96
Trading the Markets for Maximum Profit
Trading the Markets for Maximum Profit
Disclaimer
Spread Trading carries a high risk to your capital. It is possible to incur losses that exceed your initial
investment so may not be suitable for all investors. Before trading please ensure you fully
understand the risks involved by reading the warnings on the spread trading websites & seek
independent advice if necessary.
The methods, opinions & general information contained in this manual &/or associated media are
that of the author & should not in any way be viewed as investment advice. They represent the
author’s personal trading experience & are subject to change without notice. Past results are no
guarantee of future performance.
The information contained in this manual &/or associated media does not constitute any
recommendation to order, buy, sell or trade the financial markets in any way. The author or
publisher accepts no responsibility for any investment decisions made by the reader or user of this
manual &/or associated media.
Copyright © 2012 Piptastic!
All rights reserved. No part of this Piptastic publication may be reproduced, copied, repackaged,
resold or transmitted in any form whatsoever without prior permission in writing from Piptastic Ltd.
This also includes eBay & Amazon or other similar style websites.
Published by Piptastic! Ltd who can be contacted by the following methods;
Email: [email protected]
Twitter: @teampiptastic
Facebook: www.facebook.com/piptastic
©Piptastic 1
You can be anything you want to be, if only you believe with sufficient conviction and act in
accordance with your faith; for whatever the mind can conceive and believe, the mind can achieve.
Napoleon Hill
Best Selling Author of Think and Grow Rich
About Piptastic! Piptastic was formed by Damon Elliott at the start of 2009 with the sole aim of helping people to
earn a living from trading.
Via the Piptastic! membership scheme, live trading room & personal coaching programs, we have
helped many people achieve full time trader status across the four corners of the globe; from United
States to Australia, Japan to Canada, Portugal, Spain, Cyprus, Germany, France, Ireland, Iceland & of
course, the UK amongst many other countries.
Everything we do is driven by results as this is the single most important factor of why we do this.
Throughout 2009, Piptastic evolved into becoming one of the most talked about & exciting things to
happen to the home trading market for years. The manuals quickly became best sellers & remained
as the best selling trading manual throughout the entire year.
By late 2009 Piptastic once again broke new ground by opening a Live Trading room, something that
very few within trading are prepared to do. The Live Room proved to be an instant success & for
many who combined the membership resources with the Live Room, success came very quickly.
2010 saw the launch of our trader training course held in our very own dedicated training centre in
Milton Keynes. As before with the manuals, the courses have the aim of becoming the best training
resource on the market, all focussed on delivering results to every single person.
Our original goal was to help at least one person achieve success in trading. This was achieved a long
time ago now but we continue to strive forward, setting the highest possible standard in training for
home traders & of course, continually delivering results to help you achieve your goals in life.
If a man for whatever reason has the opportunity to lead an extraordinary life, he has no right to
keep it to himself.
Jacques- Yves Cousteau
Legendary underwater explorer & filmmaker
©Piptastic 2
About the Author Damon Elliott is a successful home trader, writer, speaker & trainer.
That’s the official part out of the way. Basically I’m no different to you, your mate, family member or
neighbour. I’m just a normal unassuming family guy, I’m married, 3 kids (who drive me nuts
especially during school holidays), one dog & a parrot. I eat too much & go to the gym less than I
really should. I annoy the wife by not doing enough around the house & make her even madder
when teaching our kids all of my bad habits. Above all, we have loads of fun & that is the Elliott
bunch.
Introduction If you are a home trader, new, inexperienced or have been around for a while then this book is for
you. It really doesn’t matter what your trading market of choice is as all of the techniques in this
book will work.
In this book I have detailed several of my core trading techniques I use to trade for a living. Please be
aware that I am not someone who has recently found good fortune courtesy of the latest market
crash nor am I somebody who resorts to writing books about trading instead of actually doing it. I
have been making money in the markets every year since 2008 & have also demonstrated live
trading via the Piptastic live room since 2009.
Many people don’t realise what is actually involved in trading. Many misconceptions occur due to
the never ending avalanche of manuals, systems, seminars & signal services all promising a fast track
to wealth in trading. This is all marketing hype from the dream merchants.
This book stands as evidence that you can be successful at home trading. The problem with many
examples of superstar traders is that none of them are home based traders, nor do they solely live
off their trading profits, instead drawing a salary from a hedge fund or similar. So many people
dismiss the idea of trading for a living but rest assured it can be done but only with hard work &
persistence.
One of the many reasons that many people do not realise their dreams & goals in trading is that very
few are willing to sacrifice time & energy that is required in order to become a winning trader.
I’m assuming you must be willing to make those sacrifices as you are holding this book so let’s begin.
Success in trading is a lifelong marathon, not a 30day sprint
Damon Elliott
©Piptastic 3
Section One
Introduction to Spread Betting
Runtime 17min 09s
So what exactly is spread betting? Spread betting is a fast-moving, flexible way to trade the price
movements of financial markets without holding the underlying investments directly. Regardless of
the direction that markets move, you can take a position to gain exposure to this movement for a
fraction of the capital outlay required to trade the market directly.
Spread betting also offers tax advantages over direct investment. Spread betting is free of stamp
duty. Furthermore, it is currently exempt from UK Capital Gains Tax. However, tax laws are subject
to change and depend on individual circumstances.
Spread betting carries a high level of risk to your capital with the possibility of losing more than your
initial investment and may not be suitable for all investors. Ensure you fully understand the risks
involved and seek independent advice if necessary.
That’s the boring bit’s out of the way!
Basically, you are placing a “bet” on which way your chosen market will go & you will make a profit
or loss depending on whether you were right or not. For example;
Currency Pair - Euro Vs US Dollar (EURUSD) is 14402.5 – 14404.5
Option A
You think the EURUSD will fall & place a
SELL trade at £2 per point at 14402.5
Option B
You think the EURUSD will rise & place a
Buy trade at £2 per point at 14404.5
The EURUSD then rises & closes* at 14468.5
You were wrong in thinking that the EURUSD
would fall
You lose the difference between the closing
price (14468.5) & the opening price (14402.5)
multiplied by your stake (£2)
Loss (14468.5-14402.5) x 2 = £132
You were right in thinking that the EURUSD
would rise
You gain the difference between the closing
price (14468.5) & the opening price (14404.5)
multiplied by your stake (£2)
Profit (14468.5-14404.5) x 2 = £128
©Piptastic 4
Sound’s easy doesn’t it?
I prefer to call it “spread trading” as essentially, by utilising a method or methods we are seeking to
remove the “bet” from the equation. In my opinion a bet is placing money on an outcome that
mostly is uncertain. In trading, by using our knowledge of markets & methods we can start to make
the outcome a little more predictable. That said, nothing in trading is guaranteed however we have a
much greater chance of success
How does Spread Betting Work? Firstly, in order to trade, you will need to open an account with a spread betting firm & then deposit
some money. If you have already traded before then you may already have an account with a
platform however it is always wise to check to see if there are other more suitable platforms.
Tip!
In time you will find you have trading accounts which you do not use. It is better to keep these rather than closing them as you never know if you may need them again. I have seen several platforms either close or be taken over & if your accounts were with these then this will not inconvenience you by having to setup other accounts.
The “spread” term in financial betting refers to the spread placed on the actual live market price by
the platform e.g., if the live price is currently 14403.5 then you would be able to place a SELL trade
at 14402.5 or a BUY trade at 14404.5, giving the relevant spread betting company a 1 pip profit on
any trade you place.
If you are new to trading don’t panic about some of this terminology at present. Over time you will
refer to spreads & markets like a fluent second language. As a general rule, in your early days of
trading you are likely to spend most of your time on the lower spread markets but I will discuss this
in further detail later in the manual.
Important Note!
During this manual I will be using screenshots from the ETX Capital trading platform which is the one that I personally use. The same functions works across many platforms however may be worded differently or placement in a different location.
Actual Market Price
14403.5
Sell Price Available
to you
14402.5
Buy Price Available
to you
14404.5 1pip
Profit
1pip
Profit
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You can simply see the spread per market on your platform by referring to the main control panel
like this & checking the difference between the Sell & Buy (or Bid & Ask) price;
Platforms can vary but the information is much the same. Here is another platform example which is
a lot more visual;
There are other ways to check what the spread for individual markets are including clicking on the
information icon alongside a market price. Another way often overlooked is that most platforms will
have a downloadable document detailing all their spreads & sometimes minimum stake sizes. Please
refer to the video where I will show you how to get this information.
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Another example of a platform that’s even more visual!
Once you are into the platform you now need to select a market to trade on. Most of the time,
especially if you are new to trading, the market tends to be dictated to you. For example, after
reading this manual you will know that all the methods work fantastic on the currency pairing
EURUSD. So by default you will naturally select that one however as you become more experienced
you will realise that the same method or similar works just as well on another market for example,
EURJPY.
Once you know which market you are trading & you know what your signals are then you would get
ready to place a trade. Don’t worry if this is looking unfamiliar, I will be going through this process in
greater detail later on.
You now open up a “ticket” & place the amount you wish to “bet” into the relevant box. Each spread
betting company will only let you place the trade if you have sufficient funds to cover any losses.
This is where the “Stop” comes into play. On your trade ticket you will see a box marked “Stop” & in
this box you will enter how many pips you will allow the trade to go against you before the system
automatically terminates the trade for you. DO NOT UNDERESTIMATE THE IMPORTANCE OF THIS.
This is your safety net because as much as they hurt, losses will occur. You cannot prevent this from
happening, but with continued learning, you can minimise any future losses as you become more
experienced.
Note
Whoa!... whats a PIP? Well, get used to this term as you will be referring to it often but it stands for “Percentage in Point”. In plain English it simply means the last decimal place on the currency price. Thus if the currency pair EURUSD moves from 1.3110 to 1.3120 then it has moved 10pips
©Piptastic 7
Example of a Trade Ticket
So, you have your trade ticket, you’ve entered your stake of £2 per pip & you’ve entered a stop loss
of 15 pips. You now get a signal to enter the trade & you are aiming for a profit of 10 pips. Once you
confirm the trade, you will now be “live” & another box will open showing your trading balance
going up & down along with your heart rate! There are two ways in which you can exit the trade,
you can either manually close the trade or allow the system to do it but more on that later.
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So, your trade has now gone 10pips in the direction you had placed your trade & you closed your
position £20 better off (£2 stake x 10 pips), but what if the trade went the other way & hits your stop
loss buffer of 15 pips? You’ve now just lost £30... (£2 x 15 pips).
That’s it in a nutshell!
We’ve just taken a simplified walkthrough of how to access a platform & place a trade however lets
dig a little deeper into each part now before we start to put this into practice.
How to open a Spread Betting Account Ok, so we’ve read the marketing, we’ve bought into the concept of changing our lives forever with
mind boggling amounts of money, we now need to open an account.
There are lots of different spread betting companies around but you need to choose one that has a
number of different features;
Reliable
Speed of trade placement (also known as execution)
Clear trading platform
Tight Spreads
Low Stake sizes
Good customer Service
Ability to access available funds quickly
Unfortunately, things like reliability & speed of trade placement you may not know about until you
actually sign up to that platform or, the chances are, that if you are new to trading then you may not
see the benefit of this but using the matrix at the end of this section you will be able to see which
platforms are used by full time home traders. Let’s take a look at each one of the factors to
determine what we are looking for.
