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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volunteer_activism ADVICE
Instrument Selection and Diversification
Focus on trading a few instruments with strong trends.
Diversification through multiple systems on select instruments is preferable to trading numerous weak trending assets.
volunteer_activism ADVICE
Performance Review and Patience
Review algo performance monthly and annually to ensure alignment with long-term goals.
Trend following requires patience, as losing years are normal and don't necessitate immediate changes.
volunteer_activism ADVICE
Finding Algo Strategies
Explore trading books, magazines, and trend following resources for strategy ideas.
Test and code breakouts with wide profit targets.
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In episode 355 of the Desire To Trade Podcast, Etienne sits down with Scott Welsh, a full-time algo trader. Scott trades automated trading strategies for a living. You'll learn his best tips on algo trading and how you can start trading algorithms yourself.
Desire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders