Trader16: What is it all about?

get_rich_quick_truthCurrency trading is the biggest and (perhaps) one of the most scandalous online investment ventures. I have spent over a decade hearing that 95% of all currency traders lose money. Although I would doubt the accuracy of that number, but undeniably most currency traders end up losing their capital fairly quickly. In all honesty, I have blown up my fair share of trading accounts as well, before I finally became profitable.

In my journey of losing money, there are more than a few things I learnt. Surprisingly, these were not just related to currency trading. Humans, as a species, are manufactured to be bad traders. Every instinct and psychological aspect we have makes us a bad trader. The move to the other side, therefore, doesn’t just involve learning the technical aspects of trading. It actually involves unlearning our core natural behaviour and instincts.

I have created this place to share my trading journey with you. And to tell you about things which I had to change in me to become a better trader. I am fairly confident that majority of new aspiring traders will scrap most of the ideas I present here. It is because these are not sexy enough. I don’t talk about all those fancy indicators, robots, scalping or snake oil. What has worked for me is old school price action trading with a focus on strong money management and psychological control.

In summary, If you are looking for state-of-the-art trading robots, which will make you 10% return per day and will convert your $300 to $42,758 in 3 months, please move on. I don’t know how to do that. But if you are over the ‘get rick quick schemes’, feel yourself at home here. Explore the site. Stuff over here is free but it works.

How can I help?

Trading Systems

The trading systems I use are simple but effective. These are primarily based on price action and most of the times, I use no indicators. I routinely develop and test new trading systems and improve my existing ones as well.

Trading Psychology and Money Management

Good trading systems are meaningless if you don’t have strong risk/money management in place, which protects your account in bad times. Trading psychology helps to keep you on track during good and bad trading cycles so you don’t go off-track.

Live Trades

My live trades are mostly based on price action on daily charts. I can go days without entering a trade. My simple philosophy is: it is better to be not in a trade then being in a losing one. The only reason I am giving access to my live trades is for people to observe and learn from them. This is NOT a signal service and I don’t charge a penny for this.

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Recent Stuff

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A Look at the Charts – March 22, 2016

Current Trades GBPJPY Long: 159.96 Stop: 155.95 Target: 165.40 Historical Trades GBPUSD Short: 1.3835 Stop: 1.4050 (Hit for -1.0R or -215 pips) Target: 1.3510 AUDSGD Short: 1.0014 Stop: 1.0165 (Hit for -1.0R or -151 pips) Target:0.9835 USDCAD Short: 1.3670 Stop: 1.3870 Target: 1.3410 (Hit for +1.30R or +260 pips) GBPNZD Long: 2.1960 Stop: 2.1460 (Hit […]

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A Look at the Charts – February 7, 2016

Current Trades NZDCHF Short: 0.6640 Stop: 0.6495 Target: 0.6810 Crude Oil Long: 32.28 Stop: 28.72 Target: 36.60 USDMXN Short: 18.1397 Stop: 18.6150 Target: 17.4850 CADCHF Short: 0.7204 Stop: 0.7350 Target: 0.7005 Historical Trades GBPNZD Short: 2.2020 Stop: 2.2350 Target: 2.1560 Closed at 2.1625 for +395 pips or 1.2R CHFJPY Short Entry: 116.49 Stop: 117.75 Target: […]

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A Look at the Charts – January 27, 2016

Current Trades GBPNZD Short: 2.2020 Stop: 2.2350 Target: 2.1560 Historical Trades CHFJPY Short Entry: 116.49 Stop: 117.75 Target: 115.25 Closed at 116.35 for +14 pips or +0.11R) AUDSGD Short Entry: 0.9982 Stop: 1.0120 Target: 0.9830 Closed at 0.9977 for +5 pips or +0.0R) AUDNZD Short Entry: 1.0614 Stop: 1.0740 (Hit for -1.0R or -126 pips) Target: […]