The Banker’s Edge Webinar & Extras by Jimmy Young
Get The Banker’s Edge Webinar & Extras by Jimmy Young at Traderdeve.com
This trading system has been developed within the realities of today’s market place and stands up to the rigors of statistical analysis and on-going superior trade performance. You will learn the tools to enable you to make trade decisions on your own and not rely on signal services or trade call/chat rooms to be profitable.
It all starts with “what kind of a day will it be today”. EURUSDTRADER systematically decides whether it will be a “range day” or a “big day”. This is important because it tells the trader what kind of trades to look for. Clearly, on a range day the trader should be looking for the market to stay in a range and therefore should be relatively quick to take profit (because the market is not anticipated to go too far) and also to think about buying support and selling resistance – the idea being the same – if the view is the market will not move to far today then once it has moved to support or resistance it is likely to stop and reverse and remain in the expected trading range.
On a big day the trader is directed to look for the bigger moves and consequently the bigger profits. Range trading strategies like buying support and selling resistance is ignored completely because these strategies are out of sync with the type of day expected (big day). The system quantifies the type of day anticipated and then qualifies the type of day anticipated; meaning sometimes the numbers lie (quantified approach) and the system will override the quantified approach and state why it thinks the qualified approach is more logical and more statistically probable than what the “numbers” indicate.
What about if the system is wrong in deciding what type of day it will be? EURUSDTRADER has a stated and specific maximum stop loss price on every trade the system triggers. Traders can use discretion in “moving stops” as conditions dictate but under no circumstances should the risk on the trade be increased (moving the stop in such a way as to take more of a loss in the event the trade fails).
What about taking profits? The EURUSDTRADER mantra is profits take care of themselves but losses don’t. That is why the system focuses on providing an intelligent stop on every trade that is reasonably close by and also far enough away to give the trade a good chance to be successful. Securing profits on trades is a case-by-case decision and no two trades are exactly the same. We will discuss many ways to take profits and traders are expected to adapt the right profit trading strategy that suits the particular trade as well as the individual trader’s trading style and trading plan. No trading system will succeed without good money management.
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