Here is part 1 of a backtesting mini-course that I have added to the main courses, but can also be bought separately.
Here is another post in response to a recent survey, watch and enjoy!
Here is my first trading video after the summer break. High ROI trades on US Oil.
Here is the last of the three post-Brexit videos featuring the fall and rise of the GBP/USD and I am doing this post after the surprise announcement from the BOE to keep interest rates unchanged confounding the markets who widely expected a rate drop. The question is could you predict the results and trade them using my systems and in this video I show that in my opinion price moves in very obvious ways that can be easily predicted regardless of the fundamentals.
Here is my first Brexit Video, where I think the GBP/USD will go next.
Sometimes I get the feeling that I am just repeating myself showing 10xroi videos because the setups are doing the same thing again and again, but that is what trading is like, doing the same things again and again and doing them well. Enjoy…
Here is an interesting 10XROI Trade, it is all about the decision process behind taking a trade that may not look ideal, enjoy!
My new trading psychology books is out new and comes with a FREE six-part video series on trader-psychology I recorded a while back
you can grab it Here now for only $0.99.
Here is this month’s trade analysis using the weekly chart as a basis for a push-pull swing trade. Enjoy!
Click here to watch this video on Youtube
I have just been listening to a Tim Ferris interview with Caroline Paul (author of The Gutsy Girl -Escapades for Your Life of Epic Adventure) who is one of the few female firefighters in the San Francisco Fire Department as well as a pilot, white water rafter and all-around adventuress.
What really caught my attention though was how she described dealing with fear, she observed fear as though she was looking at at wall of bricks and fear was one of the bricks, she then asked herself what weight she wanted to give the fear in what she needed to do, she then remembered the importance she attached to feeling brave, she then pushed the fear somewhere else at the back of her mind as she decided not to allow it to be of importance.
To have bravery as one of her core values and then choose to be brave and place low emphasis on fear during high risk situations is a strategy that a trader can learn from. Can you create an image of your emotions which you can manipulate such as a pile of bricks and assign emotions to them and move them about according to importance?
Maybe use another mental construct if bricks don’t do it for you, something that you can move around and control. This all depends of course on being able to distance yourself from your emotions rather than being hijacked by them; a key skill for traders.
Here are some easy entries into a move using the 4-hour chart for a base where on the daily chart it would have been difficult to spot.
“A quick update since starting your course.I’m going through the initial 10 x ROi again as I didn’t manage to nail it down the first time. I have been struggling to identify which candle would be number one as a push pull and why.”
In this video you can see multiple opportunities for 1-10 and 1-5 ROI trades.
Here is a quick video showing an easy 10XROI Trade on US Oil, enjoy!
“I have read the 10XROI book, and it has inspired me to work on my own setups. The one difficulty I have, which would be the same difficulty as with your system, is that going down in time frame from the daily charts to the hourly charts is a bit problematic for me. I live in New Mexico and I’m asleep during the early trading hours in London so I miss the reversals that occur then.
For example I went long the EUR/GBP at 10:00AM NY time on 11/23, on the hourly pullback after price broke the horizontal range. It was moving in my favor nicely until the early trading hours in London today, when the Italian retail sales numbers fell short. I was shooting for the 10XROI target, made it to about 7XROI. I was taken out at breakeven, had I been watching I could have made 30 or 40 pips.
I had the fleeting thought before I went to bed that I should move my stop, because of the coming holiday, and low liquidity, but I didn’t. I realize this is something you warned about in your book, and I get to experience it on my first trade! (Thanks for that trading Gods)
However, my interest has been peaked and I’m really excited about moving forward with my version of the 10XROI system. One modification I’m thinking of making is trailing on pivots on the 4 hour, or 60 minute charts, what are your thoughts about that type of trailing stop?
My answer to Michael is this
Michael, When you are setting a take profit you need to take into account certain things and adjust your take profit accordingly but it should never fall below a 1-7 ROI, I don’t trade the EUR/GBP because in my opinion it is not a good value pair with a low daily range and a comparatively high spread, if you had been trading another pair you would probably got your 1-8 or 1-10 ROI.
