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Forex Uncovered Three Forex Pros Reveal The Fastest Way To Consistently Make $300 Per Week Trading The Foreign Exchange By Sue Reddy Silverman
I’ve never seen a more uncertain or volatile time in the U.S. and the global financial markets. From an election in the U.S. to a near-certain conflict between Israel and Iran to the fiscal cliff on January 1, 2013, all the financial markets face significant headwinds. In times like these that pit country against country, whether on a physical or economic battlefield, being able to trade the right financial instruments successfully has never been more important. As an experienced trader and a former fighter pilot, I know that I have to employ a variety of weapons to varying situations on the battlefield as well as in the markets. Forex is one of the most potent weapons to have in your arsenal to not only hedge against loss but to potentially see outsized gains as a result of trading foreign currency or Forex. In this new, up-close-and-personal report “Forex Uncovered” three Successful Forex Trading Professionals reveal what they believe to be “The Fastest Way To Consistently Make $300 Per Week Trading The Foreign Exchange” Their answers may surprise you. They will certainly enlighten you, perhaps even alter the way you trade as well as alter in which market you trade, forever. We asked each trader how they got started trading, why they chose the Forex market particularly in which to trade, major pitfalls they’ve had and lessons they’ve learned along the way. They share their unique philosophies, strategies and tactics in trading the Forex markets, their proprietary systems, favorite tools and even resources in this report. We also asked them to share their highest highs and lowest lows on the way to answering “What’s The Fastest Way To Consistently Make $300 Per Week Trading The Foreign Exchange?” And we are happy to share this informative report with you. Matthew Buckley Chief Investment Strategist www.WealthCreationInvesting.com
Money Show and Traders Expo. Therefore. Active Trader Magazine. 'Forex' Joe Atkins with 21stcenturyforex. but what makes him so successful is understanding the ‘personality’ of the markets and what makes them move. Then the mindset concepts come into play. Forbes. Jason Fielder. Bloomberg. ICE. He is also a frequent guest speaker for the trading exchanges. is widely followed and respected. they have HUGE significance. "The numbers don’t lie. The Street. proprietary formulas we are able to find reoccurring situational opportunities to identify prime entry and exit points using mathematical and statistical analysis under current market conditions as guidelines. Once these numbers are found. CBOT. including the CME. whose daily research is followed by nearly one million people.4 Expert Forex Traders Hubert Senters is one of the leading professional traders in the world and is best known for co-founding TradeTheMarkets. CNN. Where others see ‘squiggly lines. Stocks and Commodities Magazine. Hubert is regularly featured on CNBC.com.com. CBS Market Watch. He spent three years exhaustively studying the Forex markets and has been actively trading since 2001. Fox Business. a 10-year Forex currency trading veteran with FXimpact.com has more than 30 years of experience as a Sports Analyst who found that trading Forex was similar to the techniques used in profitable sports betting.’ he sees profitpulling chart patterns. by using tested." . He began trading in the Stock market. He now helps thousands of traders with the profitable systems and tools he’s developed and published. and Eurex. According to 'Forex' Joe. Futures and now Forex. determining ones fate after finding your style of attack. then moved into Commodities.
Then I took a $25.” So. where he would charge me $400 to $800 to fix a transmission. So it was interesting. where it was both myself and him . I don’t care. and I’m trading.” I asked. come on back here. “Well. I took a $5.000 and then lost most of that.000. started a fleet maintenance company.” He said. Do you do that every day?” He goes.000 co-managed account. It’s kind of like a valet. I met a guy who owned a chain of transmission shops. “Hey. what time is lunch tomorrow. “Well. it was $30. You do your own thing. $32. I decided immediately that this was the wrong industry to go into. how come you want to be a veterinarian?” I’m like. “That’s amazing. oil change service.000.200 to $2. I figured out pretty early on that I didn’t want to do it. what are you trading?” I sat down and watched this guy make like $18. Dropped out of college. and stuff like that. and you don’t have to answer to anyone. “No. “That’s a great question.” I said .well. We were pregnancy checking dairy cattle to see when they were about to drop some calves.” I’m asked. “Do you care if I come by?” He goes. It comes to you.” Then a couple days go by. two people change your oil.5 Hubert Senters The Fastest Way To Consistently Make $300 Per Week Trading The Foreign Exchange Interviewer: Hubert: What’s your background and how’d you get started trading? Great question and a long story. I said. So as I was riding around with these veterinarians and they were asking me.” “You are your own boss. I trade almost every day. I don’t make money every day. “Well. like a Quick Lube on wheels.000 account and built it up to about $20. “Well.” So I ended up selling off my business and I did an old-school apprenticeship underneath that guy for like two years.000 . and then I would charge the customer $1. I mean.000 in 18 minutes was what it was. “At the same time. and then I’ve got my arm all the way up a cow’s ass. because you guys make a lot of money. They had them cut off at the nub by messing around with large animals like cows and horses. I got started after I dropped out of college because my mother and father tried to convince me that I wanted to be a veterinarian. and he goes. “Why did you say you wanted to do this again?” I’m like. and then he said. We can settle up on these invoices that you owe me on over lunch. “Holy shit. up to the shoulder. “Hey. Not every day. I was working with some veterinarians that didn’t have both of their thumbs. Hubert: I was like. I looked over at one while I’ve got my arm up a cow’s ass. We were settling up on some invoices. How did you do that?” I was just totally surprised. but no. charge a little bit higher price. what was the number? No.
but that’s how I got started. What’s unique about how you trade Forex and what makes you successful at it? Successful is kind of a weird term. The second trade. I mean. I think it’s really good to trade forex. so on that second trade I actually ended up going to the bathroom and throwing up I got so nauseous. How did it feel to lose the first $20. the first time I had a winning trade I basically doubled or quadrupled the account. or long or short the euro. I trade a little bit of everything. So what I try to look at it is a little bit longer-term approach. I mean. Interviewer: Hubert: Interviewer: Hubert: So you were hooked from the beginning? I was. yeah. Oh. Now. Then as you find out some of the advantages of trading forex. I mean. It just makes sense… When I originally got started out. Originally. it was started as diversification. unless you were just hedging in the futures or hedging forex. What made you then decide to trade the Forex market? Well. it sucked.6 managing it for a small group of people. and we ran it up from $25. yeah. Yes. But the forex is a great market for beginners to start trading in. you kind of lean more towards that way. and there was no real good effective way to hedge. I trade everything that moves. Really? Yeah. and Interviewer: Hubert: Interviewer: Hubert: Interviewer: Hubert: .000? Well. I basically wiped it out in half.your goal every day is to make more money than you lose . So. just like a crack whore. I will build up a core position. From a day-to-day standpoint . but you had to understand exactly how everything worked. just because now we’re in a global economy. You could do options trades. we could either go long or short the dollar. so that if we had exposure in the stocks. But like I said. I’m not just a day trader. Interviewer: Hubert: So you sort of did it as a diversification method? I did. and that would protect our overnight positions. I learned some really bad habits doing that.000 to $868. I would imagine. and we weren’t too keen on hedging with options. I was trading the stocks. It’s like the highs and the lows.000 in like 18 months.you almost always have trades that you lose money on. what we would do is we’d start hedging in the forex markets.
