Desire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders

355: He Makes A Living Algo Trading in Forex - Scott Welsh (@swelsh66)

Jun 20, 2022
Guest
Scott Welsh
Scott Welsh, a full-time algo trader, shares his best tips on algo trading including the importance of continuous optimization, focusing on specific instruments and strategies, the role of coding in trading, and a profitable forex trading strategy involving the RSI indicator. He also discusses the mindset of trading algorithms and the frustrations of reversals.
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ADVICE

Automated Algo Trading

  • Automate trading strategies completely, without human intervention.
  • Focus time elsewhere if using algos.
INSIGHT

Trend Following for Consistent Profits

  • Trend following, particularly buying breakouts, offers consistent profit potential.
  • Focus on risk-reward ratio, not win percentage.
ANECDOTE

System Development and FIFO

  • Scott developed a successful trading system in 2019, which he still uses, with multiple versions.
  • He regrets not trading all versions concurrently due to FIFO limitations in the US.
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