FX BOOK REVIEW strategy that means
when and when not to place trade. Algorithmic
trading
I can choose systems do
not have this discretion, meaning they can go from profitable to loss making very quickly.
FXTM Do you think that the growing use of high frequency trading might change the FX market?
SJR Not really, I think there is too much liquidity. Speculative activity is a drop in the ocean compared to the amount of transactions that take place just to keep the world turning.
FXTM Do you trade other currency pairs other than EUR/USD, USD/JPY and AUD/USD? If so, are you getting similar results with other currencies?
SJR Not often. I find my strategy to be most effective in these three pairs, and they provide me with enough opportunities that I don’t need to trade other pairs. I will dabble
in something more exotic, I have placed a few trades this year so far in the EURNZD and the GBPJPY, but not regularly enough that I could tell you how effective this dabbling has been!
FXTM How much time (as you call it “screen time”) do you generally spend in front of the charts every day?
SJR Much less now than I used to. When I first started trading, I would spend eight hours a day during business hours and then normally a couple more late evening. Now I can glance at the charts and get an idea of whether I want to enter or not. I say glance, probably two to three hours. But not all relating to opportunities. I like to keep an eye on what’s going on elsewhere in the markets, not just in my three core pairs.
FXTM Do you share your trading results with other traders, either through social networks or personal blog/ website?
Who is Samuel J.Rae
Having completed his Economics BSc Degree in Manchester, Samuel Rae quickly discovered that the retail Forex industry was for him. A short foray into the corporate world drove him to search for an alternative to the more traditional ways of making a living, and in becoming a retail trader he has achieved exactly that. Through persistent market participation and extensive education he has grown to become a specialist in both fundamental and technical analysis. His personal trading style combines classic candlestick analysis with a simple, logical and risk management driven approach to the financial markets - a strategy that is described and demonstrated in his Diary of a Currency Trader.
68 FX TRADER MAGAZINE April - June 2014
SJR I have just started one this year. I am just up and running, but I will be blogging about each of my trades at
www.diaryofacurrencytrader.com.
FXTM What is the most important piece of advice you would give a currency trader in today’s rapidly evolving FX market?
SJR Success in the currency markets is not impossible. It is often said that 90% of people end up losing money, but what many don’t realise is this is the same in any industry. All it takes is a simple strategy and sound risk management principles.
FXTM Where do you see the EUR/USD going in the medium-to-long term?
SJR Ah the killer question. I think the euro has just about topped out against the dollar. I can see 1.2500 by September and 1.2000 by the end of the year.
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