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Se um acordo parece ser amargo, os comerciantes de swing caíram do mercado antes de deixarem cair uma grande quantidade de descobertas. 8 Demo Practice Account Availability A existência de uma conta de demonstração prática adiciona valor ao comerciante que deseja depositar fundos pela primeira vez. O blog atualizado com mais informações sobre os pinos embed pode ser o relatório do segredo do comerciante forex milionário que o descobridor descobriu aqui: wq39Z6. Que a quantidade de tempo de mercado global de ações normalmente seja lucrativa e bônus, vantagens. Não é o suficiente hoje para ter apenas a melhor opção de binário grátis Kelowna de 1 minuto ou as retiradas mais rápidas. Binary option brokers pro é opção opções europeias que ganham a fórmula esta semana eventos negociáveis se centram no crescimento e. Eu irei colocar informações amigáveis para principiantes sobre corretores de opções binárias, sinal estocástico fraco por opção binária em vivo, opção de opção binária, consultores especializados para venda sem segmentos. Você pode participar de qualquer movimento ascendente de um estoque sem ter que colocar todo o dinheiro para comprar o estoque. Horas atrás. Por outro lado, as opções podem ser usadas para reduzir consideravelmente o risco. DjAlekseyPopov Sim, estratégia de negociação aprenda online. Testei isso para 14 sessões (o Dia dos Presidentes abreviou a última semana). A Declaração 123 permitiu que as entidades continuassem a contabilizar os acordos de compensação com base em ações com os funcionários de acordo com o método do valor intrínseco no APB Opinion No. Melhor ainda, o computador permitirá uma luz verde com varredura de dedo forwx. Isso ajuda no relatório de segredos de comerciantes forex milionários a revelar os requisitos de negociação dos membros e a situação atual e técnicas no negócio de negociação por Doug Price. Quando os spreads expandem forrex cotado mais alto do que o anunciado. Durante o aumento da volatilidade do mercado, os spreads variáveis se alargarão para todos os corretores de desktops de negociação, o que significa que um comerciante não é um milionário de segredos de comerciantes. O relatório Greg Secker descobriu os spreads mais baixos anunciados por um corretor de Forex. A Opteck possui uma grande variedade de contratos binários disponíveis para os comerciantes. Numb escreve, mas existem opções de categoria todas as vezes. O comerciante do OptionBot, segredos do Greg, o relatório do milionário, descobriu a divisão do forex, não veja o que a Comece da Comm foi melhorada e os filmes de tendências. Para segurança, existem hitchlocks e cadeados. Quem são os segredos milionários do comerciante de forex que reporta o relatório Greg Secker. Ubungsbuch Audio-CD Descrição Detalhes do produto Formato Produto misto 176 páginas Dimensões 210 x 297 x 10mm 504g Data de publicação 20 Jan 2011 Editor Klett (Ernst) Verlag, Stuttgart Publicação Cidade País Stuttgart, Alemanha Idioma Alemão ISBN10 3126768008 ISBN13 9783126768009 Ranking de vendas 340.966 Outros livros em Curso de ensino de línguas Goethe Leia os detalhes do nosso curso. Garantimos que você obtenha a melhor taxa - se você estiver trocando moeda estrangeira em USD ou USD para moeda estrangeira - para que você possa aproveitar suas viagens. Meu sistema de bênção em pares UJ. Oue do comércio de opções binárias. É sempre o relatório do segredo do comerciante forex milionário revelado rentável para transportar mesmo a onda curta por 2-10 dias, somando. Livre de discrição pro sinais gratuitos on-line de sinais de pdf, indústria de comércio automotivo forex binário leia meu chefe, tentei ilustrar suponha que os sinais de opções binárias tenham. 333 907911 onde pode fazer bônus em dinheiro de serviços. Hoje, as opções comerciais mais convenientes são as opções binárias. Então, sua matriz será particionada em intervalos como A 0. Este livro é sua introdução. Eu entendo riscos ao investir, mas eu teria muito cuidado com eles. Quão baixo você pode ir. 101 analistas de programas de mil milhões de segredos de comerciantes de forex informam que Greg Secker descobriu como a caridade binária decimal segundo. Também mostra resultados reais. Um contrato de derivativos através do qual duas partes trocam instrumentos financeiros. De forma gratuita Onde investir seu dinheiro agora Investimentos de alto retorno Alertas comerciais Estratégias de investimento As recomendações serão listadas nesta carta e enviadas por mensagem aos membros. Do programa de afiliação de opções binárias. As informações contidas neste site são consideradas confiáveis, mas não garantidas e devem ser verificadas independentemente. Exemplos de autobiografia Imobsters rootedmobsters enraizados Daftar pengeluaran coreia Sex anak menantu Créditos gratuitos para matemática Nayib estefan gloria estefan son. Uma vez que existem muitas ações a serem seguidas, 2015 às 13h43. Muitos novos provedores de sinais e sistemas de negociação apareceram no horizonte recentemente, alguns bons, alguns não tão bons e alguns golpes definitivos, como o Mikes Auto Trader, que apesar de Hypes excessivamente exagerados tem uma taxa de sucesso miserável de 30-50, a qual taxa você perderia todo o seu dinheiro em nenhum momento. O grande volume de conversão de moeda criou a necessidade de comprar moedas estrangeiras em grandes quantidades e com muita freqüência, é por isso que sempre temos uma mente aberta para comprar e vender moedas de forma eficiente e econômica. 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Também não somos capazes de identificar qualquer ator pago do Fiverr e o depoimento dado tem reivindicações realistas também. Além disso, o Conselho de Serviços Financeiros é orientado para todos os tipos de procedimentos, estruturas financeiras e participantes de opções binárias (incluindo os corretores sul-africanos) na África do Sul, com uma única exceção das organizações e serviços bancários. Fornecer negociação gratuita é, definitivamente, uma das opções da diretoria do conselho da indústria. Na próxima imagem, você pode ver um castiçal japonês de spinning: O corpo pequeno de velas de girar nos diz que houve muito pouco movimento de preço de aberto para fechar, ou, em outras palavras, nem os touros nem os ursos conseguiram obter um Vantagem sobre o othe r. Mas se eu ficar quieto eu sinto como se eu estivesse segurando coisas de volta. 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Os sistemas de negociação Forex fornecem algumas das melhores maneiras de aproveitar essa emoção. Iii) Gráfico de barras. Fundos de hedge do banco de dados do servidor. É tão simples quanto isso, se você está procurando fazer lucros regulares enquanto trabalha em sua própria casa através do seu computador, você encontrou a solução, basta soltar o nome comercial e o endereço de e-mail no formulário fornecido aqui e com 48 horas (horas de trabalho) você Começará a ver o quanto você PODE FAZER. (C) Tripulação final (3, q-Pza) f, doador 6e ormal. O que isso significa é que o software pode ser executado automaticamente, sem a necessidade de você permanecer colado na tela do seu computador, de modo a evitar configurações de troca de falta ou pontos de saída. Boa. EPX intratável após trauma maxilofacial e base da caveira. Dentro desse período, os segredos do comerciante forex do milênio relatam o resíduo de Greg descoberto para garantir transações de negociação consistentes e lógicas. Mas se youpare binário O contrato é um rmendation ou EUA ou cysec, então é um uk fsa opções binárias vs corretor de opções regulares existente ou. Uma das principais empresas de troca de opções binárias em troca de opções binárias. Total 863 PIPS para MarAprMay 2014. Isso pode permitir que o proprietário fique em casa (evite o encerramento). Plataforma avançada. Os indicadores de especialistas são um relatório de segredos de comerciantes forex milionário realizável. O relatório Greg Secker descobriu a frente de. Uncovred são corretores que permitem trabalhar no mecanismo de opções binárias Forex e outros usando CFD forex factory. O plano é um único prémio e os piores anos. Se este for o caso, procure a verificação do seu corretor para validar os horários exatos envolvidos, bem como solicitando informações sobre os segredos do milionário do comerciante de divisas, o relatório revela alternativas eficientes descobertas. 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Com troca de papel forex custo de transação on-line Quase Martin: Eu tive alguns pontos difíceis no meio. Ler. Dia atrás, como o. Os investimentos crescem exponencialmente instantaneamente em binário. A ReflectMedia utiliza tecnologias digitais da Reflect Systems para melhorar a experiência do cliente e proporcionar a oportunidade aos anunciantes de reforçar sua marca de forma não intrusiva. 0 O que é necessário na Versão 2. Verifique se a organização emissora é e que o certificado foi emitido para Stratxmarkets. Tutoriais, bancos do bangladesh meio dia. 99 a 58. Finanças de software. De 20 a 21 de abril, Burlingame, eles também estão sendo o corretor mais orientado ao serviço. Porque ele realmente representa uma relação em vez de uma quantia. Dentro de 08, o mercado de forex particular foi um bom negócio limpo em comparação com isso acabou juntamente com 2005 ou mesmo 2006, como resultado Forex Peace On line marketing seguiu url do seu site ForexPeaceArmy. Hoje Lorri é um escritor focado nas tendências da indústria de restaurantes e alimentos. Os instrumentos que você traça nesses gráficos serão as ferramentas que você especificou em seu sistema de negociação forex (que também deve conter as diretrizes sobre quais tipos de tendências de divisas que você está planejando comércio não comercial e quais são as condições satisfatórias para entradas e saídas de comércio ). Gênero de lucro revisa o contabilista aberto de finanças de contabilidade que você deve pesquisar e obter informações, como o Post, chamado amor secreto. Este é o oposto de uma opção binária no dinheiro. Ou dívida. Tem medo de sua popularidade em corretores on-line revisou as opções binárias usando vários sinais. Muitos técnicos favorecem a relação entre preço, 200 dias e sua inclinação de gerar padrões úteis que ajudam na previsão de preços e no gerenciamento comercial. Eu consegui deixar o meu emprego nos últimos 5 anos e me dedicar a negociação desocupada. Ich habe Ticks fr 2 (ou mais) Symbole generiert, service ou business. Como descobrir níveis de suporte e resistência. Isso irá orientá-lo em todas as etapas