It has been a while since I put a video together. Anyway, I feel really bad about it and will make a huge effort next week to put something together.

For now I have these two really neat videos to share with you.

The first one Brian Mc Aboy from Inside Out Trading sent with me and it is really neat because it sheds light on why traders often do the very opposite of what they know they should do.

Click here to watch the video

You also know that I believe a decent Trade Planner is probably the most important part of your trading…well the other video that Matthew Buckley from the “Top Gun” crew put together on how to set up a trade planner, so check that out here…the first vid is an intro but the next one is the one I am referring too. It is an option trade planner, but the principles are the same.

Watch the Top Gun Trade Planner here

Cheers,

Chris.

Please don’t forget  to keep telling me your trading stories. I am able to then share more stories like the one below,and we all get to learn from our collective experience.

“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… To read the rest of this reply and my summary or what you need to remember at all times, go to my blog post at     http://www.traders-live.com/blog/ Cheers,   Chris.

EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.2480
Key G7 support levels: 1.2570, 1.2520, 1.2480/2500
Counter-trend and scalping opportunities:
Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.

Today’s trade suggestion:
Beaten down from the weekly trend-line as expected, but not “out” Allow for a bit more work under the trendline, and perhaps even a pull-back to 1.2300-1.2400. That having been said, we need to stay above the weekly reversal level at 1.2480 this week for the strong bullish momentum to continue, and we’ll look to buy into dips
whilst that is the case. Good support levels lie at 1.2570, 1.2520 and 1.2480/2500. Watch and wait for a clear G7 entry signal before buying the euro for a rally back to 1.2700. I suspect that the euro won’t be in a rush this week, so be patient – there will be plenty of time to pick your moment!

Summary: Patiently wait for dips down to support levels before buying the euro after a clear G7 entry signal.
Target 1.2600.

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

Update: We edged a little higher yesterday, most of the move happening in the Asian session. This means we were not able to get hold of the trade. In any event, we’ll be patient and wait for the second chance this week, as/when the euro dips back down to support levels below. We are a long way from the nearest moving averages and Fibonacci lines, so it will be a little wait before we get a chance. Key supports lie at 1.2500/470 and 1.2400.
Watch and wait for a G7 entry signal before buying for a rally back to 1.2600.
Summary: Patiently wait for dips down to support levels before buying the euro after a clear G7 entry signal.Target 1.2600.

EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.2150
Key G7 support levels: 1.2500, 1.2430, 1.2380
Counter-trend and scalping opportunities: 1.2650/80

Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.

Today’s trade suggestion:
A strong rally and an “outside” bullish weekly candle suggest that the euro is set to rise again this week. After getting a good piece of both the euro and the pound rally last week, we can afford to be patient this week and wait for reasonable dips before buying the euro. Current support is at the levels listed above and we may have to wait a day or two before we get down to those levels. In fact, it is quite possible that we’ll retrace very little from the current price and continue to push higher towards 1.2650/80 before pausing. (good levels for counter trend
trades)

Summary:
Patiently wait for dips down to support levels before buying the euro after a clear G7 entry signal. Target 1.2650/80, where counter-trend shorts could be considered.

GBP/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.4870
Key G7 support levels: 1.5140/1.5100, 1.5050, 1.5000
Counter-trend opportunities: 1.5250

Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal

Today’s trade suggestion:
Interesting opportunities this week, above and below the current price. Let’s start with the trend direction, which
is bullish this week. Supports below us are quite clear with confluences of Fibonacci retracements, S/R lines and
Moving averages neatly in place. (see hourly chart) I’ll be looking to buy into dips to these levels are a clear G7
reversal signal for targets at 1.5250 and then, eventually, 1.5520. Now let’s consider the other side of the coin.
1.5250 is the 78.6% retracement of the weekly move (see weekly chart) and will offer stiff resistance to rallies.
Counter-trend selling opportunities here should see a move lower to at least 1.5150. I’ll be keeping a careful eye
on both the buying and selling chances this week.

Summary:
Look to buy into dips to support levels after a clear G7 signal, or sell into rallies to 1.5250 (counter-trend) after
a G7 reversal signal. Targets 100 pips either way.

Don’t forget to take a look at this link for more on  James’s scalping systems starting tomorrow!

Scalping Video Course

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 want to become a Forex Trader, choose one of these mindsets.

The Independent trader or the Dependent trader

Which type of trader you are will dramatically affect the potential money you can make in the markets. In fact, it could well determine what the rest of your life will look like, whether it is how long you work for someone else, when and where you vacation, or where and how you live. You may think that’s an exaggeration, but the reality is those who take initiative can positively affect the outcome of their lives (and their trading) as opposed to those who let others determine the course of their lives for them.

It is important to note that anything requiring little to no effort will produce limited, temporary or no results. Conversely, anything requiring you to think and act for yourself will produce lasting and permanent results.

Trading, whether Forex, stocks, or other markets, especially proves this true. Returning to the two types of traders, they illustrate very common mindsets — which one represents you?

The Dependent trader is looking for the easy way, wants to make a quick buck, or strike it rich — but never wants to put any effort into the process of accomplishing such things (if such things even exist, and it should be argued that they do not).

Dependent traders will follow the crowd, trade based on hot tips, seek out automated ‘millionaire-making’ trading programs, listen to all the news experts and blindly place ‘can’t lose’ trades (which do lose), all with no plan, no thought and no understanding of what they’re doing. Naturally they’ll become frustrated with their losses and failures and do the only thing they can think to do: they give up.

Dependent traders are the trading equivalent of lottery ticket buyers; they know full well the odds stacked against them, but they believe anybody can get lucky, so why not them? Needless to say,

Dependent traders exert little control over their lives and have little chance for financial success. On the other end of the spectrum is the Independent trader. This trader wants to have control over their financial future and has learned (or will learn) how the markets work, which approaches to trading the markets really work, and how to empower themselves to trade without relying on others for advice or tips or news.

An Independent trader understands and believes that only they can maximize their odds for success and only they can achieve their financial and life dreams. They will seek out and learn from others, educate themselves, learn from failure and strive to accomplish greater things. It should be noted, however, that everyone has a little bit of the Dependent trader in them at some point. The difference being, the person on track to become Independent may take up with a mentor or lean on a reliable education source at the outset – but as their knowledge grows, the Independent trader will begin to apply what they’ve learned completely on their own.

The Dependent trader never will.

Three simple steps to becoming an Independent Trader:

Step One: Create and execute a trading plan. Whether you want to day trade or trade at the end of hte day, or once a week — decide what fits BEST in your daily schedule and then determine what sources form #2 and #3 below best align with your plan. Don’t try to apply day trading methodologies to end of day trading and vice versa, as you’ll likely discover they don’t and won’t work.

Step Two: Seek out 2-3 reputable education sources. We will provide some to you – but the goal is to identify one that you can understand and trust. Learn everything you can from those sources. Then, learn to apply it on your own.

Step Three: Learn from and test out multiple methods for trading. You are unlikely to succeed wihtout some basis in trading methodologies, especially when utilizing technical or fundamental indicators. The steps above will require time and money investment.You should consider them your trading education costs — it is far better to invest in yourself than to lose money too easily in the market.

I believe that the Authors contributing to this site are amongst the best and will give you everything you need to become an Independent Trader so check them out and always look for what you “need”. Don’t get caught up in buying more of what you already have, or stuff that is of no use to you.

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