How To Approach Momentum Trading Like A Pro_1
Post on: 17 Май, 2015 No Comment
Heres short video on how to navigate and get the most out of the website.
I receive many questions regarding my charts, indicators, trade plan, mentoring, etc. The following is a list of the most common questions and my responses.
Why do you need my email?
Your email is needed so I can send out group annoucements and notifications for all subscribers of the Pro Trader Network website. I will not sell or share your email with anyone else. I will also not abuse the privilege of having your contact information by inundating you with excessive amounts of email.
My MT4 platform was updated to the new 600/700 Build version(s) and now my indicators, templates and EAs dont work. Can you help me?
Heres a video I produced for my Excel Course clients to help with the MT4 600 Build updates. It will help walk you through the new way to add indicators, templates and EAs.
What is the setting for your EMA trend line?
The trend line is an 89 EMA. It is a proprietary indicator but I have attached a similar one that will mimic the color change when the trend changes from bullish to bearish and vice versa (See link to indicator zip file in TDI question below.)
How do you use the EMA Trend Line?
I use the trend line to determine momentum and bias in the market. When price crosses and remains above or below the trend line, I will primarily look for signals corresponding to the momentum and bias – the trend.
What are the boxes on your charts?
Where do I get the TDI indicator and what is it?
I have provided a basic version of the TDI in the zip file along with an adaptive EMA. There are others on Forex Factory as well. The TDI indicator (Traders Dynamic Index) was developed in 2006 by Dean Malone of compassfx. You will have to reaserch on your own how to use the TDI indicator. The Adaptive EMA is self-explanatory. You will need to know how to add these to your MT4 platform.
How long will it take you to do the work, perform the practice, and develop the discipline, control and patience? (Plan on at least 2-3 intense years if you are serious about making the commitment to trade for a living.) You also must have sizeable account equity. I recommend starting with no less than $5K minimum and to make a worthwhile income/return ultimately $100K.
What trading books/authors do you recommend?
There are lots of trading books. If I had to read only two, they would be by author Mark Douglas “The Disciplined Trader” and “Trading in the Zone.” Others include the The Market Wizard series by Jack Schwager.
Do you have training or course materials?
The blog contains more rich content than you will get on any other trading site especially dealing with trading psychology. However, I have developed an all encompassing Beginner/Intermediate/Advanced course called The Pro Trader Network Excel Course. It will provide all of the tools you will need to be an independent and consistent trader. It includes two directional (trend) trading systems based on the TDI indicator and focuses intently on rules based trading and the psychology of consistency and discipline. Several times a year, I will offer FREE Workshops. At their conclusion, I describe the course content and the cost to enroll. The course includes a beginner Module and then builds on the Foundation Essentials material using the same indicators with additional strategies and more advanced topics. It is in response to the requests and emails I receive from fellow traders wanting to expand their trading education. My goal is to provide a “Turn Key” trading education. That simply means that you should not have to rely on anyone or anything after taking any of my Courses.
Click the link below for the FREE 4 part Forex Traders Workshop and PTN Excel Course. The Forex Traders Workshop video links are sent via email over the course of 4 consecutive days.
Do you have a mentoring program?
I do currently work with a local private client group who has some market/investing experience and prefer person-to-person interaction. I am looking into developing one that will accommodate additional traders – time permitting. Also, there are many traders that learn more productively and prefer a live classroom setting. As a result, I have been asked to set up a week-long event for live training and interaction whereby traders can travel to attend. I am looking into it. Demand will dictate if this comes to fruition.
I have done my back testing, but still cannot “Pull the trigger” on a trade. I am still nervous and unsure. What am I doing wrong?
I have been watching the Market Structure videos and have practiced identifying Support and Resistance. What do I do from there?
Price re-tests areas of support and resistance repeatedly and as a result we are looking for price to get stuck or hung up and continue with the trend and/or possibly reverse momentum as the trend is exhausted. These levels, along with your trade plan, create potential trade set ups. After labeling key levels, put S/R in context with current price and see in the near term and long term where price might gravitate based on its current direction. Look at your trading time frame and notice candle patterns, candle color and oscillator behavior. Based on your rules, prepare for a valid signal based on these potential set ups created at areas of Market structure.
I have been looking at your trade videos and my Synergy APB candles and price action do not look the same as yours. Do you have a proprietary Synergy APB indicator?