Longer-term strategies are more important than day trading, especially in the Forex market.
Breakout strategies, particularly on yen pairs, with stop-and-reverse techniques can be effective in capturing trends.
Deep dives
Key Points from the Podcast
1. Jared Goodwin, also known as the Transparent Trader, discusses his trading journey and the strategies he has developed over the past eight years.
2. Goodwin emphasizes the importance of focusing on longer-term strategies rather than day trading, particularly in the Forex market.
3. He highlights the effectiveness of breakout strategies, particularly on yen pairs, with stop-and-reverse techniques to capture trends.
4. Goodwin stresses the need for thorough testing and robustness in strategy development, including using out-of-sample data.
Recommended Resource
Jared highly recommends the book 'Entry and Exit Confessions of a Champion Trader' by Kevin Davey. The book offers 52 entry and exit ideas for trading strategies, including equity curves and code examples for TradeStation and MultiCharts.
Advice for Traders
Goodwin advises traders to determine the type of trader they want to be and seek proper education from experienced professionals. He also recommends avoiding short-term strategies and focusing on understanding and testing longer-term price action patterns.
Contact Information
Listeners can find Jared Goodwin, the Transparent Trader, on YouTube under the same name. His website, thetransparenttrader.com, also provides additional information, but most of his content is on his YouTube channel.