Davidfxb trader's profile

I have been trading as an individual trader for the last 15 years. This means that I have never worked for any financial institution. Furthermore, I do not have any financial background. I have been using my own money and taking my own risks like any other entrepreneur.

And this is the point. Trading shall be considered like a business and not a game or a bet. Like every business, becoming profitable requires a PROCESS, HARD WORK and a SET OF SKILLS.

As a reminder, the goal is not to become multi millionaire overnight but to be able to generate comfortable income everyday and forever. SUSTAINABLE and CONSISTENCY are the key factor of sucess.

Last but not least...please forget everything that you usually read or learn about trading in books...

-PROCESS

The process is a set of rules that you have to follow to take decision when to enter a position and when to exit a position. You can either develop your own sets of rules by trial and error or use existing sets of rules developed by other people/companies.

The advantage of developing your own sets of rules is that it is perfectly tailored to your psychology and personality. But it takes time and money to develop this set of rules. I spent around 2 years to develop my own when I started 15 years ago.

The advantage of using others' sets of rules is it is faster and cheaper to get access to a proven process. But it may not perfectly match your psychology and personality. You need to re adapt it a bit to match your psychology.

Those sets of rules make what I call the TRADING SYSTEM.

-HARD WORK

Nowadays you see a lot of traders posting on social media trading sessions on the beach, etc...it looks easy but they never show you the hard work they have made on themselves in order to become profitable. I am pretty that they have worked like crazy, they have been extremely disciplined and patient in order to become profitable.

Before becoming profitable, this requires a lot and a lot of hard work and sacrifice.

Support and Resistance can help,day trading, swing trading and position trading

Trading has never been a prediction game. First of all because nobody can predict the future. Trading is a follower game. As a trader you have to sit, observe and try to identify the psychology of the big traders on the market and follow them. Traders follow the movement but never predict the movement.

-FORGET ABOUT WHAT YOU HAVE READ

15 years ago, I read and read whatever I could find about day trading, technical analysis, technical indicators, etc....I tested and tested in real time during 2 years...I realized that nothing worked. Why? Because of what you can read is made for investing in long term. If you day trade, the timing is so important that those lagging instruments cannot perform.

There is only one and unique thing that you have to use: PRICE represented by CANDLESTICKS. Forget about all the patterns because nothing guarantee that the past can repeat in the same way with the same results. Just use the CANDLESTICKS in a very basic way.

Hope that has helped you...do not hesitate to contact me if you need any help...