Abstract

Rene Grajeda

The purpose of my project was to log my journey in becoming a profitable gold day trader. I reached my 24 hours of time worked by taking trades under supervision of my mentor and monitoring them their whole duration, backtesting or studying the market for trades I would have taken in the past and did also take with my mentor, and having trading psychology discussions with my mentor. I was given insight on where exactly I should be entering the market and what signals to look out for. My research involved looking at the past of the XAU/USD market on the 15 minute timeframe and looking for opportunities in which my strategy would have worked in the market. I also learned various methods of how to breakout trade in the XAU/USD or gold market and chose the strategy that returned the high profit in a 6 month period. I spent most of my time on the charts. My goal while being on the charts was to study and find out how to make my strategy work best. I performed several activities while on the charts with and without my mentor which included me observing the candlesticks on the chart and how they move. While doing this I observed slow movement which only picked up pace when I was expecting a breakout of the market. Here the candlestick could be unpredictable in movement shooting up or down great values at times. I also monitored different timeframes in which the market would have a breakout meaning great opportunity. I found that trading from 11:00 pm-12:15am provided the most simple and profitable timeframe to trade in. I would greatly recommend to aspiring traders to find a consistent timeframe that is most comfortable for you to trade in. My research paper had showed correlation to my project by researching the best methods to use in trading and then implementing them in my project. I explain what trading is and how it works and then I actually trade in my project. I mainly researched trading strategies which I later implemented and studied over. In my research I learned how trading works to its inner dimensions and how the Foreign Exchange market functions as a whole.