The off-exchange trader Tom Bierovic works according to the set of rules produced by him for years, but, besides it, he also shows discretion. His father was the trader at Mid America Exchange, and the Volume drew day and week schedules under agricultural contracts, earning thus for himself pocket money.
«We did not have computers … I purchased evening newspapers and every day learnt the prices for closing», — tells Bierovic. Besides, in the summer I worked in an exchange hall with the father: «I constituted 15-minute intraday histograms, and also expected a simple sliding average on closings of 15-minute sessions for 10 periods. The father worked in the market with the scalping method, but made a bargain only in that direction which I indicated according to 15-minute trends».
After it I had to draw schedules within several years and manually to expect exponential sliding averages, stochastic, RSI, ADX and MACD. But he considers that similar practice is very good for those who studies. He is purely technical trader. As he said, he even «makes conscious efforts that nothing to know about base bases”.”All these bases are summed perfectly up in a current price in the market», — explains Bierovic. – The technical analysis is an applied social psychology. It is simple behavior of crowd – hope, fear and greed ».
Now Bierovic leads trading from the house possessed in suburb Chicago and disposes of “pair millions dollars», naming himself «the sane trader with very specific methodology»: «At me all rules are written down precisely and attentively. So that everybody can work on my system. But if I began to adhere exactly to it I would depart from the habits».
He has developed the concept which he names momentum retracement trading method and which includes «knowledge of a direction and quality of a trend, knowledge of how to measure contr- trend reactions and when a trend again has become stronger, knowledge of that than and how to risk». As to time frameworks, that, according to Bierovic, «I basically lead trading under daily schedules, but I observe market under intraday schedules and I trace the stops within one day».
He also gives the basic attention to the dynamical markets and is not ashamed to profit, selling shares on lifting. As an example of one of the bargains he speaks: «If I enter today I will leave tomorrow when the market comes back to today’s high. I will not begin to undertake the bargain if the market lately does not show a strong trend in one direction … to go in long, the present jerk upwards in the market is necessary to me. I consider that it is important to profit, because the markets select it in 9 cases from 10. I simply try to get precisely at least to 40 % of cases, using a parity of compensation and risk 2 to 1. It is possible to live well on it».
In case you decided to participate in forex trading must start from learning the basics of currency exchange market to make sure you do not experience problems with this industry.
There is another option – you can hire professional traders to do this job for you – read more about forex investment here. Also make sure to search for the knowledge in a good forex book.
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