How I became a successful part-time trader

introduce

Hello everyone, I am Caishen Youdao, a hotel personal butler, trader and strategy maker. I started currency trading 7 years ago. The first 4 years of trading were a complete failure, I remember I lost all my money and then I wanted to quit, but I couldn't, I think if I quit now I would lose the opportunity to build my own business. So I stopped trading and started watching, studying, analyzing and practicing.

Observation: I started to observe the market, what causes the market to move, react, change and trade.

Analysis: I start with technical and fundamental analysis; how each analysis predicts and reflects changes in the market and how I use it for profit.

Reading: I bought and read trading books that explained different strategies and techniques used by experienced traders.

Practice: I applied for a free account and started virtual trading and tried every technique I created and monitored its changes.

After 4 years of learning, analysis and time trading skills and after countless failures and setbacks I have completed my own strategy and it is working very well, and my profit is positive every month.

implement

I reached my goal and created a successful strategy, but it wasn't enough; in order to make a profit I needed not to miss an opportunity, the financial market is full of opportunities because it is the most active market in the world, so I have to work Monday to week 5. Sit and watch and seize opportunities all day long.

How to solve this problem, I can't sit and watch the market all the time, I have my own career and my family, so I think I have to program my strategy, let information technology work hard for me, no one can be as effective as software Discipline, so I created functional system software to collect data from the market and execute my strategy based on the data and seize opportunities 24 hours a day.

This program analyzes fundamental and technical data and generates foreign exchange signals that are automatically transmitted to my trading platform for automatic execution and transmitted to my website members. All done without my intervention, I just run the program, it analyzes and makes its own decision (buy, sell or wait and see).

How to Succeed in Forex Trading

Five percent of traders are successful, and the difference between the five percent and the other 95 percent is one thing, hard work. Trading is not a simple industry, and whoever tells you that you can get rich overnight is one of the 95. There is only one way you can become a successful trader, work hard and there is no other way. Don't rely on other traders or advisors to help you, rely on and have confidence in yourself.

Don't rush to start trading, the financial market is not lost, it will always be there, give yourself a few years to learn, analyze, read, practice and create your own strategy, it will take a lot of time but eventually you will reach your goal.

Strategy

I won't show my full strategy but I will show some tips to help traders to trade.

My strategy adheres to the following tips and techniques:

1 — Discipline: Set guidelines for your trading, watch the market and only trade when the guidelines are met, don't trade if they are not. My program is mostly disciplined trader, pay attention to all the guidelines, and monitor the market only when they are met The second advantage of trading on the principle is to eliminate the fear factor and only trade when you see a suitable entry.

2 — Fund management: is the main factor for successful trading, if one day I lose -60 points, I will exit all orders and stop trading, on the other hand, if I gain +25 points of profit, I will set a stop loss on my order, In this case the gain will be no less than +25 points and all I need to do is go out and enjoy life.

3 — Don't trade now: The most important thing in trading is to not trade some time, I made this decision after looking at the charts and seeing that there is not enough volatility or not enough reports today, it is better to wait for the market to be more volatile hour. I recommend not trading on the first of the month, I personally start trading on the first Friday of every month when the "Nonfarm Payrolls" report is released.

4 — Analysis: I use fundamental and technical analysis when trading. Fundamentals define the direction of the market while technical analysis is used after a trend has formed. I programmatically analyze published data and generate signals that are automatically executed on the trading platform and transmitted to my members. Fundamental and technical analysis must be used together, if used alone will lead to failure.

5 — Technical indicators: There are many indicators in the financial market. I use ADX, Bollinger Bands to judge trends and fluctuations; RSI to judge buying or selling; moving averages to judge signals. The most important technology is FIBONACCI, I recommend trading The author implements this technique and uses it to confirm transactions.

In the end, I must say that trading is not easy, many times we feel that someone is playing tricks on us to get our money, but the reality is that nothing is impossible, other successful traders are not smarter than us and they are Not a genius, the reality is that the harder you work the closer you get to being a successful trader. Don't be quick to quit because this business is worth the hard work and dedication.