Showdown at the FX Corral

This blog is a resumption of a journal I initially started elsewhere, the intention of which has been to record my progress toward becoming a professional trader.

I have been working at this for quite a while -- at times in a fruitless, directionless kind of flailing about, but more recently in an organized, more scientific process, which is starting to yield some results.

The more useful course has been guided by the writings and always helpful advice of DbPhoenix. I would commend anyone reading this blog to take some time to read his blog (for starters, and I also recommend his eBook highly).

At this point, I am not an active trader -- at least not in the sense of trading "real money". Instead, I am paper trading one single, well-defined setup in one market (the EUR/USD spot market) within some very tight time constraints. Since I work a full time job, I cannot spend a great deal of time following the market in real time, so instead I get up in the middle of the night to trade the market open for two hours and then go back to bed. More details on my current activities as I go along.

The paper trading that I'm doing is actually the culmination of a long process of learning about trading, defining what I consider to be the important events and structure of the market, and finally carefully defining my current setup. There have been quite a few step along the way. (I should add here, that the process need not take as long as it has taken me, but I evidently felt the need to look down every blind alley along the way!)

I trade by price alone -- no indicators! And while I trade in the spot market, no volume either. If I eventually move to the EURUSD futures market, as I now intend, then I will add volume to my trading toolbox.

So that's it for now. I'm glad to be here.