You should not have to stay awake to take your profit, your stop loss is in place and unless an unusual event occurs such as a large parabolic move followed by a pin candle (by which time you should have hit your profit target) there is no reason to exit the trade. These trades are designed to be low stress and with low screen time.
The problem with using a trailing stop is that you can be taken out at a 1-3 roi, 1-5 roi etc with pull backs which completely skews the numbers of the system.
However here is the caveat, you are adapting the 10XROI system to suit your way of trading and if it is working for you and making you profit after you have adapted it then that is fine too.
Just thought I’d update you on a 10xROI trade I’m currently in. Up about 260 pips so far (1:5R). It’s progressing quite well. Let me know what you think.
10XROI Trade – 19/11/15
Push-Pull setup after a momentum move with candles hugging 3MA in a down trend
Break of mini support
50 pip SL, 500 pip TP
currently +261 pips -moving to be
My first comment is well done to Kevin as he is pretty new to this system and he’s doing great so far!
1) Here is how I would handle this as it is over a weekend, I would close the trade and re-enter at a better price if possible, unless Kevin is based in the UK and can use a spread betting broker with a guaranteed stop.
The reason is that there can be a gap over the weekend and it may not be in his favour, also the trade has already moved a long way and is due for a pull back as you can see by the last candle which is a long candle.
Generally price opens at around the same point as it closed on Friday but this protects your account in case of weekend gapping.
2) I would look at the context of the trade which is at the end of a run and adjust my expectations accordingly, as you can see price had already moved a long way down and had bumped up against some previous support so I would be minded to start moving my stop loss and be willing to exit at a 1-7 or 1-8 ROI.
But in any case well done to you Kevin!
Here is an easy Eur/Jpy trade that you could get a 1-8 ROI or a 1-15 ROI by using my pyramiding techniques, it shows how to use a multi-candle push-pull.
Click here to watch this video on Youtube.
Easy way to get a 1-20 return on a trade taking very little time and using a day trading entry. watch the video to learn how.
Here is a great and simple trade which would have given a minimum of 1-8 ROI with a potential 1-30 ROI or even more if held till the daily support .
When I get a letter like this (see below) I can really see what the impact of my teaching is, it just makes the effort feel worthwhle. ——————————————————————————— LR Thomas Hello Ms. Thomas, I’m sending you a quick email, although…
See an example of one trade using the Daily Push-Pull as a foundation, there are 6 different types of setup available in this course so you should be able to find High ROI Day Trades nearly every day.
Here we can see the context of the trade an upward move followed by an upward daily channel with a third bounce off the lower daily trendline.
Here we see the pushpull candle 1 is a small candle followed by candle 2 the much larger push candle, candle 3 pulls back to the close of candle one. the pushpull zone is between the open and close of candle one which is where we look for an entry which we find on candle 4 the following day.
We go down to the 30 minute chart to look for an entry and see an overnight megaphone channel on the 30 minute chart
the orange dashed line is the 30 min resistance which is broken. the dashed green line is the push-pull level.
One of the biggest complaints I get about the 10XROI system is that there aren’t as many trades as my students would like and sometimes you may have to wait weeks for a trade. In this video i go through how to use weekly push-pulls and show how you can really increase the volume of trades by adding in these weekly setups. ps There is also nothing to stop you adding in monthly push-pulls as well!
My trading psychology book How to Stop Over-Trading is now available in audio book format at the link below.
My trading psychology book Overcome Your Fear in Trading is now available as an audio book on Audible, Amazon and Itunes
One hidden benefit of a high ROI trading system over a high Probability trading system is that you don’t need to be the best trader in the world to make money. Some time ago I bought a day trading course…
I was looking at a trade yesterday to see what was happening to the markets around the time of the CHF announcment which removed the 1.2 level which the Swiss had been defending for the past three years. Here is a short video below showing what i found.
For traders who like to listen to books rather than read them, Control Your Inner Trader is now in Audio Book Format on Amazon
Click Here For More Info..
I noticed this article about this Kid who was supposed to have made $72 Million trading the stock market. There is a lot of debate whether the boy Mohammed Islam actaully made that money although the latest news seems to be that he has made 8 figures, who knows?
Anyway the thing that I found really impressive was the http://leadersinvestmentclub.com/the-team/, (the members have banned Mohammed for misleading the public, the plot thickens),none of these guys are over 25, amazing!
