Going to wrap up the GBPUSD for the following week. Perfect example how one pair can be all you need to trade. Obviously, you will need the capital to take advantage of higher pip $$ values. Also, going to touch on how important spreadsheets are to nailing down a trade plan. Once you have a nice basket of trades logged, it is easy to change a few things to look for better results. Caution though…do not confuse it with curve fitting. Certain criteria may fit each individual trader differently. Tight stops. Close targets. Trails. Scales. Against trend. Reentries. Every trader will have a different tolerance for each of those. The core of the strategy, what makes it tick, is solid. All you are doing is finding out which FIT is best for you.
March 2010
The GBPUSD is one of the most popular pairs for FX daytraders. Decent spread and plenty of movement, it is a nice pair to look at during the day. Just watch the relationship with other USD crosses. Even the EURJPY can, at times, look like the same chart.
Back to the basics with this video. No scale. No trail. Just quick profit jabs. The stop is tighter than the core setup of 6. Still, one great thing about range and hvmm 2010, you always know your worst case lost. If you risk a % based on the initial stop, considering early exits are usually “better” priced, you lessen your % loss. Nice!
Full video
The trading for today really highlights how effective the trailing stop/scale out strategy can really add to your account. Best thing? Mechanical. No guessing. No kneejerk. No emotions. The EURJPY wasn’t much to write home about BUT the GBPUSD broke the 8:00 a.m. low of the day and didn’t look back. It took a lot of patience to not “find” a trade. There wasn’t much going on until stocks opened up…then…money was there for the taking.
Check out the video and then pick up your own copy of the HVMM 2010
Trading is easy. You make a trade plan and follow it. The problem is psychology. Being in profit and then getting a breakeven trade or even…a loser. Too many of those and even the most steadfast can go crazy and try to retool. What if there was a way to consistently cut your risk, bank some quick profit and go for the bigger move? Sounds good right? Most traders know what scaling out is. Many do it although they do it in a kneejerk emotional way. They have no plan. They are not consistent. Any of the good trading books will tell you being consistent is one of the HUGE aspects you better get under control in order to succeed. Heard of trailing? A great way to take advantage of the big sweeping moves. Can you put this all into one plan? You bet.
1. Enter full positions
2. Take off half at one target
3. Protect remaining positions
4. Take off a portion of the remainder at another
5. Trail using an objective measure
Check out the video that will explain in better detail.
Full video. Click here.
Finally, after weeks of waiting, the HVMM 2010 is on the market!!!
You’ve seen the videos. You may have seen the recent live webinar (click here for the recording). The HVMM 2010 is changing the face of trading.
Pick up your copy now! There are a few options for you.
To Recap. Here is what you receive:
*The High Velocity Market Master NEW 2010 Indicator Suite – totally custom
indicators you’ll immediately be applying to your charts.
*5 Full Length In-Depth HVMM Training CD’s – comprehensive training you can
watch and learn at your own pace.
*HVMM Manual and Guide to Markets & Timeframes – see the key trade set-ups
in detail.
* Ultimate Day Trader System at no cost! – a super-intuitive new course
that you get before anyone else (it’s not even on the market yet!)
** 2-Day Live, Virtual Training – March 25th & 26th – a live in-person
training without the hassle of getting time off of work and traveling, plus
the recordings in case you can’t attend both days.
*PLUS access to the exclusive Owner’s Club – you’ll have admittance to live
training rooms, full coach support and much more!
Get your HVMM + BONUSES now: CLICK HERE FOR YOUR COPY
After doing a little backtesting, I like to start trading the strategy live..with real $$. I keep the risk amount a fraction of my usual trading amount but live trading beats demo trading hands down…especially on a psychological level. With forex, it is quite easy (and cheap!) to trade live. (for a top notch broker, visit fxrebates for cash back on your trades.)
This video is going to cover my trades for today on the HVMM2010. Nothing fancy. Nothing subjective. Nothing but following a very simple strategy. While many may have found today to be sloooow….pips were still to be made. Still have work to do before moving this strategy into the big show…but the future looks promising.
The week ending March 5 on the EURUSD saw the end result being indecision. With a range of 295 pips for the week and the market closing 1 pip lower than the open, you know the market was crazy to trade. What a great week to test the HVMM 2010. ..the new strategy from Netpicks.
Looking at the .0006 range and the “out of the box” settings, I look at every trade that sets up, including re-entries after a loss. No POQ for this walkthrough…every trade….with adjustments when required (no more than 3 pip adjusts!)
How do we do? Given the crazy market conditions….62% win rate with approx. $800 trading a standard lot before spread. With the week trading the way it did….I think this is a great result. It would have challenged you for sure…but we all know that sticking to a proper trade plan is the way to go.
Click here for the full 12 minute video
Join me March 10 for a free webinar featuring the
NEW HVMM 2010 @ 12:00 P.M. Est.
CLICK HERE
Even on crazy days such as NFP, the HVMM 2010 still racks up the pips. Totally customizable for different trading styles, this video is going to look at “aggressive” re-entry setups. This actually helps get onboard a very strong up move on the EURJPY. The results are awesome…and the bonus…you are not pasted to your trading desk all day. By 11:15 a.m., you could have shut down the computer and enjoy the reason many get into trading…..your freedom.
Join me March 10 for a free webinar featuring the
NEW HVMM 2010 @ 12:00 P.M. Est.
CLICK HERE
I wanted to see how the new HVMM 2010 worked out for this week until today. The only change was the strategy used. I used the EURJPY .06 range bar during my personal trading session of 8-11 New York time. Instead of going for a POQ (power of quitting), I looked at every trade that set up during my time.
Thoughts so far? Wow!
A very simple strategy but powerful! One major difference between every other strategy is how customizable everything is. From the “quickness” of your setups all the way to profit objectives and exits for losers, it can morph into a strategy suitable for every trader. Conservative? No problem. Have more confirmation with your setups including re-entries. A little aggressive? Speed everything up and go for the bigger moves. Not very risk tolerant? That is covered. Just tweak your exit price when the trade is not going your way. No big deal…..you can always re-enter in the same direction. I have more work to do to find out where I find myself in the mix with this strategy…but off the top and out of the box…..looking very very promising.
My advice? If you already know the HVMM basic inside and out…this should be a breeze. For those that just cracked open the box and started trading the basic, take your time and know the rules. There are not very many. They are not confusing. It just takes a professional approach. What else would you do anyways considering you treat trading as a business….right?
CLICK HERE FOR THE FULL VIDEO!
Don’t have the HVMM? Join me next Wednesday for what promises to be an outstanding webinar! Even better…this release will include 2 days of live virtual training!
Sign up for the webinar here.
I had a conversation with the owner, Sonny, of FXRebates a while back about traders getting a portion of their spread back when they trade. I was impressed with the professionalism of Sonny and have zero problem endorsing his service.
How it works: FX Rebates is a referring broker to many of the top FX brokers in the world. For referring you, FXRebates would get a portion of the spread you already pay. The more you trade (volume), the more spread you pay in total. Usually, referring brokers give you some “education” in trading. That “education” is usually the same rehashed crap that has been out there for years.
FX Rebates give you cash. How much? 41% of the cost of your trade. Win or lose.
Example: Trade GBPUSD @ 2 pip spread. You pay $20.00 (2 standard lots) in spread. FXRebates gives you back $8.20
Already have a broker? No problem. It is usually a very simple process to get you your rebates.
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How to start
- Click here for FXREBATES.
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