Author: LR Thomas

Student Goes From Bacon to Filet Mignon With USD/CAD Trade


>Here is a new trade  on the USD/CAD, a daily trend line break. Chart and comment  kindly provided by Theo who appeared in the last post.  Nice one Theo!

 

“More bacon….. A break of the trend line of the USD/CAD brought some nice filet mignon this time! Bacon is too common anyways.”
4hrusdcad

 

Student Uses Weekly Push-Pull to Bring in Bacon

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,
$1-trial-huge-market-moves-newsletter/

Here is the chart showing the four hour entry on the Eur/Cad weekly push-pull.

eurcad

 

 

Multiple Trades on the Eur/Cad Video


In this video I am examing the different trades that were available on the Eur/Cad last month and how to enter using multiple time frame analysis and combining my different systems.

How Many Trading Filters Should You Use?


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
Fibbonacci levels
Pivot Points
Murray Maths
Moving Averages
Elliot wave
Candle Patterns
Chart Patterns
Divergence
Multiple Indicators
Round Numbers
Average daily Range
Trend lines
Harmonic patterns
Gartley patterns
Higher time frame momentum
Correlation of other related pairs
Correlation of the Indices
Correlation of commodities
etc.etc.
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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.

Two Day Trading Systems Combined for 1-5ROI


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.

Trading and Black Jack

I have just been reading ‘Beat the Dealer’ by Edward Thorp where he describes his system for beating the casinos at Black Jack. The book was written in 1962 and in order to find their mathematical edges they had to…

Autoresponder is Down

>>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.…

Building Other Businesses While You Trade

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…

Why Trading Mindset is Critical to Success

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…

How to Stop Over-Trading

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…

Recommended Blog

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…

Combo 10XROI trade on AUD/JPY


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

Announcement re Free Coaching session

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…

New Book Coming Out!

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,…

FX Outlier

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/

Could Your Diet be Affecting Your Trading?

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…

Why I’m Not a Fan of Fib Levels

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…

Eur/AUd Trade Using All Four Systems!

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…

Trading and Black Jack

Traders don’t know how good they have it!  I have just been reading ‘Beat the Dealer’ by Edward Thorp where he describes his system for beating the casinos at Black Jack.  The book was written in 1962 and in order…

Becoming Great !

  New traders and even some highly experienced traders completely underestimate the need to take charge of their psychology in order to succeed in trading.  Most people who get into trading want to make money and may have no interest…

AJ Trade Analysis Contd.

In the previous video post I talk about the AUDJPY TAYJ trade and how you could have protected yourself by moving the stop loss to break even. In my book the 10XROI System I also talk about the trade-off you…

New Trading Site

I have been asked to write for Trader Planet as a contributor with the focus on fear in trading.  As a result of that although  I will still add trading psychology updates to this site  I will be creating a…

Video of USD/JPY High ROI Trade

Trades are slow at the moment for the higher time frame systems due to price hitting monthly resistance on quite a few pairs , however this video shows a nice High ROI Scalping trade of which the big advantage is…

Is it the system or is it you?

I have recently had a rather persistent gentleman with no experience in actual trading, who has never read any of my books, contact me with two long emails, after reading another authors book on trading.  He has armed himself  with…

Is Trading Really a ZeroSum Game?

Boy, I have been on fire the past couple of days I’m pushing out these posts so fast!!  Ok here is another trading truism,’ Trading is a zero sum game , for you to win then another trader has to…

Another Video of a Successful Trader

Ok so this is another video of a successful trader, his style is different, he is a scalper, but the point of this is to provide more BELIEF that it can be done, that it is about finding your own…

Day Trading for a Living

The previous video showed a long term trader so I just wanted to show a successful day trader in these videos , this is not my type of trading, too stressful, but I like how this guy describes his trading…

The Four Minute Mile and Trading

Going back to the issue of lack of confidence in trading and the comment by fxoulier I have this reply. One of the issues traders have is that they feel alone for the most part and don’t have role models…

Lack of Confidence in Trading Analysis

Today I was thinking about writing another book, ‘Confident Trading’ based on the results of a recent survey I  carried out which highlighted lack of confidence in trading analysis as another big problem traders face besides fear.  It instantly occurred…

Why I Don’t Run a Signal Service!

I have been asked to do a Twitter service where I give out my set ups and told I can make a good return from selling it as a monthly subscription service, here is why I won’t do it. When…

re: Fear in Trading

Those traders who watched my Trading Mindset Presentation will know that I carried out a survey amongst my subscribers and found that the biggest emotional problem that traders have is FEAR!  I have just brought out my book ‘Overcome Your…

Lovely Gold Trade

Here is a lovely trade on Gold which I just spotted.  A good daily context with a strong upwards break combined with a daily push-pull.  The daily push-pull also lines up with a 4 hr channel trend line with a…

Free EFT Resources

In my mindset webinar I make reference to EFT and why it is such a useful tool for traders.  For those who would like a good resource to learn EFT you can’t do better than learning it from the creator…

Trading Mindset Presentation

I decided not to hold this mindset presentation  as a webinar but more as a lecture style presentation due to the time constraints of my readers and students.    I have posted the presentation below and will be around for…

Ari Kiev Video

What I like about this video by Ari Kiev is that unlike other trading psychologist he gives some clear strategies for improving your trading performance.  He has passed away now but a great man!

