Stocks & Commodities V. 22:12 (130, 116): At The Close by Jayanthi Gopalakrishnan
Forex Trading And Technical Indicators
Jeff Hughes is a self-taught technical trader of stocks who recently entered the foreign exchange (forex)
market for the first time. In this Q&A, learn how and why he uses technical analysis to successfully trade the
forex market. Hughes used his technical trading abilities as a first-time entrant into the forex market to win Forex.comís ďWin A MiniĒ trading contest in June 2004. The next contest is scheduled to begin in February 2005.
Q: What motivated you to try trading forex?
A: I think the main reasons were, first, that the markets are open 24 hours a day from Sunday evening to Friday evening, and second, the high degree of margin leverage. But it didnít take me long to realize that the forex markets, more than any other markets Iíd traded to date, adhered to technical levels of support and resistance. This was a highly appealing trait.
Q: What is your trading methodology?
A: The most important thing Iíve learned about trading is that it can be as simple or as complicated as you want it to be. When I first started, I believed that you could not have too much information, but this overcomplicated things for me. I would read everything I could get my hands on. Now I trade my methods using indicators that work for me, and donít worry about what the experts are saying. I am mostly a self-taught technical trader.