and then what I’ll do is I’ll trade around that. get in.they have small profit. I think that’s one of the advantages of being a professional trader. All that means is instead of making tick values that are $10 or $12. and you’re not going to make a killing. But if it goes down. Do you recommend that for beginning traders? For beginner traders. and let it work for you. say. Interviewer: What does swing trade mean? Hubert: Interviewer: Hubert: Interviewer: Hubert: . the forex market has the lowest barrier of entry of any markets out there. So it’s a great way to start if you’re trading forex and you’re trading multiple contracts. and then they have one big ass. I would start out with doing either micro or mini-lots. if that’s going up that’s great. get in. here’s what I would do.000 in their account. As opposed to. small profit. or the Aussie dollar. The best thing that I would switch over to is if you’ve got a lot of people that have $300 to $500 or $300 to $2. They’re long. the reason most people lose money in the forex or in any market is because they’re always jumping in and jumping out. so get into a good currency that’s trending well. the euro or the yen. short. huge losing trade that just wipes them out. what you’re going to be doing is you’re going to be making pennies or you’re going to be making dollars. and set in it a little bit.7 then I will trade around it. Interviewer: You trade in multiple accounts different ways depending on how you’ve strategically planned it? Correct. but you’re really not going to get hurt too bad either. Where most people that trade just have on one position. what I’ll do is I will build up a core position in. in other words. I mean. The best way to double that account over a period of time is to swing trade. yes. I’ll go in a different account and I’ll short that so that I’m hedged both ways.50. let’s say I’m long the Aussie dollar. right? Right. You understand the difference between holding a core trade and trading around a core position. You can start up a forex account for $300 to $500 with a credit card. long. small profit. get out. which means you’re not going to do a standard lot. get out. you can trade minis or micros. if I’m long the yen or long the euro. short. Or depending on what the tick multiplier is. and they end up taking . So. So I think it’s a great way to start.
or multiple months. and then the rest of the time we’re just trying not to give that big chunk of change that we made back. In other words. and usually liquidity is your friend and not your foe. then you would be better off buying the Aussie dollar than you would. you’re going to hold it for a very long period of time. So. say. Hubert: Interviewer: Hubert: Interviewer: Hubert: . I would stay away from the exotics. That’s where everyone should start because that’s where the most volume is. This won’t be an exact example. what you’re going to do is you’re going to try and figure out how to match your personality to the forex pair that you’re going to be trading. a lot of people think that we’re in here and we’re just making money handover-fist every day. I would stay away from the exotics. I would stay in the six majors. So first. Most of us make most of our money in a three-month span of time. and it’s really not the reality. going in the Japanese yen. but let’s pretend that the Aussie dollar cross. So if you’re a trend trader. It’s a dirty little secret that none of us professional traders really confess to. but it’ll give you the most liquidity to get in and out. say. so a swing trade would be . the British pound. and you like to buy breakouts. A season? I mean you do have seasonality in every single currency there. What’s really happening is we’re making most of our money in a period of three or four months. there are a variety of different ways that you want to approach trading in order to hedge. Here’s what a lot of people don’t talk about. Then we’re spending the rest of the year trying not to give it back. Then a day trade would be. Are there different times of the year that are better for trading forex than others? I don’t know if there’s a better time of the year to trade than others. A swing trade would mean you’re going to hold it for multiple days or multiple weeks. let’s say it trends better than. you’re just going to be in it for that day and you’re going to be flat by the close of the day. It’s also where the most competition is. You first have to decide. So. or the Japanese yen. are you a trend trader? Or are you a counter-trend trader? If you don’t know the relationships and the personalities of each cross and each currency future or forex market. Interviewer: Hubert: Interviewer: Are different currencies better than others to trade and are there currencies you just wouldn’t touch because they’re too unstable? Yeah. Exactly. it’ll definitely hurt you. I would trade the six majors. because each one of them has their own distinct personalities.a core position.8 Hubert: All right.
You need to go long.” Then you get into the bad spot. it’s all the same thing. “Well you have a setup here. I think 99. “All right. But it’s the experience. no trading plan. they just pursue and they chase with no real good business plan. Could you give me the number one reason forex traders fail? The number one reason is they approach it like gambling. You’ll never recover from it. and now you chase it and you get in at the worst possible time. “No. Exactly.9% of trading is all the head game. But if you go mentally bankrupt. It’s the head game. But most people approach it as. Hubert: Interviewer: Hubert: It’s like the Wheel of Fortune. “There is no way I’m going long here.” When the thing is screaming lower and you have to say. exactly. and you can probably teach someone how to trade in two weeks. and then it bounces. trading psychology. why aren’t you taking it?” “Well. They’re really just trading from the seat of their pants.” Where they don’t really approach it like you’re hunting or like a business. Interviewer: We talked a little bit about why forex traders fail. I’ve got $2. because it’s going lower. You can always get more money somewhere if you know how to trade. I’m just going to play seven today. Then it rolls back over on you. and it’s also like telling somebody. defined entry and exit signal. you don’t take it. no one will touch you with a ten-foot pole.” You’re like. you have a setup here. You will find a lot of people that just want to know your strategies and your tactics. you’re screwed. That can be a good thing and that can be a bad thing. How much of forex trading is based upon mindset? Is that a word that you use? Mindset.9 Interviewer: Hubert: Interviewer: Hubert: Okay and that’s where the hedging comes in. You can always go physical money bankrupt. Now you have to take the long here. “Okay. Then you’re pissed off because you didn’t take it. I guess? Yes. They don’t have a real clear-cut. Someone will back you or someone will give you another shot. if you go mentally bankrupt.000. I would love to turn this $2. . Then what the funny thing is. in their being. I’m just going to throw a trade on and see what happens.000 into $10. is going. now you have a setup.000.” Everything in their fiber.
