Lesson #2: Conquering the Markets Setup Rules
Here is going to be our introduction to my setup.
We are going to be trading this and just this until I feel we are ready to move on.
If any of you are trading a live account right now I strongly suggest you stop. What that means is, I can not force you stop trading, but if you want to be successful it is in your best interest to stop trading right now.
The Market is always going to be there. If you have the feeling that if you are not in the market you are losing a chance to make money, then you really need to stop trading right now.
We are here to build you a foundation and make you become profitable trader. That is our goal so that in the near future you can trade live and make money.
----I want everybody today to email me and let me know if you are going to continue trading live or if you are going to trade under a demo for the time being.----
Okay let's get to our rules.
JCL's Conquering the Markets Setup Rules
We are trading off of 15 minute charts of the EUR/USD
On the close of the first histogram bar to go positive or negative over the zero line you take a long or short depending on what direction it crossed the zero line.
As soon as we enter our position we place our orders; stop & profit target.
Stop = -20 pips from our entry
Profit Target = +50 pips from our entry
Break Even = Move stop to break even once the trade has moves 50 pips in your favor.
Okay so today email me and let me know first of all if you understand the rules of what was outlined today.
Also email me and let me know if you are trading live or on a demo for the next couple of weeks.
Tomorrow we are going to go over what is expected of you daily. First I want to make sure that you understand the setup (it's simple right!) so we can move forward.
Have a wonderful day.
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