Millionaire Traderstherefore it is not advisable to get in the way of that in a short-
term. However, in the longer term, it doesn’t tend to trend for
long periods of time very much and isn’t susceptible to the type of
analysis that I do on the longer term for other currency pairs and it
therefore simply does not test well for me in the longer term. So,
if it breaks out of a recent level of support or resistance that’s been
intact for a couple of days, it’s far less likely to stop very quickly
like the euro/U.S. dollar or even the British pound/U.S. dollar to
a certain extent. I attribute that to the fact that its not as heavily
traded, there’s not as many people waiting for it to get to certain
level and so it is sort of off the radar or not really paid attention to.
Q: You’ve talked a lot about these systems that you’re trading.
Do you typically have your favorite system for the week that you’re
trading or are there a some systems that only give a few signals every
so often, and that’s why you’re okay with trading multiple systems
at one time? How do you manage that, because there are so many
different indicators out there and there’s so many different ways
that people could trade, potentially creating a lot of counteracting
signals?
A: I’ll only really focus on two different strategies at the same
time. That is, I’ll have two strategies that I’m willing to trade and
one strategy at least that’s sort of in the laboratory being ready to
replace a strategy that I’m no longer comfortable with for a variety
of reasons. I might be bored with it. My schedule might not be able
to accommodate that strategy any longer. Or, quite frankly, it might
not be profitable any longer. It might have gone outside of the
statistical deviation of where it’s supposed to be producing results.
My short-term system on any given currency pair like the
euro/Canadian dollar will produce anywhere between 5 and 10
trades per week that last anywhere from 15 minutes to 12 to 18
hours at the very most on the far outside of the bell curve.
Then on the longer term I’ll really only be opening trades two
or three times a week at the very most. Those are generally going
to be on the British pound/U.S. dollar or the U.S. dollar/Swiss
franc or maybe even the Canadian dollar/Japanese yen currency