Today we welcome David to the next round of Guest trader. He’s our first part time trader (not that you’d know it from the time he spends on the comments)
I’ll leave him to the introduction below and I’m sure you’ll all give him a warm reception. Don’t mess with him as he looks about 9ft tall
Name: On ForexLive, David, the real world David Terrell
Occupation: Head Chef Full time (65 hours a week minimum) Trader part time always checking though!
I have worked in the catering industry for 20 years now and learning trading over the past year has been immensely fun. I would love to do it full time but have much to learn and need to harden my kahunas.
Trading Experience: Stocks and shares, since I was 11 taught by my Father for M&Ms! FX and spread betting 1 year.
Why I started? To make money! Think that’s why we are all here. Also I love stats and numbers so the logical thing was to trade. The biggest obstacle I face in improving my trading is the psychology of holding positions. Letting profits run is the biggest downfall of many traders. A great example of this was on EUR/JPY last week I took 50 odd pips when I should have taken 150!!
Timezone: GMT. FX markets run all day but being here in the UK we get the crucial timezone in our favour of 7am – 4pm.
Platforms/charts/screen set up: I use Twowayspreads (part of London Capital Group) for my spread bet platform, for my charts I use Ensign with FXCM feed and I also use the Trendsignal system which is also fed into Ensign. I have a 2 screen set up which runs constantly from Sunday night to Friday night which I had built to my specification (much cheaper then buying a ready made one) I also have a laptop so that I can remotely use my platform whilst I am working.
Methodology: On days off I am a scalper. Trading the 15 minute charts looking for any opportunity off 16 main markets which are, UKoil, Gold, Silver, USD/JPY, USD/CHF, AUD/USD, USD/CAD, EUR/GBP, EUR/USD, EUR/AUD, EUR/JPY, GBP/USD, GBP/JPY, DAX, USoil, S&P500. When I am working I am trading the Daily charts and the 240 charts. Maybe the 1hour charts but that’s seldom.
On a Sunday night before bedtime supping my cocoa in my slippers I go through all the charts daily/weekly/monthly and 240/daily/weekly to look at trends and coming trades that could develop.
I mainly use the software package from Trendsignal which is based on swing trades but I find there are many opportunities along with common sense.
I do not enter a trade without putting a stop or a limit in and I always let them pop either way. Never less than 1-1 and never more than 2.5% of my equity.
I also spread bet on UK shares off the daily charts.
Trades currently running: AUD/JPY off the daily chart, short with a stop @ 95.75 and a target of 90.00. I looked at all my charts last night and there was really nothing setting itself up on the dailies apart from the Yen crosses and the AUD crosses but no reversals yet and I’m certainly not going to try to pick the top!