What is it about young people that enables them to suceed, maybe they know no fear? maybe they don’t have all the baggage of years holding them back. In any case check out the site it’s interesting!
I have just released the book Market Rhythms :Learn How to Read and Profit From the Price Rhythms of the Market
Only $2.99 on Amazon. This book will teach you how to understand market rhythms and how to integrate them into your trading. Market rhythm is applicable whatever time frame, trading instrument or trading system you use and will help you both increase profits and just as important, reduce losses!
This book was created because there is very little usable information available on market rhythms and how they affect your trading and yet it is a vital part of any trading decision that you make. Market rhythms apply to the movement of the market, candle patterns and chart patterns.
Price action does not form in a vacuum; there are transitions from one type of price action to another. The market tends to form rhythmic price action which then transitions through to non-rhythmic price action. By understanding what the market is telling you, you can make better trading decisions.
The book is presented in a nice and simple to understand fashion. Click Here to Check it Out
Pure price action, technical analysis using patterns and breakouts.
For Forex traders who want to learn how to become more profitable you need to go after low risk and high reward trades.
Watch the Video and Enjoy!
I have just released my new eBook which is a short and to the point guide showing how to catch the big Moves in the Forex Market
Click here to check it out.
I know that there are a lot of difficulties in becoming a profitable trader, but there are a lot of difficulties in running any business profitably and in my other business ventures I am experiencing some of these difficulties at the moment. When these issues come up it hits me what great advantages there are in trading as a business compared to other businesses and in case anyone apart from myself needed reminding, I thought I’d just do a quick list here.
1. Easy to scale.. you can start with a tiny account and test out your system..if you lose money you have only lost a little but if you find a winning strategy you can scale more or less as big as you like. In other businesses this is much harder and if it is possible can require a large investment in marketing.
2. No customers,no employees,no employer,no office politics..in other words not having to deal with people who do your head in.
3. Time freedom, even if you dont make a huge living trading you can work hours that suit you, if you only want to work three days a week you can, if you only want to check charts at the end of the day you can, bringing your work time down to two hours or less per week!
4. Your risk is quantified, when you start up a business where you may have to invest in premises,stock,staff etc, you have no real idea what your risk is going to be, in trading you know.
5. No competition,in other types of business you always have the competition coming up behind you to try and grab your business, in trading you always have a market however many traders there are. It makes no difference how many traders flood the market as regards how profitable you can be.
6.No expenses except your trading account and maybe a trading platform, most businesses require outlay.
I know this is a very short list and there are probably a lot more advantages to trading but for me these are the main ones.
Bye for Now and Good Trading…
In my last video post I talked about my 1-3 ROI trade on the Aud/Chf and talked about why I exited the trade. However I kept an eye on the pair and after much sideways movement at that four houly trend line area it eventually broke. I then entered on the 15 minute time frame and have just exited at the 0.8600 level.
I found this GBP/JPY trade today which gave me an easy1-3 ROI, I forgot to put in the video that I took the trade at 1.30 about an hour and a half before the Cad Interest Rate announcement, however I did some research and it looked like there were no suprises dueplus I moved my SL to break even just before it hit.
In my last post and in my monthly newsletter I talked about the Eur/Cad as being a pair to watch in July, I also covered the two weekly push-pull setups in my last video. Well a new student of mine set me this reply together with his chart, which I am reprinting with his permission.
“Thank you for the interest in how I was doing since I started the High ROI Forex Trading Course. Well I was successful with 2 trades! The EUR/CAD and the AUD/CAD. especially the first one brought us bacon for a whole month. Just wondering how long it will take for such a set up it might take weeks. Do you see and possible trades that could develop in the near future?”
Here is my answer to him
“To answer your question , its vital that you don’t force trades whatever time frame you are trading. The more systems you trade in tandem the more trades there will be, however what is important is to master one system at a time.
Just be patient and build your account, compounding and high ROI trades will do the work. You just focus on taking the best trades you can find and continual improvement and using good money management. I do a newsletter which goes out monthly where I analyse the upcoming levels for the month as well as analyse the trades for the past month. Here is the link if you are interested,
Here is the chart showing the four hour entry on the Eur/Cad weekly push-pull.
