Carla’s Forex Symphony

Ciao, I’m Carla from Milan. I will turn 40 next week and to be honest I am very excited about it. I will explain in a moment. I am a graphics designer by trade, and I trade forex part-time. I have had a trading account for over 14 years now, but back then a friend of mine was testing some strategies and needed multiple accounts for that. He asked me if I would be willing to help out and I did. The first few years I was essentially clueless about what he was trying to do, but after a while he told me over dinner that he finally accomplished his goal. After he thanked me for my help, if you can call it that, I was curious to ask what exactly he did.

I am not going to mince my words here, I was clueless after two hours of listening about the forex market and strategies to trade. I was happy that my friend was more than excited that he accomplished an entire year of profitability as a forex trader. The money was not much, but it was not the point. The first task was to create a strategy and make sure it works. After dinner it bugged me that there was an entire opportunity out there waiting to be realized from the comfort of my living room and I was clueless. I asked my friend for help and he gladly returned the favor.

Over the next few weeks we spend four days a week, three hours each on a crash course where I learned a lot about the basics of forex trading. It was an exciting topic and the idea that I could earn money part-time was not only intriguing, but also a life boosting and necessary task. I can’t complain about the salary from my job, but I always felt I was a few hundred Euros away from having a great month. On my 30th birthday I started to trade forex on my own after having learned a lot from my friend. He introduced me to his strategy, but pointed out it is always smart to create my own as each trader has a different personality.

It took me a two years to work on my own trading strategy. It basically is my friends trading approach mixed with my own tweaks to make it suitable for me. I wanted to share the basics of this strategy with you guys and hopefully you can tweak it and make it your own trading strategy. Before I start I wanted to share one basic blueprint about forex trading my friend shared with me when I started out. I learned that the right mindset is very important if you want to be long-term successful as a forex trader. I also believe that you need to have a proper trading plan and in order to create one you need to understand some things about trading.

When you start trading forex, keep in mind that over the next ten years you should not think about withdrawing profits unless you start with a significant amount of money. Most new forex traders start with small amounts, my first deposit was only $4,500 which is nothing in the world of financial markets. Once you start it may take you three years to learn how to trade and to create your strategy, another two years to fine-tune it and achieve a stable performance and then five more years to grow your trading account. The last five years are very crucial as building your balance over time will get you where you want to be.

I made my first deposit when I turned 30 which is why I am so excited to turn 40 next week. This means that my ten year period of learning, tweaking and growing my account balance is over. I am looking forward to my monthly withdrawals. Over that period I grew my trading balance from $4,500, which dropped to $2,800, into over $274,000. Now it is large enough to generate the type of monthly returns which allows me to quit my job whenever I want as I make a lot more than my salary every month. The waiting and not withdrawing funds was well worth my time as I can start life new and financial free.

Now, let’s get to my strategy. Each month during the first trading day, I analyze all currency pairs using the MN time-frame. This helps me narrow down which currency pairs I will trade that month, but I don’t want to trade more than five different pairs. I try to have unrelated currency pairs as much as possible. For example the EURUSD, the GBPCHF, the CADJPY and the AUDNZD. This forms the core of my currency pairs whenever possible. After I identified the trend and support/resistance levels using Fibonacci Retracement Levels, I move to the D1 chart and look for entry opportunities using the RSI as well as Harmonic Patterns. I create my own forex symphony.

I only trade according to the trends I analyzed on the MN time-frame. For example if there is a downtrend in the EURUSD, every day I will check the RSI to be above 60 on the D1 chart and if it is then I apply a Harmonic Pattern to look for a short-entry opportunity. I keep an eye out for fundamental releases, but don’t trade them. I just want to make sure my entry will not be distorted by a short-term event. It take some time tweaking it right, but the results have been outstanding for me. I can only recommend that you open your trading account today at PaxForex and try my trading approach. Make a few tweaks if you want and tune it to your liking, the profits will follow your hard work.