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Announcements

This site is currently inactive as I have decided to move away from exclusively trading Forex in 2010 and as such will not be taking on new coaching clients in this area.

 



I have resumed my focus on coaching as a stock market mentor where I run a success guaranteed stock trading mentorship program

 



Additionally, you can now get access to what I consider to be the best stock options daily trade alert service.

 



Of course, I am biased and with a success rate fluctuating between 68.2% and 72.4% it is hard not to be biased.

 



If you do want to follow along with what I am doing every day you can get access to my daily stock market report 

 

 

You can read the step-by-step Bollinger Band Trading Strategy Guide - this is my main active trading strategy



Until next time


happy trading 


Mr Phil Newton or on LinkedIn Phil Newton trader

Joe's Trading

Tradingplace's picture

 

INTRODUCTION

My name is Joe and I am a fulltime trader. Trading is my only source of income so I treat it as a business and I am very serious when it comes to my trading.  I joined the LTR in October 2009 to hone my trading skills and I could say I was at the right place on the right time because that’s when Phil introduced the Farquad strat. I trade this strategy and I have my own strategy as well.

I have my own twist to the Farquad strategy and its working well for me. Instead of trading 3 lots on a swinger, I trade in multiples of 5...from my back test and live trades I noticed that with the strat we ve more than 70% chances of reaching the 1st target and more than 50% of reaching the 2nd target so I decided to take a big chunk off on the 1st and 2nd targets.

2 lots are taken off when we reach the 1st target and then 2 more taken off when we reach the 2nd target. ...my take profit is 2.2.1...when I back tested I tried all the combinations, but 2.2.1 came out to be more profitable.

I closely look at the range to see if I can get the 1st and 2nd target before we hit a wall, if the range is very tight I will stay out until I see a big bar that breaks out of the range, then I can get involved. This has saved me some pips in choppy markets.  When bars open and close near each other, I stay out as well until I see a significant move. This is very difficult to explain, but it will be clear when I start showing my trades.

My advice to novice traders who want to go fulltime is to save as much capital as you can and not depend on your trading profits for about 2-3 years.  When I went fulltime, I had saved mny to keep me going for at least two years, so I had no pressure to make mny off trading because I had mny to pay bills and spend on food etc. Because I was not under pressure to make mny, I wasn’t emotionally attached to my profit and loss column. I also gained confidence because I back tested my method and I knew what to expect from it, so I could ride a losing streak without losing my cool and could keep taking my trades without hesitation (flawless execution). I advise you to risk the amount of mny which doesn’t hinder your trading, I know most people say 1%, but if yu feel yu are not comfortable with that, why not risk 0.5% or even 0.2%....don’t worry about trying to double or triple your account in a year...a good trader grows their account steadily...nice and slow. My confidence grew with time, coz i knew what my method was capable of doing, my focus was not on the P&L column, i focused on learning how the market moves and trading patterns that i saw and just used good MM to take advantage of the moves.

Trading is a very challenging career choice, dont let all the adverts fool you about teaching you to become a successful trader on a day course. Trading is like any other profession, you wouldn't attend a day course to teach you how to perform brain surgery in your spare bedroom, so why do the same for trading. Learning how to trade is a process, never ending and cant be taught on a day course. You can learn to trade by either joining a trading firm (prop, hedge fund...bank), you can be self taught (harder) or you can find a mentor (very hard to find) who is willing to teach you the ropes, we are lucky to have this website.

 

Trading is about allocating capital to good ideas...and the Farquad strat is a good idea.

A lot of websites and tutors talk about turning anyone into a millionaire with their strategy within a small space of time...lies, so the most thing I like about this website is that the owner doesn’t promise riches to be made over night and I haven’t seen anywhere on this site where he talks about turning anybody into a millionaire.

 

I am a very hard worker and like to help traders who are also hard workers....if yu are lazy and want to be spoon fed don’t bother posting on this blog.

 

Enough for today, will start posting some live trades and hope to put some charts as well.

 

Live trades entered this morning, short eurjpy, cadjpy (1st target reached), long gbpusd and short Audjpy, waiting for targets. I use the Farquad snatch on Eurjpy and Cadjpy and the Farquad Core on Gbpjpy and Gbpusd, but since gbpjpy has been very spikey I have replaced it with Audjpy.

 

I would like to thank Phil and Chris (for Tradestation codes)