Daily Trading System

I have learnt much about the inner works of the forex market and have become very cynical on my journey, but I see this as a necessity, a cloak that every trader needs to wear to navigate through the chicanery of the forex industry.

Take it like a man

The greatest issue many new and existing traders have is the fear of a loss. It is inevitable that you are going to have losses and this is something you really need to get comfortable with, and I mean you really need to be at ease with this. Balance is needed just as it is in every area of our lives. If you are to win you must also lose, where there is left there is right. You cannot over indulge in anything without there being consequences, so balance is needed.

To be a truly great trader you need to be able to disassociate yourself from the notion you are trading money. We all have emotional baggage associated with money and it makes us make silly judgements when assessing our trades. This is not easy to do but you will want to think about it. It is far simpler for a professional trader to do this because they are often not trading there own capital.

Take your time

The quickest way to lose your hand is to risk too much too quickly. What I mean by this is placing too much emphasis on making your daily bread on a daily basis. It takes months to build capital. If you place a trade and you can’t sleep at night you are risking too much. Reduce your volume until you don’t care.

I am still trading micro lots. If I was to increase my risk by 100% I would be making thousands every year from my trades, but I’m not emotionally and psychologically ready to play with those sums of money. What I make now, would simply not translate (extrapolate) well because of my fear of money. I realise this and my trading is better for it. When ready, I will increase my risk and my cash flow will improve. If I rush this process I will burn out and my forex journey will come to an end.

Progress

At the end of the day, you can head this advice. However, most will not and many will lose their shirt. I’m no exception (although I never lost my shirt). We need to find these things out ourselves. Many will jump right back in and learn from their mistakes and many will give up and express their defeat by blaming everyone else but themselves, many will not. I suggest if you are the type that need to figure it out yourself just don’t blow your whole pot. Understand if you are new to trading you have many years to make money at it, you don’t need to make it all by next week. If you answer “yes I do” to the last sentence then you shouldn’t be trading FULL STOP. You may very well destroy yourself – it is almost a certainty.

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I’ve been hearing a lot of buzz about Todd Mitchell’s Forex For Profits “Truth About Forex Trends” and “3 Powerful Price Patterns” video presentations lately. Plus, I caught his live presentation last night and was pretty surprised by the amount of info he shared. So, If you didn’t get to attend last night, I would strongly recommend going here and signing up to get immediate access to all 3 of these presentations now. This is probably going to be taken down soon, so sign up now before it’s too late…

Veteran trader, Todd Mitchell, just revealed his Forex For Profits “3-Powerful Price Patterns” special report where he uncovers a proven way for making BIG money in the Forex …Underground Trading Strategy Revealed! Chances are, you’ve probably never heard of Todd, but he’s known among a small group of elite traders as the “go-to guy” for many Wall Street traders and newbies alike. Plus, Todd’s also giving away an underground trading strategy that’s never been publically released before.

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Unless you are brand new to trading, you have likely heard it many times. It really is very important too, so if you don’t understand how to buy low and sell high, then this article is going to hopefully open your eyes and give you one of those “oh yea” moments. My most consistent profits started to appear when I began to concentrate on this strategy as my number one entry method. Whatever strategy you are currently using, if you are making money consistently, then you are likely finding some way to enter the market long at key low areas or enter the market short at key high areas.

If you are still with me and you don’t understand yet what I am about to reveal, then this is likely to be the most important tip you may ever read when it comes to learning to trade profitably. It doesn’t matter if you trade intraday, daily, weekly, or even monthly charts, because prices react the same on all charts. It also does not matter what you markets you trade, as this strategy works in any market, including trading stocks.

I am going to challenge you to simply watch what happens on your charts for a few days or weeks, depending on what time frame charts you choose to trade. See for yourself if what I am about to talk about is not easily recognizable and tradable. It’s relatively easy to see on almost any chart once you know and understand what to look for. You can even use weekly and monthly charts and trade options with this strategy if you so choose.

