February 23, 2015

Luay Afouneh: The short-term picture for gold is improving

Better late than never – here’s an interview with TradingView’s All-Time top authors, Luay Afouneh (Technician). Read and and follow him on TradingView!

Luay Afouneh, a.k.a Technician among the circles of TradingView.com, is one of the professional traders and distinct experts on online trading community. He recently spoke to Gita Evele, Exante’s PR Manager, to discuss how he uses technical analysis for his trading and what kind of a picture do his charts paint for gold.

How long have you been trading and what was your motivation to start on the first place?

I was initially introduced to the financial markets in general and, in particular, to Forex 12 years ago. Like any newbie with lack of sufficient knowledge and experience I was taken by the idea of making some good money in a matter of minutes. I was attached, started looking and trying before figuring out that trading is just like any job that requires skill, patience and dedication of hard work. I spent the first years learning and reading everything I can get my hands on about trading, spending most of my days staring at the charts.

Being a trader who primarily uses technical analysis for investment decisions, what to your mind makes it the best predictor of future movements?

To be honest, there is a big difference between trading and forecasting. I personally do not try to forecast the market. In fact, to my mind, that is the biggest mistake most traders make, because you will simply fail when you attempt to predict where the market is heading at any and every certain point. The primary reason for it is the fact that I do not believe there is actually a tool that can do it all the time. It is very difficult to get yourself unattached to this idea. Trying to always guess what will happen next is a recipe for failure, being able to get yourself out of the “constantly forecasting” losing game is the main step towards success.
When it comes to trading my main goal is to make a profit and I do not care about forecasting. What I do is I wait for some sufficient signals or a confluence of technical tools, spot situations in the market that might be high-probability. Therefore, I do not predict when trading, I anticipate the right conditions to make a trade.

READ MORE… Full interview with Luay is available on Exante’s website.

If case you have missed some of our previous interviews, they are all available on our website: Tim West Part 1 and Part 2, Uri Landesman, Hendrik Klein, Giovanni Pozzi.