The Making of an Ichimoku Trader: An Interview with Bryan Wee

By ,
The Making of an Ichimoku Trader: An Interview with Bryan Wee
Bryan Wee is an ichimoku trader based out of Singapore. He regularly blogs about his trades at http://singapore-fx-trader.blogspot.ca/.

Why do you trade forex? What attracted you to the currency trading market rather than other markets (stocks, options, futures, etc)?

I began trading equities in 2002. At that time, forex trading was not very common among retail traders. The only available contract sizes were standard lot, so there were no mini-lots to encourage smaller traders. As more online forex brokers entered the market, they introduced mini lots and forex trading become very appealing. The most attractive feature was being able to self-trade a wide variety of currency pairs through the online platforms. Just like now, these offered high leverage and required only a little start-up capital. This is what initially attracted me to forex trading and they are the reasons I am still trading today.

What were the big mistakes you made and important lessons you learned when you started trading?

I almost never cut my losses where I originally planned to. This takes a long time to learn, but the important lesson is that you should never think you know where the price is heading. You simply can’t predict when price action will against you. By the time you see a reversal, it’s usually too late.

How much capital did you start trading with?

I started with 2000 USD.

What is different about your trading now compared to when you first started?

Trading is very different for me now. I used to get very excited when I first started trading. In fact, trading continued to be very exciting for me for a number of years because I used to trade intraday using 1 minute and 5 minute charting. Now I am a position trader. I primarily use 8 hours charting and I hold my trading position from days to weeks as long the position is making money. I don’t get nearly as excited about trading forex as I did when I first started.

What type of trader are you now?

I am a technical trader who monitors the fundamental economic environment. I use Ichimoku charting techniques. It is a very old charting technique developed by the Japanese. I depend on the charts to provide signals, but I also follow online news sources for fundamental data.

Do you focus on specific currency pairs?

I do not focus on any specific currency pairs. However, I do favor the EUR/USD a bit.

How would you define successful trading?

Successful trading being able to consistently execute the trade according to a plan, from entry to exit, regardless of whether it is profitable or not.

What do you think it takes to be a successful forex trader?

Discipline and courage.

How did you learn about forex trading?

I basically taught myself forex trading using books and online information.

Is there anything you wished you knew before you began? Any advice for those starting out now?

I wish I had known which trading style and what type of trading suited me right from the start. Finding your trading style can take a long time, during which losses usually pile up. For new traders starting out now, I would say be disciplined, have a plan and follow your plan.

Stay on top of the currency markets with our newsletters by subscribing to ForexDictionary's free newsletters.

About Andrew Beattie
Picture of Andrew Beattie

Andrew Beattie has spent most of his career writing, editing and managing financial content as well as more general web site material in all its many forms. He is especially interested in the future of search and the application of analytics to the business world. He has been a long-time contributor to Investopedia.com and is currently venturing forth on ForexDictionary.
 Full Bio