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Confessions of a Forex Trader
Confessions of a Forex Trader
When I first started trading, the forex market was driven by fundamentals, with keen interest in reports such as the monthly U.S. trade balance report, weekly money supply figures, etc..
As a bank trader, I traded off my gut instincts, feel for the market and had never looked at a chart. Commodity traders used charts but not anyone in our dealing room. As trading evolved, we started to look at charts. The main one we used was a point and figure chart, drawn by hand. It eventually stretched so far I could wallpaper a wall in our office with it.
As electronic trading took over and computers became more powerful, it became easier to get access to charts online and run extensive studies in real time. This has evolved even further as automated programs featuring algorithms have come into increasing use. While there is still no substitute for the human element, we have come a long way from keeping point and figure charts updated by hand.
Meanwhile, those who entered forex trading during the electronic era learned by using charts and tend to rely mainly on them for their trading. Many veteran forex traders, such as myself, use charts for their trading but not with the same sense of trust as those who started in the electronic era.
But for me this has changed. It all started with our trading program, The Amazing Trader. It is based on the logic that I use instinctively to pick out key levels to trade. I must confess it was a slow process but one that has now come full circle.
The more I used this amazing program the more I learned to put my gut on hold and trust the patterns it displays on my charts. My trust has come from the fact that the program is based on a common sense approach that makes it easier to believe in what you see rather than relying on a leap of faith that technical traders will follow what you see on a chart.
While my instincts are still as sharp as ever, the Amazing Trader has created a structure and discipline that I did not have before. When John and I discuss the program, we both say “it never lies.”
So while the markets have changed so have I. Considering they say, “you can teach an old dog new tricks,” this old dog has learned a whole new set of tricks.
Veteran forex trader and founder of The Amazing Trader
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