Millionaire Traders

(Greg DeLong) #1
Rags to Riches

Q: Is there a reason for that?


A: Yes, I’ve burnt my hands on it a couple times. I think it is
because the price action can be a bit too wild for me on occasion.


Q: Do you ever trade the crosses?


A: No, not at all. About a month ago, I created a system for trading
the British pound/U.S. dollar currency pair and that system is
working phenomenally well for me. So I’m actually at the moment
only trading the pound. I also have a system that trades silver as
well. So I focus on those two exclusively right now.


Q: Can you describe how you start your typical day? Do you just
survey charts or do you check the calendar first?


A: At around 7a.m., the first thing I will do is look at the news to
see if there are any major releases to be careful of that day. If it’s a
very quiet day, the first signal normally appears within the first two
hours. I’m trading on a system or model, so I’ve got a little alert
that notifies me when the trade sets up. As soon as the alert rings, I
enter the trade, I set my profit and I set a stop-loss, and after that,
I just forget about it.


Q: So you actually set your target for 10 pips.


A: That’s right, yes. Since I have a system to see how my trades
are progressing. If I am up six or seven pips, then I’ll look at
the indicators again. Should I feel that this trade is going to turn
against me, for whatever reason, then I would close it out for the
profit. Once I’ve reached 10 pips profit, I also close the trade even
if the indicators are indicating that the price may still go in my
favor.

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