Jaime Singson has been a currency trader for more than 3 years. He recently became a forex investment manager with Gain Capital-Forex.com UK Limited.
He is awaiting graduation for his Diploma in Real Estate Management to be awarded by De La Salle College of Saint Benilde. Jaime also has a Master's Degree in Development Economics (2003) from the University of the Philippines-Diliman, and a Bachelor's Degree in Economics from De La Salle University-Manila.
His previous work experience include research in the Macroeconomics and Fiscal Policy Sector at the Congressional Planning and Budget Department of the House of Representatives (Philippines); and as an Earnings Analyst in Thomson Financial, where he covered the stock markets of some Asian countries.
Here some views he shared in FX Club Manila forum:
Hi Elmer, Jaime Singson is a full time trader. Jaime, I'm sure you'd be more than willing to share your knowledge to Elmer in the forum.
Elmer,Mark, et. al.
I tried to answer this yesterday three times, but I end up deleting them. It's actually hard to respond; nonetheless, here it goes.
I'm a full time trader, but not "trading for a living" yet. I'm still growing my account and have made just 1 withdrawal. I was able to grow my account from USD400 to USD4,200 in less than 5 months because I was monitoring the markets more than 12 hours a day. I even make entry orders (with stops and limits of course) overnight and over the weekend to make sure that I catch the action. It has been a LABOR OF LOVE.
Before I answer the question of how I do it, here is a briefer on problems and advantages of full time trading early on your forex career.
PROBLEMS
You get exposed to boredom and impatience exponentially. If you don't know how to handle these, you will make the mistake of "trading just for the sake of trading". Compare that to someone who has other businesses or work to divide his attention. If the person sees that the markets are not offering good set-ups, he doesn't have to be bored and impatient because his attention is diverted to other activities.
If you succumb to boredom and impatience, you will be making unnecessary trades that will make you lose money. You might also "see things that are not there" that will again cause you to trade unnecessarily.
ADVANTAGES
On the other hand, your exponential exposure to boredom and impatience early in your trading career will quickly toughen and make you mature much faster than our peers. Because you are also bombarded with different market conditions, you will be more flexible in terms of solving new problems that may arise.
How I do it?
1. I minimize boredom and impatience by meditating 2x a day, watching tv and dvd, surfing the internet, reading books and attending organizational activities after I SCAN THE CHARTS (take note: not during scanning the charts). I am a 2nd degree Mason and secretary of a toastmasters club.
2. I always keep in mind that a "no good set-up is a no trade".
3. I have 2 kinds of trade set-ups that are not compatible with each other. The first one is based on fibonacci retracements, while the second is based on volatility breakouts. I'm working on a 3rd set-up now. The reason why I have many set-ups is to make sure that I can trade on changing market conditions. One set-up may not work for weeks at a time. These keep me flexible and minimizes being sidelined "because there is no set-up".
I hope these can help.
Jaime
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