I was trying to limit it to forex. Interviewer: Hubert: Interviewer: Hubert: Interviewer: Is that like people who bet the lottery and pick the same numbers week after week and then finally don’t bet and then that’s when the numbers come in? See. Did you not see it coming? Oh. Interviewer: Hubert: I really trade the euro quite a bit. sure. You just keep digging a hole deeper. I know that you’ve had tremendous successes throughout your trading career. What about your greatest failure? Greatest failure. you could choose. So that was a pretty good lick. It’s very painful and there’s not a thing you can do about it. I’ve got to work my way out of this hole. so it kind of throws you off a little kilter.10 Interviewer: Hubert: What’s your biggest success trading forex? Biggest success trading forex? That’d be hard to quantify because I trade so much different stuff. So then you adjust and then the thing that you were doing starts to work again. so the most recent biggest trade lately has been a signal that we got in late July. then that’s when you have to make sure there are no sharp knives or guns in the house anywhere. You see it coming like a train. What’s the biggest lesson you learned when trading forex? Hubert: Interviewer: . the most recent one that I can talk about. and deeper. long the euro from around 122 and held it pretty much all the way up to 129. because this is a forex report. and it takes a while for you to kind of adjust back and go. Because what happens is. I wouldn’t even know where to begin to tell you what the biggest… Are you talking about biggest success or biggest profits. you’re trying to stick to your trading plan and your trading plan dictates that you do this. and deeper. “Okay.” You see it happening. so it’s kind of up to you. Well. so that’s the biggest failure I’ve ever had across the board. Exactly. the biggest drawdown I’ve ever had in an account in general is a 50% drawdown. you keep doing that and it’s not working. or what? Really. That just came across the entire account trading everything. But the biggest thing was 50% all down. You keep doing it and it’s not working. I was speaking specifically for forex. But you just can’t really get out of the way of it.
So. cut your size in half. right? But it closes down on Friday and it opens back up on Sunday. so you want to hold it a little bit longer. “Look. What they do is they get in a trade. Global affects . and they get out. There are a couple really good resources for it.” so you know which economic news releases are coming your way. and you want to make sure that you stay in those trends longer. trade three or four lots or five lots and then double your stop size. So what you want to do is you want to pyramid into the winner. and then you can actually pile on more contracts that way. Then if you can. Most people that trade forex will only use like a 20 pip stop loss. this is going to move the yen. So. every little economic news release out there will move the markets. Interviewer: Hubert: Interviewer: Hubert: Interviewer: Do you have any proprietary systems that you’ve developed? . and cut the loser off really quick.com has a really good economic calendar. they make a profit. this is going to move the euro. It usually fills. because the forex can usually trend pretty good.there’s a really good strategy you can do. if you’re trading ten lots. You want to pyramid into a winner. Then the second thing I would figure out is I would figure out the weekly and the daily trend of the currency pair that I’m going to trade. In other words. which is totally opposite of what most retail forex traders do. then hold it over the weekend and just turn it into a real good swing trade. I’m talking East Coast times here. Forexfactory. sometimes things like a butterfly can flap its wings in Australia and it’ll move the Kiwi sometimes or the British pound. double your stops and see if you can stay in the trades longer. It’s the wrong thing to do. if you can. If someone wants to make $300 a week consistently trading the forex market. I would initiate a trade on Monday and try to hold it through the whole week. and you really need the wide master stops. this is going to move the dollar. It’s called gap trading on forex. what would that look like? I would start out . There’s a gap every Sunday night when forex opens up at 6:00.every little. and you’ve got enough cushion to hold over the weekend. you want to add more to it.11 Hubert: Biggest lesson learned trading forex is use larger stops. So depending on which currency you’re trading. That’ll help out a lot. Do global events affect forex markets? Yes. Cut your size in half. where I could take advantage of that gap fill. so I would figure out a strategy around that. you can select the country and the currency pair and it’ll tell you. What you want to do is once you get in a trade and it starts making you money. because forex is open 24 hours a day. There’s a gap associated with that.
I would say I do about 60/40. physical discretionary training. or do something that you’ll get some entertainment value in. I’ve got live feeds from the pit. That’s good for economic news. you can wave your money goodbye. in every single pit what’s going on. You might as well just throw it away. and that’s also really. I’ve got several proprietary things that I use. A good charting methodology. You’re always trying to learn something.12 Hubert: I do. That helps us out a ton for entries and exits. would be called the Heikin-Ashi. Don’t throw too many indicators on the chart. I can hear what they’re doing in every single desk. We’ve got an indicator on our site called the TTM Trend. It’s a charting study. so I’m not sure if you want to go back there. Try to keep it as simple as possible. you can figure it out with some good old fashioned hard work and experience how to trade forex. Interviewer: Is there anything you’d like to add that we maybe haven’t covered or that you think might be relevant to a novice and/or inexperienced forex trader? . I like the Econoday Calendar and the Forex Factory calendar. so I do both. If you’re going to approach it that way. 60% discretionary and 40% system training. so that helps me figure out what the order flow is. We talked about favorite tools and favorite resources. I’ve got several proprietary systems. Interviewer: Hubert: Interviewer: Hubert: It’s a very comprehensive profession that you’re in? You never stop learning. and I can also hear what other traders are doing on different desks. You’ve just got to put in your time. Favorite tools and resources. but you don’t need them. Interviewer: Hubert: Just throw your money away. Do you have any favorite tools and what are your favorite resources? Okay. I like the challenge of actual. Go to dinner or something like that. but it’s based upon the Heikin-Ashi. But that’s one of my last questions. which keeps you in the trade a little bit longer. It’s just going to confuse you. I mean. One thing I would caution people about is this is not a get rich quick scheme. which would be a tool. Then for other tools. really beneficial to me. But I’m always testing stuff and trying to figure out ways to beat the market and compete and make myself better as a trader. and then remember it’s going to take you anywhere from three to eight years to get really a good foundation in order to make a living in this business.
13 Hubert: I would just say. . but I risk $6. just do yourself a favor. “I have this system that works 82% of the time or 92% of the time. Most professional traders that I know and hang out with.” Most of my trades work less than 50% of the time. That’s terrible. most of us are 50/50 at best. Approach it like a real business endeavor. “How in the love of God does he make money with that?” Well. here’s the key lock. People are going to be going. So that thing only really has to work out one time out of ten. my God. because I’ve got one trade that I’ll do that it only works about 35% of the time. That’s how the percentage is. So I’m risking a small amount to make a much larger amount. “Oh. Try to stay and hang onto your winners longer than you do your losers. I’ve got a trade that works 35% of the time. instead of three and a half times out of ten and it still makes me money. Don’t approach it as a get rich quick scheme. Nobody can be 85% or 92% right in the market for very long. then I risk $600 to make $6. and I know people reading this are probably going.” It’s not really. and do not be seduced by people that’ll throw out numbers to you going.000.
