The Levelator will give us levels in which we can:
1. Buy or sell.
2. Place a stop loss.
3. Place a take profit order.
By default, the Levelator will look to identify the lowest low and the highest high over the last 100 candles and then connect them.
The security of a regular pay check and the insecurity of a volatile market keep traders that are ready to make the leap to a full time and successful trader from actually crossing that line.
It’s a valid reason to never cross that line in the sand. No one can ever be looked down upon for not going the distance. It takes a special kind of person to make the jump to a full time trader.
Making the switch to full time trader means you are accepting the risks involved. And there are risks indeed!
You eat what you kill.
Whatever returns you are able to generate is money in your pocket, money that you can use to live the life you are accustomed to.
1. You have to have Discipline.
Discipline is at the top of the list for a reason. Discipline makes it all work. Discipline keeps you on track and focused. There will be temptations along the way that will entice you to trade in a manner not in accordance with your system.
You have to stick to the plan, and that takes will power. As you go, this becomes easier and easier, but you can never take it for granted. Discipline will keep you trading after a loss, keep you trading when you feel lazy, generally keep you making money.
2. You have to be Confident.
As a fully functional full time trader, you have to have the utmost confidence in your trading system and in yourself as a trader. If your confidence is shaken, your ability to make the trades will falter. You won’t be able to pull the trigger anymore, all those emotions you fought so hard to squash will return. Confidence is so crucial after you have had a loss, especially after you had a string of losses.
Knowing that at the end of the month you will prevail will keep you doing that trading thing.
3. You have to have Control
Although you cannot control the market, you do have control over certain aspects of your trade. You can control your entries, you can control how you manage your trade and you can control when you get out of the market. Now this kind of control is part of your system rules. What you really need control over is YOU.
You must be in control of your emotions. When you are in a losing trade and all you can see is the fact you might not be able to take your pay at the end of the month, you will be tempted to trade irrationally. There is so much you have to be responsible for, family and non-market financial responsibilities, if things go bad, it’s hard to stay objective.
4. You have to have Experience
You cannot expect to trade full time if you don’t have the market experience to pull it off! Ideally, after you nailed your trading system down, you will want to trade a demo account until you have doubled it. Next, you will have traded a very small live account. Finally, you will be trading a decent live account, growing it month after month. You want to have been trading a live account for a year, more is even better. You will have all the emotions in check and you will have experienced your systems strong and weak points and come through it all with the confidence to do great things.
SECTION 1 – MARKET BASICS
Random Walks & Other Misconceptions
What is the Market?
The Market Professionals
A Special Word About Market-Makers
Volume – The Key to the Truth
Market Traders Institute’s in-depth Forex CD courses allow you to learn at your own pace and to study forex trading techniques at your own pace. Your trading education can advance on a daily basis at your own pace. MTI’s forex home study course is the most comprehensive Forex training you can receive anywhere. Learn from Jared Martinez, one of the worlds most successful traders. MTI’s complete 16 step Forex correspondence course on CD with detailed instructional manuals is your course to a brighter future.
Beginners Package: Lessons 1, 2, 3, 4, 5, 6, 7 and 8
Lesson 1 “What is the FOREX”
The Forex Traders Vocabulary and Types of Orders. Reading Candlestick Charts & Formations. View Now
Lesson 2 “Trading Japanese Candlesticks”
A complete guide to identifying and forex trading formations: morning stars, evening stars, doji stars, spinning tops, tweezer tops and tweezer bottoms.
Lesson 3 “Forex Equity Management”
Forex Equity Management & placing Protective Stop Losses.
Lesson 4 “Forex Support and Resistance”
This Forex lesson familiarizes students with the financial game between the Bulls and the Bear.
Lesson 5 “Forex Trends and Trend Lines”
An excellent guide to Finding and drawing inner and outer trend lines.
Lesson 6 Sideways Movement, Consolidation & Fundamental Announcements
This lesson teaches forex traders to straddle the market and take advantage of big fundamental moves while avoiding Bull & Bear Traps.
Lesson 7 “Forex Price Swings & The Fibonacci Numbers” (2 parts = 2 files)
Support becomes resistance and resistance becomes support. Learning how to Swing Trade.
Lesson 8 “The Forex Traders Work Book”
Beginners course review and focus on the rules that a Forex trader must follow to be successful.
Most of the traders are not capable to setup a proper technical analysis. Vast majority of traders don’t know the basics of price action, they can’t properly read the info off the chart and they keep using served strategies without knowing their background.
Most of these traders find themselves lost after the few negative trades. Being incapable to find the problem
in their strategy, they grow it into a long-term issue while the actual problem is within themselves.
VOLUME is a piece of important information should be included on the bar chart—volume. Volume represents the total amount of trading activity in that market for that day. It is the total number of futures contracts traded during the day or the number of com-mon stock shares that change hands on a given day in the stock market. The volume is recorded by a vertical bar at the bottom of the chart under that day’s price bar.
How did you come up with the system you have traded during the competition?
After learning how to trade with my sons, I got very interested in trading so I decided to go a little further. With their help, I came up with this system as it is very effective but easy to follow. The system is a modified hedging system.
Is the trading system you are using unique?
Perhaps, there might be some similarities with other hedging systems in the market. But the ratio of lot sizes is quite unique.
Does your system use any custom indicators?
No, I don’t use any custom indicators at all.
Which currency pairs do you trade with this system?
I only trade with the EURUSD, GBPUSD, and USDCHF. They must be entered at same time and in the same direction.
Does your system use multiple timeframes? If yes, please post the timeframes that your system uses.
With WINMAXPIPS indicator I will show you exactly how the banks and other successful people use the forex market to achieve greatness in the currency exchange market.
When starting any business venture you should always follow a proven plan never take anyone’s word for it. I have spent tons of money perfecting this guide so that you too can enjoy doing the things you love to do without worry.