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Improve your trading performance by developing confidence, patience and a strong defense.
The room is geared more for new traders, or who have experience but trying to improve consistency.
Hours of Operation:
Voice moderation Hours are 8am – 12pm EST.
After 12pm, the room is open until 4pm EST (no voice).
Analysis and Trading:
Don’t understand all the terminology? Don’t worry. It’s explained in the room.
There are 4 live charts on display:
EUR/USD (5 Min)
SPY (5 Min)
YM (25 Tick Range Bar)
Gold (3 Point Range Bar)
Commodity Channel Index (CCI) 14 Period
2 period exponential moving average (white line) on price region of chart.
8 period exponential moving average (red line) on price region of chart.
Trades are observed in the EUR/USD pair at the present time.
Price action is considered first, CCI then is used to help filter price for more precise setups.
The style is scalping. This means small profit targets and small stops. Stops are manually executed.
Profit target is 15-20+ pips per trade. Stop is 10-15 pips or less. Position time 10-15 mins or less.
We do not take trades based on news, emotions, recommendations, etc.
Presently there are about 3-5 trades per session. This changes based on market conditions.
When a trade is called, price and direction are spoken into mic when filled by the broker in real-time.
When the trade is exited, it is spoken in real-time as it is executed by the broker.
This trading structure is here to illustrate an example of how a particular trading plan works. You are not expected to follow this method. Learn from it and use it as a guide to enhance your own trading plan.
Questions, observations and news posting are welcome as long as it is not purposely disruptive.
Discussions about other styles, methods and ideas are welcome as long as they are not confusing.
EXPERIENCED TRADERS NOTE: You are welcome to post your trades in the room as long as they are posted in real-time and everyone in the room has a chance to enter at or very close to your entry price (within a couple of pips). Same goes for the posting of your exit. If this criteria is not met, you will be warned. If this behavior continues you will be promptly banned from the room.
How to benefit from this service: observe, paper trade and take notes. Don’t focus on making money. Focus on developing good behavior. It takes time. Give yourself a fair chance. If you are impatient, or get upset from missing trades, leaving profit on the table, getting shaken out, or scared of losing even if its small, then you better get used to it. That is part of trading. You must experience the learning curve. Make it easy on yourself. Take all your indicators off your charts, and start by just watching price alone. Your number one goal should be conserve capital. This means making a little here and there, and giving it back. You are going to have to change the way you are wired to think. We can help, but you have to be willing to be helped. If you come into this with the right expectations, and don’t get distracted by all the noise that you are bombarded with constantly, you will find it is possible to be consistent in this business.