Day Trading Forex Live - Live Trading Room

On a side note. I watched a couple of your videos. Not bad. I'm not a potential customer (I trade longer time frames), but you do pretty good videos. If your really trading the way you suggest in the videos, why in the hell would you waist your time with a chat room and signal service.

I only personally (other than on the internet) know two traders. Neither would distract themselves with a chat room while trading. I don't even like reading anything on FF while I'm doing chart work.

I guess your a better man

Fishing for customers is still not appreciated . Let them find you.

First and foremost I would like to thank Twee and the FF staff for a honest evaluation of what some members thought to be "spam", of which Twee agrees it was not. In all fairness and to be completely honest with everyone, he also told me that what I did is frowned upon.

Second I would like to sincerely apologize to anyone that may have taken what I said and did as spamming, because it was never intended this way. I contacted less than 10 members who's opinion I valued, people who's opinion I respected, and of which I still do value and respect, and asked them to give an "honest" review of the information on the thread and if it was worth giving it a 4 star rating then that would be great, but additionally I said that if it's not, then I'm not looking for a favor just an honest review. Someone intent on spamming would have done this to member after member, and would have never sent a message to only a very small, select group of senior FF members.

Ive been a member of FF for over 2.5 years if I remember right, and during this time I think people have seen above all, that I give most of what I do away for free. Of the over 3,000 posts on my 4 hour system, not one question went unanswered by me. I took the time to teach my system, for free to those that were interested. Many others on FF do the same and I think that says a lot about a persons motives and the fact that they enjoy teaching and sharing, and I would hope this point would be remembered.

There were a few posts by others Twee removed (thanks Twee) that I would like to address. Mainly the fact that anyone who educates for money cannot be a good trader. This just simply isn't true and in my case I prove that each day live in my trading room. I would however agree that 95% or more of forex educators and forex products are useless and just people trying to make money, but you have to remember the single most important fact here. I run a live education and trade calling service. I live and die by my profitability, and doing what I do live through voice in real time there is absolutely no way to fake this. Additionally I give away my service for 10 days free. What this means is that people see what I do for 10 days and after that still CHOOSE to pay for the service and I think that speaks volumes about the quality of the education, and the profitability of my personal trade calls in the room.

Another reason I have to charge for the service is that the Omnovia room is very expensive, in the thousands per year to have an Omnovia room. How could I run a service like this and educate without charging? I would have to cover it out of my own pocket which wouldn't be right. Equally important is that any education, for any job always costs money and Forex is no exception. Some schools charge 40K a year and up and then you might get a job making 100k if your lucky.

My service and other educations cost could never compare to that fee, and think about the potential monetary returns in this market! The risk/reward to that equation sounds pretty good to me The point is I'm not gonna apologize for making 28% in the room last month live, and charging a small $199 fee for it. I have email after email of paying members thanking me, and being able to see people grow and become profitable in part or in whole because of me makes me feel good. Unlike most, I truly do enjoy educating others and will continue to do so, so long as it doesn't interfere with my personal trading.

Again to anyone that I may have offended, irritated, annoyed I sincerely apologize as that was not my intent, I was simply looking for a fair review. I will let that review happen naturally as Twee suggested and if it doesn't ever get promoted to the official commercial section thats ok. I'm content continuing to give away my education I feel is valuable right here. I would hope that the members that as I said I respect and of who's opinion I value will be able to accept my apology and leave this one alone. Thanks again to the FF community and Twee.

-Sterling

Hi Sterling,

Good job in the room! March sure was a pretty good month. I was wondering, if you will keep on posting trade reviews here on forexfactory and explain them? It can be difficult to be in the room everyday, so its nice to be able to read about it later when I got some minutes off. Keep up the good work!

Go to currensee.com or myfxbook.com and build up a real verifiable track record if you want to taken for real...

Thats a good idea, might have to do that Been away from FF for a while due to working on the new site. Anyway back to business.

-Sterling

Here was a nice trade from earlier today during the London session. There are 4 very simple points to look for in a trade setup. Often times you may only get 1 or 2 quality setups during a specific trading session but patience in wait for only the best of the best pays off. 4 points to look for are the following...

1.) Overall short term trend direction.

2.) Retracement against the trend.

3.) Retracement closing at some form of support/resistance depending on direction.

4.) The candle closing at the support/resistance level must close as a reversal candle pattern. I prefer a simple hammer or shooting star. They are simple, straight forward, and to the point and produce great results when used in conjunction with the 3 points above.

We managed +20 on the first half and +40 on the last half of our long entry. Our entry candle is market by the blue arrow. Hope you found this useful.

