I'm 24, I study chemical engineering at the University of Birmingham in the UK. Now I've taken a year out to try my luck at forex. ATM I'm playing around with peanuts (~200 EUR) and looking for a day job so that I can save up some cash and properly fund my account. I've started trading almost 1 and a half years ago and shortly after that I decided that I will try to make a living out of it. Now I'm at a stage where I break even - not because I can't pick winners, but because when I lose or miss a good entry I tend to make silly revenge trades and give up all my hard earned profits instead of just walking away. Then I justify that by saying to myself that I'm only playing with peanuts. Today is a good example of that
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While developing my method I've read through Trader_Dante's thread, James16 thread and countless articles and forum threads. So far I'd say most of my profitable trades are bounces off of the more significant S/R levels - I draw my levels beforehand and when the price comes withing a few pips of the level I jump in without waiting for any confirmation, then I take my profits around 1:1 R:R and rely on a high strike rate to make profits. Another thing I do is add to sharp moves at a pullback to the nearest s/r level like with USD/CHF today, but with those kind of trades I still need to put some work in refining my entries and management later on.
What else.... I trade off of 15 min charts, but keep an eye on 1h and 4h. I don't use any indicators or moving averages but I do watch price action, mainly to adjust my stops and/or pull trades manually if I anticipate a reversal. I'll also trade the occasional pin bar, but only pins that occur in pullbacks and point to continuation of a trend.
