No sooner did I send out the last email when I was hit with some feedback about my trading as well as the SST.
There is really far too much to cover in regards to the style of trading that requires only price and sentiment. I hope that over the coming updates, that you are able to piece together a few things that may help you. Just know that the probability of making money on those trades is extremely high which does allow you to be more liberal with your risk % IF it suits you.
As for the SST. Nope, I didn’t cherry pick that trading day…I just pulled up the chart. So, I also decided to use the same chart (it is the trade plan that comes with the SST), to show how it did this morning during the trading times as indicated by the available trade plan. On that note, many strategies that are out there ask you to backtest to get the results. For my money, I’d rather forward test after getting the details of the strategy. I think it has more worth seeing how you do with it in live market action…even if you trading a demo account. For FX traders though, there is no reason you can’t use some “test funds” since you can trade micro units and with Oanda, any size at all.
Let’s wrap it up. The details for the EU:
Trading 2 positions
1 loss of 14 pips (x2 positions) = – 28 pips
1 winner of 20 pips (1 position) PLUS trailed position for + 92
Total = +84 pips
The chart:
The EURUSD found some legs today after some (finally) good news came out of Greece. Some serious buying out of the Middle East drove the EU higher….and higher. You don’t have to get all of the move, just grab some. It all boils down to how much each pip is worth to you.
This video covers a few trades and also highlights a special setup called the GetBob trade. Check out the video and feel free to fire off an email to me if you have any questions.
Short week trading for me as we celebrated a holiday here in Canada. Monday and Friday were no trade days for me. Friday is my early beginning to the weekend so day trading is not something I am looking at doing. This video covers a few new things for my trading using the SST. I have incorporated the GetBob trades to help get back on moves that are underway. As well, the 4 hour GBPUSD trade plan is now being used for some longer term plays. After looking at the history, it was something I wanted to take for a spin. Small position size was used as demo trading, for me, is a waste of time. Although I was only using 1 mini contract, it is still real money and enough to make sure I take action when required. I did miss a sweet move the EURUSD that banked over 170 pips using the full SST approach. Enjoy the video and drop me an email with any questions.
The Seven Summits Trader has made its mark on the daytrading world. There is another aspect of the SST that many do not know about….Swing Trading. I am a huge fan of not putting my eggs into one basket. My trading business utilizes both opportunities of swing and day trading. There is a lot of pluses for swing trading. One huge one is not being a slave to your monitor. At Netpicks, we only trade the session times that have the most movement. For the most part, everyone of us is done before lunch. I am sure though that there are many people who daytrade from open to close. Forex traders are the worst offenders. With multiple sessions to trade, many traders exist on coffee and not much else. The SST can give you the best of both worlds: Take advantage of the hot session time frames with day trading AND the ability to top up your account with a longer term perspective.
This video is going to look at the GBPUSD 4 hour trade plan. I am a big fan of the GBPUSD and this is really my first indepth look at trading this market and timeframe. Given its history, which you will see in this video, it is certainly worth the time to monitor this plan to see if it fits into my overall trading business.
Make sure you mark your calendar for the SST Q & A session this Tuesday! Click here for details: http://www.atradingplan.com/ssqa
Want you own SST copy before they are history? You will want to watch this video! http://www.atradingplan.com/sstreg
(I hope there are some bonuses left for you!)
In my videos, you have seen a trading system called the Seven Summits Trader. With built in stop, target, setup, trailing and a host of other pluses, it is an outstanding strategy to trade.
Do me a favor? Click your left mouse button. If you can do that – you can win THE ENTIRE trading system complete with software, training, Owner’s Club and support. Click here for all the details
Enjoy this wrap up of my own trading for the last two days. Remember, I only trade a few hours in the morning and while there were many more trades to make money, I trade to live….not the other way around.
A pretty crazy week last week seeing the EURUSD put in a 390+ pip day. While trying to decipher moves like this can be daunting, surely news of Greece dumping the EURO as their currency had something to do with it. Whether or not that becomes reality is an entirely different manner.
Last week was pretty rocky for me. Monday just saw the EURO in play while the GBP for the rest of the week ended negative for me. Taking losses in stride, the EURO played nice. That’s the key…knowing there is always another train.
This video will talk a little of ranges, thrusting bars and how I play them. Right or wrong, it suits my trading. Hope you had a great week and for those that also implement a swing strategy, I am sure you had a superb week!
This past week trading was fairly decent. There were some ranges when I came into my session however using just basic s/r lines for the range, kept me away from getting shredded. You will see that in the video. One thing about being a little conservative with your trading is you may miss those great moves. You have to be able to take that in stride when that move happens. You only beat yourself up because the trade you skipped, was a winner. If it was a loss, you’d be calling yourself a genius.
If you look at the market as giving a never ending supply of money making opportunities, missing a move will never play games with your psyche. The bottom line is really…stick to your plan. You do have a plan, right?
After a much needy sunny getaway, it was time to back in the game. That is one great thing about using a proven and simple strategy…..you can “relaunch” right way. This video is going to cover the week of April 15. Actually, I didn’t trade on the 14th as I have been inconsistent trading on that day. Some days I did. Some I didn’t. It was time to make a rule and now…..Friday becomes the beginning of the weekend. That may change in the future but for now, I have 4 days to top up the account.
There is nothing more interesting than sitting back and watching the big players manipulate the average trader. How? They take advantage of how the average trader works: big red candles…they sell. Opposite for big green candles. I put together this PDF walking through what happened today around 9:30 a.m est. It was played out with perfection.
Last week was a pretty muted week for the EURUSD currency pair that I like to day trade. Muted, except for the day I did not trade. Using the full power of the SST, you managed to pull out 100 pips (http://www.atradingplan.com/sstblog) on the Friday which, if trading one standard lot, banked you $1000.00 minus spread. Not a bad day! To some traders, slogging through some tight range trading leading up to Friday would make it a day they would regret missing.
I am sure there are many traders who stood aside on Friday after being frustrated with the previous four days. Now, they were not great days but the week still ends on a high. That is what the SST does very well…cut your risk and even pull out some profit on tight price action.
There is a belief that traders kick themselves more for missing a winning trade then they do for taking a losing one. I can’t remember where I read that but it makes sense when you look at it from a pure psychological viewpoint. Traders will sit there and think of how their account would have grown. How they would have been right ( you do know that is one of the demons…having to be right ). The fact is, if you are still having pangs of regret when you miss a big winner, you are still at risk of losing it all.
There is always another train coming down the track. Unless there is removal of the tracks, you can be assured that sometime soon, another train will be rolling down the line. Trading is the same. You may miss a move, a winner or even a loser but the fact is, the market will be here tomorrow. Having a “scarcity mentality” does not suit a trader very well. The markets won’t dry up and there will always be money available behind the candles ready to join your account.
This is Sunday night as I am writing this. This chart shows a short trade on the EURUSD (the same pair that left the station on Friday). With a 25 pip risk, I entered this trade with a high probability setup. After triggering in, price toyed with my entry a little and then dropped. At +50 pips, I closed half of the position (Blue up arrow. 2-1 reward to risk) and moved my stop to breakeven. With having a free ride now, I have another target way down the curve.
See, there is no reason to beat yourself up if you miss a trade. In fact, there is no need to curse yourself for taking a loss. Another train is gearing up to head down the line and if you follow a sound trading plan, strategy, psychological handle, there is no reason you can’t be on it.
