Give 13 traders the exact same system and most will never make money.
Give traders a profitable system (proven) and within a week, many will change it to suit their own beliefs.
The secret to success is quite simple and comes from the words of those that have had books written about them. Their words are quoted on every trading forum on the net.
While many traders will focus on “extras” , the highly successful found it to be much easier than that. While some traders think trading should be more complex or casual being a bad thing, the greats had a different way of thinking.
It has been a pretty short trading week. The POQ has gotten me and many other traders away from the computer early to enjoy the day.
I must admit, I am not very impressed with my managing of my cable short. A little too aggressive cost me a few pips of proft leaving me only 1 pip on that trade. You would have traded for profit in the end and managed to bank about 15-20. The EJ short trade was picture perfect. A little adjust around a swing level, adding the adjust to the target and the full target reached.
Today I poked around the book “The New Market Wizards” and a comment by Tom Basso (Mr. Serenity) stuck out while talking about trading systems:
…”if I gave you my exact system, within a month you would be making changes to fit your own ideas.”
The author followed up with (and agreed upon by Basso)
..”that is why those that buy systems (ones that work) never really make money using it. ….they don’t have confidence to stick with it when there is a drawdown”
Today was much like yesterday. Two quick trades and using the Power of Quitting, my charts and broker platform were shut down at 9:40.
The HVMM performed once again and by now, you should be very familiar with the rules of the strategy. This video will once again highlight the official rules of the strategy. One thing the rules do is “keep you honest”. What I mean is it keeps you trading the strategy consistently without being influenced by other factors.
Think of it this way. If you have a successful routine, business or even relationships, do you just change what you are doing? No. One of the keys that led to the massive success known as McDonalds is every franchise must do things the same way. Would you, as a franchisee, simply change the “strategy” that leads to success just “because”?
Of course not.
A successful trading strategy is no different. How else can you expect some consistency in your trading results if you yourself are not consistent? You can’t. That is why the success rate amongst traders is extremely low. If you break the rules and the trade succeeds, you still lose. In the end, not being disciplined will catch up with you. It is inevitable.
Every trader I know that trades a large roll (and I am not talking multiples of minis) will tell you that the larger your stake, the more you stick to the plan, rules, strategy. Why not start now?
All of Netpicks systems are tried and true. You may find some little tweaks that suit you better however the basics should remain the same. I say systems but the actual word is strategy. Netpicks offers strategies. The High Velocity Market Master is no different.
What did you get into trading for? To make money of course. One of the main reasons I did was to be able to enjoy life and trading 8 hours a day defeats that purpose. The Power of Quitting (POQ) that Netpicks hammers home is an awesome philosophy. It is one I personally stick to. 2 wins and positive. Today was a day just like that. I trade to make money. Not to harp on the pip total…but to make money.
Trading the HVMM today, had me out of the market and on with my day at 9:00 a.m. What is great about this system (and others) is anybody that has it, knows it and trades it, could have done the exact same thing. That is why these systems are so popular! You don’t have to be a “trading wizard” to “get it”. Sure, the basics such as swing levels and such are important to know but those don’t take long to figure out. You have to supply the commitment to learn the system, backtest it, make your trade plan and follow it.
Today ends pretty quick as the screencap below shows.
One key thing to remember is this: pip totals are relative. Other markets force you to be capitalized…decently. Anybody with $25.00 can open a forex account. Generally, day trading forex on tick charts doesn’t serve you up huge winners. What matters is how much each pip is worth and of course, low risk on your account.
Think of it this way…..if I want to trade Nasdaq E-Mini, the recommended minimum start balance is $5000.00.
Apply that to the FX market.
Now, $5000 x 2% risk = $100.00. Let’s say your average stop is 25 pips. $100 / 25 = 4. Let’s also say you have a mini-account and per pip is $1.00. Now, you can trade 4 mini’s or $4 / pip. 34 pips x 4 = $136.00. And that is just using the recommended start balance for an entry level market to trade!
What if you don’t have $5k to start? No big deal really. The magic of compounding will take care of that. Slow and steady wins the race. Yes you will have drawdowns. No equity curve goes straight up. With your edge, traded consistently over time, your account will grow and those “small” trades will quickly add up.
First off, I want to publicly thank everyone that has sent me an email regarding my videos. It makes me proud that you find my efforts able to enhance your trading of the systems offered by Netpicks. I try to keep my trading simple, stick to my trading plan in regards to the systems and use a little “basic knowledge” such as swing highs, round numbers, etc. The best thing is, each trader that owns the systems can either reproduce or exceed what I do. Everything I use is available to you as a “Netpicks system owner”. What is not available is consistency. You have to supply that!
If you want to see, “live”, a trader sticking to the plan, grab yourself a 2 week free trial to Troy’s trade room. His results speak for themselves (all trade calls are recorded!). Troy sticks to what the system offers. No fluff. No muss. Just the basics. You can take a look at the results here: http://www.atradingplan.com/live-trade-rooms/
Anyhow, this video is going to cover trading the U.S. session in both the GBPUSD and EURJPY using the HVMM. These are actual setups I risked real money on and explained live in the FX trade room.
The keys, imho, to pick up from this video are:
1. The actual rules, setups and terminology for the system
2. How respecting swing levels and round numbers kept you out of the chop and slop known as the EURJPY today.
3. Why visible system setups in the same direction after a successful trade are not to be taken.
“Commitment is that turning point in your life when you seize the moment and convert it into an opportunity to alter your destiny” —Dennis Waitley, The Seeds of Greatness
All owner’s of the system know who Mark Soberman is. He is the developer of the successful systems the company offers. Not only that, Mark is an extremely successful trader himself. Having worked with literally hundreds upon hundreds of traders, Soberman knows what makes a trader successful. Listen in to see all the insights, tips and tricks Mark has used to propel him to success as a trader.
We are wrapping up this segment of videos after completing 107 trades. This has proven to be a productive trade plan and you are welcome to continue using it (system owners). The results are awesome: 107 Trades – 74% Win Rate and 1137 Pips.
Even when you have a trade plan and are sticking to it, practice makes perfect. Continue going over history charts (using the hard right edge) and log your trades that fit your plan as they appear. Why? You truly want to get to the point where you know in a second, whether the setup fits your trade plan. This will make your trading so much more relaxed. Like a baseball player hits hundreds of balls in practice every week, a trader should see their setups often. The ball player knows in an instant if this is the pitch for him. As a trader, you want the same decision as a setup appears.
Look forward to another trade plan and the same series of videos covering them on a (almost) daily basis.
I truly think the High Velocity Market Master will fly off the shelves in September. With the ability to stay out of the majority of chop, thereby saving your hard earned profits, it is heads and shoulders above many systems on the market.
I go over the cable in this video and we do reach POQ (power of quitting) in the pair…but we look at a re-entry trade.
Let’s make sure you get the right information on this outstanding new system. There are two great sources, this blog you are reading and the Official HVMM blog: http://www.atradingplan.com/hvmmblog. This video not only covers 3 great trades but also will pass along some of the basics of the system. I am trading it live every single day.
The results for today…after skipping a trade just before the news……would have put between $310.00 and $620.00 per standard contract in your account. After the video, make sure you download some “insider tips” for free from:http://www.atradingplan.com/genius
Straightforward trading today that anybody trading this system could produce…with the right mindset of course. The highlight for this video is how to play pullbacks that setup but end up pulling back deeper.
What does your plan say?
1. Keep the original
2. Use the new setup that is closer to the current price action unless the original triggers first.
Once you have that decided….will you…
1. Wait for a close outside all trendbands?
2. Wait only for a close outside the bands price pulls back to?
