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Thursday, March 12, 2009

My FOREX Experience

My practice account with FOREXTrader has expired and I'd like to share my experience with you. During the first six trading days, I lost about $19000, but I left my account with a $3611.00 gain. Most of it made using the Elliott Wave. That trade I showed several days ago ended with $3600 profit!

This was an experience that I will cherish. I learned a lot, and honed my skills like no other training could have done. In the FOREX, the market moves very fast. Decisions must be made quickly as the waves unfold. The hardest thing is bailing out when things go sour.

My favorite tools are the Williams Accumulation Distribution, and of course the Elliott Wave with Fibonacci ratios.
The above chart shows what was going on with my technique, and how that worked out for me. In the beginning I attempted to use the Elliott Wave, but I had no idea where we were in the pattern. Looking at historic charts on a monthly time period leaves too much detail out, but once I determined that we were finishing a wave C correction I was able to trade with confidence.
Just look at the difference between trading in the blind and knowing where the market is likely to go. When I got in sync with the pattern I was able to use Fibonacci ratios during retracement, and position reversals were timed with precision and the profits poured in.

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