A little about me and what makes me a successful Forex trader:

EXPERIENCE – I have over 15 years of it. I know you say I am a technician, just studying charts and entering a trade, but it is more than that, I have that “instinct” that most beginners do not have. Its like driving a car, in the beginning you look around everywhere, use two hands and check all your mirrors, with more driving experience, you learn to relax, not to get stressed out and get the “feel for the road.” Folks, this only can come with experience.

DISCIPLINE – This is very difficult to have. In the beginning when I first started trading Forex, spreads were 10 pips on most pairs and you had to call up your broker. I lost thousands, all because of lack of discipline. When I lost on one trade, I immediately tried to “cover up what I lost” and entered multiple trades, sometimes even betting everything I had to cover up my losses. I don’t have to tell you the end result. I lost everything in my account including my confidence. Then slowly over the years I realized how to trade, take trades that are “safe” and not to over leverage my account and never chase prices. If I have missed a good entry I rather stay out of the trade then to chase the trade. Discipline can only come with experience and the two go together.

CONNECTIONS – This has developed over time. I have made some very good friends who work at major Asian banks in the currency division. This has been invaluable in my career. When I first started this business I had no idea that bankers knew so much about where a currency would likely head, the overall trend and most importantly what they hear about news reports. They have been right most of the time about major news releases before it is due for actual releases to the general public. Maybe they have their own research team that does a better job of analyzing data than the economists but they hear things that the economists seem to miss. This information has helped me get into a position BEFORE the news events or if I am in an existing position, to get out before the news event adversely affects my trade. I know a lot of you like “SPIKE” trading, paying a huge spread and getting in just as the news comes out. This type of trading is gradually being eliminated as most professional brokers do not fill the retail traders anymore. Most major banks play the news events just before it is out, and if they are correct they win big!