Reliable
A platform needs to be consistent, no website downtime or being offline, good level of chart data
feeds with access to a decent range of markets to trade on.
Speed of Trade Placement
This should not be taken for granted as not all companies are created the same. Consider this
statement; “90% of traders are wrong”. I’m sure you may have come across this or a similar
statement before. So, if I was providing a business to traders all I would need to do is install a
computer that “hedges” or in plain English, places a trade in the opposite direction to what you do,
then we have a near perfect business model because my computer is going to be correct 90% of the
time. This is of course, in addition to your losing spread.
As you become more proficient at trading you will become “noticed”. Nothing alarming in this,
however platforms will generally have safeguards in place that pick up on accounts that are
consistently winning & these will have set parameters for instance if you are placing in excess of £20
per trade plus earning more than £1000per week in winnings. The reason they want to know about
you is that instead of their computer hedging against you, they allocate a human to place a trade
exactly the same as you thus increasing the platforms winnings.
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Clear Trading Platform
You will need a clear trading platform with access to your desired markets at the click of a button. A
platform that will allow you to have multiple tickets open plus clear price indications. It is wise to
spend time getting to know your platform. It is also vitally important that you select a platform that
suits you as an individual
Tight Spreads
This is where it starts to get juicy. If you are new to trading then spreads may not mean a great deal
however pretty soon you will soon become obsessed with which platform is doing what & on which
market. The reason is simple, if you enter a trade on a platform with a 3pip spread the market has to
move that 3pips before going into profit for you. If you have access to the same market via a
different platform with a reduced spread of 1.5pips, your trade will go into profit quicker plus of
course earn you a little extra. That said, don’t be fooled by clever marketing based on spreads alone.
For example you may see a platform advertising a spread of 1pip versus another offering a 2pip
spread. On the surface all looks great however platform 1’s minimum stake is £1 & platform 2’s
minimum stake is 50p thus cancelling out any gain a new trader may have.
Low Stake Sizes
This is a bit of a double edged sword because the reason you enter trading is to earn big money.
However, in order to get to the big money you need to have foundational skills. Until you have
mastered these skills you may lose money. Whilst you are losing money it is surely better to be
placing the same trades with small stakes rather than your “real” money. This is an important step
that a lot of new traders miss out & wonder why they fail because they have no money left to trade
with. Most platforms will allow you to trade Forex from 50p & stock indices like FTSE from £1 but
please refer to your platform for up to date information.
Good Customer Service
Once you have selected your platform, ring them up with a random question, relating to trading. It is
important that you have contact with your platform & have confidence in their ability to answer any
question. It is also especially important to have a list of your platform contact numbers & your
account details written down somewhere in case of internet or power failure whilst involved in a
trade. This will ensure you can still manage your trade via telephone.
Ability to access available funds quickly
You have earnt you money & now wish to spend it. It is really important that your platform has a fast
route of putting the money into your account when you wish.
Trading for Beginners
There are a number of ways a new trader can learn how to trade profitably without risking too much
capital to start with. Always remember that success in trading is built on foundations. The more time
you spend on developing your foundations will determine the longevity of your success. I know that
some people are under pressure to “make this work” in a short timeframe but this is very difficult to
do in practice. In trading there will be losses & it is better to take those losses whilst trading on low
stakes than it is if you are trading at much higher stakes. Use your early time as the learning stage
when losses are your education.
©Piptastic 10
As a guideline it takes on average 2years for a new trader to reach fulltime trader status & this is
dependent on the level of work undertaken during this time. Piptastic has experienced some
exceptional individuals that have managed to reach full time trader status within 9- 12months but
be under no illusions that these people put in an incredible amount of graft to achieve this.
Tip!
Most traders take a loss then simply move on. Don’t do this! Make sure you analyse that loss as to why it lost. Was it you? Was it the market? Did you enter incorrectly? Always remember that you have just paid for that education so take time to learn from it
Make sure you spend time sticking to a market or markets as by doing this you can get a feel for the
way the market moves, how volatile it is & generally get a feel for it. I personally trade a number of
markets but would not switch straight away to the AUD/JPY market on a 5min timeframe simply
because I don’t have that “feel” for the market.
This is also what we refer to as “screen time” & after a while you will become accustomed to how
the markets move & become tuned into times of market movements.
This is especially important if you are an evening trader as you have a shorter time period in order to
make those pips. You need to identify the correct markets & timeframe at an early stage.
You now need to choose which spreadbetting company to use. If you are new to trading then here
are a couple of platforms that you can take advantage of.
Company Minimum Deposit* Minimum Stake for EURUSD*
Finspreads £100 10p for initial 8 weeks
ETX Capital n/a 50p
Capital Spreads £100 £1.00
Tradefair n/a £1.00
IG Index n/a £2.00 or see below *Can change at any time as this is platform specific
I would certainly recommend ETX Capital as they allow you to trade using low stakes of 50p
indefinitely & would suggest you open an account with them to take advantage of this. In addition to
this, mention Piptastic when joining or visit www.etxcapital.co.uk/piptastic & they will give you a
£150 safety net against any losses within the first 10days of joining them.
IG Index also have an educational program called “Tradesense” which will allow you to trade with
10p stakes for 2 weeks, 20p for the next 2 weeks & then 50p for the last two weeks. I would strongly
advise you to take advantage of this. Also, a little known tip is that once your initial six weeks has
finished & your account will only allow minimum stakes of £2, just ring them up & ask to be placed
back on the Tradesense program which will allow you a further 6 weeks of low stakes. You are
allowed to be on the Tradesense program a maximum of twice but remember this initial phase is all
about confidence building rather than earning your way to retirement (that takes a little longer!)
Incidentally, if you are already a member of IG Index & did not go on this program at the start, you
can contact them & request to go on it; it’s just a push of a button for the helpdesk!
©Piptastic 11
I personally use ETX Capital which has market leading spreads on some markets plus they have
recently made major investments in their infrastructure which has accelerated the platform ahead of
the pack in my opinion. Alongside that, their customer service is exemplary.
Demo Accounts Demo accounts play a very important part in trading & can help you very quickly learn the ropes.
However the one drawback is that you do not experience the emotional side of trading which is vital
for success in trading.
A lot of trading trainers will actually advise you against using a demo account however I believe that
it offers you several benefits including;
Learning to place a trade
Developing confidence
Restoring confidence after a losing period
Trialling a particular method
There are a few platforms that offer demo platforms including Capital Spreads & Tradefair however
most platforms are favouring to go down the opening offer route to encourage people away from
demo trading. Try to get at least one demo account open as this will form an excellent tool in your
trading armoury.
Obviously you are not going to earn money from a demo account however you may actually save
money by practising your trading methods until perfected.
Opening Offers Another thing to look out for is opening account offers which usually will either deposit funds into
your account or match your initial deposit. This is very handy with the only drawback being that you
cannot withdraw those funds that were given free. Here is some examples of current offers via
various platforms although if you look through most platforms they will usually have some form of
offer.
©Piptastic 12
First Steps Ok, so we have chosen our platform & are ready to open an account but how much do you have to
deposit? This is a question I frequently get asked in the trading forums by new traders. If you are
new to spread betting I would advise a deposit of no more than £200 initially. I believe this figure is
realistic as most people have to answer to spouses/partners, have holidays to pay for, credit cards to
pay etc & you do not want to lose more than you can afford.
In the early stages it is very important not to be motivated by what others are staking on their
trades. It is essential that if you are new to trading or if you are trying a method for the first time,
that you use the minimum staking available. The goal at this stage of your trading career is to
develop consistency in your trading. Most traders are trying to get thousands of pounds on each
trade however we don’t need to do this in order to develop a sizable income. By developing
consistency in your trading by taking bite sized trades will push you way ahead of the pack.
I will show you how to move your account forward later in the manual.
Ok, we’ve looked at the basic’s , we’ve opened an account so now we need to start dazzling you with
fancy pictures & introduce you to the spread betting platform
Overview of the Trading Platform
Runtime 28min 29s
Here we are! The first thing you will notice is the dashboard lighting up blue & red all the time
(provided the markets are open of course!). Don’t panic, this is just the live streaming prices of those
particular markets.
Note
Market times – Make sure you know when the markets you trade are open & closed as most platforms change the spreads “out of hours”. Please check your platform but as a general guide;
FTSE100 – 8am until 4:30pm (most platform allow you to trade until 9pm)
DAX30 – 7am until 4:30pm (most platforms allow you to trade until 9pm)
Wall st/ Dow Jones* - 2:30pm until 9pm
Forex - 24 hours (Sunday 9pm until following Friday 9pm)
*Some platforms refer to this market by a different name
Most trading platforms will follow the same structure which means that it is easier for us to navigate
when joining new platforms. It is relatively easy to find your way around a platform interface & you
should spend time getting to know your platform as you will be pleasantly surprised as to the tools
available for you.
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1. Pick your market
This area provides you with a searchable menu system to get to the markets that you want. It is
important to know that some markets are not offered across all platforms for example trading the
US Dollar.
2. Main Interface
Your main control centre. When you first log in, most platforms will set this up using their popular
markets by default however this can be changed as shown in the video. This area also gives you
information regarding the market of your choosing.
3. Charting & Information Buttons
These buttons will provide you with the required information per each market plus give you access
to the chart for that market
4. Trade Buttons
These are your route into the markets. By pressing these buttons you will get access to your trade
tickets either for instant trades or if you choose to set up an trade to open at a pre specified price in
the market.
5. Administration Panel
Check out what is occurring with your account with regard to trades past, present & those yet to
activate. This area will also show you your balances & give you access to your account statements.
As I mentioned earlier, most platforms will follow this normal kind of layout, sometimes in a
different order but essentially the information is the same. If you think of your platform interface in
relation to the above you will be able to navigate any platform with ease. There are some platforms
which look a little more complicated than the norm & these are often referred to as “MT Platforms”
or “Meta Trader Platforms”.
These kind of platforms have been in existence since 2002 & is a programmable trading platform
complete with its own programmable language therefore, if you want to write a program for a
©Piptastic 14
computer to trade on your behalf then then this is for you. I have never traded extensively with MT
platforms so they are not covered in this manual. I’m not suggesting they are not worth checking
out, however I am suggesting there are far easier ways to generate your money in the markets
namely using the normal platforms we talk through here.
Make sure you spend time investigating your platform & remember you can’t break it but avoid
pressing the buy or sell button during your investigations!
Charts
Runtime 23min 26s
Now you have seen the trading platform overview, we need to start delving into the world of charts.
Get used to this area of your platform as you will get to know it well over the course of your trading
career. Think of it this way; trading without a chart is like driving a car blindfolded.
Opening charts for any desired market is a very simple process as I shall demonstrate. Please note
many platforms provide two different types of charts; basic/quick charts & advanced charts. I
personally use quick charts as they provide me with all I need to know to enter trades & will show
these in the following examples. To see a walkthrough of the advanced charts please refer to the
video.
If you remember back to your platform overview then you will recall that most platforms will allow
you to access the chart function via a small icon that resembles a chart;
As you can see from above, although the platform is different, the route to accessing the charts is
pretty much the same.
Tip!
