I recently asked you guys for feedback regarding the Options University stuff, and thank you to those who did reply. I am now looking for some feedback on Bill Poulos’s courses please.
If you have any experience with any of these two products please drop me a line.
I want to quickly share one particular story with you right now as it is a lesson I keep trying to get across…

“Hi Chris,
Thanks for this I found it really interesting as although I’m not going to take up your great offer it re enforced to me exactly how I trade FX 10- 20 pips targets per day 5 lots at a time I’m in most trades for no more than 20 minutes, which has and is producing really well for me and I average around 400 pips a month total working for a couple of hours a day, this concept is exactly how I view the markets, get in get out enjoy your life.
So if it isn’t broke don’t fix it.
I spent a good couple of years trying to be in everything checking the markets all the time feeling like I missed out etc. now it’s great I’m in and out banked and done, the reason for the email is that I hope more Forex traders adopt this philosophy and stop doing like I did trying to chase every pip going it’s not good for your health! And also invariably it just fills your broker’s coffers not yours!
Keep up the good work and thanks for the updates.
Regards
Martin.”

“That’s what I like to hear, an independent trader who has got a plan and is sticking to what he knows works best for him. I totally agree Martin, there is no reason at all to buy James’s course, if what you have is working already. Good decision and also nice feedback…I like what I hear; you seem to be very comfortable trading this way as it suits your trading style. Keep it up Martin.”
The reason I included my reply above was to highlight the following lessons.

1. Know what you need.

•Whenever you receive “promo” emails from myself or anyone else for that matter, identify what it is you actually “need” as a trader. Only you will know where you are in your learning curve. Know what your needs are. Don’t get caught up in every promotion that comes your way. ( I send them out to everyone simply because I don’t know where you’re at as individuals)

2. Be prepared to spend.

•If you don’t have your own trading system then you will need to buy one. Unfortunately, this is just the reality of forex trading. Not everyone is able to develop their own system for themselves, and those that do, inevitably do so on the back of a system they bought and adapted to suite their trading personality. BUT DON”T BUY IF YOU DON”T NEED IT!!!

3. Be prepared to “spend” time.

•Once you purchase a forex trading system, you need time to analyze it to determine whether it fits with your trading style or not. We are all different, and so will trade different systems with very different outcomes.
•You won’t always buy brilliant material every time and unfortunately you won’t know if it is good or not unless you spend time analyzing it. There is no magic bullet out there – forget it! Work hard with what you have, and you will achieve results. If you don’t get results (and you put in the hard work) then move on and find another trading system, simple as that, but you must give it a full go to establish any real justification (not just a couple of trades). If it’s good then …

4. Stay Focused.

•Like Martin above, he realized that as tempting as it may have been for him – he doesn’t need another system. He is comfortable and happy with his results on his current trading system. Don’t make the mistake of (as he puts it) trying to fix what ain’t broke! It more often than not confuses the issue and often leads to poorer results and a lot more anxiety and inevitably confusion. There is nothing wrong with trading a number of systems – as long as you are comfortable with it…and they are different enough not to murky the waters.

5. Look for the little gems.

•With every promo/free giveaway, there is bound to be something of value…even if you have to watch a 30 minute video with the sense of “but I know all this already”. There’s always the possibility that there will be one hidden “gem”, that can “switch on the light” so to speak. Often it’s that one little gem that can make all the difference between really good trading results and staying average – so keep looking for them.
•Be prepared to sift through all the “noise” looking for those little gems. Don’t foolishly assume something is not for you, until you have made absolute certain that you have checked it out for your self.
Ok, that’s it for now. Remember to stay focused and capitalize on the trading information coming to you, without falling for every offer along the way.

Hope this helps you
Happy trading

Chris,

So with context to the above take a look at the following video of yesterdays trading with James in the Charter group…there is heaps to learn from this video. More gems then a Kings Crown

If you want to find out more about his various product offerings then take a look at this page…

Forex-Science Home Page

Personally I trade his T24…And I have made my target for this month already. Check that out at…

T24 Set & Forget Trading

www.forex-science.com/videotrade.html

There is no analysis today as James won’t be trading because it’s Non Farm Payrolls day.
So I thought I would remind you instead of something Bill Poulos recently said about why amateurs fail (we are all amateurs at times so don’t think this doesn’t apply to you too)

Buying a new trading system…

One phenomenon that derails amateur Forex traders time and time again is method complexity syndrome. They research a trading method, buy it and the minute they receive it, they jump ahead to what they consider to be the guts of the method. In doing so, they completely ignore all of the other aspects of trading, including risk management, discipline, and psychology.

They get into the “guts” of the method only looking for that big, mysterious, slap-your-forehead, jaw-dropping “secret” which will suddenly unlock the mysteries of the Forex universe and make them Master and Commander of every Forex pair. All too often, they find themselves completely disappointed or the “guts” reveal something they’d already heard about (but had not practiced). Amateur traders will then dismiss the method as ‘too simple’.

Or, the amateur trader will look for that complicated formula, cryptic combination of indicators and all too often what they actually discover is a set of simple indicators working together in an uncommon way, and they say, “Well I could have done that!” – and they become disappointed or frustrated, because they wrongly assume that any method MUST BE complex, it can’t possible be SIMPLE! So, they shelve the method or return it and complain that it’s “not complicated” enough.

This is a serious mistake – because the amateur trader will then repeat this error method after method and they will never take the time to learn and understand the full process of trading.

Don’t make this mistake. Understand that most trading methods out there are not complicated. They weave a smaller set of rules together in a simple manner (simple enough that anybody can apply them) but apply them in an uncommon way. Complex systems are for computer geeks and big banks — if you can’t understand something, you can’t possibly apply it.

