1. Buy and sell on breakouts. I teach this in the 1 on 1 training, and I do it myself.
2. Stop trying to make $8 million on every trade.
3. Set a 10-pip limit only. Exit the trade at 10. Exit the trade at 10. Stops are set based on market conditions, but are always set.
4. Goal: + 10 pips every day.
5. If I earn more than 10 pips on a trade because the trade moves so fast in my direction, I can set my stop to protect the 10 and then go for more. I like to teach traders to just start going for 10. There are advanced strategies that go for more than 10, but we just start here.
6. There is no ‘makeup’ strategy. If I take a loss, then I’m just trying to end up with a 10 pip gain for the day. If I can’t get it, then I don’t try for 20 the next day, or whatever. I can keep trying for the 10 pips gain as long as I haven’t lost more than 5% of my capital.
7. Time: I can trade for 5 hours per day, meaning I can have the trading platforms open and sit at my computer for a max of 5 hours per day. If I can’t earn my 10 pips during that time, then I can set my stops and limits and walk away, but I can’t actively watch the market any longer.
2. Stop trying to make $8 million on every trade.
3. Set a 10-pip limit only. Exit the trade at 10. Exit the trade at 10. Stops are set based on market conditions, but are always set.
4. Goal: + 10 pips every day.
5. If I earn more than 10 pips on a trade because the trade moves so fast in my direction, I can set my stop to protect the 10 and then go for more. I like to teach traders to just start going for 10. There are advanced strategies that go for more than 10, but we just start here.
6. There is no ‘makeup’ strategy. If I take a loss, then I’m just trying to end up with a 10 pip gain for the day. If I can’t get it, then I don’t try for 20 the next day, or whatever. I can keep trying for the 10 pips gain as long as I haven’t lost more than 5% of my capital.
7. Time: I can trade for 5 hours per day, meaning I can have the trading platforms open and sit at my computer for a max of 5 hours per day. If I can’t earn my 10 pips during that time, then I can set my stops and limits and walk away, but I can’t actively watch the market any longer.
The information contained in this document, although highly entertaining and quite instructive, might lead you to believe that tomorrow you’re going to be a millionaire. You are not going to be a millionaire tomorrow. Well…that’s technically not correct. Because you could be a millionaire already, in which case tomorrow you’re guaranteed to be one.
- Strategy: Low-risk, High-return Forex Trading
- The Four Groups
- The Basics
- Pips
- Greed
- Revenge
- A Different Strategy
- 10 Principles
- The Daily Routine
