Selection of YouTube Videos To Study
General Trading Knowledge from Marty Schwartz, and Other Helpful Channel Drawing videos
Danny Riley Published on Aug 18, 2013
Lessons from WALL STREET's Champion Day Trader
Danny Riley Published on Mar 8, 2015
Autopilot FX Money Published on Nov 21, 2015
Forex Boat Published on Apr 12, 2015
Sasha Evdakov Published on May 4, 2016
Joseph James Published on Apr 10, 2014
UKspreadbetting Published on Jun 25, 2017
THE FIVE OUTCOMES TO A TRADE!
My mentor taught me the first four. Marty Schwartz taught me the fifth one "Stay Neutral". Close the trade at break even if the move you expected did not develop. Losing control of a few trades can break your account, greatly affect your mental state and your ability to make proper decisions.
BE PATIENT, STUDY, PAPER TRADE UNTIL YOU HAVE CONSISTENT PROFITABLE RESULTS
Making money trading is feasible for many but trading is not for everybody.
Take your time to learn, invest in your education time, effort and get the experience needed in various types of markets prior to putting your hard earned money at risk. It is up to you which route you take.
CHANNEL BREAKDOWN Without blackFLAG FTS
Channel break down or channel break up provide awesome trading opportunities. Learning to trade those breaks will make a huge difference in your trading performance. The issue is when and where to enter. You can always guess but if you are wrong and the market bounces against your position, you may end up bailing out at a loss. Also, when guessing your entry point, you do not have a good location for your stop loss. How big of a Stop Loss will you use?
CHANNEL BREAK UP AND BACKTEST
Another important lesson of Trading Channels is the Backtest. Breaks do happen and also, most of the time, they get tested at one point or another. So, one must be prepared to take profits and allow the backtest to occur. You may reenter at a later time. Some traders enter at the break and hold on to the position during the backtest. The backtest may be way deeper than the original entry causing the trader to close the position at a loss to then see price bounce in the original expected direction.
Sometimes the backtest fails to find support and the drop continues. If you placed a stop when the trade was entered, you are then taken out at the maximum loss per your entry. If you failed to place a stop and are not managing the trade, then your loss could be significant.