You can do smaller accounts and test your systems. but trading the pairs. nine or ten. dollar. as far as the money up front. and went straight into the forex. until retail traders were actually able to go in and start trading it again. as far as trading goes.I watched that stock go from about 7.you still can . but we'd watch it in the Sunday paper. Why did they open it up? What was the catalyst? Interviewer: . it took a while for currencies to start free flowing again. and it took about a year and a half for it to do that. and given time it would grow and hopefully become worth more money. that's pretty much when I went full-time. In 2000.5 up to 18. it's great. It's just a very large market. it was closed prior to that time due to laws dating back to World War II when they lock stepped everything to the U. Interviewer: Jason: That was when. and it was a process over about a 40-year period. I remember back when I was probably. and then moved into options and in college I got into looking at the commodities and futures side of things and traded those for a while. I don't know. quit looking at stocks and options and looking at some of the other vehicles as much. I knew about the future side of things. and basically week-to-week fluctuations. very appealing to me from that standpoint. that concept kind of got me started down a path towards trading and towards investing from a very young age. that's kind of where I found my home at that point. when the forex market started up. Stocks were kind of my entry. For testing purposes. So.for a lot less. I think I actually opened my first account. my dad worked for a company called Kroger's and he had some Kroger's stock. I remember that being kind of a wild moment at a very young age that you could put money somewhere and not really do anything else.14 Jason Fielder The Fastest Way To Consistently Make $300 Per Week Trading The Foreign Exchange Interviewer: Jason: What is your background. right around 2000. and how did you get started trading? Well. So. you could get into it back then . the fact that the forex was new. I started tracking stocks first. We watched that stock . Not a lot. Late 90's. It was the new thing. It was either 2000 or 2001 as far as the forex. Interviewer: Jason: Why wasn't it open prior to that? To retail investors. the late 90's? Yeah.S. As far as getting started. So.
I don't just trade counter trends. roughly it's trending. we got off the Gold Standard. and the dollar could no longer be pecked to gold. he just did the math behind testing the markets to see how they actually move globally. What's unique about how you trade forex and what makes you successful at it? Well. at that point you can make more money. then at that point you've done something. they moved within a sideways market. At that point. 60% of the time the market moves sideways. Okay. The smoother equity curve and you'll be in the market more. At least. So. a French mathematician went through and studied markets and found that they did one of three things. which was what made you decide to trade forex. to succeed in the biggest market globally was what drew me to it initially. It was new and it was exciting? Yeah. The challenge of it too. and it's the biggest market in the world. and about 10% of the time it's breaking out. The way the markets move that wasn't necessarily my information. Interviewer: Jason: Interviewer: Jason: Interviewer: Jason: Based on this mathematical formula? Well. If you can make money in the biggest market on the planet. Did they move in trends? Did they move countertrends? What were the different movements that markets made? He came to that conclusion. So. the fact that it's a 24-hour market makes it exceedingly difficult in some ways to find the edge. All three are profitable. We've tested it and shown it to be true. and if you can be profitable in the three ways that the markets move. you're never really sitting . just the challenge of it. as far as how I trade it. or it's what I do is. I trade it using the four different market movements. They broke out. I have a strategy and a system for all three. if you're able to make money in all three markets. It's different. 30%.15 Jason: Well. So. I think you even answered my question number two. I mean. We've done our own testing and have come to the same conclusion. So. and I don't just trade breakdowns. they started free floating the currencies against other currencies. kind of what makes me unique. but over 100 years ago. was the one issue. and then there were trends as well. or counter-trend noise type movement. that's how my thinking was back then. really. we're able to take advantage of all three market movements. I don't just trade trends.
The volume seems to be fairly consistent.16 on the sidelines and you're basically looking for one of those three things to be occurring. So. I haven't done any hard math to prove that out. the spread the more volume you have in a vehicle. preferably a rested and clear mind. no matter what time of year it is or what time of day it is. then your overall trades should be better. and are there any currencies that you just wouldn't touch because they're so unstable? As far as the currencies. I recommend trading the lower spread pairs and that pretty much excludes any of the unstable exotic pairs that are out there. and you need to have confidence in what you're doing. it's just real important to understand when the markets are moving. the cost to do the transaction. of course. I personally have not seen a yearly difference as far as the trading goes in the forex market. Jason: . are some better than others? I believe there are currencies that are better than others. Interviewer: Jason: Are there different times of the year that are better for trading forex? I've heard that theory that summer is low volume. Interviewer: Jason: How much of forex trading is based upon having a specific mindset? Well. it really doesn't matter what you're trading. The higher the volume the lower the spread. but I personally have not seen that as far as the volume. In the forex. You don't have to make quite as much to make up for that cost. when you're trading in general. as far as that goes. Are there different currencies that are better to trade than others. Interviewer: Jason: Interviewer: Right and you have a system to work all three of those? That's correct. if your setups are there. If you can get your costs down. If for nothing else. you need to go ahead and pull the trigger. then you can get in there and make money. from a market perspective and that kind of thing. People go on vacation and things slow down. If they do. and the spread. be able to pull the trigger on your trades when the setups are right and not second guess yourself. There's always opportunity in the market. You need to have. The smaller the spread is usually due to the volume. it really doesn't matter whether it's forex or stocks or what not. is part of your cost of the transaction.
17 and there are a couple things that go into that. you need to back way off. Once that was done and I could implement it in the market that's probably my biggest success. eventually you're going to hit some losses because no system is 100% accurate. if you're risking that much leverage. I've had emails where people say. but if you're risking 25% or 50% of your account or even 10% of your account for trade. I've had those lessons early on as well. and that was just due to bad money management. Our risk on that was roughly about 30 pips. When you hit those losses. so the risk to reward on that one trade was huge. at that point. That was probably the biggest trade. What was your biggest success trading forex? Probably the single biggest trade I've had was a breakout trade back in '09 and the euro moved 402 pips. "Whoa. That's correct. trying to be a gunslinger and not following money management rules like I should.000 account and I just made $1. but putting on too much to their account. Interviewer: Everyone's looking for that big hit. It was less than a year." It's great when you're making money that way. You're going to blow up your account. pretty quick. was when I was able to finish creating one of our systems that incorporates all three of the market movements. and it was the single largest trade that I've probably ever encountered. We weren't stopped out and it was all within one session. So. you're going to empty your account out and you're going to do it in a very quick fashion. I caution people on that.500 profit off of one trade using one of my systems. but they're not thinking that the potential exists for them to take a huge loss as well. That's probably the biggest thing that I've seen why traders fail in the market.000 account when I first started. But mindset is very important." and I email them back and just say. As far as overall success. "I have a $3. Interviewer: Jason: What do you think the number one reason is why forex traders fail? Probably the biggest reason is bad money management. Jason: Interviewer: Jason: . Interviewer: Jason: What was your greatest failure? I blew out a $3.
