101 PIPS IN TRADER CONTEST ON THE EURO CAD PAIR
This trading gain was captured on the EURO CAD pair this week as I took advantage of the Consolidation Breakout on its Daily Chart.
As you can see above, the goal was actually to capture 200 Pips (much larger than my Live Account Targets) using a 200 Pip Stop to ensure I stayed in the trade (much larger than my Live Account Stops). However, I noticed overbought conditions began to be created with the Candlesrick Patterns and decided it was best to exit. So even though I warn against looking at charts when you have an open position on your Live Account, an exception can be made when Demo Trading in a contest like this.
With this great result, I would actually need around 5 to 6 more of these to get into the Top 20 or Top 10 - a contest that is very difficult to win or even place (I only managed this twice)...
However, with just 2 weeks to go in February, I will see what can be achieved. Nevertheless, the greater goal is to come close to hitting my 14% Return Target on my Live account that is already up 7.3%...
So lets see how things unfold.
2. If you are close to the Top Positions close to the end of the month, stay calm and focused. Many traders lose by succumbing to the pressure of winning prizes by taking unnecessary risks with low probability setups
3. Analyze all losses and learn from them to avoiding repeating mistakes.
As you can see above, the goal was actually to capture 200 Pips (much larger than my Live Account Targets) using a 200 Pip Stop to ensure I stayed in the trade (much larger than my Live Account Stops). However, I noticed overbought conditions began to be created with the Candlesrick Patterns and decided it was best to exit. So even though I warn against looking at charts when you have an open position on your Live Account, an exception can be made when Demo Trading in a contest like this.
With this great result, I would actually need around 5 to 6 more of these to get into the Top 20 or Top 10 - a contest that is very difficult to win or even place (I only managed this twice)...
However, with just 2 weeks to go in February, I will see what can be achieved. Nevertheless, the greater goal is to come close to hitting my 14% Return Target on my Live account that is already up 7.3%...
So lets see how things unfold.
ADVICE FOR TRADING CONTESTS
1. Stay Focused on Your Strategy and Avoid Creating Bad Habits, especially if you are trying to create a strategy to be used on a Live Account.2. If you are close to the Top Positions close to the end of the month, stay calm and focused. Many traders lose by succumbing to the pressure of winning prizes by taking unnecessary risks with low probability setups
3. Analyze all losses and learn from them to avoiding repeating mistakes.
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Happy Trading
Your Mentor
Duane
DRFXTRADING
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1. CLEAR AND DEFINED LEARNING OUTCOMES
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2. CLEAR AND DEFINED RATE OF RETURN TARGETS
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| Reflects the performance of the strategy since it began in February 2018. ________________________________ |
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3. CLEAR AND DEFINED SWING TRADING STRATEGY
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Despite these great results, a more aggressive strategy is now being used beginning February 1st, 2018.
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(Some Trades - where justified - will use larger Stop Losses)
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4. TRADING ACCURACY BEYOND THE COMPETITION
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NZD CHF CONSOLIDATION BREAKOUT IN JANUARY 2015
ACCURATE EXIT AHEAD OF THE SWISS NATIONAL BANK "SHOCKER" - JUST A FEW DAYS LATER
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| (See full description of this trade here New Year off to a Flying Start - 231 Pips & 194 Pips on NZD CHF Trade & more Financial Crisis trade results here 200 Pip Targets Still Hit During Financial Crisis ) |
Candlestick Patterns accurately identify the best Trading Targets ahead of both Normal and Abnormal Market Reversals.
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5. STRESS-FREE, INDICATOR-FREE SWING TRADING
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Instead of using Complicated Statistical Indicators or volatile Economic Data, the more reliable Japanese Candlestick Signals of the Daily and 4 Hour Charts are used to predict and trade the Weekly Direction of Currency Pairs.
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6. MASTERING THE WEEKLY RANGES OF CURRENCY PAIRS
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The First Step in Swing Trading the Forex with me is to accurately predict the Weekly Range Direction of the major Currency Pairs.
All Currency Pairs have Weekly Ranges which is their average Exchange Rate Price Movements expressed in Pips over 5 to 7 Days. Trading is then done in this direction to capture our Pip Targets according to our Swing Trading Strategy.
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7. LEARNING ABOUT TRENDS & THE PATTERNS THAT LEAD TO TREND CHANGES
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Mastery of Downtrends, Uptrends and Trend Changes will be achieved with a detailed understanding of the Structure of these Market Patterns.
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8. IDENTIFYING CONSOLIDATION BOUNDARIES
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There are many schools of thought on how to draw Consolidation Support and Resistance Lines. However, the "Line of Best Fit" method is the only way to do this accurately.
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9. LEARNING HOW TO PREDICT & TRADE FALSE CONSOLIDATION BREAKOUTS
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Instead of losing due to unexpected Consolidation Market Reversals, we can master and profit from them once we understand their Structure and the Candlestick Signals that start them.
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10. YOU WILL LEARN HOW TO PREDICT THE FORMATION OF CONSOLIDATIONS
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Once we are able to spot the Bullish and Bearish Waves that form Consolidations, we can trade these waves for large Pip gains instead of waiting until they are completed.
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11. TRADING WITH TECHNIQUES THAT HAVE WON CONTEST PRIZES
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WHO WILL BENEFIT THE MOST FROM THIS MENTORING SERVICE?