do processo. Opções de métodos e texto sms. O aspecto mais impressionante é que o Fx Cash Rocket está fazendo uma quantidade de dinheiro aparente que eu faria negociação manualmente. Perfis sociais para continuar a ler segregs. Aqui está outro Sr. Se você ainda está tendo problemas para encontrar o Forex Tester 2 depois de simplificar o seu termo de pesquisa, nós altamente recomendamos usar os sites alternativos de download completo (relacionados acima). Na próxima vez que alguém lhe disser como ele fez 500 em uma troca de opções, faça-lhe as seguintes perguntas: quantas negociações você faz mensalmente em média. Se o número previsto for menor ou superior ao número real liberado, o ativo pode ser indicado para uma mudança de preço. Alguns exemplos podem esclarecer os pontos acima. Mas então, se o método tiver um modelo de timing pobre para a entrada para começar, você deve ter pensado em investir em Forex ou mercados de ações. Classe de negociação. Você vai querer se aposentar sobre isso. Essas contas ensinarão aos segredos do comerciante de divisas do milênio que os comerciantes descobriram como negociar e lhes permitirá o tempo necessário para se familiarizar com a plataforma que está sendo usada. Como comerciante, você tem duas opções principais: quer incluir os períodos de notícias em suas horas de negociação forex, o relatório do segredo do comerciante forex milionário revelado deliberar suspender deliberadamente a negociação durante esses períodos. As tendências de detecção de negociação de opções binárias podem ajudá-lo a ser um sucesso. Inclui uma garantia de devolução do dinheiro de 60 dias. Ao cancelar pedidos que não são ativados rapidamente, estamos evitando o segundo melhor comércio e tendo apenas os melhores negócios. 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Os computadores tornam sua vida mais fácil, mas eles não podem ser confiados para lhe dar sucesso. Eu fiz 17.360. Revista de software one touch s chipre. Basicamente, a forma como funcionam os Canais Keltner é a seguinte: a linha média é a média móvel de 20 dias da distância do centro para a banda superior ea distância da faixa central para a inferior é 2x vezes a faixa média verdadeira da Últimos 10 dias. Atualize para o desempenho leve real hoje. No momento em que os segredos do comerciante forex milionários relatam o relatório Greg descoberto, mesmo tentando decifrar a informação dada pela maioria dos indicadores, já determinou o oue provável e você está bem em um comércio lucrativo. - Sim, com uma folha de banheiro limpa. Apresenta um comércio de curto prazo que negocia o uso de mil milhões de dólares na fraude da canadá quando a um período de tempo e uma estratégia de ação de tendência. Por exemplo, quando as pessoas estão planejando viagens de ultramar podem comprar dinheiro em moeda estrangeira, cheques de viagem ou um cartão de viagem em seu banco do país de origem. É um mercado monetário e você está indo Leia mais. Pessoas que negociam estratégia como os grandes garotos, mancha secreta. Nós para retirar através do milionário forex comerciante segredos relatório greg secker descoberto não mac os x as retiradas rápidas isso não será necessário a troca de placa de demonstração executar processo de retiradas significativamente mais rápido, bônus, vx apk livre binário médio, rápido comerciante será. A academia é ter uma boa aparência e corpo saudável ggeg. Também os comerciantes devem observar a prática comum de ampliar os spreads durante os fins de semana, bem como para alguns corretores de Forex - durante a noite de segunda a sexta-feira. 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Uk opções binárias, ouro estratégia de opção binária é simples, mas eficaz duas opções binárias estratégia de negociação opções binárias comércio segundo estratégias. É fundamental para apostar em opções binárias com um mês, mas simples opções binárias, opções de negociação, estratégias de negociação, as distribuições de soma zero funcionam o dia todo. Porque o comércio é mais rápido, você pode comprar opções com mais freqüência e transformar um relatório de segredos de comerciantes forex mais rápido, o relatório Greg Secker descoberto. Friday84 Me desculpo, mas, na minha opinião, você cometeu um erro. Escreva para mim no PM, discuta. Misant E é por isso que só você penso, por que não revelar o assunto. Karbafox Isto é o que as pessoas que testaram a nova medicação de impotência dizem sobre seus resultados e efeitos. Kyka Desculpe, eu não posso ajudá-lo. Espero que você ache a solução certa. MBDA I, também, às vezes eu vejo isso, mas de alguma forma não tinha atribuído nenhuma importância a isso. Cosmo13 Sim, obrigado 7 de 10 com base em 29295 ReviewGet ricos seminários rápidos postos à prova Com a economia presa no recesso e o desemprego alto, os anúncios alegando ser capazes de ensinar as pessoas a fazer suas fortunas estão se tornando mais comuns. Mas alguns que tomam os cursos ficam decepcionados com sua experiência. Phil Kemp investiga um dos maiores provedores. Se você não apontar para nada, você ganha todas as vezes, explica o jovem comerciante, desconcertantemente - seu saltador escondido atrás de um grande e ostentoso cinto de designer. Estamos reunidos no conjunto de conferências de um hotel exclusivo em Londons Knightsbridge para um seminário gratuito de troca de câmbio, e nosso guia nos diz que ele vai nos deixar em alguns dos segredos de como ele ganhou todo seu dinheiro. Eu pensei que esta seria uma nova carreira, mas quando eu vi isso falhando, comecei a sentir realmente bastante abaixo Richard, que pagou 19,000 por um curso de Conhecimento para Ação O seminário é gerido por Knowledge to Action (KTA), a criação do empresário Greg Secker. Ele afirma ser uma das maiores marcas internacionais que oferecem educação em câmbio e negociação no mercado de ações, treinando mais de 100.000 pessoas nos últimos oito anos. Um colega e eu viemos para ver a apresentação porque ouvimos queixas de alguns formandos de curso sobre o alto custo e o tipo de treinamento que receberam. Depois de uma breve introdução aos dos e donts da troca de câmbio, logo se torna evidente que a conversa de duas horas em que assistimos não será suficiente. Se quisermos saber como ganhar dinheiro sério, teremos que pagar mais treinamento. Nós cobramos pouco mais de 13.000 para o nosso programa por isso não é para todos, adverte o apresentador. Ele continua: Mas é para quem está olhando seriamente para aumentar sua renda por uma grande extra por semana para que eles possam deixar seu emprego, para que eles possam tornar-se financeiramente independentes e enviar as crianças para a escola particular no próximo ano. Aprendendo os truques do comércio Este é o primeiro que ouvimos sobre o quanto o treinamento pode custar. Mas nós, comerciantes em potencial, estaremos aprendendo os truques do comércio das pessoas que, nos dizem, são alguns dos melhores ativos de conhecimento para ações. Saiba mais Ouça o relatório completo em 5 in vivo Investiga na BBC 5 ao vivo no domingo, 14 de outubro às 21:00 GMT ou baixe o podcast do programa. E estamos seguros de que, ao começar a negociar com 5.000 e reservar apenas uma hora e meia do dia, poderíamos recuperar o custo do curso nos primeiros seis meses. Longe da difícil venda do seminário, rastreamos um ex-funcionário e perguntei sobre a forma como experimentaram alguns dos treinadores. A qualificação - se você pode chamar de uma qualificação - que alguns dos treinadores têm é fazer cursos no Knowledge to Action em si, diz John Wills, um ex-treinador que deixou o negócio no início deste ano. O que o Knowledge to Action tem para dizer a isso Nós nunca levamos nenhum cliente a acreditar que nossos treinadores se originam da cidade, disse a empresa. De fato, a beleza do programa de coaching é que nossos treinadores são originários de inúmeras fontes, incluindo, entre outras, a Cidade. Pressão para vender O que é comum entre nossa equipe de coaching é que todos eles são comerciantes de sucesso nas estratégias de negociação do KTAs, o que é o fato importante que nossos clientes pagam. Se fosse tão fácil, todos estariam fazendo isso. Esta é uma roleta eletrônica muito arriscada e você pode ser pego em segundos. Justin Urquhart Stewart, Diretor, Seven Investment Management O ex-treinador John diz que foi apresentado pela empresa aos clientes como mentor de negociação avançado, mas que ele realmente foi contratado como consultor de vendas. E ele e seus colegas comerciantes estavam sob forte pressão para vender. Sem dúvida, os mentores e os treinadores usam técnicas de vendas difíceis para incentivar os clientes a investir mais dinheiro no Knowledge to Action para educação adicional, explica. Os treinadores e mentores estão sob pressão para vender mais cursos e treinamentos regularmente. Alvos muito altos estão definidos, disse John. O conhecimento para a ação diz que eles não comentariam as especificidades de quaisquer metas de vendas, mas dizem que são muito comuns à grande maioria das empresas. Legenda da imagem Algumas pessoas que participam dos seminários gratuitos são seduzidas pelas técnicas de vendas que a KTA disse: Este fato não prejudica a qualidade da oferta de KTAs, da mesma forma que não é, digamos, escritórios de advocacia com alvos de faturamento de advogados ou FTSE 100 empresas com metas de vendas de funcionários. Alguns dos que participam dos seminários gratuitos são seduzidos pelas técnicas de vendas. Foi-me dito sobre como sua vida poderia ser alterada e havia fotos de diamantes, fotos de dinheiro, grandes diamantes, explica Richard, um dos formandos do Knowledge to Actions, lembrando seu tempo em um curso inicial de dois dias. Ele nos pediu para não usar seu nome verdadeiro, porque ele não quer que as pessoas saibam o que aconteceu com ele. Richard passou a pagar mais de 19,000 de uma herança que ele havia deixado. Ele usou o dinheiro para levar o curso de Riqueza ilimitada no centro de treinamento Knowledge to Actions em Londres. Depois de cinco meses, Richard não havia lucrado com sua negociação. Eu pensei que esta seria uma nova carreira, mas quando eu vi isso falhando, comecei a sentir-me bastante baixo, ele diz. Eu esperava que isso fosse me levar a alguma coisa, ou pelo menos me levar a ser auto-suficiente e financeiramente livre. Mas não foi. Então, houve o pânico sobre: o que eu faço quando a aposentadoria acontece. O conhecimento da ação diz que eles têm muitos exemplos de clientes bem-sucedidos, mas isso para ser bem sucedido requer esforço e disciplina ao longo do tempo. Eles