Right. which is probably one of the things you just talked about? Besides money management. It’s the same for every trader. If you're getting real excited about something. muscle memory. What's the best lesson you learned as a trader. That's a 600-page volume book right there question. it should be 99% boring and 1% excitement. repetitive things that you look for in the market. Jason: Interviewer: Jason: Interviewer: Jason: Interviewer: Jason: Interviewer: That's a good way to put it. That's a huge question. and with repetition comes boredom. If you're bored with it. Yes. Jason: Interviewer: Jason: Interviewer: . man. I would say. How do global events affect the forex market and trading results? Oh. Yeah. It's kind of like learning anything. if you're doing it right. It's almost a rite of passage. For the most part. and if you're trading correctly. You have to blow out an account or two of varying sizes before it really hits home that you need to back off and follow your rules and that kind of thing. then you're probably doing it right. Yep. Give use the Cliff noted version. You need to have repetitive motions you take.18 Interviewer: That's pretty much the story from everyone I’ve heard. then you probably need to stop trading and analyze what you're doing. Everyone has a horror story like that. I'll try to narrow my answer. If you're using proper money management. you really shouldn't get that excitement like you're pulling a lever in Vegas when you actually put the trade on. and it doesn't take very long until they're out of money. You can lose account real quick. if you're bored. patience. then you're probably risking the right amount and you're probably following your rules. People get overconfident and risk huge percentages.
would be the FOMC announcement or any interest rate announcement is going to fundamentally affect the market. There are analysts who try to predict what's going to happen and where the market is going and all that. and you have an exit from the carry positions. it can really effect those specific pairs in the forex market. what have you. From a carry trade perspective. when risk comes into the market. if they have four hours a day to trade. So. So. you need roughly ten positive trades. the market reacts in an opposite way than you would think it would because some of the larger firms out there. Typically what we do is just not trade during that time. But global events can affect the market from a different side as well. It really depends on their approach and their account size..000 and you're risking 1%. You're going to need to take ten to 20 trades per week at that point to hit that $300 level. I mean. all the large news announcements for the U. Your housing reports will affect the market. Consumer price indexes. But when there are risks. When you do.. So. whether it be unrest in the Middle East or whether it be economic unrest. already knows what's going to happen. I Jason: . you have you have to keep an eye on those. you have these trades where billion dollar hedge funds are collecting interest daily on the rollover. anything to do with the direction of how the economy is doing. Unemployment figures are going to affect the market. The forex follows currencies. which of course they're backed by countries. They've loaded the market in one direction expecting it to go in the other and it becomes too volatile and too quick. that particular pair in a very strong way. liquidity issues. we usually just stay out of it and not get into all that mess. GDP of the country.19 Jason: Yeah. what would that look like? Probably.S. such as we saw probably the biggest recent example was in '08. it's essentially the stock of the country to a large degree. So. If you have an account of $3. whenever risk comes into the global scene. all of those can take effect in the markets in varying degrees. larger money. there's just so much money going out of that currency pair that it affects that market in a very drastic way. But what I've found is the majority of the time. we saw this huge amount of risk come into the market. that's another way. very effective strategy and I recommend it. at that point. the difference between interest rates between currencies. Interviewer: If someone wants to make $300 a week consistently trading the forex market.
but you're also making a little bit more. It is. I believe it's very important to know what you're looking for ahead of time.000. that would help identify when that exit occurs. You can trade a specific style or a specific system within it. you would have to be trading probably three or four pairs within a week to hit that number of trades. We've done literally years of research and testing in the forex market to find . and we have indicators. But you're going to know when the trend is over that you need to exit. Probably my favorite resource would be my programmer. You need fewer trades to put on. Then we find it. or at least the parameters for which are going. Interviewer: Jason: Interviewer: Jason: Let's talk about the proprietary systems that you've developed. You have $10. A month is probably the smallest I would go to. You know when you're going to exit the trade before going into it. Interviewer: Jason: What are some of your favorite tools to use and favorite resources? As far as favorite tools. Triad is our flagship product. That's usually too small of a time frame. and it's the one that has the counter-trend and breakout system within it and they all work together so you can trade the markets. you can hit those numbers real easy.000 account. But with that said. an entry. I like using my own tools that I've developed. or a little bit more timeinvolved. and you know your stop. our flagship system. So. of course.20 don't really ever suggest someone thinking in week terms. or you can trade all three together.. Well. swing trader. if you have a $10. you only need three to six trades per week. If you're more of a day trader. Okay. At that point. it becomes a little bit easier. a stop loss. you may not know when exactly you're going to exit because you're going to let it run. Testing and doing research is a big part of what we do. and then exit. go into the trade. you're risking a little bit more. All of the strategies that I have created have a setup. more one-off type strategies. Trend trades. just scalping the market. if you're trading intraday. Well.. There have been other strategies that I've created. You can trade it from the month down to the 15-minute if you want. You can scalp the market with it. Okay. as far as being able to test. You know all of that before you go into the trade. do you want names? Sure. like I said.
So. On their own..000 account blown out. I would say probably depending on how much time they devote. Get help. and at least one $5. Start small. and then start adding the money. and you'll get to that $300 a week fairly quick.. Interviewer: Is there anything else that you'd like to add that might be relevant to a novice and/or an experienced forex trader that we haven't covered? Keeping in mind that it's called "The Fastest Way to Consistently Make $300 a Week Trading the Foreign Exchange. Interviewer: What would you say is the typical learning curve for a novice trader in the forex market? On their own or with help? Probably with help." which you've already discussed would be more like monthly. or in a group setting.21 these edges.and what they're told is accurate information.. two to five years. Really? . entry. and work with them on a one-on-one basis if they offer it or if you can.. and exit. would be another recommendation. but get help. and consistency. the tools that are within Triad. It doesn't matter if you're buying a system or building a system yourself. make sure you're up and running and you feel confident. favorite tools would be Triad. Find the experts that you can understand and relate to. If you don't have a clear setup. at that point it can be literally weeks if they do exactly what they're told. you could stumble around the market for two to five years and not really know what you're doing correctly? Or you could spend weeks with a professional and really learn to do what needs to be done to be profitable? Yes. It's a little bit harder to come back from having 90% of your account blown out. That would be the next one. So literally. Jason: Jason: Interviewer: Jason: Interviewer: Jason: Interviewer: Jason: . probably weeks to months. So. You have to know what you're doing. these small edges in the market that you can exploit for profit. and that takes a little bit to get there. then you don't have a system. As far as with help. What I'd recommend is have a defined strategy. It's always easy to add to your account and to grow an account. stop loss.
having stocks in Walmart or Apple. So the fact of me getting weekends off was very exciting. and the fact that I had been challenging and you had a currency exchange and there were different rates for the currency exchange really intrigued me. I also like the fact that the forex was quick. I used to put out a newsletter. I found that there was a direct correlation to numbers that I use in the sports betting realm. and a sense of learning how to become professional. but what I found in stocks is that I look for long-term. I've been doing this 11 years and as I embark on year number 12. the thing that keeps me excited about the forex is that it's constantly changing. Interviewer: Where did you travel to and from? Joe: . and basketball games and taught people how to become gamblers. We were taught by the time that we got out of school that you look for putting up for retirement.22 ‘Forex’ Joe Atkins The Fastest Way To Consistently Make $300 Per Week Trading The Foreign Exchange Interviewer: Joe: What's your background. That's a nice change. Why did you pick the forex markets specifically? I never did really care for stocks. and how did you get started trading in general? I got started trading in the forex markets in the latter part of 2001. I was looking for something that had a little bit more action. so I really got started that way. But what really excited me about the forex markets is that it was trading money for money. In fact. I was a sports analyst. I just celebrated an anniversary. I did dabble in stocks. I released selections on football. I come from a sports betting background. or IBM or various blue chip stocks. to staying up all night Sunday.500 subscribers. It's trading $4 trillion a day. writing and getting a newsletter out by Monday afternoon 35 weeks of the year. So. So I wanted to learn about different currencies. I had over 2. Interviewer: I bet. In my business. and in long-term. So. and it runs 24/7 and I've got weekends off. For over 30 years. so it can't be manipulated. baseball. all the way up to giving out selections for the weekend. and the fact of how you could make money trading forex. it was kind of boring because there wasn't much to do. It's the most liquid market on earth today. you're looking for something that you're setting up for retirement. We would start from Friday afternoon doing radio shows that I hosted. that seem to be reoccurring in forex. when you're playing stocks.
