Would you like to make Forex profits?
Would you like to make 8% Forex profits on each trade?
Want the opportunity to find these trades every day?
Last Tuesday I made 8% profit on one trade. And this is the latest edition to my Forex profit case studies. Previously I have shared a 12% Forex profit & a 6.2% Forex profit.
I do these Forex profit case studies for two reasons. Firstly to show you that it isn't impossible to make money trading Forex. Secondly to show you what works. Either way you are in the know about what's working in Forex. All of these methods and techniques are mine personally and I share all of these lessons in much more depth in my All in one Forex course.
I trade for
- Less than 60 minutes a day
- I risk less than 2% per trade
- And I maximize my reward
This is how I can pick out trades like this daily, which yield such big profits. And allow me to stay home 7 days a week and watch my daughter Anna grow every day.
And this is how you build a trading account fast without having loads of time.
What I will share in this case study is what I teach in my All In One Forex Course.
But let's jump right into the case study.
Case Study Rules
If you actually want to learn how you can do this for yourself, then get ready.
If you are not interested in these kind of profits just hit X now.
The only rule is you need to take the time to go through the cast study in it's entirety.
The 1st Thing I Do
First things first, I don't just jump into the charts when I first get started.
I think this is the wrong thing to do.
Instead I do three things.
- I open ForexFactory
I take a look over the economic calendar for the day and see if any
interesting news has been scheduled.
WARNING: Not all news is scheduled, don't just rely on a news calendar and this is where #2 comes in
- I turn on my RanSquawk news feed
The RanSquawk is an audio live news feed which not only alerts you of any upcoming news. The news is actually shared LIVE over the audio feed. This is a level up from an economic calendar and I think should be used. If you are a long term trader (daily charts etc) there is probably no use. But if you are a day trader etc, I definitely think you should be using it.
- I open my Forex Trading Journal
My Forex trading journal is different for several reasons. I have pre-coded formula which tells me my actual lot size to trade, based on my account balance, risk % and the amount of pips I have for a stop loss. This is all done automatically. I take this time to read my trading rules before I look at the charts.
No Charts Yet
Before I get into the charts I want you to realise that it's not all about looking at charts. I do these steps before to prepare myself mentally and physically. I don't want any important news to catch me by surprise. I also want my trading rules and important numbers to be fresh in my head. This is a very professional approach and calculated because right from the beginning I want to be ahead of other traders around the world who enter the markets blind. Just by doing these initial steps you are ahead of millions of Forex traders.
60 Minutes A Day
I only trade 60 minutes a day and it's not completely true. I normally trade less. But my efficiency starts well before actual trading.
This is not a necessity for me but loads of people in the VintagEducation community work full time. So I have to share a solution which caters to their current lack of time. One of these methods is only spending 60 minutes a day looking at charts.
Why 60 minutes?
People with full time commitments can spare 60 minutes to look at charts and pick out at least 1 good trade.
So once the charts are open I start the timer!
This provides some healthy pressure, but it also doesn't have you looking at charts all day.
In this 60 minutes, I am looking for really good trade opportunities.
My Chart Setup
So the clock is ticking and this is an example of what I see.
All the instruments I trade on an intra-day basis are put together in one profile of 15 minute charts.
This way I am not jumping from chart to chart wasting time. Everything is geared to being efficient.
I can see which instruments are shaping up and which ones look slow. You should notice, currencies are not the only thing I trade. Because what I teach works on any financial instrument and any time frame. You will see specifically when we get into the specifics of the trade as well.
Your Charts Going Forward
If you were not already, definitely consider putting all the instruments you trade together and looking like this. You will save loads of time in itself.
So on Tuesday I saw a potential short trade opportunity on EUR/JPY 15 minute chart. When intraday trading, I will normally find a potential trade on a higher time frame and drop down to a lower time frame to take the trade. Below is my stop loss in red, my entry highlighted with a yellow box and the take profit region with a green line. You can see my entry was a really good one but you will never know unless you take the trade.
