Chapter 1 – How, Why, and When?

When I first started trading Forex, it had never occurred to me to ask these questions. I mean, why would I? The whole Forex educational world (as I understood at the time) was focused primarily on Technical Analysis; some were based on Fibonacci, some on MACD and/or Slow Stochastic, or a combination of technical indicators with different proprietary settings. Seems like the answer to the holy grail of trading lies in the right combination of indicators (at least that was what I thought.)

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I still remember the few beginning months of trading; I must have spent over 16 hours a day, 5 days a week, doing an average of 24 trades per day. It was more exciting than profitable, as I quickly went through my live accounts one by one, margining them out and re-funding them, falling in this vicious cycle that many beginner traders seem to find themselves eventually in, unable to get away…

Then, it must’ve been the fourth or fifth time that I re-funded my account, I began to lose faith in my trading methods; I started to question whether or not these strategies were even supposed to work? I went to my mentor, and despite of spending even more time and energy in learning and re-learning the same methods, I realized that everything I have learned up to this point is completely, for lack of a better word, ambiguous. What I have learned was practically based on discretion, (which was designed like that on purpose,) so that anyone who teaches it could interpret either or both ways. In other words, there is no wrong answer…

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Then almost by luck, I stumbled onto someone who trades fundamentals, which at the time seemed sort of “taboo” for technical analysts. You might have heard this: “You show me an economic news release, and I will show you a chart pattern”, which was the mentality of many technical traders at the time, and it was generally believed whether or not one pays attention to the news releases, the results were going to be the same. That was the same half-truth I was fed with learning Forex…

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About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

Comments

  1. hi, how many pips do you get a month ? and have you lose until using news trading ?

  2. John Anthony says:

    Can i get perfect results by trading the news of high impact currency

    • Hi John, nobody can guarantee perfect results; but usually when a high impact news hits our tradable deviation, the market moves on the direction of the news (if no other news or event conflicts).

  3. Hi Kelvin,
    I have been following your news alert for the past three months and i must say that i would like to fully concentrate on only your system of trading. my major constraint is that i could not get the CNT EA installed on my platform forextimeMT4, i will really need your assistance.

    Thanks for your response.

  4. luis urquieta gomez says:

    thanks a lot Mr. Kelvin and Mr. Henry Liu, eversince i found you on the web, i have been able to mke money out of high impact economic releases with your pullback strategy , like the last one with the nfp coming out a lot lower than expected, thanks a lot indeed, just one little question, from your videotutorials I can see that you are getting up-to-the-second audio reports(i actually get them a little late from forexfactory.com) , so how can i have access to those kind of reports, is there forexradio or someting similar?

  5. Hi Mr. Kelvin, After I got loss in forex, I started googling where i found Mr. henry and u. though i followed u partially , i failed as i did not follow ur guidelines completely….Now i am following u completely getting nice results Alhamdullilah…But I don’t know about Technical analysis at all…Plz help me in knowing technical analysis deeply.

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