So in other words. a system using probability factors and mathematical and statistical analysis concepts that I used in trying to find the very best line in sports betting. Mexico. In other words. But what I've found is that people seem to fear what they don't understand. Africa." and that's not what it's about here. Just like we Joe: . you can keep it simple. of how numbers are reoccurring many times. is that they've now become CEO of their bank roll series. with the fallacy that it was always going to go up. utilizing my set principles. Australia. the real estate bust. I've been to Asia. you can get in and make millions. It's about learning a new vocation for life. As I eluded to earlier. or what really is called price action. Interviewer: What is unique about how you trade forex. I really got in at an opportune time. So you really call that support and resistance. to where you take back total control and responsibility for your actions. What really showed up was a three and a half-year exhaustive study of the forex markets. So I developed what was called a psychology of trading. they'll say. I've been very blessed. and we've only been able to participate in the forex markets and the retail customers for a very short time. Any time you hear a professional start talking about price action. There are too many people out there that have emulated software packages. then you know that he knows what he's talking about. many that went out of business. What makes me so unique is that I have developed through the years. and long-term goals. that try to sell software packages that try to sell the sense of seduction to people. you take care of your bank roll. is that it used to many people would put money into stocks and just leave it. "For a low fee. I'm kind of a veteran now that I'm starting in year '12. we used to call it the Wild. I've been to 49 of the 50 states. Wild West because there were so many people trying to come up with brokerage services. What's really different about today compared to what. I've been to England. So. I got started in the latter part of 2001. and what makes you successful at it? The numbers don't lie. as I eluded to earlier. The bottom line is. but you have to take a look at it in a capacity of what is your short-term. The retail clientele has only been having access to the forex markets since 1998. I've been very blessed. midterm. Back in the early days. I've been to Canada many times. The only one I haven't been to was Alaska.23 Joe: I've been all over the world. I like to tell people that each one of them. especially since 2007. which I've canceled two or three cruises that I was going to go to.
I wanted to go back to the. I like to say that forex trading education is one. you have all the technology. we answered a couple different questions there that I was going to ask you. So. people are now graduating from possibly having a job being told what to do their entire lives. it's really unique in the different areas that I've been able to create proprietary information that helps people keep it simple. You wouldn't want a 50% doctor doing the surgery on your brain. Sometimes these decisions are based very quickly depending on what trading style they utilize. Well. Interviewer: Joe: Absolutely. They want to sign up.24 were always taught that real estate is always going to go up. and it's really unique that 76% of the people out there do not consider mindset to be of importance. We live in a different world. and help fasttrack them to success. what we have found is that most people won't spend a little bit of time learning. I call it the microwave world or the millennium kids that were brought up to where you have all your tools. Basically what you're saying is people aren't willing to put in the time to learn what it is that they should and should not do. because you had mentioned you deal in the psychology of trading. how much of forex trading is based upon mindset question. You'd want one fully qualified. Interviewer: Now. now we've been proven wrong. I do many studies. They want to find something quick. Many people aren't willing to take the time to gain vast experience. They're more interested in instant gratification than they are building a vocation for life. So before I go on to my next one. to the point of where they have to make decisions. Yeah. and they think within a month they're going to be able to pay all their bills off. So. They just want to jump in and do it. because you are becoming in charge of your own profit center. I do many studies and questionnaires throughout the years. Well. we have better than an 80% failure rate in this business. and they have to be ready. you have all their phones. Joe: Interviewer: Joe: . and what's between your ears is 1A. So. and the reason why is that most people don't grasp or understand the power of the mindset. it's kind of like doing anything that you begin from the start.
So in other words. If you have experience. Maybe in the summertime blues.S. Joe: Interviewer: Are there different times of the year that are better for trading the forex market? Well. so in other words if you're looking for 25. Canadian. are there different currencies that you prefer to trade. I cover 22 pairs overall. dollar expert. So to answer your question. because I've got that covered for you. which is the euro dollar. you get maybe a little bit more volatility. and then are there some that you just simply won't touch because they're too unstable? Well. 100. it's starting to come back up. So. you might look at the euro/Canadian or the euro/Aussie as offsets of that to see if the currency pair is strong or weak and which side you should be playing.S. if you're a swing trader and you're looking for more pips. no. but you might have a smaller pips amount in a 24-hour period. if you were trading the euro/U. dollar.S.S. We call that the summertime blues. because that's what I write about consistently.S. [inaudible 00:08:18]. there are three other offsets. Oscillating channels is trading Joe: . Now. The only pair that has been a problem is because the euro Swissy. you'll spend your first year. There isn't any pair that you should be trading. you graduate from one pair to maybe the parallel inverse pairs. You'll see less volatility in the summer.S. dollar. Swissy and the U. But also follow what I do with the euro/U. I like to teach people to pick one currency pair to stock. say the euro was averaging 125 pips for a 24-hour period. I trade the four majors. and once it got to 120 it just kind of sat there and didn't move. there are different times of the year to where there is more volatility and less volatility. the major European traders and most of the people in Europe take off. the U. the Aussie dollar. dollar. because usually after the 4th of July. or the exotic pairs. So other than that. no.25 Interviewer: All right. so let me go back now. So instead of trying.S. So what happens is. But as you graduate. I more or less started riding on Forbes in 2002. For example. it might go down to 80 to 100 pips. with less volume. the Swiss bank put on a peg for the euro Swissy not to go below 120. and the Kiwi dollar. From that. then you could pick more than one pair. 150 pip moves that might happen. you might have to move that expectation down. So I guess you would say that I'm kind of a euro/U. and I basically started with the euro/U. which I call the top seven pairs. Trading in the forex market. and if you can learn everything about that one currency pair then you can expand your horizon and it does not overwhelm you. What transpires is you learn how to trade oscillating channels. the U. the pound dollar. whenever you become in the learning process. in other words. which is New Zealand.