Very shortly you will see why traders work on multiple screens. Don’t panic if you only have one screen currently, even I started with one 15” laptop screen! One of the first investments any serious home trader should make is in a second monitor. This makes life much easier when viewing charts & placing trades.
It is also important to remember that just as the platform interface has many different features, so
does the chart. Over the next few pages I will show you the basics of the charts & how to set them
up for effective trading and in addition to this please ensure you watch the accompanying video
which goes into a lot more detail.
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The charts shown here are from ETX Capital platform.
When you first open your chart it may appear like the one below or the main window may look
different however this does not matter as most things can be changed. Firstly, looking at the top
row, click on the button titled “Chart Types”
Chart types Price action can be displayed through your chart in a variety of different formats that suit your
requirements including;
Candles
HLOC (High, Low, Open, Close)
Line
Area
Plot
We are only concerned with the one called “candles”.
To change this on the chart, select Type from the Charts dropdown menu & select the required type.
The format will automatically update on the chart.
Time Periods The next part to be aware of is the time periods that you can select on your chart. This relates to the
timeframe you wish to trade at that point in time. This can be used in a variety of ways from sticking
on one desired timeframe to bouncing through several timeframes to select a desired entry point.
To get this function you select Period from the Charts dropdown menu & then choose any one of the
times displayed. The most important factor here is that the timeframe is automatically updated on
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the chart & that one candle is the time selected ie if you selected the 15min time period then one
candle equals 15mins of trading.
Price Settings New or inexperienced traders may not use this function often however it does have a practical use.
There are three settings here namely, bid, ask & mid. Personally I just leave the setting on “Mid”
You can choose which one you require by clicking the Price button from the Charts dropdown menu
& then selecting your required choice.
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Chart Settings Chart settings have a variety of different options which relate to the chart itself. These include
colours & scale types.
To change any of the chart settings select Chart Settings from the Charts drop down menu. A floating
box will appear which will allow you to make these changes. Select the item that you wish to make
the changes to. Once you have selected this, the Parameters & Styles options will be displayed on
the right hand side.
Placing a trade through the chart A fairly new addition to the world of charts but a welcome one! I will demonstrate both options in
the video for this however to explain, you have two options at your disposal. The first option is that
you can place a trade using the trade ticket in the far right corner of your chart. Simply select the
amount you wish to stake, then press either buy or sell.
Once you have placed the trade, a trade confirmation message will appear.
Alternatively, you can place a trade by selecting New Trade from the Trading drop down menu & a
separate trading ticket will appear as per the next screenshot.
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Adding a Study to your Chart Select your study from the Studies dropdown box at the top. Once the study has been selected a
settings window will open allowing you to change the parameters and styles of your selected study.
You are more likely to hear this section referred to as an indicator rather than a study.
In the video I will demonstrate how to change the setting of a study & adding multiple studies.
Drawing Tools In this part you will learn all about the lines you can draw onto your chart. Most new traders don’t
overly use this section but as your trading career moves forward you will spend a lot of time using
this area. To access the drawing tools just select the Drawing from the drop down menu.
In order to hear a description of each tool please watch the accompanying video for this section.
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Saving your Chart Settings Once you have changed the charts to the way you want them you can also save this as a template so
you don’t have to keep re inputting every time you want to trade. This is achieved via the Save Chart
Settings in the Settings drop down menu. Once you have done this you can return to those same
settings next time you open your charts. This is also important if you use different studies
(indicators) for other markets, for example, the settings you use on a currency market may not be
the same that you use on Gold.
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Quick Toolbar To access some of the more common tools there is a quick toolbar situated to the left hand side of
the chart. With one simple click you can access these & perform a number of functions.
Section Summary So by now you should be getting a feel for the world of home trading, the platforms & how you look
at the charts. The great news is that once you learn your way around these things whenever a
platform makes updates or changes, it won’t take you long to understand & work around them.
There is also good reason to spend a little time getting to know your platform & that is to become
accustomed to all the flashing lights & speed at which prices can sometimes change. In a short space
of time this will all appear normal.
Please remember that this was an introduction to these basic areas & more tips can be found in the
accompanying videos. This information will provide a solid foundation as we move forward through
the manual.
Make sure you have done the following before proceeding;
Open up a trading platform account
Set aside time to have a look around the platform interface
Investigate your chart settings as per this section
If applicable, download the mobile platform application
Before we move on to the next section I thought I’d mention that as you use your platform more
extensively you will start to notice some little quirks that each platform has. For example, if you
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open an account with Tradefair, then it’s not really worth opening another account with Capital
Spreads. This is because they are provided by the same IT provider.
Another example is that ETX Capital will allow you to open multiple accounts in your name after
initial registration – perfect if you have one account for long term trading & another for short term.
The longer you spend on the platforms the more you will notice these things which can work in your
favour.
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Section Two
Get to know your Charts
Runtime 10min 37s
So we now have covered off the basics, you’ve got your platform open, charts at the ready & your
raring to find out how all these traders make mega money & of course you want to replicate it.
Before we head out to the methods we first need to cover a bit of groundwork or as I call it, “the
foundational skill of all traders”.
The Foundation Skill of All Traders If I was to suggest that the charts you are looking at could be literally speaking to you, would you
think I had gone slightly mad?
What if I suggested that the markets are potentially telling you where they are going most of the
time?
Well, the great news is that they are! What we are referring to is called Candlesticks.
I believe that all home traders should have candlestick knowledge as one of their core foundational
skills as this will allow you to interpret what is occurring on the charts but also potentially guide you
in the markets direction. Let’s have a quick refresh of a candlestick chart;
In the above chart we can clearly see what we know to be called “candlesticks”.
During the course of this market action there have been several key turning points in the market
activity most of which have been initiated with the use of a candlestick pattern.
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To give you an idea this is what the above relates to;
Market Reversal 1
Market Reversal 2
Market Reversal 3
Market Reversal 1 – We refer to this
as a “3 bar reversal”
Market Reversal 2 – We refer to this
as an “engulfing” candlestick
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At this point in time you are likely to fall into one of three categories, namely;
What the heck is going on here!!?!
Yeh, yeh, I’ve done candlesticks before, know all about them….yawn…
I understand candlesticks & realise the importance they can have
Ideally, I am aiming to get you to the third one & if you make candlesticks one of the disciplines in
trading you set out to master then you will understand why I call it one of the core foundational
skills of trading.
In the accompanying section video, I will take you through the background & history of candlesticks
however for now the only thing worth remembering is that at a basic level they indicate either a
market reversal or a continuation.
Note!
Please be aware that the use of candlesticks in trading is a big area to study. Although this section will introduce you to the basics, you should endeavour to continue your research in this area. Where possible, try to continually spot patterns occurring each day in the market for continual practice.
A Guide to Common Candlestick Patterns On your journey through trading you will come across many different types of candlesticks &
patterns. Some of these will not be relevant to our style of trading. For example, there are well over
50 types of patterns that can be found & many will be found while trading individual stocks,
however with our style of trading, fortunately we only need to know a very small amount of the
most common ones.
In the resources file on the disc & at the end of this section you will find a pdf which will introduce
you to the small number of patterns that you should know. Please note that this list is nowhere near
exhaustive, nor is intended to be a comprehensive guide. It will introduce you to the pattern & what
it means to you as a trader.
Once you have this list, try to pick out examples in the markets that you can see but also try to spot
them on different time frames too as candlesticks become a lot stronger & have more relevance the
higher the timeframe.
But first of all we need to understand what a candlestick actually is. The easy way to think of a
candlestick is that it is merely a visual indicator of what has happened during that trading session.
Market Reversal 3 – We refer to this
as a “harami” candlestick
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Candlesticks are comprised of several components which are essential to know before studying the
various patterns.
Tip!
You are going to hear lots of references to “Bulls & Bears” & in particular to candlesticks, whether it is “Bullish” or “Bearish”. For your reference a “Bullish” candle is one which is heading upwards & is normally coloured green, & a “Bearish” candle is one which is heading down & is normally red in colour. When I refer to colours of candles these are the normal ones although you are likely to see other combinations like black & white. Plus on some advanced charting packages you may also have the ability to change the colours to your preference.
High
Open
Close
Low
Upper Shadow/ Wick
Body
Lower Shadow/ Wick
Low
Close
Open
High
Lower Shadow/ Wick
Body
Upper Shadow/ Wick
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Guide to common candlesticks This is a quick guide to the most common candlesticks that you will encounter whilst trading stock indices, Forex & commodities. This list is not exhaustive however these are the most common ones.
Engulfing Candlestick (Bullish)
• Ideal when reversing off an area of support • Although primarily a reversal candlestick, look out for
engulfers that are continuations of existing trends
Engulfing Candlestick (Bearish)
• Ideal when reversing off an area of resistance • Although primarily a reversal candlestick, look out for
engulfers that are continuations of existing trends
Shooting Star (Bearish)
• Ensure the upper wick is at least twice the length of the body • The body can be green or red • You may see a lower wick – this is ok provided the wick is not
too long
Hammer (Bullish)
• Ensure the lower wick is at least twice the length of the body • The body can be green or red • You may see an upper wick – this is ok provided the wick is
not too long • Be careful with hammers as you are often attempting to call
the bottom of the market. Sometimes better to let the first one go, then pick up another bullish signal
Dark Cloud Cover (Bearish)
• Ensure the candle has opened higher than the previous candle
• Ensure it has closed at least 50% into the body of the previous candles
• It is the body you are interested in, not necessarily the wick although you should pay attention to overly large wicks
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Piercing Candle (Bullish)
• Ensure the candle has opened lower than the previous candle
• Ensure it has closed at least 50% into the body of the previous candle
• It is the body you are interested in, not necessarily the wick although you should pay attention to overly large wicks
Harami (Bearish)
• Body must open & close within the previous candles body • Wicks do not count – only the body • Sometimes better to confirm move by waiting for an
additional candle thus forming a 3bar reversal
Harami (Bullish)
• Body must open & close within the previous candles body • Wicks do not count – only the body • Sometimes better to confirm move by waiting for an
additional candle thus forming a 3bar reversal
3 Bar Reversal (Bearish)
• The second candle can be red or green • The second candle can also be a doji • Ideally you are looking for a gap between the 2nd & third
candle to confirm the market momentum • The gap isn’t defined by size other than “can you see a gap”
3 Bar Reversal (Bullish)
• The second candle can be red or green • The second candle can also be a doji • Ideally you are looking for a gap between the 2nd & third
candle to confirm the market momentum • The gap isn’t defined by size other than “can you see a gap”
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High Wave (Indecision)
• Smallish body with long wicks either side • Ideally the wicks should be of similar or equal length • Can be confused with spinning top however this does not
matter too much in general trading
Spinning Top (Indecision)
• Smallish body with short wicks either side • Ideally the wicks should be of similar or equal length • Can be confused with high wave or a doji if body is small
however this does not matter too much in general trading
Doji (Indecision)
• No body • In general trading it does not matter too much where the
horizontal line is within that candle • Be aware of doji’s on higher timeframes as they become
much more relevant
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Section Three
Strategies Before you start trading there a number of really important considerations you need to be aware of
before you start parting with your hard earned cash.
1. Trading will at times seem hard & frustrating – FACT
2. You WILL lose money – FACT
3. You can have the most profitable, consistent strategy in the world – but if it does not suit
your trading style it is worthless! - FACT
There is another additional one which is the small matter that I personally prefer to call them
“Methods of trading” not strategies. I’m sure its just a big play on words there but a method to me
allows room for manoeuvre, room to enhance or more simply, less mechanical.