After scouting the level on a 15 minute. I drop down to a 2 minute chart to get the best entry possible. I still have the same 15 minute target but I have 2 minute risk now. Which is going to be less than 15 minute risk. Many times, I can cut risk in half by taking a trade on a 2 minute chart but it is not essential. The target I have is based on the potential trade on a 15 minute chart so it will always be bigger.
Automation or Manual
What happens if 60 minutes runs out?
Now this trade for me was manual entry. At the time, I had been looking, everything was coming together. If you can't wait around, use an automatic order to automatically open a trade for you. I do this when I don't want to wait, or I will be unavailable doing something else. It works both ways. So for example I had my stop loss number, entry number and take profit. I could set the order to open automatically.
The entry however for me was the only manual component. I had a stop loss in place and my take profit which would automatically close out the trade. This means I can now walk away and let the trade do what it will do. I am extremely comfortable with either result.
I always use a stop loss and take profit. It automates the process and I don't need to be around. It also helps with your Forex psychology. If you are in a trade and you can't walk away, I think you are risking too much and you are damaging your Forex psychology.
I Watched TV. Focused On Other Businesses. And Spent Time With My Family
I could have shown you the 15 minute image but I wanted to share the 2 minute view to see all the activity. The black line is the entry area (if you check the time you can see this is just after the entry) I couldn't fit entry in without zooming out more and messing the view up. I was actually up when this trade closed watching Hannibal . I want you to see that price did drop quite quick but didn't hit the green line. It even came back to my entry line several times. I guarantee many traders would have either closed out early for minimal profit or for a small loss in fear of the trade reversing against them. Imagine doing that and then price moves right to your profit target. Your Forex psychology would be damaged.
After I hit the sell button, the trade went into auto-pilot. It was either, I would lose a minimal % which I could live with. Or I was set to make an 8% profit. I made the 8% profit and if you didn't realise already. This was a great return. I sometimes have it less, it is sometimes more. The fact which always remains, is, I want more than 6% on every trade. I don't settle for less.
Price did drop below my take profit quite a bit and I mention this for two reasons.
- I wasn't being greedy. I expected price to drop much further down
- It's more than ok to not take the complete move. Do what your trading rules tell you and let the rest go.
So I was watching Hannibal while my trade was doing the business. Perhaps if you are full time, you would go off to work. Because I trade like this, I am home 7 days a week. So on this day I checked it a few times to see progress but that was it.
There was no micro-managing, there was no editing. In that Tuesday, I picked out this trade and took the trade. The trade lasted about 10 hours.
Before I rap things up on this case study. I do want to focus on the Forex psychology element because it is very important.
Let me start with risk!
I can walk away from charts, watch Hannibal while in a trade and not need to stalk the charts, because I risk so little. Believe me, I have traded big percentages before and I barely wanted to blink. If you risk a small amount, you are much more relaxed. This is good for your Forex psychology.
I always use a stop loss and following on from risk, this allows me to be super relaxed. I am not worried about how much I will lose because I already know the exact amount I will lose because I chose it myself before opening the trade. I am in complete control.
I always use take profits. I don't allow greed to take over. Just like my risk, I know my target before I open the trade. This is also very good for Forex psychology
All together these elements of automation, leave me really relaxed, because I know the result before I have even opened a trade. I have accepted either scenario. This is extremely comfortable.
No chart indicators
I did not really touch on it much but you should have noticed, my charts are extremely clean. I use no indicators to tell me which way the market is going or where to take a trade. I have learned to trade for myself and recommend everyone do so too. This is the best long term solution for your trading.
For me it comes down to one decision. Am I buying or am I selling. This is all you should need to know.
I take 60 minutes a day and pick out trades like all the time.
Learning To Trade Like This
If you want to learn how to trade like this and build your Forex account 60 minutes a day. You need to take my All In One Forex Course which walks you through, learning how to pick out trades like this, teaches you the right Forex mechanics to capture, maintain and build Forex profits. And so much more.
The price of the course is currently a one time payment of $997 but is increasing to $1197 soon. If you started with $3000, it would take about two trades like this to get your money back. The big difference is, you will be making money long term, even though you make just one payment.