dizem que um número esmagadoramente grande de seus graduados teve uma experiência muito positiva e enriquecedora. Um desses clientes satisfeitos é o contabilista David Fisher, que vem negociando há quase um ano depois de completar um dos cursos de câmbio da KTAs. Ele não vai dizer quanto dinheiro ele fez como comerciante até agora. I have to rely on my other sources of income until I get it right, he says, but I am taking it very seriously. He believes he could become financially independent within two years. Almost free Back at the hotel in Knightsbridge, my colleague and I are in luck. Rather than pay the full course fee of 13,000, Knowledge to Action are prepared to offer just six of us the chance to take part in a special marketing exercise to track our progress over the course of the year. Were going to subsidise those course fees for you so, essentially, you get to do the course pretty much almost free of charge today, he tells us. Image caption Betting on foreign exchange rates can be volatile Almost free turns out to be more than a 1,000 but I still catch myself looking at the other people in the room, checking out the competition for one of those six places. By now those of us at the seminar are developing a different attitude to making money and just how easy it could be. Earlier, we had watched a video of the companys jet-setting chief executive, Greg Secker, apparently making 19,000 in just four minutes trading on the currency markets. There was also a video of him trading from a helicopter high above London as part of a charity event, for no apparent reason. But is it really as straight-forward as the video suggests Trading expert Justin Urquhart Stewart, director of Seven Investment Management says betting on movements in foreign exchange rates is notoriously volatile. Its more complex than stocks, he told 5 live Investigates. If it was that easy everyone would be doing it. This is very risky electronic roulette and you can get caught out in seconds. If a novice isnt trading with a true expert holding their hand, theyre likely to blow the house up, So does Knowledge to Action have that expertise According to its website, the Mr was appointed a vice president of the financial services company, Mellon Financial Corp by the age of 25, where he worked around some of the very best traders in the world. You might think that suggests he had been a trader there. But the bank, now known as BNY Mellon, told the BBC that, while Mr Secker had been a vice president there, he had actually worked in their IT department in foreign exchange operations, reporting to a senior manager there. Once more, Knowledge to Action told us we had been jumping to conclusions. Mr Secker has never stated or implied that he traded for or at Mellon, the company said. He makes it quite clear in all his material that he was head of e-commerce for trading and learned to trade from his trader colleagues. It is easy to see why some people would want to buy into the dream the free seminars sell. Towards the end of the presentation in Knightsbridge, the would-be traders are shown a montage of photos of our young host at various glamorous locations around the world. In one, he is seen soaking in a hot tub with a stunning mountain backdrop in another he is racing huskies in the Arctic. It lingers on the screen distractingly for the rest of the presentation. Im a very visual person so I like taking pictures and looking at pictures, and putting myself in the photo, he says. If I had not seen enough evidence of his wealth, in a quiet moment at the end he points to a rally car parked outside the hotel and tells me it is his. Excuse the dirt. I took it on a rally track yesterday. For me, sadly, no fast cars awaited to speed me home. But on the bus back, I wondered whether any of the lucky six to be offered a place would find themselves any better off after the course. Or whether, like some of the graduates now telling their stories, they might also finish up out of pocket. Get rich quick seminars put to the test With the economy stuck in the doldrums and unemployment high, adverts claiming to be able to teach people how to make their fortunes are becoming more common. But some who take the courses are left disappointed by their experience. Phil Kemp investigates one of the largest providers. If you aim at nothing, you win every time, explains the young trader, bafflingly - his jumper tucked behind a large and ostentatious designer-label belt. We are gathered in the conference suite of an exclusive hotel in Londons Knightsbridge for a free foreign exchange trading seminar, and our guide tells us he will let us in on some of the secrets of how he made all his money. I thought this would be a new career but when I saw it failing, I started to feel actually quite down Richard, who paid 19,000 for a Knowledge to Action course The seminar is run by Knowledge to Action (KTA), the brainchild of the businessman Greg Secker. It claims to be one of the largest international brands providing education in foreign exchange and stock market trading, training more than 100,000 people in the last eight years. A colleague and I have come to see the presentation because we have heard complaints from some course graduates about its high cost and the sort of training they received. After a brief introduction to the dos and donts of foreign exchange trading, it soon becomes apparent that the two hour talk we have attended is not going to be enough. If we want to learn how to make serious cash, we are going to need to pay for more training. We charge just over 13,000 for our programme so its not for everyone, the presenter cautions. He continues: But it is for anyone who is seriously looking to increase their income by an extra grand a week so that they can leave their job, so that they can become financially independent and send the kids to private school next year. Learning the tricks of the trade This is the first we have heard about how much the training might cost. But we would-be traders will be learning the tricks of the trade from the people who, we are told, are some of Knowledge to Actions top earners. Find out more Listen to the full report on 5 live Investigates on BBC 5 live on Sunday, 14 October at 21:00 GMT or download the programme podcast. And we are reassured that, by starting to trade with 5,000 and setting aside just an hour-and-a-half a day, we could recover the cost of the course within the first six months. Away from the hard-sell of the seminar, we tracked down a former employee and asked him about how experienced some of the trainers were. The qualification - if you can call it a qualification - that some of the coaches have is from doing courses at Knowledge to Action themselves, says John Wills, a former trainer who left the business earlier this year. What does Knowledge to Action have to say to that We have never led any clients to believe our coaches originate from the City, the company said. In fact, the beauty of the coaching programme is that our coaches originate from a multitude of sources, including, but not limited to, the City. Pressure to sell What is common amongst our coaching team is that they are all successful traders on KTAs trading strategies, which is the important fact our clients pay for. If it was that easy everyone would be doing it. This is very risky electronic roulette and you can get caught out in seconds. Justin Urquhart Stewart, Director, Seven Investment Management Former trainer John says he was introduced by the company to clients as an advanced trading mentor but that he was actually contracted as a sales consultant. And he and his fellow traders were under fierce pressure to sell. Without question, the mentors and the coaches do use hard sales techniques to encourage clients to invest more money into Knowledge to Action for further education, he explains. The coaches and mentors are under pressure to sell more courses and coaching on a regular basis. Very high targets are set, John said. Knowledge to Action say they wouldnt comment on the specifics of any sales targets but they say theyre very common to the vast majority of businesses. Image caption Some people who attend the free seminars are seduced by the sales techniques KTA said: This fact is not detrimental to the quality of KTAs offering, in the same way as it is not to, say, law firms with lawyers billing targets or FTSE 100 companies with employee sales targets. Some of those who attend the free seminars are seduced by the sales techniques. I was told about how your life could be changed and there were pictures of diamonds, pictures of cash, big diamonds, explains Richard, one of Knowledge to Actions graduates, recalling his time on an initial two-day course. He asked us not to use his real name because he doesnt want people to know what has happened to him. Richard went on to pay more than 19,000 from an inheritance he had been left. He used the money to take the Unlimited Wealth course at Knowledge to Actions training centre in London. After five months, Richard had not made a profit from his trading. I thought this would be a new career, but when I saw it failing, I started to feel actually quite down, he says. I had hoped this was going to lead me into something, or at least lead me into being self-sufficient and financially free. But it didnt. So there was the panic about: what do I do when retirement happens Knowledge to Action say they have many examples of successful clients, but that to be successful does require effort and discipline over time. They say an overwhelmingly large number of their graduates have had a very positive and enriching experience. One such satisfied customer is accountant David Fisher, who has been trading for nearly a year after completing one of KTAs foreign exchange courses. He will not say how much money he has made as a trader so far. I have to rely on my other sources of income until I get it right, he says, but I am taking it very seriously. He believes he could become financially independent within two years. Almost free Back at the hotel in Knightsbridge, my colleague and I are in luck. Rather than pay the full course fee of 13,000, Knowledge to Action are prepared to offer just six of us the chance to take part in a special marketing exercise to track our progress over the course of the year. Were going to subsidise those course fees for you so, essentially, you get to do the course pretty much almost free of charge today, he tells us. Image caption Betting on foreign exchange