TRADING TIPS... 1 Summer 2012 GETTING THE MOST FROM OUR CHARTS... 2 What is your plan... 3 H S I testimonial... 4 Struggling /purpose... 5 ProAct HELPING FOREX TRADERS BECOME SUCCESSFUL IN THE FOREX WWW.PROACTTRADERS.COM focus We exist to provide the finest Forex Charting System in the market. We color code to show MOMENTUM and HARMONY, give clear entry and exit points and unparalleled training resources to learn to TARGET TRADE. Helping you achieve your financial goals New Forex Target Traders We have just finished our latest FXTT group mentorship program. So we want to take just a moment to welcome you to the family. As an FXTT you enjoy ( SIC) a 3 day webinar drinking form the fire hose to start. Then Daily we have a private room where we can discuss potential trades in the NY session BEFORE the Live NY session room. You can join the Beginners class each Monday ( may be boring now) and then Each Monday night we get together in an Advanced or Endeavor class and discuss a new topic, reinforce an old one or just review so that we get the nuances of trading down. Remember it is the ART of Trading not the SCIENCE if trading that we need to get down. If you need a trading buddy ping them during the NY session and see if they are willing to take the time away from their own trading. Also I will do a 1 on 1 with you anytime Welcome to FXTT Trading Tips Every time the market makes a move in one direction it is now heading for the target /slow down of that move. This is why we want to put trades on AFTER a retracement or pullback. This way that counter move is BEHIND US. Sounds simple but, the market does multiple things to accomplish this counter move: triangles, pennants, flags, wedges to name a few. Each of these must be memorized and then look for a fib to turn the counter-trend move. Remember Any move that is trending is going to stop and any move that is NOT trending is going to stop. Greg Michalowski FXDD
Getting the most from our charts Does the H S I really work? SMARTER INVESTING : Most reliable pattern The target and they are uncannily accurate! The Forex trends to a target. Professional traders all know the levels they are trying to get to and actively pursue that target. So should we. The H S I tool is a tool that has historical support and resistance AND Fibonacci ratios built in. Simply find a top or a bottom on a 60 minute or higher chart and click in the direction you are looking to trade to. It will find traders to get to that target. Because they move in waves we can find this waves and use the The reason is HIS and our other that the Big tools to project that Boys are Target same target to us. Traders just like While our risk and us. They use reward ratios are their complicatdifferent du e to our Benjamin ed algorithms to margin size, that Franklin calculate the targets are not eludistance to the sive. In fact they target and then make a trade are smack dab in front of us. based on the Risk for Reward. They ONLY want to put the Use the H S I in conjunction money in it takes to get the with Fibonacci and Previous move going and are counting on support and resistance to find the follow through from other Confluence. A place for everything, everything in its place. What is the Most reliable trading pattern in the world? It is a retracement. Take a 10 min Wild Card Screen and open it up to full size and make sure that you have auto -scaled. Now you have 22 hours of 10 minute candles. Start left to right and count all the candles that did not immediately or eventually retrace in a few hours. Surprised? It is typically only 1-3 candles. So to not plan on a retracement is to not be paying any attention to what the market usually does. Oh sure, occasionally a candle will just take off and never come back but that is the smallest minority of times. So waiting for the retracement is just plain smart. Think of it this way : if you liked the price before the retracement you are going to LOVE the price AFTER the retracement. That retracement pays the spread and now the rest is yours Don t be the Dumb Money Don t click out for 5 Don t trade without stops! Good trading stuff!
To me, there are several steps new traders should go through: Learning to trade (Chart setups, candlestick & chart patterns, etc.) Learning a trade setup that suits you Setting up your trading business. Many traders do not come from a business background and do not really think about the "Business" aspect of trading. Such as: 1) Do I create a corporation? Taxes? Expenses? 2) What are my goals, monetary or other, and how do I go about using trading to obtain my goals. I think new & old traders get too caught up in the make as many pips as I can category and don't really focus on the "Feed my Family First" category Personally, I use the following: I trade $1 per thousand and try for 50 pips per day whether trading 1 pair or multiple pairs to earn my 50 pips. If I do this, I will double my trading account every month. This allows me to withdraw 50% & let my account grow 50%. Even if you start with lets say a $500 account, well you adjust accordingly and trade 50 cents per trade until your account grows enough to trade $1 per thousand. It does not take long, only 6 months to grow a $500 account to $32k and now your making $16k a month and still growing your account by 50%! I just think traders get too focused on "making pips" and not enough on "How do I get to where I'm a full time trader. Setting goals to reach every day is just a important as making pips. Some days you make a bucket full of pips and some days you don't, that's trading. But to me, having a business plan on how to reach your goals is just as important as making pips. I know you teach this in FXTT but I still think traders do not put enough emphasis on "How many pips do I need to make today to reach my goal" Make your pips, don't over trade and once you reach your daily limit of pips, either lock them in and let it run or close all trades out and your done for today. Once traders start seeing their accounts building and see that they can make a living trading full time, I believe it becomes real to them. Scott, you are a great teacher, my trading success has been wonderful but I didn't really take it serious until I put a business plan in place and started trading for my business instead of pips. In Business, you have to make money to survive and the same with trading. If you're not following a plan, making money then you're on a path for failure as a trader. I just want to see other traders become successful at trading and have a detailed business plan to follow is a key factor in their trading success. I am not a very good wordsmith, but Hopefully I conveyed my desire to help other traders in a many you can understand. Just a suggestion, hope you found it helpful.
- A man who carries a cat by the tail learns something he can learn in no other way. Mark Twain A mind that is stretched by a new experience can never go back to its old dimensions. Oliver Wendell Holmes, Jr.
Struggling for a purpose - - -