-Sterling

Below is a link to a video of a trade we took in the room a few days ago. It illustrates a strategy that we use quite often, and I thought it might prove useful for anyone focusing short term day trading. The principal of the strategy however can be used on any time frame you like. I hope you all enjoy the video and profit from the strategy detailed in it.

Live Forex Trade Recap And Trading Strategy

-Sterling

I would like to see you post your results over a 3-6 month time period
through a 3rd party company such as http://www.mt4stats.com/
because that is the only way people will know if you are profitable or not.

Regards,
Jeff

I think that was already stated and I'm working on it, and I agree with you. That is something that takes time to develop especially if you just start keeping track. The way we offset this (for the time being) is with the $1 10 day trial. Its basically a no risk to you trial where people can see weather the service is of value to you or not.

Additionally and equally important is the fact that Day Trading Forex Live is not just a signal company. Yes I do call my own trades live and they are easy to follow if someone should so choose, but I also explain the reason for each entry and exit which I feel is of most value. Teaching someone how to trade is much more valuable than just calling signals even if they are profitable. Anyway, thank you again for the suggestion and I should be going on that shortly.

-Sterling

Should be an exciting week after the non-farm numbers last Friday. Given the fact that so many jobs were census related we could see further downside in the crosses. We will have to see what happens starting with the London session today, personally not gonna be placing any trades until we start in the room for London.

I thought I would add to my last post with our intro video which gives a bit more information about us.

Introduction video

-Sterling

Here is a trade setting up on the G/Y and the E/J....a symmetrical triangle chart pattern. This is a trade setup that I love because it gives you tons of advanced warning that there is going to be a fairly large break in the price.

Another great facet of triangle chart patterns in any form (ascending, decending, and symmetrical) is that they are great to range trade in. Once you have 2 bounce on the bottom support line and 2 bounces on the top, you have your set range that will get smaller and smaller until the break. This allows you to, while waiting for the break, make a good amount range trading, and following the breakout potentially get into a trade that could run for 100 pips or more.

We will be waiting to trade this in the room until after 1:30AM EST when the volume gets going and there is the greatest potential for a breakout. Additionally, a while back I wrote an article on chart patterns we use in the room called Forex Chart Patterns - Scalping Setups and I thought you all might find it useful with the charts I've posted of this trade setup. I wish you all the best and happy trading!

-Sterling

Hi everyone! I made a video a few days ago on my breakout strategy that I thought you all might find useful. I hope you all are enjoying the videos, as I really do put a lot of effort into conveying my strategies in the most logical and useful way I possibly can.

Anyway onto my forex breakout strategy. I was perusing through my list of videos and articles on our site Day Trading Forex Live and realized that I didn't have much that covered the way I trade breakouts! So I had to rectify the situation with a video The link to the video is below.

Many people simply buy or sell when the price breaks through a certain level they have determined to be a breakout point. This is one way to do it but IMO a little to risky. This video is VERY timely because of the current situation in the market. We have been seeing many many more large moves due to the global instability and learning how to trade breakouts safely will hopefully allow you to take advantage of them. Enjoy the video, I hope you all use it to profit! Until next time, Happy Trading!

VIDEO LINK:
http://www.daytradingforexlive.com/d...-on-the-cable/

-Sterling

I wrote an article a while back that I thought I would share with everyone. Some of the simpliest rules in trading are the things that keep your account alive, and keep you trading. Even with the best system you can whipe it out without the proper risk management. I hope this article helps, until next time happy trading!

Day Trading Risk Management

Over the years I have seen traders come and go, traders ranging from those just learning the forex market to those that have been in the market for years. The common denominator or factor that lead up to their demise was risk management. You can have a very profitable system or strategy, yet without the proper risk management and the discipline to follow it, eventually it will be what turns what should be a good trader or strategy into one that loses.

To start let’s examine proper risk management. Even with the best strategy you will at times have losing trades, losing weeks, and sometimes even losing months. So given this inevitable fact how do you manage these losses and the risk properly. It’s really quite a simple answer…only risk 2% of your account at the most for any one trade. That means if you have a $1000 account only risk $20 per trade at most. This may seem small but examine your goals as a trader. Are you in this market to make a career out of it or are you simple here to strike it rich? If you choose the latter your stay in this market will be short lived! If you are in the market to eventually make a living from it then you have to be smart and think long term. Small and steady is the only way to successfully trade the forex market.

Next let’s discuss risk reward. For any trade you take you will have a specific area that you are looking to close the trade and take your profit should the trade go in your direction. Should the trade go against you, you conversely have a specific area that you are looking to get out of the market to control your loss. When entering a trade you, at the very least, want to have a risk reward of 1/1. A quick example of this is if you risk 20 pips, you want to have a take profit of no less than 20 pips. Using this example you would need to win 50% of the time to remain at break even.