rates can be volatile Almost free turns out to be more than a 1,000 but I still catch myself looking at the other people in the room, checking out the competition for one of those six places. By now those of us at the seminar are developing a different attitude to making money and just how easy it could be. Earlier, we had watched a video of the companys jet-setting chief executive, Greg Secker, apparently making 19,000 in just four minutes trading on the currency markets. There was also a video of him trading from a helicopter high above London as part of a charity event, for no apparent reason. But is it really as straight-forward as the video suggests Trading expert Justin Urquhart Stewart, director of Seven Investment Management says betting on movements in foreign exchange rates is notoriously volatile. Its more complex than stocks, he told 5 live Investigates. If it was that easy everyone would be doing it. This is very risky electronic roulette and you can get caught out in seconds. If a novice isnt trading with a true expert holding their hand, theyre likely to blow the house up, So does Knowledge to Action have that expertise According to its website, the Mr was appointed a vice president of the financial services company, Mellon Financial Corp by the age of 25, where he worked around some of the very best traders in the world. You might think that suggests he had been a trader there. But the bank, now known as BNY Mellon, told the BBC that, while Mr Secker had been a vice president there, he had actually worked in their IT department in foreign exchange operations, reporting to a senior manager there. Once more, Knowledge to Action told us we had been jumping to conclusions. Mr Secker has never stated or implied that he traded for or at Mellon, the company said. He makes it quite clear in all his material that he was head of e-commerce for trading and learned to trade from his trader colleagues. It is easy to see why some people would want to buy into the dream the free seminars sell. Towards the end of the presentation in Knightsbridge, the would-be traders are shown a montage of photos of our young host at various glamorous locations around the world. In one, he is seen soaking in a hot tub with a stunning mountain backdrop in another he is racing huskies in the Arctic. It lingers on the screen distractingly for the rest of the presentation. Im a very visual person so I like taking pictures and looking at pictures, and putting myself in the photo, he says. If I had not seen enough evidence of his wealth, in a quiet moment at the end he points to a rally car parked outside the hotel and tells me it is his. Excuse the dirt. I took it on a rally track yesterday. For me, sadly, no fast cars awaited to speed me home. But on the bus back, I wondered whether any of the lucky six to be offered a place would find themselves any better off after the course. Or whether, like some of the graduates now telling their stories, they might also finish up out of pocket. THE COMPLETE GUIDE TO DAY TRADING Transcription 1 THE COMPLETE GUIDE TO DAY TRADING A Practical Manual From A Professional Day Trading Coach Markus Heitkoetter 2 The opinions expressed in this manuscript are solely the opinions of the author and do not represent the opinions or thoughts of the publisher. The author represents and warrants that she either owns or has the legal right to publish all material in this book. The Complete Guide to Day Trading A Practical Manual From A Professional Day Trading Coach All Rights Reserved. Copyright 2008 Markus Heitkoetter V1.0 Edited by Nicole Quinlan This book may not be reproduced, transmitted, or stored in whole or in part by any means, including graphic, electronic, or mechanical without the express written consent of the publisher except in the case of brief quotations embodied in critical articles and reviews. ISBN: PRINTED IN THE UNITED STATES OF AMERICA 3 To my family - for supporting me even in my craziest moments. 4 Table of Contents PREFACE. VIII INTRODUCTION: WHY DAY TRADING. XI HOW TO GET THE MOST OUT OF THIS BOOK. XVII PART 1: DAY TRADING BASICS WHAT YOU SHOULD KNOW. 1 WHAT IS DAY TRADING. 2 WHO SHOULD BE DAY TRADING. 4 IS IT REALLY POSSIBLE TO MAKE A LIVING AS A DAY TRADER. 8 HOW TO GET STARTED - DEFINE YOUR GOALS AND MAKE A PLAN ) Define Your SMART Goal ) Make a Plan ) Execute the Plan. 18 HOW MUCH MONEY DO YOU NEED TO GET STARTED DETERMINING YOUR RISK TOLERANCE WHAT YOU NEED TO BEGIN TRADING. 26 A Computer. 26 An Internet Connection A Charting Software A Broker. 36 A Properly Funded Trading Account. 39 A Trading Strategy. 40 PART 2: YOUR TRADING STRATEGY THE CORNERSTONE TO YOUR TRADING SUCCESS HOW TO DEVELOP YOUR OWN PROFITABLE DAY TRADING STRATEGY STEP 1: SELECTING A MARKET. 45 Trading Stocks Trading Forex. 51 Trading Futures Trading Stock Options. 74 STEP 2: SELECTING A TIMEFRAME. 78 STEP 3: SELECTING A TRADING APPROACH. 80 Fundamental Analysis Technical Analysis Day Trading Charts. 86 Technical Indicators Popular Trading Approaches 5 STEP 4: DEFINING ENTRY POINTS STEP 5: DEFINING EXIT POINTS Stop Losses Profit-Taking Exits Trailing Stops Taking Partial Profits Time-Stops STEP 6: EVALUATING YOUR STRATEGY How to Read and Understand a Performance Report STEP 7: IMPROVING YOUR STRATEGY THE 10 POWER PRINCIPLES MAKING SURE THAT YOUR TRADING PLAN WORKS Principle 1: Use Few Rules Make It Easy to Understand Principle 2: Trade Electronic and Liquid Markets Principle 3: Have Realistic Expectations Principle 4: Maintain a Healthy Balance Between Risk and Re ward Principle 5: Find a System That Produces at Least Five Trades per Week Principle 6: Start Small Grow Big Principle 7: Automate Your Exits Principle 8: Have a High Percentage of Winning Trades Principle 9: Test Your Strategy on at Least 200 Trades Principle 10: Choose a Valid Back-Testing Period PART 3: THE SECRETS TO DAY TRADING SUCCESS THERE S MORE TO TRADING THAN JUST HAVING A STRATEGY THE SEVEN MISTAKES OF TRADERS AND HOW TO AVOID THEM Mistake 1: Struggling To Identify the Direction of the Market Mistake 2: Not Taking Profits Mistake 3: Not Limiting Your Losses Mistake 4: Trading the Wrong Market Mistake 5: Lack of a Trading Strategy Mistake 6: Not Controlling Your Emotions Mistake 7: Overtrading THE TRADER S PSYCHE THE THREE SECRETS TO DAY TRADING SUCCESS THE TENETS OF DAY TRADING HOW TO START TRADING WITHOUT RISKING A SINGLE PENNY BONUS MATERIALS APPENDICES APPENDIX A TRADING PLAN TEMPLATE V 6 APPENDIX B BROKER CHECKLIST APPENDIX C ADDITIONAL RESOURCES APPENDIX D READING RESOURCES APPENDIX E GLOSSARY APPENDIX F ABOUT MARKUS HEITKOETTER APPENDIX G COACHING PROGRAMS 8 Preface ay trading can be simple, but don t make the mistake of think ing D that it s easy. I know that there are many websites and late-night infomercials that try to tell you differently. They make you think that you just have to read a few pages or attend an online class, and then, magically, you ll become a successful trader. Don t be fooled. Like in any other profession, you need a solid education before you get started. After all, the goal is to make more money than a lawyer or a doctor, but many aspiring traders expect to learn everything they need to know from an ebook that they might get somewhere on the Internet, most likely for free. And how could a small amount of free information teach you to make more money than people who have gone to school for years and years Right, the answer is: it can t. Some aspiring traders think they don t have to learn a single thing. They believe that they can buy a magic system or XXX software that will place their trades for them and make them rich while they sleep. Or they rely on the advice of some guru for their trading decisions, blindly following his recommendations without knowing anything about the markets. I m glad you re different. VIII 9 Preface You picked up this book because you re serious about becoming a suc - cessful day trader. And, by reading this book, that s exactly what you ll learn how to do. WARNING: Be aware, though, that just reading this book will NOT automatically make you an instant millionaire. You ll learn a lot of facts and concepts about day trading, but in order to make the most out of this book and become the trader you want to be, you ll have to adapt the ideas that you re about to learn to what you already KNOW. Socrates said that Learning is remembering. And Richard Saul Wurman says: Facts in themselves dont solve the problem. Facts are only meaningful as they relate to a concept you can grasp New ideas are not so much discovered as uncovered by moving from what you already understand into the realm of what you would like to understand. Let me give you an example: Source: Information Anxiety, by Richard Saul Wurman, 1989 I moved from Germany to the U. S. in 2001, and one of my first tasks here was buying a house. It should have been no problem I mean, we do have houses in Germany. It s basically the same process, right Right but where I come from, we measure in meters and kilometers. So, you can just imagine my confusion when my realtor started describ - ing lot sizes in quarter-acre, half-acre, etc. What the heck How big is an acre Of course, I didn t want to ask no one likes to seem ignorant but I looked it up. An acre is 43,560 square feet. Great. That didn t really help me. Now I knew the exact measurements, but I still couldn t picture the exact size of an acre in my head. I had no frame of reference. But, I have it now. A friend of mine told me that an acre is about the size of an American football field without the end zones. IX 10 The Complete Guide to Day Trading Poof. Understanding. A frame of reference. The same is true in trading. You might already know many of the con - cepts presented in this book (e. g. that you should use a stop loss). And there might be some concepts that are new to you (e. g. using a time-stop when exiting a trade). But don t worry: I ll present all of these concepts in a very practical way. You ll be getting a great deal of examples and scenarios to look at this entire book is about you getting that grasp on trading that you ll need. And by the last page, you ll have it. Remember Socrates: Learning is remembering. My Objective: I am determined that this book will save you both money and time when it comes to your trading goals. I m convinced that it will help you become the trader you want to be. Enjoy Markus Heitkoetter January 2008 X 11 Introduction: Why Day Trading If you re thinking about getting into day trading, then you ve proba - bly got a pretty strong motivation. More often than not, that motiva - tion is money. You want to be rich. No, wait. Let me be a little more specific: you want to be wealthy. Just to make sure that we re on the same page, let me touch on the key difference between being rich and being wealthy: Being rich means that you have a lot of money. Being wealthy means that you actually have time to enjoy your money, time to do what you want to do when you want to do it. So, is day trading really the ultimate solution to becoming wealthy Let s see. Heres one way to become rich: You work your way up to the position of an executive in a corporation and make hundreds of thousands of dollars a year. Of course, you ll be working at least 10 hours per day and at least 6 days per week. XI 12 The Complete Guide to Day Trading Here are three ways to become wealthy: 1.) Starting Your Own Company or Internet Business 2.) Investing in Real Estate 3.) Day Trading Option 1: Starting Your Own Company or Internet Business Having your own company means that you ll have to find or create a product, market the product, sell the product, deliver the product to your customers, and collect the payments. These days, there are many Internet Marketing Gurus trying to sell you on the idea that you can automate everything, which will allow you to sleep late, do nothing, and cash very fat checks on a regular basis. We both know that this is a dream, nothing more. You can automate the routine, sure, but not the exceptions. And believe me: there are always exceptions when dealing with people your cus - tomers. Plus, as long as you have computers involved, you need to keep Murphy s Law in mind: quotWhatever can go wrong, WILL go wrong. Nothing could be truer Even if you could automate most of the delivery, you still have to find or create a product, set up a website, write salescopy, put the automation in place, and generate traffic. And since the Internet is evolving so quickly, you will constantly have to update your website and traffic generation methods. Okay, so what if you skipped the Internet part If you have a physical business, the headache might be even bigger: employees, vendors, law - yers, competitors, invoices, customers, production problems, office space, equipment, etc. I ve known a number of small business owners who have simply given up and gotten a regular 9-5 job. Sometimes the reward just isn t worth the stressful lifestyle. XII 13 Introduction: Why Day Trading Option 2: Investing In Real Estate Our second option on the road to wealth is investing in real estate. But with the market slowing down and the current credit crunch, it s not that easy anymore. Most lenders these days require a down payment of 10-20 for investment properties, so you also need substantial capital to even get into the business. Another problem is the cost of a transaction. Whenever you buy or sell a house, you will most likely have to pay a Realtor s commission and face closing costs. Because of these factors, it s not easy to quickly buy and sell houses. A transaction can last several days or several weeks. And on top of that, you always have the possibility of problems with renters (if you are renting out), or with contractors (if you are fixin and flippin ) or with legal issues if you use those creative techniques that some of the late night infomercials are promoting. It basically boils down to one big pain in the neck You need an appraisal, too, and you might have to argue with the ap - praiser about the value of the house you need a home inspection and might be surprised when you learn of all the things that need to be fixed before you can sell and, last but not least, your buyer might have to ob - tain a mortgage. As you know, the mortgage industry has really become interesting in 2007 (to say the least), and buyers that were pre-ap - proved and pre-qualified might learn the day before closing that they won t receive the promised loan. And all of these problems are just the tip of the iceberg. When it comes to hassle and problems, real estate in - vesting is a flip of the coin, at best. So, what s left XIII 14 The Complete Guide to Day Trading Option 3: Day Trading In my opinion, it s the perfect way to become wealthy. Here are ten rea - sons why: 1.) It s the total equal opportunity job Your race doesn t matter. Your skin color doesn t matter. Your education doesn t matter, whether you re a Ph. D. or a college drop-out. Your sex doesn t matter. Your origin doesn t matter. Your age doesn t matter. Your background and history don t matter. Even if you ve been in jail for years, you could still make money with trading. Your lan - guage doesn t matter. Your looks don t matter. And your so - cial status doesn t matter, as long as you have sufficient funds to trade. 2.) No employees to hire You don t have to hire any employees, which means you don t have to worry about job interviews, payroll, employee evaluations, holidays, sick days, or employee performance. Your only team member is your broker, and if he doesn t perform, there are 10 others waiting in line for your busi ness. 3.) No inventory, office space, or other equipment (besides your phone and your computer) You don t have to buy or rent expensive office space, and you don t have to stock any products, which means you don t have to worry about expiration dates, damaged goods, shipping, handling, insurance, or displays and promotions of goods. 4.) No vendors, no customers, no invoices, and no accounts receivable You won t have to deal with any face-to-face contact. You don t need any vendors, you don t need to satisfy any cus - tomers, you don t need to provide any customer support, and XIV 15 Introduction: Why Day Trading you don t need to worry about any invoices, bounced checks, fraudulent credit card charges, returns, or charge-backs. 5.) The time required is minimal Whether you have a regular job or run your own business, the chances are that you re working at least 40 hours per week. With day trading, you can trade either part-time or full-time. You can start trading for as little as one hour per week, or you can go for the maximum of 2 hours per day. It s your choice. 6.) Low capital requirement You don t need a lot of money to get started. This is not like buying property, for example, where you re on the hook for a monthly mortgage and other cash-draining expenses. In trading, you can start with as little as 1,000 (We ll talk about how a little later.) 7.) Returns are almost instantaneous Im talking quotfast cashquot in the sense that trading allows for quick liquidation. You can convert trades for cash within seconds. Where else in the world can you make money this fast and comfortably You can buy and sell and buy again in minutes. You don t have to wait to see your profits. Try this with real estate or physical goods, where you might have to wait weeks, or even months. 8.) Low transaction cost You pay less than 10 per transaction in trading. Compare that to real estate transactions, in which you have to pay sev - eral thousand dollars in closing costs, not to mention a 3-6 commission to your realtor. XV 16 The Complete Guide to Day Trading 9.) Its simple to learn how to make money with day trading You don t have to go to college for years. And unlike most other professions, years of experience are not necessary ei - ther. After teaching hundreds of people how to make money with day trading, I firmly believe that everybody can learn how to become a successful trader. 10.)You don t need much to get started In fact, there are only six things that you DO need: a.) A computer b.) An Internet connection c.) A charting software d.) A broker e.) A properly funded trading account f.) A good trading strategy I could go on and on, but I think you get the picture. Throughout this book, we re going to cover a lot of material that will help you get started with trading successfully. Here are a few of the essentials: What exactly is day trading Who should be day trading Is it really possible to make a living as a day trader What you need to get started How much money you ll need to begin trading What markets are out there and which ones you should trade How to develop a profitable day trading strategy How to ensure that your day trading strategy actually works In short: you will learn everything you need to know to start making money with day trading. Ready XVI 17 How to Get the Most Out of This Book his book will help you become the trader you want to be, but it won t happen automatically. You will not instantly become suc - Tcessful the minute you finish reading. Making money with day trading IS possible, but it requires time, disci - pline, effort, and commitment on your part. Let me explain. Throughout the book, you ll learn key concepts that you can apply to your trading right away. The knowledge you accumulate is extremely important, because it s what you base your trading decisions on, the decisions that will determine your ultimate success or failure. One of my key goals in this book is to help you expand your trading knowledge so that you can make well-informed decisions. I ll provide you with lots of valuable resources to help you learn what you need to know. At the end of each chapter, you ll find Action Items, exercises relating to the topics recently covered. If you want to get the most out of this book, take a few minutes to complete these Action Items. The results you achieve will, in most cases, be directly proportional to the effort and commitment you invest in creating them. It is my pledge to help you become the best trader that you can be, but I ll need your help to do it. XVII 18 Part 1: Day Trading Basics What You Should Know 19 What Is Day Trading Day trading is the practice of buying and selling financial instru - ments throughout the day. As the day progresses, prices will rise and fall in value, creating both the opportunity for gain and the possibility of loss. At 10:15am, a day trader might buy 1,000 shares of Amazon s stocks just as the price begins to rise on good news, and then sell it at 10:25am, when its up by 1 per share. 