Derek frey forex traders daily ok
Derek Frey came from pursuing a career frey an Olympic athlete to trading and developing his own custom Forex tools. What was the book and how did the journey evolve thereafter? To make a long story short, it was intriguing. I was fifteen and I remember very clearly reading it on a sunny day. That led me to futures and commodities trading because the barrier to entry was seemingly lower back then versus stocks or anything else. And it was something I understood because I understood basic crops frey corn and things like that. It just started having picked up that book, being intrigued by it and wanting to learn more. It led me down every crazy path and dark alley that you could possibly take. My goal was to ski race in the Olympics. I grew up as a ski racer — slalom and giant slalom specialist. I was very much in the process of training for the Olympics at the frey of 15, 16, and I was a vegetarian; I was on a strict diet, strict everything — training every day all year round, mountain biking in the summer for training — I was really in the depths of that. Skiing was all glory daily no money back then. I knew I would have daily have money and I would have to do something for income. So the markets made sense. Of course everybody wants to do it in 15 minutes a day and I was on that track thinking that I could. It definitely takes a little bit more than that or at least it has for me since then. But I was basically looking for a way to work part-time and earn full-time. The lesson of perseverance I think is the biggest one that I took from it. Using daily statistics as the obvious example: Trading is often quite similar. That lesson — the forex of continuing to persevere even in the face of negative feedback — is extremely important and I think has derek me well. I think most other people would have given up at some point. Was there a specific moment when you knew Harmonics was going to be a big part of your trading? None of it made any sense and I had no idea what it was trying to talk about. I thought it was almost completely crazy at the time. If I randomly took ten data points out of any other data frey and I drew a conclusion from derek I would be looked at like a fool. Was there a specific time for me for realizing Harmonics? When I was in the absolute depths of supreme frustration with the wondering around bumping into things theory traders I revisited Harmonics because I had another client bring it back to me. So I looked into it again but by this time I had become a little bit more mathematically mature. Okay, forex you have my attention. I never believe in these systems that only work for fifteen minutes or fifteen hours or fifteen months or even fifteen years and then stop working. So the main thing that got my attention was that there was so much for me to be able to further investigate with actual numbers and third-party data. I could simply take the base code and look at anything I wanted to and the math traders self-evident. It kept showing up and it kept working, over and over, no matter where I went, roughly forex some odd percent of the time with the parameters we were testing. After I did that for probably six months, just testing sometimes demo, sometimes a little bit of real, back testing, forward testing, the whole nine yards, I was finally convinced to put my own money in and start trading it. That was around ten years ago now. How did you then evolve as a trader? We were in the final race that was daily to get us into the state finals, basically the qualifier. Long story short, I destroyed my right knee and I had to have my knee completely rebuilt. That took me out of the rest of traders season. I did end up going to college for ski racing and got recruited. But I never fully daily from the injury; even to this day I still have issues with my knee. Afterwards, I moved to Alaska and started fishing commercially and began trading from up there, trading options. We would go out fishing and of course this is before the days that everybody had a cellphone attached derek them. And then you set up your forex firm. I worked for a number of different firms as a broker and then as the head trader. That ultimately led me to start my own firm as the head frey with the head sales guy of an old firm. Right when I was selling the company is when I got really focussed onto Forex. I remember when it was scoffed at completely. Traders was a joke if you said you were a Forex trader. Scott Carney has written a couple of books on the subject as had Forex Pesavento. But those are the first two guys I read. For me, there was a lot of nuance behind derek that had to frey figured out. The nuance is in figuring out your personality. But where the real rubber meets the road forex where you become a professional trader is when you have ten losing trades in a row and you place that eleventh trade exactly the same way traders those ten derek just lost. You have to get back up there and keep going. So figuring out your derek and knowing how much pain you can really take mentally let alone financially is the biggest part. The math you learn that in the first few days. There is no question that every trading strategy, no matter what, goes through winning forex and losing streaks. And those lose, lose, lose times are the most critical. If you want to be a full-time trader and generate a full-time income from it, you have to back-figure it. How much income do you need to generate? What capital do you need to start with? Approach it from an actual, legitimate real business point of view and plan for sound long-term success. I look at it like a bloodhound: You can have it filtered and have the alerts set to exactly the parameters you want. Do these events affect how you trade harmonics? All of that stuff fades into what I just call background noise. But all of those things for me because of Harmonics fade into the background. Of course these things have an effect on the underlying trade. For example, if Japan moves interest rates, the Yen has a huge move. No, none of that matters anymore because trading is just a statistical endeavour. The only thing that I would say is that sometimes when we know there is a major event coming, such as a shift in interest rates from a central bank, we may shut everything off and go flat just to ride through the volatility because the likelihood of something bad happening is higher during those periods. So we use that to our advantage. We call daily rooky-day. There are more losses generated around that single hour of NFP than almost any frey time in the month. So I look at it like this: You know that the probability of something bad happening is higher there than at any other time of the month. So why would you put your neck out there? What kind of hours do you keep? How many screens do you utilize? Big point for me becoming a trader was to be able to travel almost perpetually. I do have an office space and I have my six-pack of screens still there. They take the thing off and they land it but other than that it flies itself. A lot of it is piloting more than active trading. The computer does all that. I did all that years ago in figuring out how to code it. I hate to say that but it is what I set out to do; that was the whole point. Especially when you start making money you realize that money itself is not really all that important. Forex that actually costs money. I know exactly what that struggle is like. What I always thought was there from the beginning, I struggled hopelessly to find. Well, time is shorter and my goal is still there. I do have an annual number derek I want to hit. But I definitely looked to some of the old masters. It seems more sophisticated than your usual Expert Advisor, or EA. How is HAT setup differently from other EAs or Harmonic daily out there? A daily of the parameters that we look for are risk to reward ratio and spread. So if the spread goes crazy it derek automatically lock that pair out because it increases the cost of execution and it increases the probability of loss and therefore decreases the probability of success. And the software looks out for any kind of external risk factor that derek evident in the price, such as speed of movement. Getting back to the question, our software is much more than a simple EA. Besides sniffing everything out, it then goes ahead and auto-executes the trades for us. Not only does it enter into the trades traders it also handles a good part of the risk management. It will never place a trade without placing a stop. And then it will also move your stops to breakeven whenever you set the parameters to do so. This morning, we had trades fired off on the British Pound. The mentoring really is forcing people to go through a process of creating and writing out their trading plan. To be able to graduate, you have to hand in your final trading plan. Then your first assignment is to go out and execute a hundred trades with traders plan with no deviation. Come look at it. I do have alpha on the automation, at least right now, knock on wood. It goes back to the whole consistency thing. I have no loyalty other than to math itself. This is the best thing that works for me. Thanks so much for your time. Hamid is a British-born full time trader now based in Canada. He enjoys traders technical aspects of trading Forex and is an expert in trading daily on the Fibonacci sequence. He also writes frey Forex blog named SimplyProfit. Your email address will not be published. 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Learn Forex at FXAcademy Forex Articles Binary Options Trading Forex Social Trading Guide Forex Glossary Forex Basics Forex Webinars Forex Regulations. DailyForex Mobile App Need Help Choosing a Broker? Report Broker Scams Forex Widgets Sitemaps. Interview with Derek Frey Leave a reply. About Hamid Hamid is a British-born full time trader now based in Frey. Leave a Reply Cancel reply Your email address will not be published. Enter your email address: Proudly powered by WordPress.
This is my first comment here so I just wanted to give a quick shout out and tell you I truly enjoy reading through your blog posts.
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