I’ve just mentioned another word there that you will hear often which is “mechanical” & a lot of
home traders will be looking for something that just plugs into their charts & rolls in the cash, day &
night requiring little or no input from the home trader. Now, if this sounds a lot like you are looking
for then this book really isn’t for you. Trading, in my opinion can never be 100% mechanical nor is it
a “get rich quick” scheme.
Note!
Having worked with many traders from start to full time, I can tell you that the average amount of time it takes someone to reach the status of full time trader is around 2years. The quickest I have seen it done is 9months but 2years is the average.
Why we need Methods of Trading All traders have “methods”. Think about this for a second, most of us will have seen or been sent
some kind of trading get rich quick strategy declaring that you can earn a huge income before
breakfast, or simply placing a trade from a mobile phone after receiving a text alert. If these
publicised strategies actually worked, why have the pro’s not given up the day job & just worked
from home earning millions of pounds? I think the answer is obvious.
Most professional traders are degree educated with very sharp intellect capable of transacting
millions of pounds a session. So what makes us think we can take a piece of this market with a £100
strategy bought off the web? Well, that’s where clever marketing comes into play but we are not
interested in these kind of schemes & instead, are seeking the opportunity to develop a lifelong skill
that is trading the financial markets.
Or I hope that most people are?.....
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Now, the methods that the pro’s use are based on very detailed analysis of markets, trends, news
etc & they make huge sums of money from it. The good news is that the methods used by them can
be integrated into these “trade from home” methods which we use.
There is one indicator that most if not all professional trader’s use & the markets react to this
indicator around 95% of the time, but more on that later.
Tip!
To see the enormous pressures placed upon individuals within the trading world, head over to youtube & search for a programme called “million dollar traders”. This was a 3 part programme which took a number of UK individuals & trained them for 2 weeks before letting them loose on the stock market. The viewing is fascinating to say the least!
Any decent method is made up of several components. Firstly, you need a signal to indicate that a
potential trade is looming, secondly, you need a confirmation signal that gives you the “green light”
to enter a trade & then lastly you need to have an exit strategy, whether this is pips earnt/ lost or
looking out for another indicator. Simple! (Not)
Over the next few sections you are going to be learning some of my profitable methods that I use
each day & demonstrate LIVE within my own trading room however…
…is it reasonable for you to expect exactly the same results as myself using exactly the same
method?
Pause for thought.
Yes?... No?... Maybe?
The truth is no & there are several reasons behind this. Don’t get me wrong here because in time
you should be seeking to replicate the kind of numbers that I do & in fact, some Piptastic members
have gone further however you need to be aware of a couple of significant factors;
I have used these methods extensively for a long time, therefore have been exposed to its
character & best times of trading.
I can trade all day & all night if need be. Can you?
Our psychological profiles may differ
Potentially I have more screentime than you thus are more “intune” with the market
This is just a very small segment of what difference you & I could have however the purpose of using
the methods of trading is to get you going on a steady journey that will allow you to develop
confidence as a trader & also to reach whatever goals you have set yourself.
Before we move onto the methods I just want to pause at this point to speak about the strategies I
mentioned earlier, namely those that get sent through the post regarding the latest “super method”
which can never lose.
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The Curse of the System Seller Ok, a little bit of fun now before the serious stuff.
If the systems are so good then why isn’t everyone using them?
If the systems are so good then why wouldn’t the author be prepared to host a live session?
Hindsight in trading is a wonderful thing
Do “system sellers” actually trade?
Any good system will show screenshots of accounts
Well, let’s take a look at these points;
If systems are so good then why isn’t everyone using them?
Systems/ strategies are exactly that. We all have them but the professional traders & the people, like
myself who have managed to trade for a living from home do so with a number of trading methods.
Notice here how I changed the terminology from systems / strategies to “Methods”.
Systems & strategies are based loosely on what we refer to as mechanical systems. This is something
that gives you precise entry & exit rules & tells you where to place stops & targets. For this method
to work, the strategy needs to have a higher win to loss ratio.
TRADING CAN NEVER BE 100% MECHANICAL
Remember those words & you will discover that you never need to spend huge amounts of money
on system sellers again.
If the systems are so good then why wouldn’t the author be prepared to host a live session?
Indeed. I think we know the answer. It is one thing to send out screenshots after the event but
emotions play a huge part in trading. Live sessions play a huge part in the support process.
Hindsight in trading is a wonderful thing
As above
Do “system sellers” actually trade?
I don’t know but my own personal feeling is that some do & some don’t. I’ve got a pretty good idea
of those that don’t.
Any good system will show screenshots of accounts
Interesting point this one. Let me start by asking you to email me your bank statements please.
What do you mean, no?... Oh I see, their private…
And so it is with trading accounts. I can speak with experience with this as my trading accounts are
my business & I personally trade with around 10-12 different methods at different times of the day
or night. My accounts would not reflect totally the method you will see in the next section & as such
you would query this. The other point is that if I am trading with over £50 per pip you may see that it
is ok to do the same – it is not! Remember I have several years of market knowledge going into my
trades.
But ok, so you still want to see accounts, well here you go, three separate mornings from the end of
December 2009.
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All mine & a total of £2788 for less than three mornings work.
Fantastic! Damon you are a trading lord! Or am I?......
Did you even stop to think that I may have placed the exact opposite trades on another trading
platform so by placing a trade both ways I could not lose?…
That said, I am pleased to say that the above trades were all witnessed in front of at least 25
people via our very own Live Room
Ok, fun over, now let’s start to take a look at the methods which are going to help you achieve your
goals. What I’m aiming to deliver over the next part of the book is several methods designed for
intra-day trading across a variety of timeframes. Please note that all the methods you see in this
manual are traded live in our live rooms plus are designed to enhance your trading skills leading up
to the last method on how to let your trades run for greater profit.
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Tip!
Intra-day?...What’s this all about?... You will often hear times of trading referred to by different names however the two key ones for our benefit are;
Intra-day – Trading during the day or evening often holding positions for short durations
Swing Trading – Longer term trading often holding trades for several days at a time
The other thing we need to be concerned with, is which market we wish to trade on. A lot of new
traders tend to focus on familiar names for example the FTSE100 however there are a number of
other markets that are perfectly tradable but remember that whichever market you trade on please
ensure it has a sufficiently low spread. For example, the GBPJPY (Sterling / Yen) is currently an 8pip
spread making it unlikely as an intraday market but more of a swing trade market.
Markets are split into various categories & the ones we are interested in are;
Stock Indices
Currencies (Forex)
Commodities
Stock Indices The markets you are likely to trade in this group are;
FTSE100
German DAX
Wall St (Dow Jones)
S&P500
Currencies (Forex) The markets you are likely to trade in this group are;
EURUSD
GBPUSD
EURJPY
USDCAD
Commodities The markets you are likely to trade in this group are;
Gold
Brent Oil
Nymex (US Light Crude)
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Please note that these lists are not exhaustive nor will you trade them all. In fact, if you are a new
trader then you should choose one market to study whilst learning before adding in other markets. I
would recommend picking the EURUSD as it is very active during our daylight hours resulting in good
movement. Alternatively, you might choose FTSE100 due to its slower nature.
Also, before looking at the following methods please note that they are all based on core skills that
once learned will serve you well as a trader no matter what the timeframe or trading situation. In
addition to this, all methods will provide you with consistent opportunities.
Method 1 – Mastering Support & Resistance
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If you are a new or inexperienced trader then what you will learn in this part will stay with you
throughout your trading career. If you have already been trading then you may be aware of support
& resistance but the key here is actually trading it.
With this method not only do you learn the great art of trading support & resistance but it can be
done on any timeframe which suits you. For this example I will be showing you how it is done on the
1min timeframe as this provides the most opportunities in the day.
For reference there are many types of support & resistance but for this method we are referring to
the type that is created by the price action itself. Anytime the market creates a fresh high or low
point in price action this represents a support or resistance area. In this example see how the market
has created multiple support areas each time the price has pulled back;
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And in this example see how the market has made fresh resistance areas at each turn;
Take time to look at these in detail on any chart as these are not market or timeframe specific & can
occur anywhere.
The next stage is to start joining these areas up. The most important factor here is that you must join
up support areas to support areas/ resistance to resistance areas & not support to resistance or
resistance to support. Let’s take a look at what I mean;
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In this example we can see the red line clearly joining up the lower support areas & in this next
example we can see the upper line joining up the areas of resistance;
The great thing about acknowledging support & resistance areas on your chart is that this is a skill
which will last you a lifetime in trading.
Now we need to observe what happens at these areas. There will be many different reasons as to
why a market chooses to reverse at a certain level however in its simplicity all we need to do is
identify the areas i.e support or resistance & then look for any breaks of these areas.
Note
You may have already started thinking that the market can bounce as well as break a support or resistance area & indeed this is another method of trading the markets however in this section we are looking specifically at the breaks. Breaks are easier to spot & can achieve easier trade setups than looking for bounces in the early stages of your trading career
Identifying a break of support or resistance
Essentially a break occurs anytime your support or resistance line is broken by a candle but we need
to have something more solid to use than this. Ideally you must wait for a candle to break & close
these areas before committing to a trade.
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1. Identify the support areas
2. Draw a support line in
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3. Wait for the market to break the support line – remember it must be a break & close.
Notice the arrowed break & close beneath the support line. This is a solid break of the support line
indicating a reversal in the market price activity.
To enter this trade you would go in at the lowest price of the candle that broke & closed beneath the
support line. This includes the wick.
Enter Sell
Trade here
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Now let’s look at an example of a resistance break;
1. Identify the resistance area
2. Draw a resistance line in
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3. Wait for the market to break the resistance line – remember, it must break the line & close
above it.
As before, notice the arrowed break & close above the resistance line. This is a solid break of the
resistance line indicating a reversal in the market price activity.
To enter this trade you would go in at the highest price of the candle that broke & closed above the
resistance line. This includes the wick.
Enter Buy Trade here
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In the above examples you can clearly see that the breaks of the support & resistance areas have
been broken & resulted in profitable trades. The next question that will emerge is exactly how much
profit to go for but also we need to introduce the importance of the stop.
Stops & how to effectively use them In the last part we saw how introducing a simple yet powerful trading method can make solid profits
in your trading however we also need to understand one very important component to your trading
which is the stop loss. We first saw this when looking at the trade tickets & make sure you never
underestimate your requirement to use a stop even when you are experienced & confident.
Stops are very important if not the most important part of a trader’s tool set. There are a few
different types of stop loss & a simple search engine check will reveal many different ways of placing
stops which can be confusing to any level of trader. The reason for this confusion tends to stem from
the fact that many trading publications are written from different angles. For example, one author
may have experience in trading individual shares which may have a different stop requirement.
Another may write from the angle of trading by using fundamental data or “trading the news” as it’s
commonly known. What is generally lacking with a lot of this information is the ideology behind the
stops & indeed how to use them effectively. In my early years of trading I used a stop loss placed
15pips behind a previous technical support or resistance level which proved successful however as
experience grows, my ability to place either smaller stops positions or wider depends on the setup
and/ or the profit target.