Then there are position traders. Position traders might be somebody who's going after 1. and look for the so-called gems that would be drafted in the sixth and seventh round. because of my sports background and because I was a sports analyst. you might get three to one. There's scalping. If you're lucky. Interviewer: Referring to a previous answer. I did radio for so many years. I was an NFL analyst. you turn them into trades that last for a month. The middle part of September. But as we embark here in the middle of September going into October. Joe: . Interviewer: Joe: Interviewer: Joe: What is the number one reason. I'll go over all four. So there's a different trading style that needs to be utilized at different times of the year. can you define the different styles of trading? Yes. That has my utmost respect. I covered NFL draft for 20 years. But as it stays within these channels. out the door quickly. This is a business to where you can get a demo account and practice. and emotion. There are four different trading styles.26 at the top and the bottom of the ranges. the major players. when you're learning to trade at the top and the bottom. five to one. this is historically the worst time of year for the Dow. So I had to really dig deep after the first round of what everybody knows. due to fear. where you're trying to peel off five to eight pips. every player taken. self-doubt. but they always close their trades before they get out of the markets. might try to stay in them a few days or a few weeks.000 pip moves or more that might stay into trades for months or even years. Now we're back and we're into September. seven to one return or more before it breaks out and creates a new channel. because you have to keep your focus. you're starting to see more trending pairs that have moved here in the last five sessions. with an expectation that you're going to be wrong once. So a lot of it comes down to psychology? 100%. There are swing traders that will try to extend trades longer than 24 hours. and we call it a practice regiment account. You're in the door. that forex traders fail? Inexperience. There are day traders that might want to try to pick off 20 to 25 pips a day. in your opinion. A lot of my analogies go back to sports. 300 to 500 pips.
and if you're passionate and persistent in this business. people who've had divorces. I started teaching in 2006. people who've had adversity. You are learning a vocation for life. Then seeing other people succeed and walk away to where they might not have had that opportunity in the past. and try to build something and leave a legacy for our kids. when you start talking about mindset. in three hours it's put through a tremendous amount of vibration to where he has to be in the shape and he has to have maintained focus. I like to say we are all minnows in a shark tank. They were passionate and they were persistent. I started having successful traders move on. A football player is somebody that practices all week. What most people don't grasp or fully understand is that mindset is part of forex trading. people who've had sickness.eventually you will learn. So.27 I'm always looking for the so-called gems in the forex markets. and they had two things in common. and yet. You can't lose focus going 200 miles an hour.we try to keep it simple . Those who can bat near 300 usually make millions of dollars. when you're having trading and it's been exhausted and where other people might be giving up. then we all go about the race at our own rate. and that continues to be this day. with what we've put together . Interviewer: Joe: What was your biggest success trading forex? Being able to have people write in to me and wanted me to start teaching. There have been many stories. if you've ever watched a NASCAR race. . We should just try to compete within ourselves. It is a given. with low risk. with the bank roll that we have. an NFL player. My favorite is Major League baseball players. and I like to say that each person is a separate but distinct entity. A NASCAR driver. They fail 75% of the time. just so they could perform. and have some type of retirement that we can fall back on. But in being separate and a distinct entity. I have taught many people who've been able to now go ahead. and we shouldn't. money management. So the biggest success I ever had was when my first group. Each person is different. That's why I do it. people who had just more or less given up. You're being able to participate in the most liquid market on earth. We're never going to be able to compete with the central banks. one that will run one play that might be the difference in a game that they've been practicing all week. just like a currency pair. I might be just saying. "There's an opportunity. There's a different learning curve for each person." So let's use an analogy to a NASCAR driver. they have to come back up and learn how to try to bat near 300. the big hedge funds. it's all part of the sport. and in some instances. or Major League baseball. because they have a unique mental toughness.
Be Happy" with a ukulele and a straw hat. and they just gave up and they tried to go to something else. I could run away tomorrow and leave and go sit at the lake and just sit on the porch and sing "Don't Worry. have never been taught about money. when I first started. I don't need to do this. I found out very quickly that I did not know anything. Many people are on the cusp of greatness. and I really understand the markets. especially those who struggle and don't understand. There are many analogies that I won't use here that you could use. instead of people having an attachment to money like they must have money or they're going to lose everything that they have . There's going to be good harvest and bad harvest. I think my first non-farm payroll was I picked up about 250 pips. especially in mindset. But if you are scalping. and if you're not taught about money . But I feel like that I need to get back to society and help other people. But when I first got started. Sometimes people don't understand. I understand how the markets operate and I understand how I can help others in dire need. Well. Interviewer: Joe: Interviewer: Joe: What was the best lesson you learned as a forex trader? To be humble early. Each one of us should be abundant. like Yogi bear out there getting picnic baskets with Boo Boo. because I got literally drilled the next two non-farm payrolls because I didn't know what I was doing. I mean. What would you consider your greatest failure. we put this together. So I thought I was smarter than the average bear.then people have a different conception. if any? My greatest failure is the people that got away. put software packages together to help people accomplish that task. It's what I was called to do. you should be. . and something stops them from their right of abundance. To me. I had been teaching a free class all the way back since 2006 that shares the ins and outs of why professionals do not trade the non-farm payroll. I feel like it's my calling. but as you plant crops you're going to have a harvest.how to make sure you put money up and how it's just a tool to use to barter for goods and services. and they give up. abundance is your birth right. But the bottom line is they're real close to being successful. In my quest to help all traders. But many people have walked away that were really on the cusp of greatness.28 Interviewer: Joe: So this is really very personal for you? Very. You continue to plant crops. I've been blessed in the fact that I got in at the right time. the most traded news event is non-farm payroll.
But it wouldn't have gotten me anywhere.000 to $180. Interviewer: If someone wants to make $300 a week consistently trading the forex market. We call this aberrations and an aberration is something that just happens that's unexplained. This offset from FXCM was a company called Repco. and Repco went out of business and we lost it all and never got a dime back. What was it in you that made you continue? I've always had faith. and have everybody feel sympathy. is it going to continue to turn into a trend. Well. it did put two of my partners at the time out. I've had losing years. I mean. and Repco was brokerage services. I've been a sports better. and people trying to figure it out. it brought me back to the fact that you must remain humble. and started over. Interviewer: Joe: How did that feel? That would put most people out of business. in Spain. and could have sat around and drank beers for the rest of my life and told that story. discussing and sharing the ECB is going to do anything they can to make sure that it stays together. But the key is. In fact. because there are so many rumors that are happening with what took place in Greece recently. and also the fact that I'm not attached to money. what would that look like? Interviewer: Joe: Interviewer: Joe: . My faith and belief.and this is for the old-timers out there there was an offset from FXCM. So. The part two of that would be . we had a group that we took some money and built into about $160. or is it something short-term. How do global events affect the forex market and trading results? Of lately it's called rumor versus fact. empathy. So.000. That background helped me. went back to work the next day. the President of the ECB. I could've quit right then and probably had an excuse. so I just hitched up the pants. what took place with quantitative easing here in the United States. and all that for me. and they never came back. I know what it takes. So you continually see little spikes of rumor versus fact. you always talk about that there's moments in your life and there's a fine line between success and failure.29 and I thought that I did. Mario Draghi. we really cover that with our clients and let them know and let them learn about those areas. in Portugal. I've had winning seasons. and then you're going to see a reversal? So.
