How I became a successful part time trader

I am Joe Chalhoub, a compter engineer, Foreign exchange trader and analysist. I began currency trading 4 years ago. The first 3 months trading were complete failure, I remember I lost all my money and I was about to quit, but I couldn’t, I felt if I quit now I will miss the chance to have my own business. So I stop trading and begin observing, studying, analysing and practicing.

Observing : I began observing Forex Market, what causes its moving, reacting, ranging and trading.

Analysing : I began working with technical and fundamental analysis; how each analysis can predict and redirect the market and how I can use them both for my own benefit. I will talk about these analysis in the next paragraph.

Reading : I bought Forex Trading Books and read them, books explaining different strategies and tactics used by experienced traders.

Practicing : I created demo accounts and began trading virtually and each technique I invent I try it and monitor its performance and validity.

After one year of study and analysis, trying and updating trading techniques and after many failure and frustration I reached my own strategy and it is working very well and each month my profit is positive.

Implementation

I reached my targets and I built a successful strategy, but that’s not enough; to make profit I must not miss any opportunity and forex market is full of opportunities because it is the most active market in the world, for that reason I must sit all time and watch and detect opportunities all day long from Monday to Friday.

How to resolve this problem, I can’t sit and observe the market hours after hours, I have my career and my family, so I thought I must program my strategy, let the Information Technology do the hard work for me, and nobody is discipline as a software, so I created an artificial intelligent software which collects data from the market and implement my strategy on this data and detect opportunities 24/24. This program analyses fundamental and technical data and generates forex signals which are forwarded automatically to my broker platform where the signals are executed automatically and forwarded also to my website members. All this is done without my interferring, I just run the program, it analyses and makes its decisions (Buying, Selling or stay aside). How to succeed in Forex Trading

Five over hundred traders succeed in this business, what differenciate those five successful from the 95 others is one thing ,,,, it is the HARD WORK. Forex trading is not an easy business, and who tells you he can make you rich in one night is one of those 95. Only one thing can make you a successful trader, HARD WORK , and nothing else. Don’t rely on other traders or advisors to help you, rely and have confidence on yourself.

Don’t begin trading quickly, the forex market will not go anywhere, it will stay forever, give yourself 6 to 12 months of studies, analysis, readings, practice and build your own strategy before begin real trading, it will take a lot of time and dedication but at the end you will reach your target.

Strategy

I will not reveal my full FX strategy but I will reveal some techniques I use which help traders in their trades.

My strategy follows the following tips and techniques:

1 – Discipline : Put criterias for your trades, watch the market and only trade when criterias are met, if they are not met do not trade. My program is the most disciplined trader, it takes care of all of this, it monitors the market and only trade if only criterias are met, and the second advantage of this is the elimination of the fear factor, it enters a trade when it sees it is good to enter and fear nothing.

2 – Money management : It’s the main key for good trading, I exit all trades and stop trading for a specific day if I lost -60 pips, in the other hand I put stop loss for my trades if I reached +25 pips profit, in that case profit will not get under +25 pips and it has open target, and all I have to do is go out and have fun.

3 – No trades for now : The most important thing in trading is sometime not to trade, I take this decision after looking to my charts and see that there is not enough volatility or there is no enough reports will be released for today and it is better to wait until market is more volatile. I advise traders not to trade during the first days of the month, personally I begin trading at the first Friday of the month when the NonFarm payroll report will be released.

4 – Analysis : I use fundamental and technical analysis while trading. Fundamental defines the trend of the market and the technical analysis is used after the definistion of the trend. I trade the news by analysing progrmatically the released data for a specific report and generate signals which are executed immediately on the trading platform and forwarded simultanously to my members. Fundamental and technical analysis must be used together, if one is used without the other this will lead to failure.

5 – Technical indicators : In the forex market there is a lot of indicators which are used by many traders. I use ADX, Bollinger Bands to identify trends and volatility; RSI to identify an over Bought or Sold. Moving Average to identify a signal. And the most important technique is FIBONNACCI, I advise traders to implement this technique and use it to confirm trades.

Finally, I must say that Forex is not easy, and many times we feel that someone is conspiricing on us, but the truth is nothing is impossible, and others successful traders are not more intelligent than others or they are genius from other planet, the fact is the more you work the more you become closer to become good trader. Do not quit quickly because this business deserves our dedication.

About the Author:

Joe Chalhoub
Lebanon, Beirut
webmaster@rpchost.com