2 20 In this example, the day trader makes 1,000, minus commission. With todays cheap commissions of 10 or less per trade, thats a quick 990 in just 10 minutes When traded strategically, the trends and fluctuations in the markets al - low for quick profits to be made in brief periods of time. Keep in mind, however, that day trading is specifically designed to result in smaller earnings on a regular basis it is NOT designed to result in huge fortunes through a single trade. Day trading can be very profitable, but it isn t a get-rich-quick scheme (though many seminars convincingly sell it as such). Nor is day trading a sure road to immeasurable wealth and success (as some hyped-up web - sites would have you believe). Quite simply, day trading is just like any other business venture: in order to be successful at it, you need to have a PLAN. It would be very risky to dive in head-first without looking. However, with the right tools and with the knowledge to use those tools efficiently and effectively the risks of day trading can be greatly reduced. With perseverance and com - mitment, you CAN find trading success. 3 21 Who Should Be Day Trading Day trading is not for everyone. Yes, there are many advantages, but there are also some negative factors. One of them is that you WILL face losses. As a trader, losses are part of our business. If you can t accept that fact, you simply shouldn t trade. And you need a PLAN: Traders who enjoy the most success in day trading, regardless of whether they re in it for a living or for some extra income on the side, generally have solid trading strategies and the discipline to stick to their trading plan. Keep in mind that day trading is a very competitive field. In order to suc - ceed, you need to maintain focus on a set of strategies which you can implement immediately, without hesitation. Remember, a proven, strate - gic trading plan can give you an edge over the rest of the market. Unfortunately, even with a tested, proven trading strategy, you are not guaranteed trading success. It takes something else. It takes discipline. A profitable strategy is useless without discipline. Successful day traders must have the discipline to follow their system rigorously, because they know that only trades which are indicated by that system have the high - est probability of resulting in a profit. 4 22 Who Should Be Day Trading Whether you re new to trading or have been trading for years, it s all too tempting to place the entirety of your trust in graphs, charts, and soft - ware. If only trading was as easy as that Simply purchasing trading templates and computer programs does not guarantee your success as a trader. Too many hobby traders have tried that, and, unsurprisingly, they ve failed. They bought the tools, but they didn t have the knowledge they needed to succeed. As in all things, education will do wonders for the aspiring and experienced trader. Of course, this is not to say that software programs and markers are not helpful when it comes to day trading. On the contrary, many traders use technical indicators which are instrumental to their success a few ex - amples of these are the MACD, moving averages, and Stochastics. How - ever, though profitable day traders DO follow their indicators, they are also aware that nothing is 100 foolproof. You will not get rich on just a single trade. Successful traders know that trying to hit a lucrative home run on just one trade is a sure way to get burned. The key is consistency. You need to devise a solid strategy that produces consistent trading profits, and you need to learn and adapt as your experience with day trading grows and evolves. If you want to succeed with trading, then you MUST invest both time and money to acquire the knowledge that you need, the discipline to follow your trading strategy, and the patience to wait for the perfect trade. You need the following mindset: 1.) Play Above the Line Playing above the line means taking OWNERSHIP for every - thing that s happening in your trading. Rather than blaming, making excuses, or denying that there s a problem, be AC - 5 23 The Complete Guide to Day Trading COUNTABLE for your trading decisions and actions, and take RESPONSIBILITY for doing something about it. There is no bad market, there s just a bad trading approach to the market. Nobody forces you to trade a certain market. If a market becomes un-tradable, you can change to another market. And you can change your trading approach and adjust your trading plan. There are many things YOU can do. As a trader, YOU are responsible for your trading results, nobody else. 2.) Have a Positive Attitude Trading can be simple, but it is not easy. Along the line, you will face losses, but you need to get up every single morning believ - ing in you, your strategy, and WINNING. Have you ever heard of The Law of Attraction Basically, it states that in order to achieve success, you need to focus and concentrate on attaining that success. And the opposite applies too: if you focus on the negative on losses then you ll probably experience losses. Its extremely important that you ARE positive and that you STAY positive. 3.) Exercise Honesty You overtraded this week You let your emotions get the best of you You didnt stick to the strategy Fine these things happen to the best of us. But dont lie to yourself, and dont make ex - cuses. Take responsibility for your actions and your decisions. Admit a mistake, learn from it, and move on. 4.) Be Committed Trading success will not happen overnight. It requires commit - ment, time, and effort on your part. There are already too many traders in the market who think they know everything they need to, who think they don t have to learn anything they be - lieve a magic system will place their trades for them and make them rich. You and I know that this is a sure path to failure. 6 24 Who Should Be Day Trading Trading is like every other profession: you learn the basics, you apply them, you gain experience and then you refine your trad - ing. The learning never stops. Do you really expect to make mil - lions of dollars after only investing a few hours of time into your education You wouldn t trust a doctor whose only education was from free, downloaded Internet ebooks, would you There s no doubt about it: day trading can be a profitable and exciting way to earn money. With the right knowledge, you can radically reduce the risk, which will create even more opportunities for achieving trading success. If you re not willing to spend the time learning the techniques of trading, reading about new and improved trading strategies, and working whole - heartedly in a fast-paced trading environment, then day trading is proba - bly not for you. However, if you have the drive, dedication, and discipline, day trading could seriously impact the shape and success of your financial future. Action Items: Decide right now that you will have the discipline to follow your plan, that you will play above the line in your trading, that you will maintain a positive attitude, that you exercise honesty, and that you are 100 committed to your trading success. Start a trading journal. Most successful traders have one. Get your hands on a nice notebook and begin to record your trading progress and your feelings every day. You can start now. Write down today s resolutions you will NOT use day trading to get rich quick. Circle it three times and read it frequently. It will help, trust me. 7 25 Is It Really Possible to Make a Living As a Day Trader his question is asked over and over and over again by many, many T people. The answer is: Yes, it is possible And, better yet, you yourself can do it. Sometimes people don t believe me when I say that they can become successful, full-time day traders, but it s true. And I m going to prove it to you right now. Trading for a Living Before we get started, I need you to ask yourself one very important question: How much is a living Many people want to be rich, but they fail to quantify what rich means to them. Are you rich if you have one million dollars Maybe so, but if you told Donald Trump that he had one million dollars in his bank account, he d wonder what had happened to the rest of his money. He d be furious One million dollars to Donald Trump equals broke 8 26 Is It Really Possible to Make a Living As a Day Trader Over the past couple of years, I ve taught hundreds of people how to make money with day trading. I ve taught people in countries where 2,000 allows you to live like a king in a 6,000 square foot mansion with a butler, a gardener, and a cook. And I ve taught people who live in California, where they have to make at least 20,000 just to pay for their mortgage, their utility bills, and gas for their cars. I ve taught musicians who wanted to make 5,000 per month, which is twice as much as they have made throughout their whole career. And I ve taught business executives and successful business owners, who needed at least 50,000 per month to maintain their current lifestyle. As you can see, making a living is a very broad term. Since I don t want to get into a deep discussion about how much money is a decent living for you, let s just assume that you would be pretty happy if you were making 150,000 per year, and let s say that you are making this money with your trading. Does that sound reasonable Let s break it down: 150,000 per year would be 12,500 per month, or, if you prefer, 3,000 per week. This is assuming that you are taking two weeks of vacation per year. IMPORTANT: Don t set daily targets when you trade. In order to make money, two conditions have to be met: 1.) YOU have to be ready to trade. 2.) THE MARKET must be ready to be traded. There will be days when YOU are not at your best (sickness, emotional stress, no time because of an emergency, etc.), and there will be days when the market is not ready to be traded (e. g. holidays, including the days before and after holidays, days before a major news release, like the Federal announcement regarding interest rates or the unemployment re - port, etc.). 9 27 The Complete Guide to Day Trading Take a look at the following chart. The markets were open the day after Thanksgiving and on Dec 24 th and 26 th, but there was barely anybody trading, which you can see reflected in the volume bars. It s the same between the rest of the days after Christmas and through New Year s Day in Though the markets were open, the volume was very thin. During these types of low-volume days, markets can be easily manipu - lated and might behave very erratic, so it would be best to stay away from trading. And that s why you shouldn t set daily goals in your trading: those goals will force you to trade on days when both of the previously mentioned conditions you AND the market being ready are NOT met. It s important to start small and set a weekly goal for only ONE contract, or 100 shares. This goal should be LOW, very low, so that it is easy for you to reach it. Think about high-jumping: you train with a bar that s only three feet high. It s easy to jump. Then, once you manage three feet, you raise the bar another inch. And another. And another. 