So who is right when it comes to stops?
Well, technically, they are all correct. Placing stops is a matter of personal choice & mainly depends
on your trading personality of which we are all different. Some prefer to be cautious, others very
confident. During this manual, I will guide you in what stops I personally use & what works for me
however these may not be cast in stone for you as a trader so please feel free to change to suit you.
Whatever your view on stops it is important to know that there is no wrong answer to this. If a
market is good & your method is strong, then your stops should not be taken out. The opposite is
also true, if the market is “choppy” or continually changing direction in a short space of time you will
not want to be involved anyhow so stops will give you the nudge you need.
Tip!
“Choppy” or continually changing direction market conditions are what we refer to as ranging markets. A market can only be trending or ranging & a ranging market is generally regarded as more difficult to trade in. They can be quite easily identified due to the sideways nature of the price action.
There are lots of different stop methods & the five most common ones are;
Percentage stop
Money stop
Technical stop
Buy stop
Sell stop
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I am going to discard the last two as these tend to be for more experience traders or traders using
“set & forget” methods. I will explain the first three which will give you a broader understanding of
stops.
Percentage Stop
Assuming you had a trading account of £10,000 then you would only want to risk 1% of your account
on any one trade. This form of stop is more common with those trading in individual shares or
traders with portfolios. For example, using the account of £10,000 then you would only want to risk
a loss of £100per trade. So, if you was to enter a trade with a stake of £2 then your stop would be
50pips behind your entry (£2 x 50= £100). In real life what typically happens here is that the trader
will have a guide of not risking more than 6% at any one time (not per trade) therefore they can
have 3 trades running with a risk of 2% on each trade. Once one position has the stop moved to a
position of breakeven thus removing the risk from the trade then this would release another trade
with a 2% risk.
Money Stop
Not too different to a percentage stop but is calculated on the amount of money you are prepared
to risk per trade. This can be implemented on our style of trading & will explain further in the money
management section. For example, if you had a starting account of £200 but only wanted to risk £20
per trade then you would place a £1 stake with a stop loss of 20pips.
Technical Stop
My personal favourite & a technical stop is one which is placed behind a certain level or previous
support/ resistance area. The great thing about technical stops is that these are often used by other
traders. However, occasionally this can also be a bad thing as the floor traders or institutes decide to
have a little fun at our expense & swing the markets around technical areas in an effort to trigger
stops before making the bigger moves themselves. This is very common around market opens like
the FTSE100 at 8am.
Technical stops are very common in trading & most of the methods we discuss in this manual will
use them.
Tip!
Check out the programme “US Closing Bell” on CNBC channel at 9pm GMT weekday evenings & you will often hear market commentators & traders referring to technical levels in the markets. Watching the markets in action can be a useful learning tool however make sure you know which channel deals with what – Bloomberg tends to deal with fundamental trading i.e news & sector driven, whereas CNBC tends to lean towards technical trading.
As a general rule, when I enter a trade I set a generic stop of 25pips on my trade ticket. The reason I
do this at the start is that I want to be focussing on my trade entry not trying to calculate where my
stop should be. Once the trade is active I will then go back to my chart & identify where my stop
should be & move it accordingly. What happens to a lot of traders is the reverse; they spend a lot of
time working out where the stop should be, miss the trade entry by a few pips or more, enter trade
©Piptastic 43
late & thus the stop is incorrect as it is several pips more than what it should be & then they focus on
the market, occasionally panicking when it goes against them for any length of time.
Allow me to make trading a little easier for you. Do not panic or get nervous when your trade is in
the red. Due to the spread, the very second you enter a trade you will be automatically in a position
of loss until your trade moves in your intended direction.
Profit Targets So, if using stops is one of the most important parts of a traders toolbox then profit targets is
probably the most sensitive. Throw this topic into any group of traders & the resulting conflict will
turn ugly & confrontational in less than a minute. Having trained hundreds of people to trade over
the last few years I know people who have generated full time incomes by;
Trading positions for thousands of pips a month
Targeting 50pips a week on a single high time frame
Aiming for 30pips a day across a number of trades
Aiming for 10pips a day in a single trade
Aiming for 12pips a day using multiple trades of 3pips each
Trading for 5pips a day
Most of the above traders still exist within the Piptastic community & some even trade within the
live room but how do they do it?
By using the power of leveraging we can take advantage of small market movements with high
stakes to generate a full time income but more on that in the money management section.
Just like stops, profit targets are very individual. Just because I can hold a trade for several hours
does not automatically mean you can do the same. Most of the time, I don’t want to hold a trade for
several hours because it is boring. So why all the fuss over profit targets? Many people even suggest
that a trade with less than 1:3 risk reward is pointless (meaning you are going for 3 x the profit than
your risk amount). In my opinion what has occurred is that trading books over the years have been
rewritten, passed on & some, stood the test of time & most of these in days gone by would be
correct in the assumption of going for larger profits however one thing has changed – the internet &
the increase in electronic trading. Basically in years gone by, it would take a while for a piece of news
to impact the markets however these days the impact is instant.
Tip!
To see instant news action affecting market price just watch either GBPUSD at 0930 GMT most weeks, Tuesday – Thursday or wait for the first Friday of each month & watch Wall St (Dow Jones) at 13:30pm. The UK tends to have a piece of economic news out at 09:30am most mornings especially mid-week & non-farm payroll comes out on the first Friday of each month. Both great examples of news instantly impacting the markets.
Ideally, you should make the goal of your trading to increase your confidence to aim for at least 1:1
positions however by moving your stop to break even you can leave trades to run for longer &
aiming for predetermined target areas.
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Let’s start by revisiting the previous trade setups;
In the above example there are two points of potential stop placement; the “swing high” or the
opposite end of the candle that has triggered the trade
1. Swing High – the highest point of
the market before the reversal
2. Or place stop at
opposite end of candle
that triggers the trade
Trade entry when market
price hits this level after
breaking candle closes
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And now for the profit target;
This move highlighted above was around 25pips so the risk was around 25pips & the target was
25pips. However, if you had used the candle entry i.e placing your stop at the opposite end of the
candle you would still have made a profit albeit a lower one but neither is wrong. Allow me to
explain;
If you had taken the first trade staking £1 per pip movement you would have made a profit overall of
£25. Awesome.
Robotrader rocks up trading the candle size for a measly 6pips. Just as you are rolling on the floor
with laughter at robotrader’s pathetic pip tally, you suddenly realise that he had staked £10 per pip
thus resulting in a £60 profit. You pick yourself up only to hear the immortal words of “you now have
20seconds to comply…”
2. Swing High – the highest point of the market before the reversal
Stop loss
1:1 Profit
Target
©Piptastic 46
Ok, hopefully you get my point here. Trading breaks of sloping support & resistance also works on
any timeframe. As for profit targets, you go for what suits you & don’t be pushed around by what
anyone else claims. I’ll discuss this in more detail later in both money management & trading
psychology sections.
Trading breaks of support & resistance made easier
Runtime 45min 58s
Huh?... they can be made easier?...
Yep. Now, let’s get one thing straight here, trading these breaks of support & resistance is not a
quick way to riches, although can be depending on your risk appetite however you will need some
screen time in order to start getting those lines right & moving with the market but there is
something we can throw into the mix to make life a little easier.
Moving Averages
Welcome to your new friends. Adding these onto your charts will allow you to read the market a
little better than not having them. Don’t forget where to locate the moving averages – in the studies
/indicators section of your chart. The moving averages you require are;
5 Exponential Moving Average
18 Exponential Moving Average
Now, please do not think I’ve made up these wonderful things. I didn’t & they have been around for
years. All we are doing here is using them to start tilting the odds of a successful trade into our
favour – an edge if you like.
Your chart should now look something like this;
©Piptastic 47
Notice how 2 lines now emerge on to the chart; the blue line being my 5EMA & the red line being my
18EMA.
To use these to our advantage we now must ensure that the 5EMA is above the 18EMA for buy
trades & vice versa i.e 5EMA below the 18EMA for sell trades. Anytime this isn’t true then you can
stay out of the trade until those conditions are met.
Looking at the above example you can clearly see that the 5EMA is above the 18EMA thus making a
buy trade.
Entry
Point
Entry
Point
©Piptastic 48
In the above example for a sell trade, again you can see the 5EMA is now under the 18EMA thus
providing a good sell signal.
Now if you are paying close attention to the screenshots above you may notice this in the bottom
area;
Failed trade? Well, yes, unfortunately they can happen however on this occasion it isn’t even a trade
setup..
Sure, the support line has been broken, the 5EMA has crossed the 18EMA however the candle that
broke the support line has not had price reach its lowest point.
Entry Price of lowest part of candle
not hit
©Piptastic 49
Tip!
Pay very close attention to what is occurring with the 5EMA. Notice how the candles tend to hug it most of the time? We can actually use this to our advantage especially when the price has pulled away from the 5EMA. This will generally signal a reversal of varying size. If the 5 has only just crossed the 18 then the pullback to the 5 is generally limited before resuming the trend however if the 5 had crossed the 18 sometime previously then the pullback may result in a trend reversal
So, by now you should be identifying support & resistance areas in your market, watching how the
market moves around the 5EMA & also looking at what profit targets you are going to be
comfortable with. This method is an excellent way to get involved in major or minor trend reversals
to make profit in the market. That is of course until this happens;
In the above example you would have had to wait over 2 hours before picking up a support &
resistance line break which isn’t that uncommon & please be assured that you will meet many
different trading conditions; slow moving, fast moving, even not moving very much at all! The key to
The time between these 2 arrows
is just over 2hours
©Piptastic 50
your trading success is being ready for any market condition. So in the above example where you
would be waiting patiently for another trade signal we can now start to utilise your next method.
Method 2: The Pullback In method 1 we looked at one of the foundational skills in trading namely trading the breaks of
support & resistance & in this next section, I’m going to show you how to trade the trend
continuation. That said, you can also get a trend continuation trade via method 1 like this;
That is fine, however using the next method you can actually get involved in a trade setup earlier.
The essence of a pullback is where the market has been trending in one direction before then
reversing. This is largely down to profit taking in the bigger picture however this isn’t really our
concern as technical traders as we are looking for the chart pattern to emerge thus giving us a trade
entry.
In the following screenshots pay very close attention to how the price reacts at certain areas.
Enter here
©Piptastic 51
Looking at the above three sections you can see how the market reacts once it reaches the 18EMA.
This is because moving averages also feature as a form of support or resistance.
So, using this information we can now enter trades where the market price has retreated to the
18EMA, found support & then resumed its trend by closing back over the 5EMA in the direction of
the trend.
Let’s take a closer look at the screenshot above to explain further;
1.
1
2
3
Buy Entry when price hits high of
closed candle above 5EMA
Stop placed here
©Piptastic 52
2.
3.
This happens across the markets every day & ideally you should set aside some time to see how the
markets react around the moving averages.
Tip!
Learn to be active in your trading rather than a passive bystander. Too many home traders simply setup a trade and then sit & wait for its conclusion either way. By participating in your trade i.e place the trade, check or move your stop, locate your target, be continually asking questions like where is the nearest support or resistance etc.. is going to make you a better trader in a shorter space of time
There is an important factor to these style of trades & that is the 5EMA must have crossed over the
18EMA in the direction of the trend. For example, the 5 must have crossed over & be above the 18
for a buy trade & for a sell trade, the 5EMA must have crossed & be below the 18EMA.
