Build Your Forex Trade Like a Best-Selling Author…

…or a Hollywood Blockbuster

(There is a formula.)

I went back recently to my old trading journals (and there’s over two decades of them) and reviewed how I used to build trading set ups 20+ years ago and how I do it now. While certainly some details and tools have changed (I used to plot my charts and indicators by hand then!)…the one thing that remained the same was the way I told my trade’s story.

Even now I discuss the “Individual Currency Story” or “ICS” in my chat room each morning.

Every trade has a narrative.

The trades that we take have a story that we can wrap our head around and then prove with price.

That’s how I still build my trades today: Like a story. Three acts, seven point. Worked for Shakespeare. Good enough for me.

This point was driven home by a recent Carl Ichan interview I watched on CNBC. Each of the stocks he owned had a story. It wasn’t just his story but the story of the company, how he got interested, why he chose to buy it, why he still holds it today…or not.

Questions? Comments. Leave them here at the blog!

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  • I’m just old school. Like you I’ve been trading for quite some time over 26 years and one thing has served me well. Trading Naked, not in the sense of being naked without clothes, but naked in terms of trading Naked with Price Action. No need to reinvent the wheel or using lagging Indicators, Oscillators, EA’s, Moving Averages or other thingamajigs. Trading purely trading what I physically see on the charts. The good thing is that I don’t have to be a Super Hero and try to predict the Forex Market. I simply wait and do what a Naked Traders does best, and that is REACT to the Market. The best Offense is a GREAT defense.

    However, I do agree going back and re-reading your journals is so exciting and a great learning experience and if you’re a decent Forex Trading you too should be able to evaluate your growth experience.

    Thanks for the reminders. May the word to the wise be sufficient. Have a magnificent day on PURPOSE!

    Happy Trading in 2016!
    FXALTareeq

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