How To Make 1000 Pips Per Month And Keep It
“How to make 1000 pips per month and keep it” How To Make 1000 Pips Per Month And Keep It The 4x Coach “How to make 1000 pips per month and keep it” disclaimer The information provided in this report is for educational purposes only. It is not a recommendation to buy or sell nor should it be considered investment advice. You are responsible for your own trading decisions. Past performance is not indicative of future results, as returns may vary according to market conditions. Trading in foreign exchange is speculative and may involve the loss of principal; therefore, assets placed in any type of forex account should be risk capital funds that if lost will not significantly affect one's personal financial well being. This is not a solicitation to invest, and you should carefully consider the suitability of your financial situation prior to making any investment or entering into any transaction. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objective, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial adviser if you have any doubts. By Federal Mandate, Foreign Currency Traders Must Read This First: Before deciding to trade real money in the Retail Forex market, you should carefully consider whether this is the right choice for you. Things to consider are your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose, i.e., don't trade forex with money you need to survive. There is considerable exposure to risk in any off-exchange foreign exchange transaction, including, but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. Furthermore, the leveraged nature of forex trading means that any market movement will have an equally proportional effect on your deposited funds. This may work against you as well as for you. The possibility exists that you could sustain a total loss of initial margin funds and be required to deposit additional funds to maintain your position. If you fail to meet any margin requirement, your position may be liquidated and you will be responsible for any resulting losses. To manage exposure, employ risk-reducing strategies such as 'stop-loss' or 'limit' orders. 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Wave goodbye to Fear! by Joseph Fibonacci This book is dedicated to all of my beautiful children and new grandson. They are the inspiration for everything I do and every decision I make. Especially my first son, because of him I have found my path again and I have the courage to create everything I dream of. The information in this ebook guide is for educational purposes only. I am not a lawyer or certified investment professional. Any legal or financial advice that I give in this ebook is my own personal opinion based on my own personal experiences and 11 years of trading success. You should always seek the advice of a professional before acting on anything that I have published or recommended in this ebook. Any amount of earnings disclosed in this ebook should not be considered the average. The material in this ebook may include information, products or services by third parties. Third party materials comprise of the products and opinions expressed by their owners/developers. As such, I do not assume responsibility for or liability for any Third Party material or opinions. The publication of such Third Party Materials does not constitute my guarantee of any information, instruction, opinion, products or services contained within the Third Party Material. The use of recommended Third Party Material does not guarantee any success and or earnings related to you or your business. Publication of such Third Party Material is simply a recommendation and an expression of my own opinion of that material. ** No part of this publication shall be reproduced, transmitted, or sold in whole or in part in any form, without the prior written consent of the author. All trademarks and registered trademarks appearing in this guide are the property of their respective owners. *** Users of this guide are advised to do their own due diligence when it comes to making trading decisions and all information, products, services that have been provided should be independently verified by your own qualified professionals. By reading this guide, you agree that myself and my company is not responsible for the success or failure of your business decisions relating to any information presented in this guide. The 4x Coach “How to make 1000 pips per month and keep it” How writing this ebook could save your trading career... You have probably found this ebook because you are still looking for the right information that will help you develop your own style of trading or you have tried so many trading signal services that don't work and you still have hope of becoming a full time trader. For what ever reason, I am happy you are here and I am going to share with you all of my trading secrets and methods and help you save your money too. In the beginning of my trading career, I had hopes that trading would change my whole life. I dreamed that trading would provide my children with a lifestyle that most only dream of. I also hoped that trading would reunite me with lost relationships and failed promises. At first glance, trading doesn't seem all that hard for some. And for the most part, I think we are all used to controlling our surroundings to a certain degree and for these reasons trading seems very achievable for most. The reality is that trading is a very unique business to operate. In the beginning, after a few months of trading I became desperate and fearful of losing all of the hope I had that trading would change my life. But, I never gave up and I was lucky to be in a situation that I could continue to apply myself to learning how the markets work without the need for additional income. I