Our trader Maurice reached out to us and was kind enough to share some tips about his trading. Read more about his journey and we are sure you are going to learn a thing or two as well!
Hello, I'm Maurice. I live in Atlanta, Georgia, USA. Forex has been a part of my world for approximately 10 years although it is only since the last three years that I have been consistently profitable thanks to a fantastic Mentor. As of recently, I have explored other markets such as the German DAX and Crude Oil. However, my core belief is to become a Specialist in one single currency pair, stock or commodity.
So primarily, I trade one currency pair with three other currency pairs on the radar to seek confluences between them; the currency pairs are correlated. And, even though I may trade other currency pairs, I maintain my four correlated currency pairs as my primary selection. However, in my opinion, it is a good idea to focus on just one single currency pair, stock or commodity – understand how it moves all day, every day for weeks.. months.. and years!
As a short-term day trader, my bias and decisions derive from a higher time frame perspective like the daily, weekly and monthly charts… Rarely do I use or rely on indicators. I do not use oscillators… instead; I view each candlestick as a “word” and a series of candlesticks as a “sentence”. The price range of candlesticks I liken to a “paragraph”. Together they give the real story – oscillators and indicators do not. Oscillators and indicators are like speciality tools – tools to be used by very skilled individuals.
Become a skilled Trader by using a plain chart first, and then sometime later in your process of development, you can choose about 1 to 4 oscillators and indicators in combination. For example, you can combine two indicators and two oscillators, or three oscillators and one indicator, or four indicators and no oscillators, or one indicator and one oscillator.
My final word: Treat learning how to trade like learning how to fly an aeroplane! I'm not sure how many people would watch a YouTube video about flying an aeroplane and then go to an airport and attempt to fly an aeroplane. I can imagine those people crashing that aeroplane and potentially even killing themselves!
So as you sift through the sands of Forex and trading YouTube videos in search of that rare gold nugget – and there are some very rare gold nuggets – be careful and be responsible.
I must admit, finding a Mentor that is truly knowledgeable about the dynamics you see in the Charts is extremely rare despite how YouTube videos may present them as common.
I believe there is a "method to the madness" seen in Charts – not Elliot Waves, Supply and Demand, Support and Resistance, Moving Average crossovers, Harmonics, Cloud, etc. – but why the Price moves to the different locations on the Chart.
That is the RARE Gold Nugget of information that needs to be explored.
Lastly, manage risk always! It's easy and dreamy to ask how much you can win. But the real question is: How much can you lose?!
Thank you for your time.