My succesful steps ( or forex trading course for newbie trader)
By Tom Johnson
Hello newbie traders! I am also a young forex trader but have my own forex strategy. It is not strategy of a forex professional, but the strategy that I use to get money from FX every month. Each of us [...]
As a total novice to day trading, I really only have two tools in my toolbox at this point. The first is the basic Trader X method where I look for stocks that gapped up at the open and buy them when they close above the high of the first 15 minute range. This method worked beautifully this morning with my ONXX trade.The second method, which I learned from my mentor Marlyn at Filtering Wall Street, is to buy stocks that have been crushed and then show a blow off bottom. I used this method this afternoon with LQDT.Looking at the 15 minute chart for LQDT, the blow off bottom took its time arriving with long red bars on big volume from the 12:15 through 1:30 bars. The positive 1:45 bar told me it was a blow off bottom and I immediately bought for $19.44 in the 2:00 bar. When the 2:30 bar looked toppy to me I narrowed my stop loss order to less than a dime and was eventually stopped out at $19.77. This was a net gain of around 3 beers.For the day that is a net gain of just less than
Hello… I’m kinda busy for the pas few weeks and for the next few month…but its my commitment to share to you with the money tips.. I want to emphasize again, the best way to gain a better money money is via FOREX.
We knew that 90% of traders failed and they gave up. They left [...]
There he comes for step 2…:D
Stage Two - Conscious Incompetence
Stage two is where you realise that there is more work involved in this and that you might actually have to work a few things out.
you consciously realise that you are an incompetent trader - you don’t have the skills or the insight to turn a [...]
Then comes stage 3
Stage 3 - The Eureka Moment
Towards the end of stage two you begin to realise that it’s not the system that is making the difference.
you realise that its actually possible to make money with a simple moving average and nothing else IF you can get your head and money management right
You start [...]
Stage 4 - Conscious Competence Ok, now you are making trades whenever your system tells you to. you take losses just as easily as you take wins you now let your winners run to their conclusion fully accepting the risk and knowing that your system makes more money than it loses and [...]
Stage Five - Unconscious Competence
Now were cooking - just like driving a car, every day you get in your seat and trade - you do everything now on an unconscious level.
you are running on autopilot. You start to pick the really big trades and getting 100 pips in a day is becoming quite normal to [...]
