Surfing for Profitsand offers and new support and resistance have been set by those
prices. Having that type of conceptual framework, you can then
trade technically. You have to look at the market every day as a
different thing. You have to adjust your game plan every day. You
know, sometimes you do a trade and its really easy and sometimes
it’s very difficult. Like you go to the ocean, one day it’s calm and
beautiful. It has five-foot waves and you’re just surfing. The next
day it’s 20-feet high and disorganized and you can’t even go out.
Then the next day it’s calm again. That’s kind of the way I see
the markets. You really have to just make yourself knowledgeable
about all aspects of it. Then come in and look at what’s going on
and you can formulate an idea based on that and with that idea you
can make your money. In the end we’re here just to make money
for ourselves. That’s why we trade.
Q: Let’s talk about the day-to-day basics. FX is a 24-hour day
market. It has three primary sessions, the Tokyo session, which
begins around 7p.m.East Coast time, the London session, which
starts around 3a.m.East Coast time, and the New York session,
which basically starts around 7:30a.m., maybe 8:00a.m.East Coast
time. How do you manage your trades and what is your typical day
like?
A: I try to trade in the mornings, I’m on the West coast, so I
look at the night before. I look at what’s going to happen tomorrow
based on what numbers are going to be released. It allows me to
gauge when I might want to trade and allows me to pick one point
where I can feel comfortable.
Q: Because you’re on the West Coast and because, obviously,
you trade the primary currency pairs against the dollar, sometimes
there is very important news in the Asia-Pacific currencies which
are the yen and the Australian dollar and the New Zealand dollar.
Sometimes the news can be extremely important on the European
side, and almost always there’s important news on the U.S. side.