Advice for new copiers:
For those who are new to trading, or know little about my own personal style of trading, I can tell you that I use one single indicator called Ichimoku Kinko Hyo and I chart all trades using Metatrader. Saying that, I am not solely a technical trader. Of course I will use any other fundamental resource at my disposal, as well as gut feeling and even intuition. Both serve me well.
Throughout 2018, my main focus of attention will continue to be the GBPUSD. I know this pair very well and I have gained the most experience trading it. I also think that trading Sterling offers some great opportunities as the UK tries to negotiate its way out of the EU. Although Ichimoku is a trend based system, I have developed a customised technique that works very well during periods of volatility.
I am not a fan of trading multiple instruments or trading several currency pairs at once. However, there are times when I will hedge pairs against each other. It always amazes me why so many traders split their time and efforts over so many multiple pairs and instruments. I understand that many investors look for diversified accounts to lower their risk. But for me that just increases the risk by increasing the exposure to the probability of an unforeseen event occurring in one or more of those markets.
I am also no advocate of ‘Grid Trading’. But at times I will use a form of grid. But I do this as a trade recovery technique, or when trading several time frames at once. I will sometimes use varying trade sizes and leverage to do this and trades are placed at strategic Multiple Time Frame Supports and high probability reversal zones.
My particular style of trading often means that the account runs a regular draw down. However, stop losses are always used to limit losses. Since I trade using mainly the upper time frames, these stop losses can often seem quite high, but I rarely extend them beyond the 100% pre-set level.
Many new traders seem to slip in to grid trading because it’s simply so easy to do, and it overcomes negative emotions associated with closing a red trade. But be aware, it is highly risky and you are essentially locking in your equity that may never be released, whilst accruing daily charges for keeping trades open.
I consider myself a day trader. But that does not mean I close all my positions each day. One of the many advantages of Ichimoku, is its deliverability over multiple time frames. So I trade multiple time frames to fit trading in with my lifestyle and time availability. Saying that, I do try to take the account flat when I feel it would be beneficial and opportunity exists to do so, especially at weekends.
Being part of the Popular Investor program means that I am subject to a strict code of practice. One must retain a risk of 6 or less, ensure equity levels do not fall below predetermined levels depending on the PI level attained, trade on a regular basis and communicate frequently with the community. All these things are in the best interest of all investors.
However, I will continue to adjust my exposure in an effort to push the boundaries of risk and profitability.
My ultimate goal has always been to be the leading Elite Popular Investor here on the eToro network. Hopefully attracting more new and exciting PI’s and increasing the competitive nature of copy trading.
Wayne Ryan Trading as @goodgoing