One of the biggest problems I see with traders and trading gurus is that they overcomplicate trading by using too many filters. The problem with adding more and more filters to your trading is firstly that filters will start to contradict each other, secondly you will become overwhelmed with the amount of information needed to be taken into account before taking a trade and thirdly there is no proof that having overly complicated systems actually improves your results. What type of filters am i talking about? Here is a list…
Lower and higher time frame support and resistance
Average daily Range
Higher time frame momentum
Correlation of other related pairs
Correlation of the Indices
Correlation of commodities
The more filters that are added in the harder it is to make a decision, so here is a bit of advice. Go for the least amount of filters rather than the most.
You can trade successfully using support and resistance and candle patterns only.
You can trade successfully using chart patterns combined with a few candle patterns.
Go for simplicity rather than complexity, rememmber the only decision you are really making is will price go up or down and have you found the optimum place to enter that is low risk and high reward. Those questions can be answered using very simple systems with very few filters. I bought a day trading system some time ago which was created by a fantastic short term day trader, but she has multiple filters which she uses to make a decision which made the system too subjective and complicated for me. I like simple, simple can still give you a profitable system and much less of a headache.
Here is a channel trade using my new upcoming High ROI Day-Trading System which works alongside my High ROI Scalping System. You can see how exact the entries and exits can be when you combine channel trendlines, chart patterns, candle patterns and the ADR.
I have received a good amount of requests for some information on running multiple businesses while you trade. I have created a video on this topic and because it is rather lengthy I have only covered three businesses that are…
Here is a video showing how and why I closed my recent GBP/AUD trade.
Here is my analysis of a trade I took this morning, using multiple time frame analysis from the monthly down to the five minute charts.
>>Use the New Subscribe Box on the Right<< Many apologies to people who have tried to sign up or click links. The GetResponse website is down and none of their services are working. Hopefully they will get it fixed soon.…
I advise my students not to depend on solely trading income if they want to leave their jobs. The time spent waiting for trade set-up can be usefully spent creating other income streams that allow time flexibility and stability of monthly…
My trading mind-set books are the lowest sellers of my Amazon eBooks. The reason for that is simple, traders generally want to learn how to make money and are attracted by the idea of a trading system with a high…
Just to let you know that my new eBook ‘How to Stop Over-Trading’ is now live on Amazon. If you have ever taken a trade that is outside your strategy,then this book was written to stop that behaviour dead in…
Today I have one recommendation to make re. a blog that I discovered through one of my students FXOutlier. It stands for everything that I have come to learn (the hard way) about trading. This blog is a great addition…
I have been talking a lot about the AUD/JPY of late, here is the link to a previous post. Click Here Here is a video of a trade I closed yesterday on the AUD/JPY and my reasoning. (corrections) 4.06 exit not enter,4.24 my stop loss not roi
Thanks to everyone who replied to the request for feedback about their over-trading issues. I also got a lot of responses from people explaining why they thought other people over traded. Every reply was extremely useful and everyone who responded…
The AUD/JPY is hitting the upper trend line in an upward moving daily channel, in the short term it may provide a nice reversal counter move which could be entered on the lower time frames the four hour or the…
I am in the process of writing my next book, How to Stop Overtrading! I will be giving free copies of the book to those people who can add to the book by sending me their specific over trading scenarios,…
As a continuation to my previous comments about Fibonacci levels I show how I would use them if I were trading a High ROI scalping setup.
One of my students runs a blog which is pretty cool, he charts his trading progress warts and all: Here is the link to his latest post… http://fxoutlier.com/2014/03/28/weekly-roundup-friday-28-march-doesnt-friday-suck/
I just watched this fascinating programme by the BBC highlighting the different effects of a high fat versus a high carb diet on twin brothers. The cognitive tests included a spell in a trading room where the effects of their…
The reason I’m not a fan of Fibonacci levels is that I find them too subjective, supposing you get a reversal candle at the 50% level how do you know that is the one you should take? You could have…
In the first example I analyse the Eur/Aud break using the 10XROI system with the High ROI Scalp entry and in the next video I analyse the same set-up using the Trade Around Your Job and the High ROI End…