Technical Forex Market Analysis views the data on a chart and considers that the News and Data is built into the Price already (economic, political, social, sentimental and psychological). Various tools and indicators will be used by technical traders, for instance MACD, Bollinger Bands, Moving Averages and more.

Fundamental Forex Market Analysis also uses indicators, for instance reports, Gross Domestic Production (GDP), Retail sales, Consumer spending, Industrial Production, Consumer Price Index, Commodities, Economic Calendars, Balance of Trade levels which could identify Trends between other Nations and more."

"Short rapid bursts and quick glimpses of an entry, trigger activated, trail in place and exit strategy and plan already set. Within a blink of an eye, instinctively the buy/sell button is pushed. The hammer falls and clanks decisively, echoing, sparking, like steel upon steel and the trade is executed. A Traders heart beats on with perfect set up, closely aligned with strict parameters, ready to continue the attack or recoil on a wire. Wrap the profit and then stand down, ready for the next hunt"

"When we are talking about sentiment it is very hard to say that this sentiment will prevail another 6, 9, 13 hours. Sentiment is not a constant line. Main trend is bearish, tech picture on daily is bearish, even intraday neutral. Nobody restrict to play long eur short usd position with the target at 1.12 or even 1.1361, this is every traders individual choice as always"

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