Forex swing trading - Looking for mentor/trading partner/s

[trader90210]

Hi,

I have been trading on and off for a few years mainly with demo accounts. I have the basic knowledge of trading and mainly utilize TA methodology. I've struggled to develop my own strategy but am getting closer to it what I'm trying to achieve, too much strategy hopping! I work full time and trying to develop a swing trading method that I can follow outside of work with discipline whilst produce profitable results. I haven't traded consistently over my time in the markets, and haven't kept results of my progress. Just wanting some guidance/other people serious about swing trading forex to bounce ideas off. Please hit me up if you are interested.

Thanks

David

 

[History Repeats]

Demo good start but with forex you can trade live pretty easy with little amount. Oanda have 1 cent per pip account, deposit 50 to 100 bucks will take you long time to lose it all. For swing trading i would do on weekly, daily or 4h time frame. From my experience you will usually have 0-3 trade signal per week, depend number of pair you track i only track 3 major pairs. Works well with your full time job.

You can use price action or fundamental, both works. Currency Trading and Intermarket Analysis - Ashraf Laidi, one of the best book currency. Good luck.

 

[Milk Man]

I would say my method was "trend" rather than "swing" per se, but the principles are universal. I developed a decent method about a decade ago, and the main thing I learned was that position sizing relative to a stop loss was key. You would size your position such that a certain percentage of your capital was risked per trade. Mine was 2%, with a max drawdown of 20%. You can then start to work on making your winners bigger than your losers, or more frequent than your losers. Retail forex spreads meant that my trades usually lasted a few days to a few weeks, and I think about 100pips average.

The other thing was "positive carry" (very rusty- not sure what it's called), where you accrue interest if there was a difference between the pairs. Back then we had higher rates in AUD than USD and JPY, so there was a huge amount of interest. I think I made like 20% just from trading in that direction. I had a quick look, and I think the only options are exotics to try that nowadays; which I haven't traded before.

What are your best theories or methods on swing trading? Do you have risk management theories or ideas on interest rates in relation to your trades?