Before we go onto the next pullback method we will take a look at one more example. This time it is
a predominately downward moving day so you will be able to see the pullbacks as they are heading
in a sell direction.
With regard to stops & targets, as per the previous method it is entirely up to you however initially I
would suggest either taking 5pips per trade which is a proven profit generator or aiming for 1:1 risk
reward i.e if your stop is 10pips, then your target is also 10pips. Personally I place my stop at the low
Buy Entry when price hits high of
closed candle above 5EMA
Stop placed here
Sell Entry when price hits low of closed
candle below 5EMA
Stop placed here
©Piptastic 53
2
3
1
2
3
1
of the candle that is touching the 18EMA thus keeping the stop nice & tight. Don’t worry at this
stage about aiming for bigger profits as this will be explained in method 3.
So far we have seen two separate methods that I have been using over the last few years to make
profits in the markets. By mastering breaks of support or resistance and the pullbacks to the 18ema
which then proceed to close over the 5ema are proven setups which when traded with discipline will
support you well in trading. Before we move onto method 4 where the potential big moves are we
must learn about one more style of pullback.
Method 3: Easy as 123 This method is one which I suspect has been around since the dawn of time but probably not too
many home traders actually use it. When used properly, trading 123’s is very effective indeed. But
what exactly is a 123?
123’s can have varying numbers of candle making up its formation but the basics of the formation
always remain the same;
Sell Trade
123’s can be used on any timeframe & actually can get
Buy Trades
©Piptastic 54
stronger the higher the timeframe however like the previous examples we will be focussing on the
5min timeframe. The reason for this is that we are building up to method 4 which will allow you to
take on higher profit trades or as the famous saying in trading goes;” letting your profits run”
Back to 123’s. In theory they look pretty easy, market is trending, experiences a pullback & we enter
on the trend resumption. However, the key to successful 123 trading is learning to spot them.
Let’s look at a screenshot;
Looking at the screenshot itself you should be able to spot several things;
1. In the downward trend coming in from the left notice how the market pulls back in the form
of a green candle before resuming the trend
2. In the reverse trend moving upwards, take notice of the market pulling back in the form of
red candles. These pullbacks are known as retracements
3. In both examples, please note the moving averages are also in the correct order i.e the 5ema
is below the 18ema when trending downwards & the 5ema is above the 18ema when
trending upwards. This is important
Basically, what you are spotting above is a 123 setup. The key to successfully trading them is down
to making sure the market is trending via the moving averages & then waiting for a retracement.
This will then give you the all important entry point & stop loss level.
Let’s take a closer look at one of those setups;
©Piptastic 55
Entry is when price
goes past this point
after the
retracement
Stop is placed at
lowest point of the
retracement
Enter trade here
Stop placed here
©Piptastic 56
In the previous two screenshots you will notice that the retracement took place over about 9
candles whereas the following 123 a little further up the trend only had about 3 candles. As you
become more confident trading 123’s you will find that a single opposite coloured candle can act as
a retracement thus prompting a 123 move like this following example;
Like before, you should be able to start seeing several more 123 moves in this downward trend with
one before the highlighted example & one after.
The next area to look at is how many pips should you target & like before, you can have a number of
different objectives here. Ideally, you want to be targeting 1:1 risk reward. This means that if your
risk i.e the amount of stop you have is 15pips, then your target is also 15pips. Most people will take
less than this when new to trading which is a confidence matter & one we will look at in a later
section.
So far in this section we have looked at three separate methods, all of which can generate a full time
income on their own. I have personally used these for a long time in my trading & we also have full
time home traders within Piptastic that have also achieved this.
Let’s think about trading in a driving at night sense; your trade is your car which would make the
moving averages your tiny lights placed inside the road surface & the methods are the white lines
keeping you on the right side of the road.
What if we could light up the road for you as well?
Enter trade here
Stop placed here
©Piptastic 57
Section Four
The 24/5 Piptastic! Trading System So we have now looked at the basics of setting up your trading account, how to set up your charts,
three separate & proven methods for generating a profit in the market. What we are about to look
at is another proven method which actually gels all of the previous methods together for higher
potential profits.
The reason I often refer to trading methods is because what follows is nothing new or fancy, nor is it
some miraculous trading strategy that I dreamed up to make my millions, but what it does do is earn
me around 600- 800 pips consistently each & every month. In addition to this, it has helped quite a
few people pursue trading as a full time venture rather than watching from the sidelines.
What follows is my CORE trading method which I follow each day on a number of markets. By doing
this, I’m actually “piggy backing” the market into telling me what is going on & which direction it is
likely to take. There are occasional losses; however I cannot recall the last losing day that I had.
Let me make one thing absolutely clear at this point. Just because I can generate a return of several
hundred pips a month via this method does not automatically gift you the same. Having coached lots
of people in trading we all have different approaches to trading & as such our generated pip levels
will differ given any number of different factors. For example, I can trade all day & all night should I
choose to. Fortunately I don’t & tend to keep my trading times to morning & evenings. You as a
trader may have different commitments with the obvious ones being;
Working during the day
Working shift patterns
Less confidence
More confidence
Unsupportive partner
Lack of space to trade
Family commitments
I could go on but I’m sure you get the picture. Essentially what I’m going to show you here is that
aiming for a predetermined amount each session you trade & building from that. My mantra at
Piptastic has always been that 10pips a day is all you need to generate a full time income. Please
note that whilst I often refer to trading generating a full time income this can also apply to whatever
your goals & aims are whether it is to generate a full time income to leave your job, or
supplementing a pension to even just saving for a family holiday. Again, we are all different but
anytime I refer to achieving a full time income just note it is a generalisation to cover all aims.
Now before we head into the world of Piptastic trading I’d just like to pause & quickly show you how
10pips a day can generate a healthy income over time. What we use here is the power of
compounding & I will go over this in a later section but for now a quick wetting of the appetite.
Remember there is no need to be greedy in trading because if you are then you will ultimately end
up giving back what you have taken.
©Piptastic 58
By using the spreadsheet that you received with this manual you can have a little play to see what is
achievable when you compound upwards with your stake sizes. I’ll also talk you through this in the
video.
Hypothetically, this is what generating 10pips a day looks like in real money;
Doesn’t seem much does it however fast forward to the three month point;
Notice how the compounding effect really moves your stake size & profits forward. Now this of
course is fantastic on paper but how realistic is it?
©Piptastic 59
Well, it can be done & yes the platforms will allow you to stake that much however different
pressures kick in at certain points namely psychology. We will deal with this in a future section.
Also, the above screenshots assume you are consistently generating 10pips a day, every day. This,
again, is achievable however does require a degree of work & effort on your part so please do not
think this will come easy. It is easy once you have cracked it but the run up is somewhat different.
However, we can make the run up a lot easier or, using the previous analogy, we can switch on the
road lights.
Cut your losses & let your profits run Possibly the most overused & least understood phrase in trading. Let’s pause for a second &
establish what is needed for a successful trade setup;
A logical entry point (Enter Trade)
Watch out for potential reversal areas
A logical target (Exit Trade)
All sounds simple enough? Ok, take a look at the following chart & looking at the bottom right
corner you can clearly see the market heading downwards, almost worthy of a sell trade, right?
Market is heading downwards & seems to be an obvious candidate for a quick & easy sell trade. But
what if you could do one simple thing in the morning to give you almost predictive insight into
where the market is likely to be heading?
Let’s look at what happened next;
©Piptastic 60
The market hits some random line at the bottom & then reverses. Welcome to the world of pivot
points.
Pivot Points
Runtime 18min 8s
If you are unfamiliar with pivot points don’t worry, they are really simple to calculate & then plot
onto your charts. Basically, pivot points are the lines of major support & resistance that the market
reacts to 95% of the time.
Notice I say “reacts to” here. This means that pivot areas can be either support or resistance or to
put more simply, the price action will either break a pivot or bounce it.
The great thing about pivot levels is that they are considered to be “predictive” indicators & because
most traders use them, the market generally conforms, which is great news for us. There are very
few predictive indicators available to traders so we tend to make the best use of them.
©Piptastic 61
Here’s what Investopedia, the online trading dictionary has to say about pivot points;
“A set of indicators developed by floor traders in the commodities markets to determine potential
turning points, also known as "pivots". Forex pivot points are calculated to determine levels in which
the sentiment of the market could change from "bullish" to "bearish." Currency traders see pivot
points as markers of support and resistance. Because pivot points are thought to work well in very
liquid markets, the spot forex market may be the perfect place to use them. Day traders use the
calculated pivot points to determine levels of entry, stops and profit taking by trying to determine
where the majority of other traders may be doing the same.”
Calculating Pivot Points
What I’m going to show you now is how you can calculate pivot points for each market very quickly
each morning. There are a number of methods you can use including;
• Utilising website data (required in all circumstances)
• Using an online pivot calculator
• Using the pivot calculator on your disc
Most importantly, all of these resources are free & you do not need to pay for a premium service in
order to extract the initial data.
Before we start there are a couple of things you need to be aware of. Some people may be aware
that some platforms have a feature called “Advanced Charts”. These charts come with pivot levels
automatically calculated which may seem to be a blessing however be warned. These pivot levels
are calculated from midnight to midnight & are not accurate for the stock indicies. The other reason
is that for Forex markets they are also inaccurate on a Monday as they will give data from a Sunday
evening. Personally, I prefer to calculate them myself, that way I know they are correct to my
calculations not theirs.
The other benefit doing this routine every morning is that it prepares you mentally for the markets &
gives you that additional time to mentally prepare.
Using an online pivot calculator
In order to calculate them you will generally need two sources;
Yahoo market data (for stock indicies)
Your trading charts (for all other markets)
So, the first website you need to visit is;
http://uk.finance.yahoo.com/q/hp?s=%5EFTSE
This gives you the FTSE100 historical data you require. Ensure you bookmark this site as you will be a
frequent visitor.
©Piptastic 62
This data is the actual data from the markets using the 8am open to the 16:30 (4.30pm) close. You
may notice that your platform continues to show the market moves after this time but this is done
via an underlying market which is driving that price.
The other pages you may wish to bookmark are;
Dax 30 (German Stock Market) http://uk.finance.yahoo.com/q/hp?s=%5EGDAXI
S&P500 (US Stock Market) http://uk.finance.yahoo.com/q/hp?s=%5EGSPC
Wall Street Daily http://uk.finance.yahoo.com/q/hp?s=%5EDJI
If you wish to trade another stock market then please refer to the disc where I can demonstrate how
to locate the other markets.
Please note there is another method for calculating Forex pairings which cannot be done via the
Yahoo site. I will show you this method shortly.
By now you should be at the Yahoo website for the FTSE100 data & your page should look similar to
this;
So now we require the previous days market data. Today is Wednesday 6th January 2010 so
therefore we require the data from Tuesday 5th January 2010 as per the following screenshot;
©Piptastic 63
Ok, easy stuff, now we need to calculate these levels.
So, now we need to locate another website which you can do by either opening up another webpage
or by simply using the adjacent tab on your browser.
The next website you require is www.pivotpointcalculator.com which will then calculate these points
for us. Please note that this website has nothing to do with Piptastic nor is linked with it in anyway. I
mention this as sometimes the site is loaded with adverts for trading systems. We only want to use
the site for our benefit.
