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
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.
33:28
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Quick takeaways
- Algo trading requires discipline and avoiding constant re-optimization of strategies.
- Time exits can be effective in forex trading strategies to secure profits and guard against reversals.
Deep dives
Importance of Algo Trading and Trend Following
The podcast episode discusses the importance of algo trading and trend following in trading. The speaker emphasizes that they trade mostly with algorithms and prefer algos that don't require human intervention. They believe in trend following strategies and have developed multiple versions of their algo for trading. They stress the importance of sticking to a strategy and not constantly re-optimizing it. The speaker also shares their experience with trading competitions and how it has changed their mindset and approach to trading.
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