Before you read this article I want to make a couple of things clear.
- There is no ‘magic pill’ when it comes to trading Forex. The key is long term consistency otherwise you get eaten alive.
- Forget about making 20% per month. It isn’t going to happen. You’ll be worth half a billion in 6 years with starting capital of $1,000 if it was the case. That’s what marketers want you to believe is possible. Don’t fall for their crap.
- Hanging around an internet forum with other newbies is not the way to make money. They simply reinforce each other’s bad habits.
After 18 years trading on Wall Street it pains me that I even need to make those points.
I spent 11 years on Wall Street with 4 firms. My job was to trade high net worth client accounts.
I am partly responsible for why the rich keep getting richer. I was a small cog in a big wheel designed to extract money from the markets.
Don’t believe me?
Good.
You should be sceptical. It means that you are far and above what the average online Forex trader is capable of.
It also means that you will understand the words on this page better than anyone else.
Here, with all the dogmatism of brevity is an exact guide to how you can make big trades in the Forex market.
This guide will be complete with examples, screenshots, proof, and real trades.
Ready?
Let’s get started.
#1. There is only one opportunity left in trading
People will have you believe that there are lots of different ways to make money from trading.
They are wrong.
There is only one way.
In all my years in New York I have never seen anyone make bank in the markets any other way.
You have to have a positive risk:reward ratio, because you need to be able to lose most of your trades, yet still come out with a profit.
In other words, your potential gain in any given trade must be more than your risk.
For example, I recently sent out an email to traders on my list telling them to go long on GBPAUD.
Here’s a screenshot of that email:
This trade ended up making 472 pips after I decided to move the take profit to 1.8997.
The risk on this trade was 78 pips. Which means it wiped out 6 losing trades. Even if I lost 6 out of 7 trades I would still have broken even.
(In case you wanted to know about why I decided to enter this trade, you can watch the video below.)
Not every trade turns out this good. Far from it.
Most of my trades are small losers. Then I get 1 or 2 big trades like this that wipe all of them out and gives me a profit on top of it.
Here is a screenshot of the trade summary for a typical month:
(BTW the image above was taken from The FX Trader Facebook group. About 900 traders got emails containing all of these trades.)
Can you see how many small losers there are?
And then every now and then a big winner comes in and wipes them all out.
I lost the majority of my trades, yet still came out ahead with 593 pips.
Despite what you might think. This isn’t easy to do. If you’ve lost 5, or even 10, trades in a row, do you have the guts to take the 11th trade?
Most people don’t, which is why most people lose money in this game.
But let’s say you DO have what it takes. You are able to follow instructions and keep trading, because you know eventually it is going to work out.
How do you go about picking winning trades?
I am going to reveal everything to you in this guide. You can also sign up to get all of my trades free for 14 days by clicking here.
#2. Trade using a ‘Naked Chart’
Below is an example of what NOT to do:
Can you even make out what is going on there? The markets are a lot simpler than most people think.
Price moves in semi-predictable patterns.
There is always small up and down movements (a consolidation) before price breaks out and shoots in a particular direction.
There is literally nothing else to it.
People like to make it sound complicated to sell you stuff. Even Wall Street falls victim to its own indicators, tools, and market analytics.
At the end of the day, you simply need to catch price before it is about to break out.
That means losing a lot to make a big gain.
This is the kind of chart I look at:
It is simple, clean, and there are no distractions. It is a simple bar chart that plots the price.
I usually only look at monthly, weekly, and daily bars.
Here’s a quick illustration of what I mean by a ‘bar’:
This is simply a method of plotting price over a specific timeframe. This example is a daily bar.
You can see how high and low price went for the day.
On the right hand side it shows you where price ended up when the 24 hour period ends.
Here’s an example of where price closed towards the low of the daily price range:
#3. Determining the phase of the market
Conventional wisdom dictates that a market only has three phases:
However, that isn’t true. There are 2 more phases the market goes through, and it is where I make most of my money.
The trick is to spot WHEN a market is ready to turn. Once you’ve spotted it, you’ll probably lose a couple of times before hitting a big winner.
So how do we do that?
#4. Spotting a historical precedent
Once I believe that I have spotted the phase of the market, I start looking for a ‘historical precedent’. This adds another layer of confirmation.
A lot of traders refer to these as ‘Patterns’ because they occur over and over again.
And this is nothing new. There are about a billion books written on the subject.
However, most traders are using them wrong.
In themselves these patterns don’t mean much unless you have an insurance bar.
More on that in a bit. First let’s take a look at the five primary historical patterns I use in my analysis.
This pattern is very simple. Price makes two highs and then breaks the neckline down.
Or the opposite happens.
In my GBPAUD trade I identified a double bottom in my email. Check it out:
Pretty cool once you see it on a real chart isn’t it?
I send out emails every single day with new trades like this. You can get them free for 14 days by clicking here.
This is another classic pattern.
The fact that the ‘head’ is higher, means that price tried to explode upwards but failed.
This says something. Especially since the last ‘peak’ fails to reach the same height.
Usually it means that price is heading lower. The same goes for an inverted head and shoulders.
Here’s an example of a real trade I took with a head and shoulders pattern:
This is one of my favorite patterns. When price jumps out of this is usually goes big time.
However, it is an inherently unstable pattern and you must manage your risk carefully and pick your trades with care.
Here’s an example of when I identified one recently:
Now, sometimes you’ll see price spike down before moving to new highs. That is exactly what happened here.
Let’s move onto the next one.
This is pretty much just a broader definition of a double top or a double bottom.
I love this trade. I recently took a long position on gold based on this pattern:
I remember this trade so clearly. It shot up more than 400 pips. Have a look at what gold has done since then.