know this is not the typical situation for most. Many traders still have to hold down full time jobs while trying to learn how to trade. This obviously limits the amount of time new traders have to apply themselves and eventually many give up on the dreams they had. I was fortunate to be in the right environment at the right time. I traded almost every hour of the day possible. I traded on the weekends by reviewing charts and practicing what I could have done better. I reviewed economic data reports and read all about technical analysis principals. I purchased trading courses online that cost me over $2,000 and consisted of nothing more than basic trading knowledge you can find for free on most forums and I still didn't have a method of trading that would tell me exactly when to get into a trade and where to take profits and why to trade in the first place. I joined many chat rooms with moderators who clearly had no business telling anyone to enter a trade and could not explain why price was moving in the first place. The 4x Coach “How to make 1000 pips per month and keep it” Ultimately, I figured it out on my own but not everyone can do that. I believe that success happens because of a combination of several factors. The first is obviously the level of commitment. Then there is the support that one has at home. Another is the actual reason for the goal of the dream. And last but not least, the experience you have in other related experiences even though they may not seem related. I could go on and on about the other factors but I am sure you see the primary. I write all of this to set up how important trading as a business is and how it should be respected. Trading is not to be taken lightly. You can lose all of your money or you could become richer than you have ever imagined. Even thought this appears to be a simple ebook, I am sharing with you the exact methods I use for making money... lots of money. I have made more money as a trader than I have ever thought I could make doing anything. I remember the first time I made more than $40,000 in one morning (real money not demo money). I literally cried out of pure joy and the realization that I had achieved what I started off to do and no one could ever take this ability away from me! I want you to have that same moment... I want you to realize your dreams and to make good on all of the promises you have ever made to the people that matter to you. This ebook is just a starting point. I will share with you methods to determine a good trade versus a bad trade. I will show you when to enter a trade and when to exit with a profit. I will show you how to protect your trading capital and I will show you how to build your trading business. All here in this ebook. Trading is not a “get rich quick” opportunity. It will take work and it does take money to make money. But if you are committed to your dream, I am very sure you will succeed. The information in this ebook is the accumulation of my 13 years of constant trading experience. To all of my friends, subscribers and followers, I thank you from the bottom of my heart for all of your support. I hope the information in this ebook will help to repay you for the time and consideration you have given me. “Here is to you and your success”. -Joseph Fibonacci If at any point while reading this ebook, you have questions, please do not hesitate to contact me at the email address below. I will be happy to help you with regards to your trading in any way possible. [email protected] The 4x Coach “How to make 1000 pips per month and keep it” How to set up your charts for a day trading and swing trading strategy. I watch the four major time frames. The daily, the 4 hour, the 1 hour and the 30 minute. I also watch the weekly and the monthly but I only check those two a couple of times per week, unless of course we are in a rally that last several days. Most of my daytrades (intraday trading) are done with the 1 hour chart expect for the scalping trades (HL30 technique) which is done on the 30 minute chart. For the most part, the same time frame that provides me with a trade signal is the same time frame that I use to determine my exits but I always watch the next time frame higher so I am aware of the major moves and significant support and resistance levels. Indicators On each of my charts on all times frames, I use the following indicators: • MACD Histogram set at the original settings of 26,12,9 ( I only use the histogram ) • CCI set at 14 for the 30 minute and 1 hour charts and 20 for the 4 hour and daily charts. • Bollinger Bands set at 20, 2 (I only use the Bollinger Bands on the 4 hour and daily charts) • 34 ema ( I use three settings for this indicator, the first is set on the high, next is the close and the third is set on the low ) you will understand how I set them when you see a picture of my charts. • Pivot Points on the 1 hour chart only. On my chart program, the pivot points are calculated and set right on my charts, but the formula for calculating them is very simple and if your chart program doesn't do this for you, you can draw them onto your charts after you figure the out the Pivot Points manually. Technical Drawing Tools • • • • I always use trend lines I always use Support and Resistance I always use Fibonacci levels I always follow the waves ( price swings ) on my charts in an A,B,C,D, pattern This is the basic outline for all my charts. It is also the starting point for most of my technical trades on the 1 hour chart and the 4 hour and daily chart. The 4x Coach “How to make 1000 pips per month and keep it” Technical Trading Strategies I use several techniques to identify technical trade setups, so before we move on, you must commit to memory the three basic candle pattern that I use for the “actual” entry on a technical trade. Candle Patterns