I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com.
I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money.
I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.
My first trade based on a purely Technical view (i.e. without considering any fundamental analysis) was in early 2001 when the UK equity index, FTSE, broke a long-term support level. Many economists believed the market would continue rising, but the chart painted a different picture. After the support level broke (and the same level was subsequently tested as a resistance), I shorted the FTSE futures contract and watched the market fall. It was a fantastic validation of my understanding of Technical Analysis principles, and I loved that I could profit against the majority view of the market.
Fast forward some years, and after acquiring a few grey hairs, I’ve spent a career in consulting (non-market related) paralleled with trading (over that time, I have traded full-time for more than seven years).
I’ve met some great people along the way and was lucky enough to deliver presentations at the Las Vegas and Toronto MoneyShow events on behalf of DailyForex.
Today, I trade seven major Forex pairs and some futures contracts, including the S&P 500, Russel, Natural Gas and Crude Oil.
The one piece of advice I always impart upon traders is to treat it like a business. Have the level of accountability and discipline you would in any profession. When applied to trading, that means developing a method to identify your trades or learning a method from someone else. Manage your risk. Record your progress. Find your mistakes and correct them.
And decide you want to be very, very good.
The city of Toronto is my home. If you’re nearby, hit me up for a coffee anytime.
Islamic financial principles govern every aspect of commercial transactions, including Forex trading. As such, many Forex brokers offer “Islamic accounts,” also known as “swap-free accounts,” specifically designed to comply with Islamic finance.
Telegram has become one of the most popular platforms to receive trading signals. There are hundreds, if not thousands, of Forex signal providers on Telegram, and as you can imagine, their quality varies greatly.
Forex trading signals are real-time notifications that indicate when to buy or sell a currency pair, often including entry price, stop loss, and take profit levels. Traders use Forex signals for a variety of reasons - to help them become profitable more quickly, or because they do not have time to monitor the markets, or to supplement their own analysis.
I have seen many trading concepts and tools over the years become popular and then fade away, from indicators and strategies to software for finding profitable trades. They all seem to be trying to view the markets in a new way and promise something we haven’t seen before. However, supply-and-demand trading has been around for more than a century. It is a concept that will continue to exist for many years because it lies at the foundation of price movements, unlike indicators or other tools derived from price.
Go one step beyond the traditional engulfing candlestick reversal signal, by learning how to use a more common but little-known “smart engulfing” trade set up.
I always recommend that traders backtest their strategies. AI platforms now make this much easier by writing code and generally speeding up the process. I’ve spoken to many traders who tell me they never back-tested before AI arrived on the scene.
Unfortunately, most industry professionals estimate that more than 80% of new traders lose money before achieving consistent results, and some give up entirely before seeing profits. Is trading impossible or a scam? I don’t believe so.
Do I want someone else to trade my account, without my having to do any work? If so, I have three methods as a retail trader to get that done: PAMM accounts, MAM accounts, and copy trading. They all have the same goal: allowing a professional money manager or trader to execute trades on my behalf. I benefit from their results without having to do anything.
One of the primary decisions in investing is whether to be a passive investor, an active investor, or a combination of both. The chosen path will impact performance, the time spent managing money, and even the level of stress involved in the process. This is not a decision solely for new investors. Even experienced investors should periodically reevaluate whether their choice is still the best option to suit their requirements.
I’ll get right to the point: retail Forex is alive and kicking. It has plenty to offer retail traders of all experience levels, account sizes, and trading styles. I believe it will continue to do so for many generations to come. I will lay out my case for why I believe all traders should consider trading Forex.
Artificial Intelligence has now entered retail trading with publicly available AI tools. Traders can use AI tools to save time, replace coding skills, or discover new trading ideas. This is an excellent development for independent day traders, as it suddenly opens the door to a whole new world of analysis and trading that previously required specialized programming, knowledge, or computing power, usually available only to institutional traders.
Copy trading is more popular than ever amongst new and experienced traders because it has the potential to fast-track the path to achieving trading profits. The focus of this article is twofold: firstly, to understand how copy trading works, and secondly, to identify the conditions necessary for it to align with Islamic financial principles and be halal.
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