© Likerty
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When did you start trading and what was your motivation?
I got interested in trading right after 2009 began, when the financial crisis hit with full strength here in Lithuania. I had my own business, which gone under and afterwards I could not get a proper job, thus I ended up in FX. I have been trading live a bit more than three years and I started full-time since very beginning. This is due to the fact that I can work on my own schedule and at my own home. Additionally, there is unlimited earnings' potential, ability to participate in something important on a global scale. I believe it is a dream job really.
What currency pairs do you usually trade and what is the reasoning behind your choice?
I trade majors including the Euro, Aussie Dollar, Japanese Yen, Swiss Franc against U.S. Dollar, and gold. I prefer majors due to bigger liquidity=less manipulation=less stop hunts. Moreover, as there is a physical limit of how many different instruments one can closely follow – it is better to stay with majors, logically.
In your opinion, what are the most volatile and predictable pairs at the moment?
Volatility is not equal to predictability. Exotics and Yen cross pairs are volatile, but difficult to trade. To my mind, most predictable are major pairs.
As one of the instruments you trade is AUD/USD, where do you see the currency pair heading in the short term?
The Aussie might continue bearish retracement towards 0.8890 and later bounce in to 0.9180's (maybe 0.9260's later and 0.9450's afterwards). Anyway, before having price action around 0.9180's it is difficult to say from the current stand point. Eventually it will resume its weekly downtrend. Next hurdle bellow the lows is at 0.8460's.
What advice would you give to those traders who have just started out FX trading?
My main advice for newbies would be to drop all the traditional technical analysis tools like trend lines, moving averages, indicators and concentrate on price action. Look for latest bull/bear impulse points (which is not necessarily at the swing/range highs/lows) and try to identify next profit taking point for these impulse (entry) points of the market movers.