Hammers: Two Candle Patterns: Piercing Pattern The 4x Coach “How to make 1000 pips per month and keep it” Dark Cloud Cover Three Candle Patterns: Morning Star Evening Star The 4x Coach “How to make 1000 pips per month and keep it” If you see a candle pattern develop in the middle of no where (without any of the support levels below) LEAVE IT ALONE – and wait for the right level. It is very important that you always keep in mind, one of these candle patterns MUST take place at a level that you would normally expect a bounce or small reversal to occur to provide the entry such as • • • • • Support or Resistance levels Fibonacci retracement level Psychological Level Pivot Points Trend lines The 4x Coach “How to make 1000 pips per month and keep it” A Simple Scalping Strategy (the HL30 trading system) The trading strategy I am going to show you is one that we use every day. It has been called the HL30 when I first learned it and I use it for mostly scalping, (my idea of scalping is about 15 to 20 or 25 pips) We have used if for several years with great success and it is one of the strategies we use to identify a trade for the SMS trade alert service. Before we move on, you must be aware that it might not work the same for you and you should exercise caution when trying to apply new methods to your trading strategy. It is not always possible to explain every nuance and it isn't always possible to have a complete understanding of a strategy right away. It has often been said that in order to truly understand the way a trader uses a specific strategy, you have to get inside his head. This means that you have to see things the way the trader does when the trader uses a strategy. Please be careful applying any trading method and always use a demo account when you are trying a new trading strategy. The set up is quite simple. The challenge is to repeat it without any mistakes. If some of the components are missing or do not line up, then there is no trade and we suggest waiting for the next opportunity. There are other times when all the criteria has been met and the trade could still fail. Often times this can happen inside of consolidation. Please note that economic data can have a huge impact on your trade especially if you trade on an intraday basis. The profit targets we suggest here are general targets and each trade should take into consideration the current market environment. The HL30 trading system is designed to generate trade signals and to do so with the least amount of visual distraction. This basically means that the easier it is to identify and confirm a trade, the easier it is to quickly find and execute a trade order. The 4x Coach “How to make 1000 pips per month and keep it” The indicators (how to set up your charts) We begin with and always use this method on a 30 minute chart. There is really one indicator that is necessary and that is the CCI. Set at 14 Candle Patterns that are necessary: • Bullish or Bearish Engulfing • Evening star • Morning star Trade Structure: The trade begins with identifying the previous day high and low on the 30 minute chart (hence the name of this strategy HL30 is High and Low of the day on the 30 minute chart) The only indicator used in this technique is the CCI indicator with the 14 setting. We identify the high and the low for each day on the 30 minute chart. If you are using the metatrader charts, you can select the option in the “tools” then select “options” then select the charts tab and check the box for “show period separators”. This will automatically draw a vertical line on your charts when a new day starts. Once you have identified the High or Low for the day, you need to wait for a candle pattern to complete and close at the high or low within 10 pips. Within 10 pips means that the price cannot move more than 10 pips above the high and price must come up the the high no less than 10 pips. Just the same, if price is testing the Low, price cannot move lower than 10 pips below the low and must come down to the low no less than 10 pips away from the low. (please see the charts below) The final confirmation of a valid HL30 trade signal is to measure the CCI indicator. On the candle that completes the candle pattern, the CCI reading MUST be lower than the “Spike high” CCI reading of the previous day. And just the same if we are trying to trade a HL30 trade off of the support level, the CCI reading MUST be higher on the candle pattern that gives us our signal, than the previous day low reading of the CCI indicator. The 4x Coach “How to make 1000 pips per month and keep it” The 4x Coach “How to make 1000 pips per month and keep it” In this example we entered short on a bearish engulfing candle. In order for a signal to be confirmed, there must be a closed, completed candle pattern. (the entry was on the closed candle “A”) On the EUR/USD pair we are only looking to achieve 20 pips with the same size for a stop loss. If there happens to be a small rally in place then we will trail the trade for perhaps another 20 pips. If the price action has been somewhat muted and there is no economic data available then we would most likely look for a close target with in the nearest support or resistance range. The set up requires that each day must be identified. We do this by adding a purple vertical line to each chart on the 30 minute time frame right at 5 pm New York time. This begins the new day. From this we can determine the high and the low of the previous day. (the olive vertical lines are drawn in to highlight the CCI measurement on the signal candle compared to the high or low of the previous day) In the EUR/USD example, price moved back up to the high of the previous day a few hours after the start of the new day. Price must be within a 10 pip range to qualify as a test of support or resistance. This