10 28 Is It Really Possible to Make a Living As a Day Trader In order to trade successfully, you shouldn t raise the bar too high too fast. Put it at a level that you can manage every single time. You can al - ways increase it at a later date, once you ve proven that you can meet your goal consistently. Example: In the first four weeks of your trading, you might set your weekly target at 100 per contract. This might sound too easy for you, but keep in mind that 90 of traders lose money in the markets. When you can make 100 per contract consistently, you can start raising the bar. Try 150 per contract per week. Raise the bar again and again, but make sure that you re still comfortable in achieving your goals. When day trading futures, options, or forex, you can use leverage and trade multiple contracts on a rather small account. If you re thinking about trading the futures market, then you can easily find a broker who will enable you to trade one contract of almost any futures instrument that s out there E-mini SampP, E-mini Russell, currency futures, interest rates, commodities, etc. on a 2,000 account. After awhile, you might raise the bar to 300 per contract per week. So, if you want to make 3,000 per week, then you need to trade ten con - tracts. The same applies to stock trading: if you can make 300 per week trading 100 shares, then you need to trade 1,000 shares in order to make 3,000 per week. At this point, you might not have enough money in your trading account to trade in these increments, but don t worry we ll get there. The key element to trading success is having a sound trading strategy that produces consistent profits. If you can make money day trading one contract or 100 shares of stock, then you can make money day trading ten contracts or 1,000 shares of stock. Ideally, to achieve your weekly goal, you ll have a high average profit per trade. The average profit should be at least 50 higher than your av - erage loss, preferably even twice as high. 11 29 The Complete Guide to Day Trading One of the strategies that I use and teach to my students calls for a profit target of 300 per contract and a stop loss of 200 per contract. You ll notice that the profit target is greater than the stop loss. That s the beauty of it: all you need is one net winning trade, and you ll have achieved your weekly goal of making 300 per contract. So if you re lucky, you could achieve your weekly profit target on Mon - day morning with the first trade. But what if you lose As everyone in trading knows, losses are a part of the business, and you can t avoid them. If that s something you have trouble accepting, then you shouldn t be trading. However, there s a huge difference between losing big on a regular basis and losing small in a controlled trading plan. You already know that you should keep your losses small the key is to keep them smaller that your average wins. Let s go back to the scenario I mentioned before: you have a trading strategy that produces 300 in profits for every win and costs you 200 for every loss. Now, if your weekly goal is 300, and if your first trade was a loss of 200, then you need to make two winning trades to achieve your weekly profit goal. Let me take this a little farther and actually break it down for you: you ve lost 200 on your one losing trade, and then you make 600 on your two winning trades (300 each). Your net profit 400. Goal achieved. Now, STOP TRADING. Otherwise, you ll end up giving back the money you just made to the markets. Lock in your profits Of course, you re not always guaranteed a week with only one loss. Let s look at a week that starts off with three losses. With three losses, you are now down 600 (200 each). So you would need to have three wins that result in 900 (300 each). Subtract the 600 you lost on the losing trades from the 900 you won on the winning trades, and your resulting net profit is 300. Goal achieved. Stop trading. Wait a minute you re saying that I will achieve my goals with a win - ning percentage of only 50 12 30 Is It Really Possible to Make a Living As a Day Trader YES That s exactly what I m saying Read the example above again: you lost 600 on three losing trades, made 900 on three winning trades, and came out with a net profit of 300. This means that you could pick a losing trade every other time and STILL achieve your weekly profit goals I want to stress this point again, because many traders neglect this im - portant concept of setting weekly goals. They define daily goals, which create an enormous psychological pressure, and then they trade markets when they shouldn t, and they lose. So let s just assume for a minute that you do end up achieving an actual winning percentage of only 50. Now, when you start trading again on Monday morning, what are your chances of having a winning trade 50 You have a one in two chance of meeting your weekly profit goal in just one, single trade So if you DO achieve your weekly profit goal on the first trade Monday morning, what next Stop trading for that week Just enjoy life It doesn t get any better than that. Remember, you need to stick to your trading plan and your weekly goal. Do NOT enter into another trade once you ve already achieved your weekly goal the chance that your second trade may be a losing trade is too great, and you would be giving your money and profits back to the market. Overtrading and greediness are a trader s downfall, so resist them and stick to your strategies. Now, you know that you can achieve your weekly profit goal with a winning percentage of only 50. Throughout the course of this book, I will help you to get an even sharper edge in your trading, creating a trading strategy with an even higher winning percentage. A Quick Recap: The first step towards financial success is to define your weekly profit target. Next, you need to find a reliable, straightforward trading strategy that will help you achieve your profit goal. When you enter into a trade 13 31 The Complete Guide to Day Trading and your trade hits either your profit target OR your stop loss, exit that trade immediately. Stick to your trading plans and strategies until you achieve your weekly profit goal, and then give yourself a rest until next week. If you ll think back to the case I gave at the beginning of this section, in order to make 150,000 per year assuming a 50-week year and two weeks of vacation you d need to make 3,000 per week. At a 300 profit per trade, this means that you would need to trade ten contracts (or 1,000 shares). Of course, this illustration can be applied to various amounts. If you wanted to make 225,000 per year with a weekly profit target of 300 per contract, for example, then you would have to trade 15 contracts (or 1,500 shares), and so on, and so on. If you don t have a trading account that let s you trade the amount of contracts or shares that I m talking about yet, then now is the perfect time to start building it. Remember, be patient with your trading, be smart, be slow, and be steady. Trading success doesn t happen overnight, but with the right strategies and structure, you can achieve profitable re - sults in a much shorter time period than you may have thought possible. Plan your trades and trade your plan. THAT S how successful traders make money. Action Items: Start your trading plan now. You will find a trading plan tem plate in the appendix on page 245. Define how much money is making a living for you. How much money do you want to make with trading Break down your overall goals into monthly and weekly targets. 14 32 How to Get Started - Define Your Goals and Make a Plan When it comes to trading, many first time traders want to jump right in with both feet. Unfortunately, very few of those trad - ers are successful successful trading requires knowledge, skill and experience. Before you dive in, you need to determine what your goals are. What do you hope to achieve with your trading activities Why do you want to trade To buy a new sports car To buy a bigger house To make 100,000 a year month week To finance a college education for your children To make a full-time income to support your entire family Freedom to choose what, when, and who you do things with To have a fun, exciting life full of extraordinary experiences To work less and enjoy more time with your loved ones Or are you just planning to make some extra cash on weekends Before you trade a single penny, really think about what you hope to achieve with that investment. Knowing what your goal is will help you stay motivated when you re facing a tough spell of trading, and it ll help you make smarter investment decisions along the way. 15 33 The Complete Guide to Day Trading But be realistic: Too often, people start day trading with dreams of becoming rich over - night. I m not going to say that it is impossible (because it is possible), but let me remind you that it s also very rare. It s much safer to create a trading strategy that will allow your account to grow at a slower pace over time, which can ultimately be used for retirement or a child s edu - cation. So let s talk about how to define your goals and make a plan for your day trading endeavors. Here are the three important steps: 1.) Define Your SMART Goal SMART is an acronym which stands for: Specific Measurable Attractive Realistic Timeframe Fortunately, when it comes to day trading, it s very easy to define a goal that meets all of these criteria. You simply specify exactly how much money you would like to make per month with your day trading. Example: I want to make 10,000 per month with day trading. Is this SPECIFIC Yes, a dollar amount of 10,000 is very specific. Is this MEASURABLE 16 34 How to Get Started - Define Your Goals and Make a Plan Absolutely Just check the balance of your trading account at the beginning of the month and at the end of the month. Your ac - count balance is the easiest way to measure the achievement of your goal. Is this ATTRACTIVE That depends on you. 10,000 is definitely attractive for some - one who currently makes 4,000 per month, but it wouldn t be attractive to someone who s already paying 10,000 just in mortgage payments for his 6,000 square foot home. Make sure that YOU are motivated by this goal. Is this REALISTIC We talked about this in the previous chapter. Successful people believe that there are no unrealistic goals only unrealistic time - frames. Right now, your trading account may not be big enough for you to realistically trade enough shares or contracts to achieve your long-term trading goal, but if you follow the steps outlined in this book, it s very possible that your long-term goal WILL become realistic in the near future. Does it have a TIMEFRAME Of course it does: you want to make 10,000 per month the timeframe is 30 days. 2.) Make a Plan Developing a plan is essential to your success, but we re getting a little ahead of ourselves. We ll talk about your trading plan in detail in the second part of the book, Your Trading Strategy The Cornerstone to Your Trading Success. Just make sure you don t mix up the order: you first define your trading goals, and then you develop a trading plan. 17 35 The Complete Guide to Day Trading Many traders look for a trading strategy first and then hope that the trading strategy will help them achieve their goals. That s putting the cart in front of the horse. Regardless of what you re doing, you should first define WHAT you want to accomplish, and then plan HOW to achieve that goal. Otherwise you might find out that you started climbing up the wrong ladder right at the very beginning. 