Are you starting to see a pattern here?
Price consolidates for an undetermined time, but it always JUMPS out eventually.
It is all about keeping your risk low until you catch one of these big winners. All of your small losers will fade away and you can bank the move.
The fifth pattern I look at are channels.
They are pretty easy to spot, but they don’t usually hand out HUGE winners. Instead they give you 2:1 risk reward, which is still awesome.
Here’s an example of a channel I recently used to determine whether or not to enter a trade:
Let’s do a quick recap.
First I identify the phase of the market, and within the phase I identify a historical precedent (also known as a pattern).
With me so far?
Good.
Let’s move onto the next step.
#5. The insurance day bar (my secret weapon)
It is important to remember that you cannot take any of these trades in a vacuum.
Each new step I am giving you is another layer of confirmation. Don’t just spot a pattern and jump into a trade.
Use everything I’ve given you and layer them on top of each other.
I have coined the the name ‘Insurance Day Bar’, because it puts the risk:reward in my favor.
It keeps my stop loss tight, yet still gives me the explosive moves I crave.
They also tell me exactly how much to risk, where to place my entry, and WHEN it is time to enter.
Exciting stuff, right?
There are two types of Insurance Day Bars. The first one is called a Key Reversal.
Basically, if price makes a new low, and then closes the end of the day in the opposite direction… I know something is up.
Something happened during the day that made investors completely change their mind about the direction of the currency.
I don’t care what that ‘thing’ is, I only care that I can see it happen.
Before I continue I have to say this again. DO NOT take trades based on a key reversal if you haven’t aligned the phase of the market AND the pattern.
You have to spot a key reversal WITHIN a pattern WITHIN a phase before thinking about entering the trade.
The second type of insurance bar is known as an Inside Day Bar.
It is a low range day. They may look like nothing, but if you combine them with all of the other layers in this strategy they are deadly.
Effectively, the market coils like a spring. It is a lot like holding a beach ball under water.
Once you release that pressure it will uncoil pretty quickly.
Here’s an example of an inside day bar I used to make an entry:
Since then this currency pair has continued to plummet:
OK… so you’ve gone through a lot of content already and I still haven’t told you when and where to enter the trade.
Patience! That’s coming up next.
By the way, if you’d like me to send you all of my trades for free BEFORE I execute them then click here.
#6. When and where to enter the trade
Don’t you forget, nothing is done in a vacuum. I know I keep repeating myself, but this is important.
First identify the phase of the market.
Within the phase you look for a historical pattern.
Within the pattern you look for an insurance day bar.
Within the insurance day bar you do what I am about to reveal.
(Boy, that’s a lot of ‘withins’)
So once we’ve identified all of the other cool stuff I’ve shown you we don’t just rush into a trade.
No sir.
We’re going to open a pending order. Basically, we’re saying “if price moves here I would like to enter the trade”.
I want the market to confirm my entry by breaking the high or low of the previous day.
Here’s an example:
Let’s play a game. Let’s pretend everything has lined up and we want to take a trade long.
So we see this:
Awesome, it is a key reversal AND an inside day bar. Both of them are insurance bars.
So here’s what we do:
If price breaks the high of the inside day bar then I want to be automatically triggered into the trade.
My stop loss, will be placed 20-30 pips below the close of the previous day.
Sweet! Now we’re getting somewhere.
Once I have placed my pending order I go to bed and don’t look at the trade again for 24 hours.
This is what I expect to happen once it breaks that high:
If this doesn’t happen then I’m cool with it. I had my stop loss in place to limit my risk.
In other words, I’ll automatically be taken out of the trade for a small loss if the trade goes against me.
The same is true for short trades:
Does that make sense?
If you are still a little confused, then I’ll send you all of my trades in real time via email for 14 days.
I include all of my analysis. Click here to sign up.
And if you aren’t confused then just get my trades anyway. It is free for 14 days after all.
Here’s a quick recap of all of the trading steps within my methodology:
This illustration is meant to demonstrate how each step in my strategy is one layer of confirmation within another.
Don’t use any of them on their own. They have to be used together.
#7. When to exit the trade
This is a tricky one. I don’t have a hard and fast rule for this, because I usually let the market tell me when it is ready to stop moving.
I monitor my trades every 24 hours and decide whether or not I see enough momentum to carry the trade further.
If I don’t, then I exit the trade, or tighten my stop loss.
I do place take profit orders arbitrarily far away at previous support or resistance levels, however I often change them as the market moves.
Price is dynamic and therefore you need to be dynamic too.
The last thing I want is to exit a trade prematurely. And that is the real challenge.
Even though I have outlined my entire strategy here for you, you still won’t make money with it.
Why?
Because it is very difficult to follow the rules to the tee. You need practice.
Otherwise you’ll second guess it as soon as you have a losing trade. And unfortunately that’s just the way it is.
So if you want to follow these trades exactly so that you can trade like a Wall Street Shark, you should get my trades free for 14 days.
No credit card is required. I just need to know which email address you want me to send the trades to.
If you believe you can follow my trades without tinkering with them, then you’ll make a lot of money in the long run.
I know, because I have more than 900 traders who are FT Members.
So try it out, if you have what it takes then please join us. Click here to get my trades free for 14 days.
Talk soon,
Forex Trader Specialist
John, David and Alexandra have worked on Wall Street for a combined 35 years, trading for huge firms like (now defunct) Lehman Brothers and Goldman Sachs trading the markets on behalf of high net worth individuals. After thousands of trades and hundreds of trading accounts, they are here to share the fruit of their work and knowledge with other traders. The trio divide their time between New York and London.
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