You should now see something that resembles this;
©Piptastic 64
This has all the settings as we need them so please be aware that if you have a play around with
them, the site does not automatically reset itself. And yes, I have fallen foul of this myself!
Now we need to “copy & paste” the data from the yahoo site into the Pivot calculator & then you
should end up with something like this;
©Piptastic 65
You then need to press the “Calculate” button & this will produce 17 sets of figures for you like this;
The next stage is to open your chart via your chosen platform & input these levels. It is worth noting
that you will not be able to input all of these figures onto your chart as I will explain & demonstrate
in the section video.
The good news is that you don’t generally have to do the above mentioned method of obtaining &
calculating pivots however, it is worth knowing in case any of your next methods stop working thus
serving as a useful contingency
The second method you have of calculating the pivot levels is simply using an MS Excel spreadsheet
like the one enclosed on your disc. Firstly, locate the calculator under the “Resources” folder & you
will see a file aptly named “Pivot Point Calculator”. Again, I will guide you through using this on the
section video.
This also allows you to save the file each day plus print it off for easy reference.
©Piptastic 66
Then, as before with the pivot calculator, type (not copy & paste) the previous day’s data into the
relevant fields. The spreadsheet will automatically calculate as you type each set in.
Obviously I have only done the FTSE100 above & if you watch the full video you will see each set of
figures being inputted.
Please see the section video for a walkthrough of all the methods of calculating pivots however
please remember that this only applies to stock indicies.
Tip!
It is always wise to keep either a paper or electronic copy of your pivot calculations for that day. This will help you when back testing & looking at older charts.
Obtaining Data for 24 hour Markets
Markets that run overnight & are generally considered “24hr” pose a bit of a challenge as there is no
specific close of market to gauge our prices from. In order to extract the relevant information we
must head into the charts to get our data. Also, it is worth bearing in mind that this area is subject to
various interpretations if you submit a search across the internet. Some traders will plot pivot levels
using 9pm EST as the “Close” whereas others will use midnight being the actual close of that day.
Example of 24 hour markets are;
• Forex Markets – EURUSD, GBPUSD, EURJPY etc…
• Metals – Gold, Silver etc…
• Energies – Crude Oil, Heating Oil etc…
©Piptastic 67
You will be pleased to know I like simple & as such use midnight GMT as the close. I have used this
successfully for a long time & all my trades/ results are driven by this. So this is how you do it;
Open up your trading platform;
In this example I have used the EURUSD & after clicking the button as per the illustration above you
should see your chosen chart.
Don’t worry about which setup is on your chart as the following steps are generic.
©Piptastic 68
Identifying the top box illustrated just simply click on the Period tab which will reveal a drop down
box like this;
Your chart should now be on the daily timeframe like this. As before, if you are experiencing any
different results please refer to the section video.
What I now do is hover my cursor over the previous day & this will give me all the information I
require. Please note, if you are using ETX Capital charts you will need the Options > Data Tips
selected.
Then select the “Day” option
©Piptastic 69
The white pop up box you see on your screen should resemble something like this;
In order to calculate our pivots for these markets we require the open, high, low & close prices.
This information can then either be inputted into the online Pivot calculator or onto the
spreadsheet. Please see the video tutorial for the same procedure conducted for other markets like
Gold. Once you have done this a couple of times you should be able to do the whole process in
minutes & I find this gives me time to adjust & interpret what the markets have been up to before
heading into the trades.
Important Notes
• This procedure of using the charts for the data does not work for the Stock Indices or any
other market that has a specific close time.
• Anything with a specific daily close time can be found via the Yahoo Finance page as shown
on the video.
• I acknowledge that you may find different sources of pivot data for any of these markets
however this is the method that I have successfully used for a number of years.
©Piptastic 70
Tip!
For 24 hour markets please note that on a Monday there is data available from the Sunday evening. Please do not use this data but instead refer back to the previous Friday which was the last full day of trading. The data you see on a Sunday is derived from the Asian session & is only captured between 9pm & midnight.
Plotting the Pivot Levels onto the charts
Depending on which method you have used you should now have either a web page with the data
on or a complete spreadsheet.
Now we have the simple task of plotting these onto the relevant markets
Now we just need to open up our chosen platform & then plot those levels onto them. Before you
start please be aware that you are unlikely to get all 17 levels on the chart. In fact, most days you will
be lucky to get around 5 levels to start with but make sure you keep a copy of your levels to hand so
that you can add them in as your trading session moves with time.
In order to plot my pivots I drop my timeframe to 15min. The reason for this is that if I move down
to the 5min timeframe my levels will still be there however using the 15min will allow me to plot
more levels on.
So again using the Period selection we can select the 15min timeframe;
We then need to select a straight line tool from our drawing toolbar as identified in the next
screenshot;
©Piptastic 71
You will now need to select the straight line tool as
indicated. This now gives you the ability to draw
straight lines on your chart wherever you want.
©Piptastic 72
With this button now selected we can go about placing the lines onto our chart. To do this, simply
locate the appropriate level by hovering your cursor along the chart & once at the relevant level just
left click to place the level onto the chart. To find the appropriate level just check the right hand side
scale.
I always start with the Main Pivot level as the first line placed to see where the market has opened in
relation to this.
You should now have a chart that looks similar to this;
Don’t forget to return your straight line tool to a cursor otherwise you will start putting in lines
everywhere.
Now, all that’s left is to drop down a timeframe to 5minute chart;
©Piptastic 73
The first thing worth mentioning here is that I have just plotted these levels onto a chart where the
market has already been in action. There are several good reasons for this namely that I want you to
see how to place the levels on plus & possibly more importantly, that you see how the market has
reacted at these levels;
Notice how the market has reacted around these points?
In the section video I will show you plotting pivots before the market opens & then at the end of the
day to see the reaction once again.
Quick Summary
So by now we should be able to do the following;
Open Charts
Save certain parameters within the charts
Open pre saved charts
Obtain pivot data
Calculate pivot data
Load pivot data onto charts
If you are unsure of any of these points please refer to the video tutorial which demonstrates this in
real time.
Although the illustrations look lengthy, once you have done this several times the whole process
takes around 5 – 10minutes.
So, let’s take a look how it is traded.
Main Pivot
1st Midpoint
R1
1st Midpoint
S1
©Piptastic 74
Trading the Piptastic 24/5 Method
As it implies, this method can be traded 24 hours a day, 5 days per week however not everyone will
want to do that & I do not recommend that you do. This method of trading is split into three core
time zones & this is important depending on what time of day or night you are trading or which part
of the world you are in. For this manual we are focussing on the daytime markets.
In order to establish which markets to focus on, you need to have an understanding of which
markets are open & also a consideration for the spread. So, the easy ones are Forex pairs which
allow trading 24hours a day however certain times of the day are busier than others. This is due to
the financial centres overlapping like this;
You need to check with your Spread bet platform on specific times but most will allow trading on the
FTSE100 between 8am & 4.30pm. Some platforms will allow you to trade after this until 9pm but
please check your platform.
The German DAX can be traded from 7am but as before check with you platform when the spreads
change for instance, prior to 8am & after 9pm on IG Index the market spread is 6pips as opposed to
2pips during normal hours.
All methods use the same trading setup which for confirmation is as follows;
5 Minute Candlestick Chart
Pivot Lines plotted onto chart
5 Exponential Moving Average (set to close)
18 Exponential Moving Average (set to close)
An important tip to note is if you are a early morning trader i.e before 7am then please don’t expect
too much market movement & adjust your targets lower or set limit orders for the pivot.
In summary the best markets to trade in the morning are;
EURUSD
FTSE100
Dax30
GBPUSD (not for inexperienced traders)
And in the afternoon are;
EURUSD
Wall St (Dow Jones)
FTSE100
©Piptastic 75
Remembering back to the previous methods already mentioned, in order to trade pivot to pivot we
are looking for any of the following;
Pullback to the 18EMA
123 setup
In addition to these you can also use your 5EMA to gauge an entry which I will illustrate on the chart.
In this first set of examples I am using the pullback to the 18 as my entry. When you are trading to
the pivot then you are no longer taking just 5-10pips but targeting the pivot like this;
The trade above was a risk of 10pips with a target of 19pips. Almost 1:2 risk reward which is good.
However, if you are only comfortable taking 5-10pips from the trade then this is fine.
If you are new or an inexperienced trader then I would suggest just trading one market to begin with
as this will require a degree of concentration in the early stages as you get used to trading this way.
Of course, we don’t know which is going to present itself first so we must be ready for either a 123
setup or a pullback to the 18ema setup at any time.
In the next screenshot you will see an example of a 123 setup. At this point I could easily carry on
showing you screenshot after screenshot of the different setups however instead I would prefer to
talk you through the setups so they are much easier to grasp & understand so please ensure you
watch the video now.
Stop placed here
Enter trade here
Target here
©Piptastic 76
This is the example of a 123 setup;
This trade would have netted you 7pips in total with a risk of 8pips so almost 1:1 risk reward, not
totally ideal but very realistic in terms of trading. Unless of course you spotted the pullback to the
18ema a few minutes earlier in which case you would have picked up 16pips with a risk of 7.
We have now reached the point where I must intervene using video as this is the most important
part of your trading development & therefore need to better explain the setups. This is preferable
to hitting you with endless screenshots plus I need to show you this kind of trade setup in a live
market condition. I also want to guide you through the important point of stops, where to place
them & how to move them. This is very important & is better explained in video format.
Please switch to the video on your disc titled as follows;
1. Trading Pivot Points Introduction – Runtime 20min 20s
2. Trading Pivot Points Pt1 – Runtime 18min 28s
3. Trading Pivot Points Pt2 7am to 8am – Runtime 33min 09s
4. Trading Pivot Points Pt2 8am to 0930am – Runtime 41min
5. Trading Pivot Points Pt2 0930am to lunch – Runtime 1hr 27min 26s
Please note that these videos contain actual live trades to emphasise your learning points.
Target here
Enter trade here
Stop placed here
©Piptastic 77
Section Five
Money Management
Runtime 18min 20s
Welcome to one of the most hotly contested areas of trading. In this section I’m aiming to give you
advice based upon my experience & not just what apparently works in an ideal world. When we hear
about money management, we tend to hear about percentages of accounts, staking too much,
compounding accounts etc but is the reality any different?
For starters any book you read with regard to this area is likely to be written from a professional
traders viewpoint i.e buying & holding shares in companies or from an US traders point of view.
Nothing wrong in either of these approaches however one thing seems to escape most home based
traders which is the fact that we are spread betting the markets not buying & holding shares or
developing portfolios. Sure, you can do this however this book is aimed at short term trading
designed for wealth building.
If you are looking in this section for lots of detailed percentages or details on fixed fractional ratios
for risk per trade then I’m afraid this isn’t for you. You can make money management either very
complicated or very simple. I know which I prefer however linking all areas of trading including
money management is a little subject called discipline.
The challenge with discipline is that in my opinion it cannot be taught but can be learned. The next
challenge is saying to yourself & nodding, when asking yourself if you can be disciplined, however in
practise very few can adhere to it & there lies the main reason why so many do not succeed in
achieving their goals in trading.
So how do we make this as simple as possible?