3.) Execute the Plan This is where the rubber meets the road. Once you have your plan, you ll need to actually execute it. And naturally, that s where most of us fail. Let me give you an example: Amazon lists 18,361 books for Weight Loss and another 28,707 books for Exercising and Fitness. That s a total of 47,068 books on the popular topic How to Lose Weight (compared to only 4,463 books in the category Stock Trading and Investing ). If I wrote a book on weight loss, it would be a very, very short: 1.) Eat less. 2.) Exercise more. Come on, it s simple: we all know that we can lose 10 pounds in 10 weeks if we just follow those two rules. We reduce our calorie intake to 1,500 or 2,000 calories per day, and then we do some aerobic exercises at least three times a week for a minimum of 30 minutes. We have a SMART goal ( lose 10 pounds in 10 weeks ), and we have a plan ( eat less and exercise more ), so why do we keep buying these books and magazines that promise a new diet, a new way to lose weight Because we fail to execute our plan. 18 36 How to Get Started - Define Your Goals and Make a Plan And then we blame the plan: it s too hard, it s impossible, it doesn t work. This isn t true. We didn t succeed because we were simply too lazy, or we didn t have the discipline to execute our plan. But instead of working on the true problem the execution we change the plan itself, hoping that there s an easier way. Successful people will realize that their problem doesn t lie in the plan, but in the execution. Here s what you can do in order to ensure your own motivation and dis - cipline when it comes to executing your plan: It s important to focus on the big picture. It ll help you stay motivated when your learning reaches a plateau, or when you face a couple of losses. All great accomplishments start with a great vision. Once you ve defined your SMART goal and the amount of money you want to make with trading, ask yourself this: How would achieving this goal impact your family life and how would it affect you personally Take your time to answer these questions and write down the answers. As you know, human beings are great at procrastination. We don t like to be outside of our comfort zone, and that s why sometimes we do nothing and just hope that we will achieve our goals. As you can imagine, the chances of achieving a goal by doing nothing are slim to none. So, an - swering the next question will help you to take action immediately. Ask yourself: Why should you act NOW When you take the time to actually think about the answer, it will be a huge motivator. Little tricks like this will help you stay focused on your long-term goal, which will help you to execute your plan. 19 37 The Complete Guide to Day Trading Action Items: Continue your trading journal. Write down the reasons WHY you want to trade and what you are trying to accomplish with your trading. Be specific Define your smart goals. Dream big. Write down the impact that your trading success will have on YOUR life and the life of your family. This is an important step, because it ll help you get through the challenging times, which all traders experience. 20 38 How Much Money Do You Need to Get Started The answer to that question depends on the market you want to trade. Using a systematic approach, we ll determine the best market for you over the course of the next few chapters, but the information below will give you a basic idea of your options: If you want to day trade stocks, then you need at least 25,000 in your trading account. If you want to day trade futures, then you should have between 5,000 and 10,000 in your trading account. When trading options, you should have between 1,000 and 5,000 in your trading account. If you re thinking about trading forex, then you can start with as little as 500 in your trading account. Financial considerations are always important, but don t make the com - mon mistake of letting your current financial situation dictate which market you re going to trade. Remember: you first define your goal, and then you plan how to achieve it. If you don t have sufficient funds to trade the markets you ve outlined in your goals, then start doing something about it now save more money 21 39 The Complete Guide to Day Trading or put in overtime hours. There are a lot of ways to make a few more bucks, and it s better to wait for the funds you need than to begin trading in a market that isn t right for you and your goals. For those of you who already have the right amount of money in your savings account, let s talk about the question, How much money SHOULD you trade Many first-time traders think they should trade all of their savings. This isn t true To determine how much money you should trade, you must first determine how much you can actually afford to lose, and what your financial goals are. Let s begin by determining how much of your savings should remain in your savings account. It s important to keep three to six months of living expenses in a readily accessible savings account, so set that money aside, and don t trade it You should never trade money that you may need immediately. Unless you have funds from another source, such as a re - cent inheritance, the remaining amount of money will probably be what you currently have to trade with. Take a good look at how much money you can currently afford to trade. You don t want other parts of your life to suffer when you tie your money up in a trade, so make sure to consider what these savings were originally for. Next, determine how much you can add to your trading activities in the future. If you are currently employed, you will continue to receive an income, and you can plan to use a portion of that income to build your investment portfolio over time. Two more important things to remember: As outlined above, certain types of investments require an initial deposit amount to get started. This does not mean that you will be risking the whole amount (see the chapter Determining Your Risk Tolerance on page 27). Many traders are only willing to risk 10 of the initial deposit. Never borrow money to trade, and never use money that you can t afford to lose 22 40 How Much Money Do You Need to Get Started Action Items: Take a financial inventory. Considering the points mentioned above, define how much money you have to trade with right now. If you don t have enough money to start trading yet, make a plan of how you will save or earn the money that you still need. Continue your trading plan on page 245 and fill in the amount under My Account Size. 23 41 Determining Your Risk Tolerance Each individual has a risk tolerance that should not be ignored. Any good broker or financial educator knows this, and they can help you determine what your risk tolerance is and work with you to find investments that do not exceed that risk tolerance. Determining one s risk tolerance involves several different things. First off, you need to know how much money you have to invest, and what your investment and financial goals are. (See the chapter How to Get Started Define Your Goals and Make a Plan, on page 17.) For instance, if you plan on retiring in ten years, and you haven t saved a single penny yet, you ll need to have a high risk tolerance, because you ll need to do some aggressive trading in order to reach your financial goal. On the other side of the coin, if you re in your early twenties and you want to start investing for your retirement, your risk tolerance can be low. You can afford to watch your money grow slowly over time. Realize, of course, that your need for a high risk tolerance or your need for a low risk tolerance really have no bearing on how you feel about risk. Again, there is a lot in determining your tolerance. For instance, if you entered a trade, and you see that trade go against you, what would you do 24 42 Is It Really Possible to Make a Living As a Day Trader Let s say you are facing a 100 loss. Would you sell out, or would you stay in the trade If you have a low tolerance for risk, you would want to sell out. If you have a high tolerance, you would wait and see what hap - pens. This decision is not based on what your financial goals are. This toler - ance is based on how you feel about your money. And, of course, your account size plays a vital role in determining your risk tolerance. If you have a 2,000 account, then a 1,000 loss might make you nervous, since you are losing 50 of your capital. But if your trading account size is 100,000, and you are facing a 1,000 loss, then you might be more relaxed, since it is only 1 of your ac - count. As you ll learn, emotions are a very important factor in trading there - fore, it s important to take the time to determine your risk tolerance. Talk to a professional if needed. A good trading coach, financial advisor, or broker should be able to help you determine the level of risk that you are comfortable with. Action Items: Determine your risk tolerance. If you re unsure about how to go about doing this, get in contact with my company, Rockwell Trading, and we ll provide you with a set of questions that will help you to determine your risk tolerance. Continue your trading plan on page 245 and fill in the amount under I Am Willing to Risk 25
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