One of the areas that really amazes me is that whenever somebody signs up.and by the way.200. That's idiotic. that's $1. 200 pips a month at $10 is $2. 100% key to know that they have an attachment to money because they're not thinking about the benefits that they can get from learning or getting a vocation. when the crash of 2008 and 2009 happened. I am. then you feel a sense of confidence to where you can reach that goal. I can't go in. they can make decisions based on they've already reached their monthly goal. To answer your question. it would completely change their lifestyle. When some people might be going one way. if it's $300 a week that they're looking for . I'm trying to go the other way. and it becomes a habit because you are now turning your subconscious mind into a belief system that you can accomplish this task. if you've never set goals in your life. including when the real estate bubble happened. How much money will I have to put out later?" So. if they were just making an additional $300 to $500 a month. in other words. they'll park their 200 pips. people will change their style of trading to get their 200 pips. It's like having a tail when you're playing poker. Once you believe that. Now. I teach from day one that you need to try to generate 200 pips a month. "Okay. I'm putting this money out now. I'm a contrarian. . they're always looking a year down the road of what it's going to cost. The goal is part of like my Goal Setting 101 that we teach.000. but a month. and that person probably shouldn't play poker. If I play poker with this person and take all their money. but what's it going to cost down the road?" That is a completely. So what we try to do is try to get you to set a goal one day at a time that's achievable. or being able to generate cash. most people don't know that but it's an automatic. I'm really outside-the-box. You set one easy goal a day. So if you're looking at $300 a week. So what we do in this exercise is try to teach you to generate 200 pips a month consistently. Okay? So it's really only $300 a week is 30 pips. So. then the 200 pips is what most people look for. we are completely different than anyone else. "Wow. I have outside training methods. all right? If you do that in any market condition.30 Joe: Well. I'm signing up for this. A pip is $10 for a regular lot. The only thing they're concerned about is. So. The reason for the exercise is that anyone can do it on a consistent basis. research has found $300 to $500 would change the lifestyle of close to 40% of the people in the United States. and try to teach you to set goals through the next three to five years. But the bottom line is we teach people to get 200 pips a month and start from day one. and then for the rest of the month. Not a week.
we're looking at big lights and every time I do a class. Do you want to talk about some of them here. we put in four different software packages. when I can get two of those three or all three of them to line up together. Bias and Key Numbers was when I did an exhaustive study for three and a half years on the forex markets. I used eight or nine technicals off a Meta Trader 4 platform that looked good. So. which takes human emotions and human decisions out of the equation. It's a zero-risk trade. You've eluded to some of them. whether they're brand new. So. that you've developed? I've created software packages with my various different creations. it's kind of like they're in Las Vegas. which by the way is foreign exchange. the Big Lights would be the daily chart. because most people cannot handle that. Everything is put together in a concise way to help people learn how to maneuver the forex markets. I'll have these little light bulbs I kind of shine and put on for people to kind of embed in their mind. I developed that strategy. mixed in all the formulas. and that's part of the software package. it obviously moves your stop to break-even plus one. Zero-Risk Gravy Train Strategy. and we came out with Bias and Key Numbers. These clusters turn into thermogrids. to where as a swing trader. which then started having clusters. So. and if the trade is losing. I've created software. to be able to generate $300 a week consistently would fall right within the parameters of us teaching how to get you 200 pips a month each and every month in the forex markets.31 So. mathematical statistical analysis concepts. They don't know what the acronym forex stands for. Most people. Joe: . I developed a psychology of trading utilizing mindset principles. and there's the Zero-Risk Gravy Train method. I created mathematical and statistical analysis concepts. Bias and Key Numbers. they'll get out of the trade. if a trade is running and it's making pips. Big Light Traders versus Big Light Strategy. we have simple rules of engagement of what you need to be doing to either buy or sell in the markets. We also have the CEO of bank roll. They keep betting it'll come back to even so they can get back to even. Interviewer: I hear that you have some proprietary systems. weekly and monthly chart. where after you take profit one. I trademarked Big Light Traders versus Big Light Strategy. and I found that reoccurring numbers showed up. What that means is. Bias and Key Numbers. you're looking to generate more pips. currency trend tracker. and when you get near these thermogrids. So. thermogrids.
If you're a novice. ask yourself every time you execute a trade. which nobody's doing. We also have what we call safe trades for safe entries. It might reverse. do you have issues with an attachment to money? The best way to figure that out is that if you're in a practice regiment demo account. who's now taken over as head of the Fed. and try to decipher. I put those out each and every evening before the Asian market. They're good until the next day. we have what I call Forex You Alert. we definitely want you to take a look at the forex markets. But he can't get Congress to get together and work together as a team to try to solve problems. With Bernanke. A novice has not been seduced by all the other things out there. If you're an experienced forex trader. as far as resources. because you have not been polluted. we had trades that hit last night again. and he'd yet have a completely different meaning. Interviewer: Is there anything else that you'd like to add that might be relevant to a novice and/or an experienced forex trader? If you're a novice. and in some instances I'll mention to let a pair go to a certain area and reverse.. it goes to a certain point. because this guy could speak with a forked tongue and speak one way. It moved over 100 pips and we were really blessed. and those are just the tools that I use on a consistent basis to keep it simple. but they keep taking on step forward and two steps back. how much are you trading in that demo account? If you're only Joe: . and get in here. In fact.32 all the way up to people that might be trading three or four years. The numbers don't lie.. continually pay attention to what's happening around the world. So. you can almost see the anguish and the pain in his face when he's talking because he really knows what is needed to get this jump started. Nobody's doing that at all. So it's a daily trade plan that I put out. Interviewer: Joe: What about tools? Favorite tools and favorite resources you use? My favorite tools are just the numbers. So. and we've had uncanny success in the fact that these trades hit. I really liked when Greenspan was the head of the Federal Reserve. Resources. Bernanke. So it was always a challenge trying to figure out what he was trying to describe. I just continually watch the markets. then we can start from day one teaching you a system that is more or less like putting the foundation in one brick at a time and building the tower. I can take a look at numbers and almost predict within ranges of when breakouts are happening.
except the fact that people want to sit down. During that process. X is the amount of days that it's going to take for you to become experienced stocking the currency pair that we share with you. Well. if you're not trading in a $1 million account. Joe: . if you want to become a millionaire. you've wasted nine months in experience. and pay their bills for the month.000 in a demo account. and being able to trade on your own. So let's say. now they have X. Interviewer: A $1 million account I imagine would be kind of overwhelming for people. where you'd have to start nine months down the road anyway. quick satisfaction. press a button. Is there resistance to it? Everything is overwhelming about this business. Well. you are trading in a $1 million account. that it took you nine months to do this.33 trading $10. That's what everybody's looking for. learning the system. for example. Most people that you talk to always want to become millionaires. and you now have that much experience. doesn't cost you anything.000 or $50. why not trade a $1 million practice regiment account? It's free. you're completely crazy. and that way if they've never experienced it. So we always teach everybody to start off with at least a $1 million account.
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