Nice EUR/AUD Setup

Here was a nice setup, a break and pull back to daily trend line which lined up with a 4 hour upper channel trend line.  Hourly entry would have given a great ROI.  Going down to a smaller TF would…

Re Hoppings Post

You are right Hopping this is a monthly push-pull level.  Here was a previous trade on the GbpAud see my chart below.  

Weekly Push-Pulls

I haven’t talked much about weekly push-pulls but they provide a lot of short term trading opportunities particularly on the 4 hour charts. Here are two one after another on the Eur/Jpy Pair  

Re Shellsnails posts

I am really impressed with how Shellsnail on the Forex Factory thread has taken the 10XROI system and made it his own.  He uses the 15 minute charts to enter and his technical analysis is different from mine but he…

Why is Trading Like Driving

New traders and even some highly experienced traders completely underestimate the need to take charge of their psychology in order to succeed in trading. Most people who get into trading want to make money and may have no interest in…

Video Taster

  UPDATE—SALE FINISHED My Video Course is now out and will be on flash sale until Monday.  To give people a taster and also because I think it is particularly pertinent at this time I have posted one of the…

AJ Trade Update

Price has pulled back on this AJ trade  to the new push-pull zone which falls between 91.71 and 81.61, a good target if it reverses back down is the monthly support below. Update Now is the time to move to…

Re Spydermans AUD/JPY Trade

I do indeed approve of that trade Spyderman, I was waiting for it myself as my template users will know. It was a bit tricky to find an entry because of the hourly trend lines in the way but just…

Re Shandys Post

Hi all, sorry I haven’t been about for the past couple of days but I’m working on the video  course which will be ready at the end of this week, people who order in the first 48 hrs will get 25%…

re GBPJPY

The Gbp/Jpy pair has just bounced decisively off the monthly push-pull area, will it break back up through the channel trend line? it will be interesting to see…

EUR/CAD Update

As you may know I exited the Eur/Cad trade due to the sluggish momentum on the trade. This turned out to be a portent for a further rise in price. A pull-back push-pull was created with an entry on an hourly S/R…

GBP/AUD Trade Entering on Hourly Push-Pull

People who signed up to receive my templates will know that I predicted a push-pull level on the GBP/AUD pair which was hit earlier today.  However it was hit with such force that price rebounded directly off it with no…

4 hr forex push-pulls?

For those of you who have time during the day and the patience to wait for an entry the 4 hour push-pulls present some good weekly opportunities, there are usually about 3 or 4 of them a week.  I just spotted…

Trading Announcement

I have decided to take a break from live trading for a few weeks  and focus on what needs to be done for the trading systems and this blog.  Spyderman has just taken a trade on the NZD/CAD and although…

Re Vladys FF Post

  Nice going Vlady, you took the 10XROI and used flexible thinking to enter long on an hourly push-pull, I couldn’t be more proud  aaaahhhhh….. You could have taken profits at the adr level 🙂     Hi Guys,  …

Trade Updates

The EJ has made its daily range so there may be a short entry coming up,  it didn’t hit the opposite side of the channel before pulling back however.  There is a push-pull level above that so we’ll see what…

Re Spydamans FF Post

Another great post by Spydaman, I hope you can find this blog Spyda! As an aside, its really frustrating that I can’t post to the FF thread which is dying from lack of input. I would ask any FF members…

How to Select Your Pairs

I want to just talk for a moment about why I didn’t have the AUD/CAD and the USD/CHF on my radar for the recent set ups found by Shandy and Spyderman.  I use a criteria which is this, Is the…

How Flexible Thinking Helps Your Trading

Readers of my book Control Your Inner Trader know that I am a trained therapist and very interested in ways to improve trading psychology, something that I didn’t cover in the book is how being flexible in your thinking can…

Shandys Trade, Great Job

Shandy posted a great USD/CHF trade , awesome job Shandy you hung in there and you are getting great at spotting these trades! I’ve posted Shandys charts and my charts below his.  Terrific!!!

Re Spydermans Post OMG!

Spyderman what an awesome trade, perfect! I have added a couple of points in my chart underneath your charts, one is that the trade reversed at a monthly push-pull level which provides another clue for take profits and there was…

Push-Pull Reminder

Daily Chart Push-pull trades have been thin on the ground lately and those that have shown up haven’t been of the best quality.  The best push-pull trades are in a high momentum environment, although I don’t generally  trade the four…

Help at Hand for Time Poor Traders

I have just created something that will help those of my readers who have been telling me that one of their biggest obstacles to trading my systems is simply lack of time.  Click here to learn more… http://10xroitradingsystem.com/new-products-and-services/

EJ Trade Update

If you have watched the videos you will see that I moved to break even for a couple of reasons one of which was that it looked like there was a reversal push-pull in play.  The question then becomes well…

My EJ 10XROI Trade

Currently at break even on this trade because of trading into the 142. level strong support and the engulfing daily candle, will post the video later. This was an unusual trade because it was shorting into daily support and a…

Why Wait for the Big Market Moves?

Do you want lots of free time in your trading? One good reason to go for the big market moves is the amount of free time you will have as compared to if you are day trading. Most day trading…

High ROI Versus High Probability

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…