Never skip ahead when learning a powerful new method for trading Forex. Make certain you learn the setup, entry and exit rules (which should exist); that you learn how to protect your trade with stops; and that you learn how to apply your method on a timely basis (be it hourly, daily or weekly) to get the most out of the method and to learn how all facets of what you learn work cooperatively to make you a better trader.

Remember, Simple but Powerful — using just a few indicators or rules applied in a non-textbook approach — is the key to getting an edge in the markets.

Speaking of an edge, my mate James is rolling out his brand new scalping system – well the system is not new by any means as he trades it on a daily basis. But it is the first time he is going to share it with anyone else.

You only have a few days left so check it out now at …

Scalping Vid and more

Speak soon,

Chris.

If you have ever tried scalping then you know how difficult it can be. It is also the most stressful way to trade in my opinion. However, if you know what you are doing it can be plain exhilarating and very profitable.

There is also an upside though and one of the benefits is that you can be in and out in minutes and not have to sit around for hours.

You also don’t have to worry about missing out on set ups either. With long term strategies if you miss a set up it might be days before you get another. With scalping and in particular, with James’s methodologies, you will have countless opportunities to enter on any given day.

The biggest problem I see though is experience. It takes a real knack to know what to do, and this doesn’t come easily.

In fact most traders are wiped out mentally before they are able to acquire even the most basic of learning curves.

A decent scalper has often spent years honing their skills, and more- often it has cost them dearly in terms of money lost, time lost, and no doubt in the process, they have shortened their lives considerably from the relentless stress involved with scalping.

This is where you get real lucky…

James is a seasoned scalper and he is going to teach you everything he knows on this subject!

He will give you all his inside secrets that he has taken literally years to accumulate so you don’t have to go down the overwhelming road of trial and error yourself!

Check out exactly what he has to offer you here…

Scalping Video & Live Course

Bill Poulos has a new video series coming out this week.

The first one came out today and the link is below. As always I like to keep an eye on what is happening in the forex market and as long as it is a reputable author, I am happy forwarding the details on to you.

You are bound to learn something new from these videos so it is well worth the effort to watch them all.

Watch the first one here:

www.forexincomeengine.com

Here is the second…

Forex inspired by Einstein Video

here is the third…

Lunchtime Trade

There are four videos he is releasing so you will definitely learn something from them that is bound to improve your trading. The trick is to always have an open mind and listen for any “tips’ and insights that can improve or add to what you do now.

Cheers for now,

Chris.

Just a quick heads Up from James of Forex-Science…

“What if I told you that you could learn just about
everything there is to know about Forex trading right now?

And I really mean EVERYTHING…

Scalping, End of Day trading, hour chart trading
chart patterns, News trading, candle chart patterns,
4-hour trading systems, trade exit strategies, Fibonacci
trading…and a whole heap more.

www.forex-science.com/forex360.html

Speak soon
James de Wet

P.S. You’re going to learn at least 5 awesome trading
systems and dozens of insider tactics, which I have never
revealed anywhere else

www.forex-science.com/forex360.html

With today being the last trading day of April,
I’m going to sit it out and resume trading next week.

If you must trade today, all three pairs are worth
BUYING.

I have attached charts for the Euro and JPY, showing the
potential opportunities today. These are not G7 trades
but offer perhaps the best options for today.

JPY: Buy near 94.00, stops below 93.70, OR
wait for another spike low. Potential target 94.70

Good luck and see you next week

P.S. Please note that the email admin@thetradersclub is now back up and running. We have 10 other accounts we manage..and did not realize this had been offline for some time now…please accept our apologies if you tried to get hold of us and we did not reply ;-(

Be a team player and participate in the survey to assist us in bringing you more great content from new authors!

Click here to take survey

Today’s analysis is in a video format again at the below link…

www.forex-science.com/daily.html

The 360 video series is also available from tomorrow so make sure your check out…

*Giveaway page*

I know its a bit late for anyone to act on, but I thought I’d go over a classic trade that occurred yesterday on the JPYUSD.  As I said, too late for you to capitalise on, but it helps to become familiar with what a good trade looks like, and what to look out for when deciding when to exit the trade.

As in all trades, you want to be trading in the direction of the longer term trend; in this case, we are looking to buy.  The next thing we need is to identify a good entry point.  We use a variety of indicators to help us, but once we get into the high probability areas (high probability of the market direction changing) we need a signal to tells us to enter the trade.  I look for candlestick patterns to give me that signal.  In this example, the candlestick pattern that signaled the entry point was the hammer candle that I’ve highlighted on the chart below.  So now that we’re in the trade; we need to try figure out when to take our money.  Using various resistance points we can identify potential places where the trade may turn against us.  In this chart, the first potential place was the 50% fibonacci.  This line coincided with a previous resistance point, so we could suspect that it may happen again.  Again, we look to the candlestick patterns for help.  In this trade, the candlestick smashed through the resistance point and closed above it.  As it was still climbing strongly, we would shift our attention to the next potential resistance point, on this chart the 61.8% fibonacci line.  As the candle approached this line, the price action retraced forming a bit of a spike high.  However, we should never really act solely on one candlestick pattern, we should usually wait for a confirmation.  The next candle again formed a spike high, so that was the signal that there was a high probability that the trade was about to turn.  These candlestick patterns coincided with overbought stochastic so all the signs were there to close the trade.  If you exited at the point, you would have made a healthy profit of around 60 pips.  If however you ignored the signals and remained in the trade you would have given a whole lot back to the market.