You can read article after article, have the best system there is and if you don’t follow the simple 2% rule or something similar you will eventually wipe out your account. In addition to that, when first starting in the market having a risk reward on all your trades of 1/1 at the very least is equally important. I have taught this market live for a long time and though these 2 rules sound very simple, they are without a doubt the most important rules to learn, live, and trade by.

-Sterling

Often times the most simplistic chart patterns are what work in this market, additionally they are the most overlooked as well. Most view simple approaches to the market as things that may have worked in the past but now have no relevance to the current market and short term day trading presently.

We took 4 trades today, all with similar approaches....3 winning trades 1 five pip losing trades for a little over +3% today. Here is a great example of a chart pattern that yields consistent results. On the EUR/JPY we had consecutive lower lows and well as lower highs ( the basic fundamental makeup of any downtrend) additionally all other pairs were set for another move lower.

You can see that the previous candle body close price is marked by the black line. This is an important point, wicks can be deceiving and using the close of the candle bodies IMO yields more consistent results. At this point I was looking to see how the market would respond to that level and as you can see we closed well below the previous swing high, setting up for another move lower. We went short in the room around 111.98 and managed +15 on this one, could have taken a bit more but a decent trade none the less.

Using retracements into proven resistance or support areas followed by a nice reversal candle formation, to get in a trade in the direction of the current short term trend produces great results. Hope this charts helps, additionally I have a video on Day Trading Forex - Intra-day Candlesticks that you might find useful. Until next time, happy trading!

-Sterling

Forgot to update the FF thread and its a bit last minute but at 11AM EST which is in about 15 minutes we will be running a live forex trading strategies seminar. The link and password are below, and you are welcome to invite who you like. We do not ask for emails and it is a no obligation event. Hope to see you there!

LINK:
http://daytradingforexlive.omNovia.com/liveforexroom

PASSWORD:
freeforex

-Sterling

Hi everyone,

This is Sterling from Day Trading Forex Live. A few weeks back we gave everyone in our last webinar a week of the room with 100% access for free, without even having to sign up for anything.

It was just a way of saying thank you to those that have interest in what we do and the forex market in general.

Today I got to thinking about the FF thread and how I have been neglecting it quite a bit and wanted to extend the same offer to everyone here. FF has been such a great community over the years that I feel its important to give back whenever possible. You do not have to sign up for anything, heck you don't even have to put in an email address, just click the link below and enter the password to the room and your in.

In our live forex trading room I go over what I'm seeing in the market, along with my personal trading strategies, and additionally call all my personal entries live in real time. I hope to see you all there.

Trading Times: 7:30AM EST to 10:00AM EST

Trading Room Link:
http://daytradingforexlive.omNovia.com/liveforexroom

Password: freewebinar

-Sterling

Here we took a nice long trade on the EUR/USD. As you can see in the black circle we had 2 great hammer formations at previous major support indicated by the red line. Additionally and equally as important if you look at the GBP/USD it was setting up at trend line support with a great reversal candle formation to go long as well. And additionally the USD/CHF was at previous resistance for a move lower, which made all 3 pairs setting up to potentially head towards USD weakness. Overall we took +15 pips on this one.

The more pairs pointing towards a general overall USD direction the better and higher probability it is. This is something key to look for in your own trading. We currently are done for the day, but we will be back tomorrow and hopefully have another great setup.

Once again the room is open for free for everyone for the remainder of the week and possibly into next week. The link and password to our live forex trading room is below.

Room Link: http://daytradingforexlive.omNovia.com/liveforexroom

Room Password: freewebinar

Trading Times: 7:30AM to 10:00AM EST

-Sterling

If you post your trading results through an acceptable independent 3rd party or that you trade your system live then I think you will get a lot more followers/

Regards,
Jeff

It's not quite that simple, otherwise I would. There are a few other legal and regulatory requirements that you have to keep in mind as well. Once I complete my different series exams here shortly and become NFA registered I will be able to take your recommendation. Additionally I will have a dedicated account, with which people can copy the trades, automatically or manually.

-Sterling

Hello Traders,

I just posted a article on the site entitled Forex Trading Strategy - Day Trading Confirmation Entry. We have been using this trades setup almost exclusively in the trading room. It is a short term trading strategy used for day trading forex or any other market for that matter.

Additionally in the recent forex trades section of the site you will see the past 2 trading session entries using the confirmation entry.

Hope you guys like the trading strategy and find it useful in your own trading!

-Sterling