How To Day Trade Forex – May 2016 Forex Trading Results
Earlier today I just had a new member email me about all the forex scams they got sucked into over the years and it inspired today’s rant. It got me thinking about one simple rule I believe all aspiring traders should live by. It also fit well with the latest video I was ready to post so I thought I would combine the two.
I’m a firm believer that someone has to trust the trading strategy they are using if they are ever going to become a successful trader. What you think about you tend to bring about, and therefore trusting the strategy you use is essential to your success. One of the ways I illustrate the power of the DTFL setup is through these month end review videos. Unlike most educators that like to teach in hindsight, I prefer teaching in advance. When educators teach in hindsight they are essentially telling you they don’t even trust their strategy! After all, defining a trade setup BEFORE it happens is the best way to illustrate that something works. Why don’t more people do that? Everyone reading this knows the answer to that which is why I would encourage everyone to learn from someone who is accountable to their trading results. I don’t think educators owe people access to personal information like the size of their account, bank account, ect ect. I do however believe that educators should be made to prove that what they do works through illustration.
This is why I list the exact levels we are going to trade from BEFORE the trading day begins. Listing the level is however just the first step. The second step is what entry requirement is used to take the entry. The nice part about a mechanical trading entry technique is the ability to know for certain if the trade setup was valid or not. Being that the DTFL confirmation entry is mechanical there is no question as to whether a certain setup is valid as long as the level was pre-selected. It is only fair to mention that the DTFL bank trading strategy does make allowance for the creation of new levels during the day where other levels are not present. For full disclosure I point out all trades taken from newly created points in these videos. Over the months, you will see that these newly created points do not have a large baring on our overall performance and even if someone used only the pre-selected points I list each night in the members area they would still have similar performance.
The bottom line is if you are currently using a trading strategy that is taught by someone willing to offer you no proof behind what they do then you need to ask yourself why they are not willing to offer something? After all, more proof brings more people to the service right? Whether you decide to learn from us at DTFL or you go to someone else make sure you use require some form of profitability proof and you will be far better off.
-Sterling
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