I have had no practical experience trading forex. My first introduction to the art of forex trading was through the Forex Factory forums. It was there I learned how to read a chart and some of the basic fundamentals that drive currency fluctuations. Being of an analytical mind I was drawn most to technical analysis and specifically to a thread started by a member there named James16.
James16 proposed a very simple method of trading currencies based on the writings of Martin Pring. He called the basic trading setup a pinbar (short for Pinocchio bar). Basically the chart has two eyes and a long protruding “nose”. The nose is there to let you know that the market is lying to you about its direction, hence the name Pinocchio.
This thread was already very long when I read it some 2 years ago. At that time I spent 2 weeks and read the entire thread. Unfortunately I never followed through on the teachings, due to a very busy work schedule. It stayed in my mind however and since my circumstances have recently changed I now have an abundance of time to more fully investigate and test the proposed set ups that were written about by James16.
Experienced traders may not be interested in my writings as they come from a very basic and untested background. On the other hand, they may find that I struggle with some of the same flaws that have been plaguing their own trading. Beginning traders should certainly find some useful information here as forex is a fairly in depth subject with many questions to be answered and many new things to learn. In either case I hope to at least entertain with my foray into the currency trading pits.
Welcome to my Forex Experience. You can look forward to updates on my own progress, reviews of online forex brokers, forex tools for your use and many other forex related articles. If you have any questions please feel free to shoot me an email and I will do my best to answer.
Steve