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Day Traders Looking to Switch to the Stability of the Higher Time Frames
Swing Traders looking for a New Trading Strategy
Japanese Candlestick Traders who want to further master these Powerful Trading Tools
Traders who no longer want to be Handcuffed to their Computers Every Day
Traders patiently focused on their Long-Term Success from this Market
New Traders who want both the Foundation and Advanced Level Knowledge to Understand this Challenging Market
New and Experienced Traders who want to Demo Trade to practice hitting Large Trading Targets before going/returning to Live Trading
Traders who accurately predict Market Direction but cannot decide on the right Pip Targets
Traders who are annoyed at being Stopped Out too early only to see the market continue to their Initial Targets!
Traders who want to avoid the temptation of interfering with their Profitable Trades – that would have closed on their own at a Larger Profit had they not interfered! Yes I’m talking about you!
Traders who want Real Trading Knowledge beyond the Recycled Information readily available to all
Traders who know that there must be a Method to this “ Madness”
Traders who are tired of Learning and Learning and more Learning and want to finally Dominate the Art of Foreign Currency Trading
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GET STARTED ON YOUR JOURNEY TOWARDS TRADING SUCCESS TODAY
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Choose Your Service Below.
Contact me to answer all your questions and to receive your Subscription Invoice.
All Payment Types Processed by PayPal.
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Your Mentor
Duane Shepherd
(M.Sc. Economics, B.Sc. Management and Economics)
Currency Analyst/Trader
shepherdduane@gmail.com /(876)-3825648
Twitter: @WorldWide876
Facebook: DRFXTRADING
Website : Coming Soon - April 10th, 2018
Website : Coming Soon - April 10th, 2018
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RISK DISCLOSURE
All the information provided in this blog and as part of my Services, including the Trading Manual, Video Lessons, Daily Trade Support and Skype Mentoring represent my opinions on the relationship between Japanese Candlestick Patterns on the Daily & 4 Hour Charts and Exchange Rate Movements.
Although I use this information to execute trades in the Forex Market using my personal funds via a Live Forex Account, the Trading Signals I provide represent what I am about to do on a Demo Account that I also have at FXCM where no money is used and therefore where no investment can take place.
I do not provide Investment Advice and therefore my Trading Signals and my opinions about the Forex are intented to be executed on Demo Accounts.
Essentially, I am a Live Account Forex Trader who teaches you how to trade on a Demo Account. You can then use your performance on your Demo Account to enter Demo Account Trading Contests to win prize money, apply for Trading Jobs or use it when consulting with a Licensed Investment Advisor to decide if trading on a Live Forex Account is appropriate for you.
TRADING IS NOT FOR EVERYONE. TRADING FOREX INVOLVES HIGH RISKS AND THE POTENTIAL TO LOSE ALL OF YOUR TRADING CAPITAL
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. Before deciding to use my material on a Live Account, you should speak to a Licensed Investment Advisor, carefully consider your investment objectives, level of experience and risk appetite. You can lose all of your invested capital.
There is considerable exposure to risk in any off-exchange foreign exchange transaction, including, but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair.
Market Opinions
TRADING IS NOT FOR EVERYONE. TRADING FOREX INVOLVES HIGH RISKS AND THE POTENTIAL TO LOSE ALL OF YOUR TRADING CAPITAL
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. Before deciding to use my material on a Live Account, you should speak to a Licensed Investment Advisor, carefully consider your investment objectives, level of experience and risk appetite. You can lose all of your invested capital.
There is considerable exposure to risk in any off-exchange foreign exchange transaction, including, but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair.
Market Opinions
The content provided by drfxtrading.blogspot.com is for educational purposes only.
No information presented constitutes a recommendation by drfxtrading.blogspot.com to buy, sell or hold any security, financial product or instrument or to engage in any specific investment strategy.
Any opinions, news, research, analyses, prices, or other information contained on this blog are provided as my opinion of how Exchange Rates move in accordance with Japanese Candlestick Patterns and do not constitute investment advice.
Drfxtrading.blogspot.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information on a Live Forex Account.
YOU are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs.
You should NOT rely solely upon the information or opinions that you read on the blog or receive via my Services. Rather, you should use what you read and receive as a starting point for doing your own independent research, your own independent analysis, and refine your own trading methods before placing your money at risk.
Internet Trading Risks
There are risks associated with utilizing an Internet-based deal execution trading system including, but not limited to, the failure of hardware, software, and Internet connection. Since drfxtrading.blogspot.com does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, I cannot be responsible for communication failures, distortions or delays when trading via the Internet.
Accuracy of Information
The content on this website is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make independent investment decisions.
drfxtrading.blogspot.com has taken reasonable measures to ensure the accuracy of the information on the blog.
However, drfxtrading.blogspot.com does not guarantee its accuracy, and will not accept liability for any loss or damage which may arise directly or indirectly from the content or your inability to access the blog, for any delay in or failure of the transmission or the receipt of any instruction or notifications sent through this website.
Distribution
This blog is not intented for distribution or use by any person in any country where such distribution or use would be contrary to local law or regulation.
None of the Services offered are to be used by persons from a country where the provision of such services would be contrary to local law or regulation.
It is the responsibility of visitors to this blog and users of my Services to ascertain the terms of and comply with any local law or regulation to which they are subject.
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Distribution
This blog is not intented for distribution or use by any person in any country where such distribution or use would be contrary to local law or regulation.
None of the Services offered are to be used by persons from a country where the provision of such services would be contrary to local law or regulation.
It is the responsibility of visitors to this blog and users of my Services to ascertain the terms of and comply with any local law or regulation to which they are subject.
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