Trader comes out of the closet!

October 19, 2009

FX Trading, Uncategorized

Greetings Traders!

Let me introduce myself….I go by the name of FXTraderSandy – veteran of 5 years.

I’ve known TraderPaul for a few years now and last week we were having one of those conversations that friends have, you know the kind of thing –  talking about what we should do but never actually do do! If you get my drift. Out of that conversation came this blog, diary – call it what you will.

Trader Paul called my bluff (good on you Paulie).

Why did we feel there was a need for yet ANOTHER trading diary?

Well we are First and Foremost TRADERS. We have seen some of the drivel that is being peddled out there in the name of trader education. Most of it has been designed to bamboozle, flummox and confuse the innocent. Hidden within all the padding is a couple of useful bits, but if you’re new you’d easily miss it and be left with a brain the consistency of mush. So this is to help you but mostly to help us , we put our trades and our thinking out there for all to see – nowhere to hide and it will ensure that I keep my records up-to-date.

I have decided to take up Trader Paul’s  ‘Less is More’ Challenge and ditch the multitude of indicators that hide the chart and make the price difficult if not impossible to see and stop the search for that elusive indicator that will give the definitive trade signal.

To be honest I have never been a fan of having rows and rows of indicators under my chart but I do put my hand up and say that maybe (?!) I use 2 or 3 more moving averages than are actually necessary!

I love the K-I-S-S strategy, life can be difficult enough so let’s keep trading simple is my motto. I really enjoy watching a good cartoon –nice and simple, and one that I would recommend all budding traders watch is Kung Fu Panda. The underlying message in this movie relates so well back to trading – it’s uncanny – once your mission is complete and you have your hands on that precious treasure AKA the Holy Grail you’ll realise that it’s empty and all you can see on that shiny surface is a reflection of yourself.

So – Trader Paul throws down the gauntlet and I shall pick it up.

MY THREE indicators are: 2 MOVING AVERAGES & MACD (for divergence)

I really wanted 5 indicators….yep 3 moving averages AND daily pivots AND MACD but I will stick to my guns and go with the aforementioned three indicators only.

This is kind of like my version of ‘How to look good naked’………..exposing my trading to all and sundry 😉

WATCH THIS SPACE!

I’ll be posting some past trades and from tomorrow will post-up-to date trades so that you can get an idea of how I trade and also why on some days I decide not to trade at all!

Trade well my friends.

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