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079 – Trading Forex Volume

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Ep. 79 – Trading Forex Volume


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In this episode:


  • The crypto comp continues, with player “10301703” storming into the lead with a 50% gain in 2 weeks!

  • Owen and Tom are part of the chasing pack, but still up very healthy percentages

  • Nick from Alpha Group is on the show to explain his Forex scalping strategy

  • He uses only two things – volume and price action

  • That’s right – actual live Forex volume data for retail traders!

  • Tom and Owen also talk about the eternal battle between discretion and rules. When is discretion a money maker (or saver!) and when is it just poor trading psychology?


Trader Interview – Nick from Alpha Group – Trading Forex Volume


Nick has managed, in our 79th trader interview, to show us an utterly different way of trading!


We’ve had swing traders, day traders, scalpers, share traders, Forex traders, commodities trend following guys….you name it we’ve had it. But we’ve never had an interview with someone who scalps Forex based on proprietary volume indicators.


It is notoriously difficult to find reliable volume data for Forex, certainly not anything close to being real-time. COT data reports are weekly and only really help long term swing traders who can get a vague idea of market sentiment.


Nick uses proprietary indicators that pull volume data from several ECNs to give a clear picture of the Forex volume being traded at any given time.


Nick’s methodology is built on the proposal that when there are a lot of buy limit orders in the immediate vicinity of price, then price will go up a short time later. Naturally with Sell limit orders the price will go down.


The infrastructure needed to put together the volume and price action indicators that he has created is extensive, and this makes his service very intriguing.


Beyond what Alpha Group itself offers, Nick is clearly an experienced and profitable trader, and his views on price action and volume in the Forex markets make this a fascinating interview.


Listen in and make up your own mind!

Discretion Versus Rules – The Eternal Battle


Maybe it is just weakness, but Owen has recently questioned his trading rigidity. When Cable and CHFAUD recently both bounced off a level for the third time that was just offside from his take profit, he began to wonder if he have should  just pulled the trigger and taken his cash!


Building in this sort of discretion is one of the hardest parts of trading. How much is just fear and greed? How much is a coldly rational decision making based on experience-led technical analysis? It can be very hard to tell, and worse, it is almost impossible to backtest for these sorts of nuances.


Perhaps a forward test for a year with analysis of the discretionary exits versus the ‘rules’ exit prices? Or perhaps Owen should just stick to his system and stop tweaking! Ultimately he’s making money – if it ain’t broke don’t fix it.

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