means that the candle that attempts to test the previous day high or low must be either within 10 pips short or beyond it. If it moves further, the trade is canceled. The 10 pips rule is the same for all currencies when we use this strategy. Once we have confirmed the price move or retest is within the 10 pip rule, we wait for the closed completed candle pattern. In this case (EUR/USD chart 1) we confirmed that there was a bearish engulfing candle. Before we enter, we need to check the CCI indicator. As was the case on the EUR/USD chart 1 above, the closed completed bearish engulfing candle CCI reading printed a lower CCI measurement than the CCI measurement when price made the new relative high from the previous day. This is very important because if the CCI does not confirm then we have no trade. In this case the confirmation was positive and we have a trade. The entry is on the close of the candle pattern! No delay or hesitation. The target on the EUR/USD is 20 pips and we use a 20 pip stop. If price continues to rally we will trail the trade to the next 20 pips if possible. The 4x Coach “How to make 1000 pips per month and keep it” Chart 2 EUR/USD 30 min. The 4x Coach “How to make 1000 pips per month and keep it” HL30 Trading System Trade Check Sheet Before you place the trade please make sure of the following: • Did you set a vertical line on your 30 minute chart at the 5 pm eastern time (new york time) start of the new day? • Make sure you are using the 30 minute chart • Make sure you identify the weeks high and low Trade criteria: • Has price tested the previous day high or low within the 10 pip range? If so, move to next step, if not consider skipping the trade and looking for the next one • Has a closed completed candle pattern appeared? (bullish or bearish engulfing candle pattern, evening or morning star pattern) If so, move to next step, if not consider skipping the trade and looking for the next one • Do you have CCI confirmation? (CCI must be set at 14) e.g. lower CCI measurement on a bearish set up, higher CCI measurement on a bullish set up Entry is on the close of the completed candle pattern is all criteria is confirmed. • EUR/USD uses a 20 pip target with a 20 pip stop loss • GBP/USD uses a 20 pip target with a 20 pip stop loss • EUR/JPY uses a 40 pip target with a 40 pip stop loss The 4x Coach “How to make 1000 pips per month and keep it” The Breakout Trade One of the keys to determining whether or not this trade will work is confirmation. Many people write about confirmation but they don’t always tell you what they mean by that statement. In a down trend for example I look for a closed candle below the “B” low on a 30 minute chart. If I see a closed candle then I have a potential signal candle. (day trading) Once I have the first part of my confirmation, I look to see that the two indicators are not showing any divergence (i.e., when price is making a new low, so should the CCI and the MACD histogram indicators). But the final confirmation comes on the entry. Price absolutely must go three pips past the low of the signal candle. This is what I consider my entry candle. If I never see price take out the low by 3 pips then I have no entry and chances are that price will possibly bounce in the opposite direction and price could move back up to the highs. So the most important thing to keep in mind is that the entry on the continuation trade is 3 pips above or below the high or low of the signal candle. This is very important. Another important step in identifying a “Break Out Trade” is labeling your price swings in an A, B, C, D method. “A” is where a high or low is identified. “B” is the high or low from the “A”. “C” is usually the entry on the Pull-Back in a Trend Trade. but with the Break Out Trade, I must see a closed candle above or below the “B” high or low. Please remember that it's all about recognizing the pattern. This way you can quickly identify and confirm your trades. Targets are based on the “A” to the “B” price swing. If the “C” forms a candle pattern at a Fibonacci retracement, pivot point or / and a psycho level and no further than the 618 retracement level, then I would look for a potential target at the 1.618 extension level. The extension targets will work best when they line up with a psycho level or support or resistance level. The stop loss level is 15 pips above or below the “C” high or low. The 4x Coach “How to make 1000 pips per month and keep it” Chart 1 EUR/USD chart. This is the first step in identifying a set up. I always wait for a candle to close. I won't analyze an open candle. The 4x Coach “How to make 1000 pips per month and keep it” Chart 2 EUR/USD chart. In this example, price didn't retrace much further than the 382 level so I used the 1.618 extension level as my profit target. As always... I confirm my trades with the larger time frames and I must be aware at all times the direction of the trend. The 4x Coach “How to make 1000 pips per month and keep it” Please note that not every trade will work exactly like this example. This is the real world of trading and on occasion you will make some mistakes or just simply not see something that you should have the first time. Sometimes a trade set up is easier to see on a larger time frame such as the 1 hour or the 4 hour chart. This can happen when the price has been in consolidation for awhile. You would most likely see in this case a lot of “choppiness” and many false signals on the 30 minute chart. When I first started trading... consolidation was one of the hardest things to trade. In the beginning you don't really know if the breakout is real or not. Meaning if it is a whip saw, head fake or false move. Many times price will move back into consolidation. One of the hard things to overcome as you learn to read the charts and you become familiar