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Day Trading Strategy with a Full Time Job, Trend Lines, Automated Trading System Review
– I have a full time job 8:30 to 5PM EST
– 7:00 am to 3:00 pm eastern time
o I’m interest in finding a market that I can trade early mornings or after 5 pm ET and have volume
o Trade the Asian session from 630pm-1230am EST
o Yen and the Aussie Dollar are polar opposites for fed reserve rates (carry trade)
o Crude oil, euro, gold, Yen, Aussie
o Trade the European Session = 3am – 630am EST
o Dax, eurostoxx (fesx), crude oil, euro, ftse, gold, pound, anything on the EUREX exchange
– Morning Routine (beginner’s course)
– Using indicators
– Different trade patterns
– Covered in the beginner’s course
– We did training on these and always post the recorded training session in the advanced course (01-12-2011)
– Adding trend lines to multiple timeframes
o Best way to draw trend lines
o Do we use the wick? Yes.
o I use range charts, so make sure you watch the video for more details!!
– Trade Management (6 tick stop)
o Two places in the advanced course
o Use the blog for some free info on how we manage our trades.
– Auto Trader:
o Included with Advanced Membership
o Avg $1500/mo/contract (no overnight)
o Does 100% of the work for you
o Flat Overnight = Low Risk = Low Margins
o Start with only $500usd in your account (1 contract)
o Entry, Exit, Trade Management, everything
o Trade as many markets as your account will allow
o Small Drawdown = Great equity curve
o Low Risk Reward Ratio (20tick stop / 80 tick target)
o Only take 1.5 trades per day, so the typical auto trader concerns of over-trading and a high risk/reward are no longer a concern.
o Licensed to the individual trader
o Includes all future up-dates and 24/7 tech support
o Easy to incorporate with our Live Trade Room discretionary trading methods
o ‘Set it & Forget It’ Day Trading
o Has no monthly fees
o Runs on NT 7.0
– Where can I get the daily notes?
o Posted below the video every day during our market recap
o The webinar notes are sent out to our mailing list the following day around 130pm EST
– Which momentum timeframe is most important? The one with the pattern forming
– Watch the members training from 01-12-2011
– If I don’t get my target filled and its tested 3 times, I must make a decision.
– What would be the ideal number and combination of charts?
– Fewer the charts the better~!!
– The charts that I need are:
o Daily (not needed, but its nice to have)
o 34range (slow)
o 21/13/4 –range (fast)
o Trade Management chart
o Average true range (3min chart)
o Time and sales window (2)
o Trading DOM (static)
o Pace of Tape Indicator (speed of the orders)
o Dollar Index (13-range)
– What could you trade without?
o Daily
o 4 range
o Average True Range (not advised, but you can)
o Unfiltered time and sales window
– What is the BMT = Big Money Trigger Line
– Review the 2nd and 3rd trades today
– Trading 1 contract on the Russell
– Trade 1 contract with confidence
– Watch the video in the advanced course for the detailed specifics on trading 1 contract.
– Start trading the Fast Track Method with 1 contract on ANY market
– Fast track is our way of teaching you those solid trading habits that every trader needs.
– Time and Sales Window
o What does the white numbers mean?
o Do we see all the orders? No.
o What do they all mean?
o Check out the top of the advanced course and you can see a definition for all the colors that make up the time and sales.
– What are the most common mistakes that lead to losing trades?
o Trying to do too much (watching too many charts and too many indicators
o They don’t buy at support and sell at resistance
o They lose sight of WHO has control over price
o Control = big money with speed increasing
o Don’t read tape, and don’t watch the speed
o Don’t use multiple timeframes to see the big picture and use that BIG PIC to help make educated trades.
– Why do I trade only 4 contracts in the room?
o All YOU see is 4 contracts
o You don’t see the team of traders working with us, and my brothers(2) that manage our larger family accounts.
o My clients don’t trade 100 lots, they trade 1-10, so trading their size is a better way to educate.
o Trading really large size would NOT allow me to be as open for questions and to be as candid.
– I’m ready to go live, any words of wisdom?
o Watch the video in the advanced course
– How much money for Fast Track? 1 contract
– How much money for Auto trader? 1 contract
– Auto Levels Indicator for (Anthony Doc)