First find your key support and resistance areas and draw lines there to help you easily see them. These areas will consist of double tops and double bottoms in many of cases, but you might even see that prices reversed at these areas multiple times already, and if so, then you can already see what I am referring to when I say that prices will almost always bounce at these levels. You will also find that prices will often/many times reverse trend at these same locations. Once you locate and identify these important areas, you then simply wait on prices to arrive at them again where you look to buy or sell.

When you find a strong support or resistance area, view it as a great opportunity to enter the market with the chance to buy low or sell high, because this is what you will be doing. In addition to following one of the most important rules in trading, you will also find that you can enter with a relatively small safety stop as well, so there is another benefit to entering at these locations. I have gotten very good at this so I often buy these areas blindly without any thought as to what prices are going to do when they get there, but if you are not able to do this, then simply wait on a trend bar in the direction of your entry and enter just above that bar if going long or just below it if going short once the bar has completed and closed.

Once you enter, your goal is to try and scalp out on a portion of the trade, because even though prices will likely pull back when they reach these important prices, they may not always move as far in our desired direction as we would like. Every market is different, so watch the market you are trading closely and study previous support and resistance areas until you get a feel for how much you can safely scalp without staying too long in the trade. If prices normally bounce a dollar on a stock you like, then don’t go for the full buck. Try and get half or three quarters of the bounce so that you keep your win percentages high on the scalp portion of the trade. I like exiting with a safe scalp on half of my trade, and then I move my stop on the rest of my contracts or shares to break even and hang tight in the hopes that I can catch a bigger move. By using this strategy, it doesn’t matter what happens after the scalp is closed, because the trade is risk free at that point. The worst thing that can happen is prices will pull back and take out your break even stop on the rest of the trade. However, you will have made money off of the scalp portion of your trade.

Many traders do not like to see trading ranges, because they feel like they cannot make money during these patterns due to the fact that the market is not moving or trending. If you learn to understand that buying and selling strong support and resistance is the easiest way to actually make money, you will start to relish and look forward to these trading ranges like I do. I often buy the lows and sell the highs of trading ranges over and over knowing that the odds of at least a small bounce at either end is extremely high. If and when I’m wrong, my stop is small and I lose very little, so I find that trading this way gives me the best of both worlds, which is a very high win percentage and very small safety stops when I am wrong.

If you are not already using this strategy to trade these choppy markets, particularly when it comes to the ES, YM and NQ futures, then I strongly encourage you to get out some charts and study them closely out for yourself. You will be glad you did and you will likely improve your trading results as well. Most importantly, you will be forcing yourself to buy low and sell high, which is where the real money is made when trading the markets! If you would like to see more articles from this author, or if you would simply like to learn more about trading using price action entries, visit our site today.

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I hope that if you do nothing else today, you at least open a free account with forex cashback and capitalize on your monthly money back from all the trades you take – win or lose.

Any question reply to this post.

I don’t know whether you have heard of the day trader software called Scanwinners, it’s not a new system but you really want to check it out.

Scanwinners is a software developed by Don Harrold at Diamond Research Holdings. His propitiatory day trader software scans the stock market for over bought and over sold stocks. The software gives you a heads up on companies that you can either go long (buy) or short(short). Bear in mind the system is not that straight forward. A little stock market analysis is required. Hell, if it was that easy everyone would be doing it.

Don Harrold is a no nonsense Day Trader that hosts his own radio show during US market hours. You can listen to “The Day Trade Show” while the markets are open. He provides a fresh look at market analysis and money management and offers opinions that fly in the face of mainstream broadcasters and pundits. He handles himself with a sense of honesty and integrity and on top of that is a funny guy.

Now, some say his manner can be likened to a jar of marmite – you either hate it or love it. Personally, I find myself listening to his show often and not for just his stock tips (which are ridiculously accurate). He deals out quite a sizeable amount of wisdom and its all free. He does provide a member service which you can pay for if you require his full range of services (which includes scanwinners).

So as said check out his full service at the The Day Trade Show.

I am currently beta testing Loz Lawn’s new forex trading system – the “Daily Trading System”. For a full review, please check back on or soon after 16th June 2011.

In the mean time if you would like to see some free forex video by Loz lawn go here.

Also a nice little video of his long awaited “Daily Trading System” course soon to be released.