with the way price moves around, is the false sense of security your new ability brings. If you truly want to become a successful trader it will consume most of your day, your thoughts, even your dreams...I'm not joking. After some time you begin to get a feeling of what to expect and how the price of a particular currency will react at certain times. This is where you want to be very careful. You will feel very proud of your new ability to read the charts and you will try to predict where you think the price is going...but this can cause much trouble. When you develop that frame of mind, you can sometimes be so convinced that you know where the price is going to go. If you are in a bad trade, you might find it hard to let go and cut your losses. This will cause you to lose more money than if you approached each trade in the right frame of mind. The right frame of mind. You must work on developing the ability to accept what ever outcome the market gives you. You can only look for the pattern that you know has a higher probability of working out in your favor. Then when you think you see the pattern, confirm it and then decide if it is worth your risk. Always be aware of where the stop loss is. Don't enter a trade without confirmation and don't try to predict where you think the price will go. The 4x Coach “How to make 1000 pips per month and keep it” You can also be influenced by things you read. Many times you will read articles about what the market is expecting price to do. Here's a hint... they aren't always right! And the types of trades that others take might be totally different than yours and your goals. Always read the charts with an open mind. Your job is to make money. Not predict price movement. I know that sounds a little confusing but as you will see soon enough, if you pride yourself in predicting price movement your ego will get the best of you and it will be difficult to recognize when you are wrong. I learned a long time ago to stop trying to predict price movement. I just look at my charts from a technical perspective and take into account any and all economic data. “Once I stopped trying to predict where the price was going to go... I started making a lot of money”! Another thing with the Break Out Trade... I wont take a trade unless I can find a target using the Fibonacci tool like in the example above. I have notice too many times that if there isn't a clear identifiable price swing with a measurable retracement, then price seems to float off in a direction and it is difficult to determine where to get out with a profit. If I cant identify the price swing, then I don't know where price is going to start turning around on me. When there is a clear retracement and a good clear extension target, those are the trades I take and those are the trades that pay well and have a higher probability of working out in my favor. Below is another example of a Break Out Trade. One very important thing that I always remember to do is check the larger time frames before placing a trade. If I see a potential Break Out Trade or Pull-Back in a Trend Trade, I want to know for sure the overall direction. Example, if I am about to take a Break Out Trade and the market happens to be in a obvious down trend... I don't want to be taking Break Out Trade and Pull-Back in a Trend Trades in an up direction. The best way I can tell trend direction is by looking at the 4 hour and daily chart. If I see a trade in the opposite direction .... I sit it out... I wont take it as hard as it might be. I tried too many times to trade in the opposite direction of the main trend and if my trades turns profitable.... it usually only pays just a few pips and if I am not there to close the trade, it just turns around and stops me out. The 4x Coach “How to make 1000 pips per month and keep it” Closing I have shared with you many different strategies I use and the structure that has helped me create consistency in my trading. I realize that to those who are just starting their career and don’t have a lot of experience, some of the ideas in this e-book may seem unnecessary. I can assure you that if you provide structure and discipline it will only serve to strengthen your trading method and help you operate like a business. The structure I use and how I live may seem a bit over the top to those who only wish to trade part-time. It really comes down to what your goals are and why you want to trade. Knowing why you trade and what your goals are will directly influence what you will need to do to become successful and how you should adjust your lifestyle. The information in this e-book is only one way to become successful. I hope that you are able to use some of the ideas here and if not it, I hope that it has sparked your creative imagination to find structure that will suit your trading style and goals. I realize that we do not know each other personally, but with trading we do have a common bond. I truly hope you succeed to your fullest desires and expectations. I know what it means to be successful in this business and I know how much pain and time it can take to do so. For each one of us the amount of pain or time is different for obvious reasons. I urge you to look for methods and techniques that will help you conquer your fears and speed up the process necessary to achieve what you feel is ultimate success as a trader. Good luck trading and remember you will not fail unless you quit. You have to learn the rules of the game, and then you have to play better than anyone else. Joseph Fibonacci 4x Trading Coach Would you like some help implementing the trading strategies you are learning about in this ebook? Click here for a FREE consultation with me (http://the4xcoach.com/free-consultation-from-ebook/) The 4x Coach
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