1. What are your recommendations on how to trade Forex this summer? What should be the trader's tasks in August? What should we prepare before leaving for holidays?
There is only one thing to do: trade your plan. If a part of your plan is to trade through typically slow market phases, like the summer doll drums then follow your plan. Reduced position size might also be another option should you trade through and expecting a low performance.If as a part of your strategy TESTING it was evident to not trade through typically expected quiet periods, then DON'T break your trading rules. Ultimately trade what your research and tested trading plan tells you to trade.
2. What book do you recommend us to read this summer?
There is only one book to recommend in trading for a variety of help and advice on many areas of trading. It should be read at least 3 times a year minimum: “Reminiscences of a stock operator” by Edwin Lefèvre.3. What should we do when returning to the markets in September and what is your forecast for the major currencies in Q4?
Assuming you have taken a break you should ease yourself back into you're trading routine. After an extended period away from the markets I like to look at what has happened in relation to my strategy and see how it performed while I was away.I consider myself a trader as opposed to an analysts and I stopped trying got figure out where price will go. My strategy takes care of this for me.
If your a trend trader; buy on dips when price goes up and sell on rallies when price goes down. Keep it simple
--
Phil Newton is Developer of Trading Strategies at Trading Strategies.info. He is a self taught trader who has traded Futures, NASDAQ stocks and Forex and now makes his living in this way. [More about Phil Newton]
