EFFECTIVE DATE: 24th June 2019:
I am initially a FUNDAMENTAL TRADER. I have shown you how I communicate my trade set ups and communicate in general with my subscribers.
BUT – what about my trading styles.
I am basically a SWING to POSITION trader, as mentioned, I take a longer-term view on potential moves, this removes the minute by minute “noise” from my daily activity.
I trade with a TRADE PLAN which, covers my approach to entry and exit strategies and it also embraces my TRADE STYLES.
At the moment within my TRADE PLAN I am managing three distinct TRADE STYLES:
- SWING TO POSITION TRADES:
These are my standard high probability trades based on my longer-term fundamentals. They start as SWING STYLE trades and hopefully progress into POSITION trades.
My average STOP with these trades is based on the WEEKLY to MONTHLY to ATR (Average True Range) levels.
My LIMIT tends to be based upon previous lows connected to Fibonacci levels or trend line support.
- BREXIT TRADES:
I initially thought that these trades would be around for about 12 months or so. Three years on and I am still trading the GBP related pairs a special way.
My set ups are based on a very long term view, very wide STOPS to cope with any market moving spikes or dips in price and LIMITS are set at my position one goals should there be a BREXIT deal concluded and the GBP then moves back to fair value.
I have my profits on these trades limited until a BREXIT deal is completed to 50-150 pips no more. They are more opportunist trades and a feature is that they are mainly under-water trades waiting on RIPS to sell into to exit.
From a position / trade size they are very small sized trades.
I was going to stop them earlier this year but I am now so used to letting them sit in a separate broker account I am happy to watch them drift one way then another and take my $$$ when the opportunity arrives.
What I thought would be a 12 month addition to my TRADE PLAN as a maximum, looks like it could be a 2 to 3 year addition.
- CORE POSITION TRADES:
Since I started with my subscription service in 2014, I have always been looking to fill a void that no other service provider filled.
I am referring to trades that would in the main meet the needs of PART-TIME traders or those traders who can only access their broker screens on a limited basis each day because of working conditions.
My CORE POSITION trades are aimed at 3 to 6 month trades. They are small position sized trades with wide stops based on MONTHLY ATR levels. The aim to have multi-positions as the trade gathers traction in my direction.
So, even though I am a FUNDAMENTAL TRADER with a SWING to POSITION STYLE approach I am offering different types of trades for different types of FX traders.
Scott Pickering
The Pip Accumulator
24th June 2019