5 KEY GUIDELINES TO CONSIDER WHEN CHOOSING YOUR FOREX MENTORING SERVICE
In deciding on the Mentoring Service that is right for you, it is important that you consider the main aspects of the Service that is being offered by that trader. This will allow you to determine if they are in sync with what you want from Forex Trading over the long run and/or if you can change your current habits to those recommended by the Mentor to achieve even greater results.
1. WHAT KIND OF RESULTS DO YOU WANT FROM LIVE TRADING?
Whether it is a 10%, 15% or 20% Rate of Return on a Monthly Basis that you want to earn Long-Term, you need to detremine this value for yourself from the start. This will allow you to detemine if the Service you are choosing is in line with this important goal.
If this is the case, then you should use that service to achieve this target on your Demo Acoount before deciding to trade Live.
For example, during the December Trading Contest with Dukascopy, I achieved a Monthly Return of 28%...
...which is above the Rate of Return I want to achieve on my Live Account...
...and so far for February, with my Live Account already up 7.3% from just 2 trades (see previous Blog Post), only a few more trades are needed to achieve this monthly goal.
By establishing and then achieving your Monthly Goal on a Demo Account, you will have the confidence needed to realize these same gains when you begin to risk your real money.
2. DOES THE SERVICE USE THE TRADING TOOLS YOU CURRENTLY USE/PREFER/ WILLING TO USE?
Do you use or prefer to use Indicators? Candlesticks? News? A combination of them?
Personally I find Candlestick Signals to be more effective and less complicated than the most popularly used Statistical Indicators. Economic news can provide useful information about currencies but as someone with a Masters in Economics and a former Central Bank Economist I can tell you that most of it is volatile short-term data that changes every week and are often unreliable in predicting the strongest moves in the market.
Candlestick Signals especially on the Larger Charts will eventually reflect the net reaction to the news and tell us where to trade. So instead of having to trade the news itself - something I used to do which was fun but too stressful and unpredictable to be used as a reliable strategy - we simply need to wait for the Signals to align with our strategy and then trade accordingly.
Despite the prevalent use of Indicators and Fundamental Announcements by traders, their major drawbacks have limited their accuracy in predicting market direction. Nevertheless, if you prefer to use these tools with the Service you are choosing then great. But if you have experienced the problems with these tools first hand and are willing to try something different, a better trading experience awaits you.
3. HOW OFTEN DO YOU TRADE OR HAVE THE TIME TO DEVOTE TO TRADING?
I have realized that by spacing out our trades, we have more time to recover from the highs of winning trades and the disappointment of losing ones. On average I trade 1 to 2 times per week which helps to minimize the negative influence of emotions on my decisions and results.
So for example, that recent trade of 100 Pips captured on the GBP JPY in just 5 Hours
- how often do you see this? - could have easily led me to greedily search for more of these setups regardless of how risky the setup actually is. But because my types of setups arise a few days apart, it gives me enough time to recover from the adrenaline rush of fast trading gains so that I remain objective for the next trade.
- how often do you see this? - could have easily led me to greedily search for more of these setups regardless of how risky the setup actually is. But because my types of setups arise a few days apart, it gives me enough time to recover from the adrenaline rush of fast trading gains so that I remain objective for the next trade.
By using a Strategy and Service that gives you enough time to breathe in between trades, you will be better able to keep the dangerous emotions of greed and arrogance from ruining your results.
4. WHAT TIME FRAME DO YOU USE FOR YOUR TRADES?
Smaller Time Frames are nice and can be exciting given the fast gains that can be had. But given the large number of False Signals theses Charts give us, using the Larger Charts Signals and Patterns that are more stable will give you less stress and greater profitability.
Many traders who began using the Smaller Charts can find it difficult to make the switch to the Daily and 4 Hour Charts used for my Strategy as part of my Service. However, by following these 2 guidelines,
- Closing All Charts below the 4 Hour Chart
- Never Looking at these Charts Again
you can successfully make this needed switch.
5. DO YOU CONSTANTLY WATCH YOUR TRADES AND ARE YOU WILLING TO ABANDON THIS HABIT?
My trades generally take 24 Hours to hit their targets. Even though this is a short time, I still have to restrain myself from looking at the charts.
This is because even if the market is headed to our targets, there might be temporary reversals that can lead us to panic and prematurely exit the trade, thus foregoing a profit. So even if we have become accustomed to watching our charts on demo accounts where we can be more objective, the minute we start doing it on Live Charts where you are literally seeing your money move up and down in front of your eyes, this objectivity can be thrown out the window because of fear.
By being willing to close your charts once a trade has been opened, you will eventually never have to worry especially when you begin to see positive results being realized on a consistent basis without your interference.
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So these are just some of the issues that need to be considered when trading and looking for a Mentor who might want you to change some of your habits to improve your trading. Once the recommended guidelines provide the results you are searching for, then committing to them will be key to your Long-Term Success.
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Happy Trading
Your Mentor
Duane
DRFXTRADING
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CLEAR AND DEFINED LEARNING OUTCOMES
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CLEAR AND DEFINED SWING TRADING STRATEGY
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CLEAR AND DEFINED RATE OF RETURN TARGETS
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| Reflects the performance of the strategy since it began in February 2018. ________________________________ |
1. YOU WILL EXPERIENCE 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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2. YOU WILL TAKE ADVANTAGE OF 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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3. YOU WILL ENJOY TRADING WITH AN AGGRESSIVE 24-HOUR 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. YOU WILL LEARN ABOUT 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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5. YOU WILL LEARN 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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6. YOU WILL LEARN HOW TO IDENTIFY 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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7. YOU WILL LEARN 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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8. 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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9. YOU WILL LEARN TRADING TECHNIQUES THAT HAVE WON CONTEST PRIZES
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10. YOU WILL HAVE A MENTOR WITH A TRACKED & VERIFIED LIVE FOREX ACCOUNT
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| Reflects the performance of the strategy since it began in February 2018. |
At 10.18% from just 4 trades since February 2018, only a few trades are left to hit the first target of 14% before moving on to the next major targets.
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THE COMPREHENSIVE TRADING & MENTORING SERVICE
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EXAMPLE OF VIDEOS YOU WILL RECEIVE PRIVATELY EACH DAY
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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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Standard Service includes the Trading Manual, Daily Video Lessons, Trading Signals & Daily Trade Support.
VIP Service includes the Standard Package & VIP Mentoring.
Both Services Renewable at 80% of Subscription Rate.
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Trading Manual Sent in PDF Format.
Video Lessons Sent at 6PM EST Monday to Friday.
Trading Signals Sent 1 Hour Before Each Trade.
VIP Skype Sessions are 30 Minutes Daily.
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Email me for 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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