-removed, so that it doesn’t confuse things for new account-
westfx, what is the plan for this week’s trading? How are you actually planning to approach the markets?
Hi Eddy,
Good question.
I would say the markets are pretty mixed at the moment and have been for the last few weeks due to bank holidays and also news releases going against strong technical data on the charts.
This has left a few pairs sitting on long term support or resistance and as a result part of the markets think the trends are going to change and are trying to trade that way. The other half [me included], think that the long term trends should continue.
Basically I think this week might be a bit mixed and not especially productive, with a few pairs moving mostly sideways.
However, the weeks after this should be good, if those pairs do indeed push on and continue their previous goals.
Make sense?
Hi WESTFX, Are you active on any other forums? I would be keen to see if you share any more about your strategy/method.
Also would be interested in your view on gbp/usd if you get a chance.
Thanks!
Reading your trades in the forum and on zulutrade. I wish every zulutrader signal provider was as active replying to their followers. Maybe, zulu should make it mandatory for SP to answer on forums. BUT then how many will become SPs?? :59:Good Luck…
Hi Saytin,
I’m mostly active on this forum as i think the babypips school is invaluable to newbies and is the best online FX education I’ve ever seen and I’ve seen most of them! lol
My suggestion to anyone that wants to learn to trade forex would be firstly be sure you really, really want it, because its incredibly difficult and takes literally years and years to even become just satisfactory at it, let alone good.
Second would be if you do decide and I mean really decide, then never give up!
And finally all you need to know is already on the internet waiting for you. Absorb all available information, read books, download ebooks, watch price action as often as possible, listen to other people, ignore other people! lol
There is no one answer, method, algorithm, trick, tip etc etc, its just a case of learning what works for you. Something that will work for you may not work for someone else, i see this all the time! Its a very personal practice. It has to do with a lot of things that go all the way back to how you spent your first £10 as a child and all the way up to present day.
Some people love to get really involved and watch price action all day long and trade from the gut, others like to be totally emotionless and trade only the numbers. There is no right or wrong way, only proper risk management and consistent returns.
I think that a lot of ‘newbies’ think that if only they could get to talk to a professional trader then he could tell him his secret formula or system and then bingo, the millions roll in.
I’m afraid It doesn’t work like that. To become an expert requires practice [malcolm gladwells ‘outliers’ book is a good explanation of this, its not a trading book however]
I can tell you how an F1 driver wins races…he brakes late, accelerates early, hits all the apex’s, goes for gaps, has good pit stops etc etc. I know I need to do that, but knowing this doesn’t mean i can do it,… understand? Just like a professional sports man might show you how to kick or hit or throw a ball, but being shown this is not enough.
I’ll happy answer any question you have about my system, its no secret, but i can guarantee that I/it will not be the answer your looking for, it wont make you a great trader… only putting in the thousands and thousands of hours will…maybe.
What would you like to know?
Hi WESTFX,
Many thanks for the comprehensive reply!
I’m early into my trading journey (3 months) but learning daily. Definitely feels like i have been been bitten by the trading bug but time will tell. I have been as you say reading lots of available information from the internet buying books, watching videos attending webinars etc etc. In some way i feel this has had a slight negative effect on my overall understanding, perhaps too much information or perhaps too much too soon? Cannot see the wood for the trees type scenario.
Some talk of only using price action others price and volume or price and support/resistance levels. Lets not start on the vast array of indicators available 
but like you said, “its just a case of learning what works for you”.
I really like you description of the F1 driver…it really helps explain that a skill like trading cannot simply be copied and has to be learnt but i think using/finding the most efficient methods along with good teaching would certainly help. Its finding the right people to listen too and knowing who to ignore. I see a lot of systems for sale and i’m sure there are some good guys amongst them but even my limited experience makes me very wary so i have avoided that route thus far.
I have just looked at the ‘Outliers’ book on Amazon UK and will put on my reading list as looks very interesting.
I should add i don’t see trading as a ‘get rich quick scheme’ i would be happy to be profitable but then that would appear to be the difficult part for the majority if the 95% fail statistic is correct.
I guess what i would like to know is…If you were to look back on your trading career is there anything you would have done different? Do you think you could have taking a more efficient path?
Thank You!
I wouldn’t say I could have been more efficiently really, as I believe in trading and in life, everything we do makes us who we are and as long as we learn then nothing is a waste/failure.
There are a million different ways to make money in the forex market, but there is an infinite number of ways to lose money!
The systems that are for sale are 99.99% useless in my experience or at least they might work for the creator but not the buyer.
There is no quick fix, like you are aware its not a get rich quick scheme, people just have to try and learn to do it.
I would say again, if your failing to ‘see the woods for the trees’ [which is totally understandable and basically happens to everyone] then I would say go on the babypips school and go all the way through it again and again until you have a good understanding of everything. [this alone will take quite a while].
Then, once you understand most of the aspects [its almost impossible to understand/know everything as the way the markets move is always changing] then you can start to build you system.
A bit like the Abraham Lincoln quote ‘Give me six hours to chop down a tree and I will spend the first four sharpening the axe.’
I hope that helps.
Yes that helps. Thanks for your time! Funny you mentioned the babypips school as was just going through it. Started in feb. Got distracted by some other forex site(s) and didn’t finish. Will do this time though. Have seen a lot of information over last the few months. Now I’m starting to see how good this site is. Cheers!
Pleasure. 
Morning morning, normal markets resume.
Happy days!
I think it does make quite a lot of sense! Thank you for the kind update! I will not be expecting higher returns in that matter. Afterall, we cant always beat the markets, as the saying goes 
Hello there You might be new but I remember a lot of traders actually talking about theirs strategies in many types and forums. I think, that in case they are not good professionals (like our friend here - Westfx), I think they should better concentrate on trading rather than blogging about faux results trying to boost their fame …
As expected its been a bit mixed today but should clear up by next week.
Mixed indeed, but I am not discouraged, keep up the good work buddy
If you are still based in Buckinghamshire I hope you are enjoying the sunshine!
Yeah, I did say it would be.
Theres a few of big positions lining up now though.
The gbp/nzd position is 350 pips so will soon covers the small recent positions.
We just have to be patient and we’ll all profit long term.
Theres meant to be a mini heat wave next week!
Hope so. In Northants here so hopefully will get the sunshine too
Typical! I say that, then it starts to rain and then thunders!! lol
Lol…well at least your not as cursed with your trading
No trading today?