Updated 12 April 2018
I’m a 56yo railway fitter living in Derby UK. I work shifts which allows me to day-trade on my days off. After 7 years I’m still not a consistently profitable trader, however I only trade 2 small accounts and have never added to the losses in them, being determined to win them back with the reduced capital remaining. I’ve spent much much more on books and courses than I have ever lost in those 2 accounts and I can’t say I’ve overspent on courses either. Even Al Brooks took ten years to learn to trade which gives me hope.
My accounts are with Oanda and IG and I trade the 3 minute chart of the forex pair GBPUSD using the 30 min and 2 hour charts for most of my higher timeframe views of the market. I also keep an eye on the 6 hour chart in case price breaks out of the lower time charts ranges and I have a 1500 tick chart with Prorealtime which gives me a different perspective to the 3 min. After years of trying various indicators I now only use one ema on my charts and that’s mainly to aid with market direction and to see if price has rapidly expanded away from it.
My first venture into forex was in Feb 2011 with Sid Wyeman’s Forextrainingworks.com. It didn’t work for me there, but Sid had some interesting ideas and I took them with me. I then tried Steve Rising’s ‘Thinslice Trading’ scalping course (now obsolete) and left there with some new ideas, but still not successful. Both those mentors had a way of getting very angry if you didn’t follow their rules exactly, which didn’t suit me at all. In fact I’m more a carrot learner than a stick one myself. Anyway I then found an interesting little ebook called ‘ Five Bullets’ by Joe Trader, aka Commander Rob Wilson, of the Royal Navy and that set me off following Rob Booker’s ‘Traders Podcast’ and joining his TFL365 group. I completed Rob Wilson’s ‘Edge’ training course, a style of trading without indictors, unlike his ebook method, and that plays a big part in my own methodology today. By this time I’d set up a blog on WordPress called Fxoutlier.com (inspired my Malcolm Gladwell’s books) and started following various blogs myself, notably Shonn Campbell’s Tradinglifeownit.com, Matt LaCoco’s at Mlacoco.wordpress.com, Bret Steenbarger’s at Traderfeed.blogspot.co.uk , Ryan Herron at Joaquintrading.com and Scott Welsh at tfl365.com/scott/ .Unfortunately after Rob Wilson made a killing on Bitcoin, (well before every else got in on the act) ,he left the Royal Navy to join the Australian navy for a final chance to go back to sea, and I’ve heard little from him since. I then went into the wilderness years taking various inexpensive bootleg courses from various dodgy internet sites and reading countless forex bootcamp type books, joining forum’s and watching various forex video guides, the most memorable being Michael Huddleston’s at Theinnercircletrader.com
Eventually I found a revelation, Bob Volman’s ”Forex Price Action Scalping” book which I have now read over 5 times. This lead me for a while to follow Allen Bary at ‘Wallstreet2easystreet.com, whose scalping was based on Volman’s with his own tweaks added. Next it was Steve Winiarski’s Fxanalytics.com course and his blog at Paracurve.com, then Adam Grimes free course now at Marketlifetrading.com followed by Bob Volman’s second book on trading the 5 min chart (read 5 times and made copious notes). I was now starting to put some ideas together on my own trading plan, then came along Al Brooks with his books and course on trading price action on the 5min chart and my own style was starting to emerge.
I stopped blogging at the end of 2016 because I wanted to concentrate on my trading and felt like a bit of a fraud writing articles when not exactly successful yet myself. I’ve kept a notebook though, well several actually, packed full of my ideas for future articles, and when I’ve cracked this game, well!
My own plan is for the most part nothing like any of the above, in fact in many cases since I found I couldn’t do what they taught, I decided to do the exact opposite. Since I have made a plan that I am fairly confident with and seems logical to me at least, I feel I have come on leaps and bounds. I’m not quite there yet, but I’m putting in good time now, not the haphazard swapping and changing time of before. The 10000 hours of the Outlier has only just begun after 7 years finding myself. Know your enemy and know yourself, and your own worst enemy, well we all know who that is.
Of course all good plans rarely go smoothly especially at the start and after a couple of good months at the end of 2017, my computer went crazy and I ended up trading off a laptop for a month. With the endless clicking back and forwards from different pages my trading was suffering so I decided to invest in a new computer system and at the same time repair and upgrade the old one and create an office for myself at home.
I went from an i3 4gb RAM laptop with 18” screen and an i5 8gb RAM Desktop with 23” screen and a modified wooden chair (see below)
To my new set up. The old Desktop getting a new SSD drive and a new i7 32gb with SSD and able to connect to 4 screens. I presently have 3 x 27” monitors but am considering a fourth. It just makes life so easy without having to constantly click around screens when now a glance will do. Off course being a technophobe its taken me a while for my trading to settle however my last month has gone fairy well, and here’s to the future.
On 11 April I arranged to meet a few other traders through Meetup.com . Out of the 17 members who signed up to my ‘Derby Forex Discussion Group,’ 3 turned up, (don’t know what happened to the other 14). Anyway, like the trading, onwards and upwards.
I have this written on a piece of card and read it everyday:
And here’s the machine that inspired my plan, called ‘The Cakewalk Method’. Something I wrote about in one of my earlier posts, and want to elaborate on in the future.
That’s all the about you are getting now, but if you are near Derby UK, do come along to one of my future Meetups as I need a surge in active membership just to pay the meetup fees.