Expert: Robert Firestone, Analyst & CTA at Alaron
Who is Robert Firestone?
Robert is a broker with Alaron Trading. As a broker he has spent the last four years working with individual traders to improve their trading skills and strategies. Currently he teaches several classes a week for commoditytradingschool.com & sister site fxtradingschool.com covering topics from the basics to technical analysis and system trading.
In the last 10 weeks I have spent 3 of my weekends at trader expositions. I have been to so many of these things in my career I have lost count. But it never fails to amaze me how much people are willing to pay for the promise of magic beans. One gentleman I spoke with had spent over $60,000 on classes. When asked how his trading was going the response was not inspiring.
I am going to let you in on the secret about trading. There is no secret to trading, no magic indicator or settings for an indicator. Trading is about momentum!
If you are long the Euro the only way to make money on the trade is for the price to go up. Logically if the market is falling the momentum is down. With that in mind does it make sense to buy a falling market? Not really. The basic idea works regardless of what time frame you are trading on or what market you are in. Momentum is the king of the market failing to trade with momentum is trading to fail.