Well, today I wrote a draft as to how I would evaluate and approach forex trading and when to open positions. I would like to quote here that "all problems solved = wealth gained"...
Obviously, I see many questions marks on my preliminary strategy. Questions like how do I decide my stop loss and target profit levels, and which graphs to apply the various indicators, and even how to actually read and use the indicators and what they mean...The list can go on, but I recognise I have my skeleton which is to analyse the trends from big to small, that is, I would look at 4 graphs...Daily, 4hours, hourly, 15mins...Drawing trendlines and channels for all the graphs, I would be better equipped to spot longer term trends, before I focus on the shorter time graphs like the hourly and 15mins to spot the best opportunity to open my trade...
And obviously that system needs alot more work and defining...For now I am contented that I have started to develop my strategy and attempt to keep to it...
And I am increasingly thankful for getting the book "Retire Young Retire Rich"...one very interesting aspect of the book is on hedging against losses in paper assets like stocks...and the use of options to this end...it is intriguing to discover how I can apply such techniques to forex trading...
Another important note is that I managed to initiate one of my colleagues, nicknamed CCC, onto a more serious approach to investing by reading "Rich Dad Poor Dad"...now he can't wait to get his hands on "Cashflow Quadrants"...Now that is a very good start...but of course, like many of my dear readers know...it still requires sustained and dedicated, targetted effort...
In any case, I am happy as to what I see in my life now...and hope everyone else is happy and progressing in many ways too!
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