Well, the practise of money management as suggested earlier can be quite simple. Think of trading
in this way – survival & prosperity, or more specifically survival then prosperity.
Most home based traders tend to get this the wrong way round & come into trading dreaming of
fast riches & wealth when in fact this takes a little bit of time (& discipline!).
Survival Your first aim in trading is survival. Not survival in life of course but financial survival. Without
cashflow in your trading account you are effectively out of the game. So the key question any new
home trader should be asking at this point is how do I survive in trading?
The first part I always recommend is the use of a demo account. The reason for this is simple in that
it is unreasonable for you to finish reading this manual & head straight into the markets to make
bucket loads of cash. Yes, it can be done however you will not have learnt any of the hard knocks in
trading & unless super disciplined you are likely to succumb to various factors like greed & over
trading. This is only natural & must be experienced in order to appreciate how it affects your trading.
©Piptastic 78
Many traders believe that the use of a demo account is pointless however I personally believe that if
more home traders actually invested time in developing their trading skills on a demo account then
we would probably see more successful traders. The main complaint with demo accounts is that
they don’t replicate real trading. Specifically, the only part they do not replicate is the emotional side
of trading however if you recall, at this stage we are only interested in survival not prosperity. The
emotional aspects of trading tend to dwell on the prosperity side.
My recommendation before putting a single penny on the line would be to gain at least six weeks of
consistent daily gains or to the point, you should be gaining at least 10pips a day for six weeks. If you
choose to short cut the system then you are likely to lose money as you will not be ready.
When you are ready to trade with real money then it should be with money that you can afford to
lose. Once that money is deposited in your trading account consider it gone.
Remembering that this first phase is about trading survival & you now must have a plan of how
much you stake or risk per trade. You are likely to hear many different versions but I like simple so
would suggest dividing your capital up by 20days. By doing this you now have a daily amount you
can lose before stopping for that day. For example;
Starting bank of £500
Divided by 20 = £25
Therefore you have £25 which you can lose each day for 20days before your capital is gone. The
reason I chose 20days is that it is highly unlikely you will have 20 losing days in a row plus this will
give you a certain amount of loss you can tolerate before stopping live trading for that day.
Now we need to turn this hypothetical daily £25 into pips which you can afford to be down per day.
If the average platform will allow you to trade Forex, in particular the EURUSD at 50p per pip then
effectively you have 50pips at your disposal to lose per day(£25 divided by 50p). This will give you on
average about 5 losing trades in a row before you finish & if you find yourself hitting 5losing trades
in a row for multiple days then I would guess that you missed the demo account part earlier. If you
go through the demo account section with discipline & sticking at it until you are getting consistent
results then having 5losing trades in a row is not impossible but unlikely.
The other thing to consider is that after losing their initial trading pot most people will simply give up
& declare that trading is a waste of time & no one ever wins. Remember what I said earlier in the
book, that the route to full time trading is on average 2years so you must prepare for the long haul.
Time spent in the survival phase is time well spent on developing your foundations for success
without losing too much in financial terms.
Prosperity So by now you have spent your time in the survival phase, are now generating consistent results &
are seeking to start moving forward in your wealth development plans. This is where you will start to
hear about compounding. In theory, compounding is brilliantly simple however in practice requires a
lot of discipline & is much more difficult to implement. Here is an example of how compounding
works;
©Piptastic 79
Looking at the chart above you can see how quickly you can compound an account upwards. In this
example this shows two months of compounding if you gained 10pips per day using a simple 0.5%
stake size of your trading pot. At this point it would be very wrong of me to suggest you do the same
& that there is no other way of doing this however your trading personality may be different to mine
©Piptastic 80
& either more conservative or more aggressive. If this is the case then using 0.5% of your account
per stake as a gauge will tend to point towards either 0.3%(conservative) or 0.75% - 1% (aggressive).
The accompanying spreadsheet can be adapted to suit & will give you an idea of how much
compounding can be done.
The next big question is exactly how far can you compound upwards & will the platforms let you do
it? Most platforms will have a ceiling limit however don’t be worried about this as it will tend to be
much higher than you are likely to trade at & you will need the required margin in your account to
do this. The other factor is that of psychology which we will look at in the next section. If you are a
“normal” person like me, then trading at above £100 is fairly special. Imagine bringing in £5000per
week or £20,000per month & when you trade at this level you will understand that it is a great way
to develop wealth on a steady basis.
To summarise, remember that money management is very much an individual thing but above all
think survival then prosperity. This section won’t win me any awards from the analysts however it is
simple & more importantly it works!
©Piptastic 81
Section Six
Trading Psychology
Audio Runtime 25min 27s
In this book we have covered many of the different angles in order for you to achieve success in
trading however this last section is the single most important factor between success & failure in
trading. You are likely to hear that trading is 80% mindset & 20% method, however I would suggest
that the percentages are probably closer to 90% mindset & 10% method. The stats are unimportant
but what is important is that you realise that psychology within trading is critical to your success &
would suggest that if you ignore this then you may as well stop trading now.
A pretty strong statement to make at the closing end of a book that detail easy ways to earn money
from the markets. However, having trained hundreds of people in trading I can inform you with
clarity that people fail in trading due to lack of focus on psychology or more specifically they focus
on method 90% of the time rather than psychology.
At some stage we have all thought the same thing about trading; easy money, easy lifestyle, no
pressures, no debts & the list goes on however since being a full time home trader I have “worked”
harder doing this than anytime in my actual employed career. The reason is fairly simple. If I am
generating a decent wealth from trading then I want to ensure that I stay focussed in order to
continue generating those returns.
The main challenge with psychology within trading is that not many home traders know where to
start or indeed what it even is so I’ll break this down into small sections which hopefully will give you
an introduction to the world of trading psychology.
Discipline Notice how this word keeps cropping up in this book & for good reason. Discipline is the bed rock
foundation of everything you will generate in trading & most inconsistencies can be traced back to
this area. If you are an ill disciplined person then all is not lost as you can train yourself to be
disciplined. Discipline starts from the moment you awake in the morning & establish a routine.
Anyone who has got out of bed, went straight to the PC & traded until noon before realising you
hadn’t eaten breakfast or brushed your teeth will know exactly what Im talking about. Just because
we earn our money sat at home doesn’t mean to say we have no routine as it is very important to
have a routine. Let’s look at my average morning routine;
07:45 – Get up
07:45 – 08:15 Eat breakfast with family & get kids ready for school
08:15 – 08:30 Shower & start thinking of day ahead
08:30 Into the mancave to start reading up on emails & news.
©Piptastic 82
08:55 Start plotting pivot levels onto charts & placing in support/ resistance levels
09:00 – 11:15 Trading
This routine is pretty standard each weekday morning & shows how I’m pretty stuck into a routine.
This is good with me as it ensures I am in the right frame of mind when I get to the charts to
commence trading. Obviously each person’s routine is going to be different but you should start
thinking about your routine
Discipline also works in other areas of your trading for example;
Developing a trading plan & sticking with it
Avoid over trading or staking more than you should
Avoid entering trades just because you felt like it
Persistence in maintaining your trading method when it isn’t generating the results you want
Maintain the ability to keep coming back to the charts every day regardless of the previous
days results
Persistence
In reality, persistence is just a sub category of discipline however we have a genetic problem with
persistence as most humans are not programmed to persist in anything. Think of a time when you
abandoned a project or task because it appeared too tough & I’m sure you are not alone as we have
all done it at one point. I’ve been working & reading in self-development since the early nineties yet
when writing my previous book “Trading Psychology for Home Traders” I found myself not persisting
with a piece of software I was using because the learning curve was too sharp. The point being, is
that it affects us all. When it comes to trading, persistence tends to take a different form namely
after a losing day & you blame everything but yourself. The usual cycle is that someone purchases a
“holy grail” trading manual, trades the system & has initial success. After a few days or weeks they
stop winning & start taking on more losses. Instead of stopping & trying to locate the issue, they
simply discard that method & purchase the next “holy grail” manual.
The great news is that all the methods in this book not only work but can be seen live in our live
trading room each & every week however I can reveal one key element that separates those that
make it to being a full time home trader.
Firstly, they trade the methods as outlined, making profit, making errors & seeing how it works.
After a while & once understanding of the method has developed, they make a slight tweak to it to
suit their trading personality. This can be a simple process like lowering or raising the timeframe
right through to adding in another indicator however above all, they have persisted with the core
method & effectively have made it their own by tweaking it.
Accepting Losses We all experience losses during our trading sessions so the ability to accept this will mark a turning
point in your trading career. Many home traders never reach the point where they can fully accept a
loss however by turning the viewpoint around you may be able to see the logic in accepting a loss.
Another way to view a loss is that you have just paid for an education so take the feedback & use it.
For example, lets say you take a loss & the first questions you should be asking are;
©Piptastic 83
Was it the method that failed?
Was it the market?
Was it me?
By analysing the loss you can develop a deeper understanding of any method in order to make small
tweaks for future gains. Every method that I use has been developed by asking these three key
questions & once I have taken a screenshot of the event, I then analyse & see what further
opportunities can be developed moving forward. Most traders simply take the loss, get frustrated &
then carry on without actually stopping & extracting all the valuable feedback you have just paid for.
If you do this, then over time you will reduce your losses down to a minimum.
Avoid Overtrading Too many home traders feel that they should be at the screens ready to trade 24/5 & I’m sure in the
early days this is a fairly natural reaction. Trading is a very immersive & potentially addictive career
however there are ways in which you can still develop as a trader being away from the screens.
The big challenge here is that it is a bit like “rock & hard place” syndrome. You have to immerse
yourself in charts & trading in order to get screentime & experience and yet, the potential for
information overload is great.
Make sure you schedule your day & week for your trading. Never aim to do more than two trading
sessions per day. Trading sessions can be split into various times;
Session 1 – 0700 – 0900
Session 2 - 0900 – 11:30
Session 3 – 13:30 – 4pm
Session 4 – 18:45 – 9pm
Session 5 – 11:30pm – 3am (not recommended unless you are a night owl)
By picking just two sessions per day you are keeping yourself fresh for each day. Also, you must
schedule time for trading education which is not during the same time as your trading time. Get into
good habits early.
It is also worth noting that the markets will still be there each weekday. Some traders get into the
notion that they must trade that day however understanding that the markets exist each working
day & continue to do so.
Set Goals Setting goals is important not just for trading but in your life as well. Some people know about goal
setting but very few put it into practice. But why not? Perhaps they are fearful of potential ridicule
or being laughed at by loved ones or friends. This is where the art of personal & public goals comes
into play however before any of that you need to grab a piece of paper & just write everything down
into it that you wish to achieve no matter how silly it may seem. Allow me to give you one of my
examples. I have a book titled “Awaken the Giant Within” by Anthony Robbins which ive had since
about 1993 & during that year I wrote my goals in it. Some of these goals include;
©Piptastic 84
To earn £1m per year
To retire within 3years
To be financially independent
To pay off all debts
Now this was just a very small selection & at the time of writing these I was just leaving the Army &
actually lived in the basement cellar of my future mother in laws house.
So did I reach those goals?
Well, I’ve never earnt £1m per year & these days have no desire to however I do very well from my
trading & enough to have effectively “retired” & to have become financially independent for the rest
of my life. Both of which incidentally didn’t occur within 3years from the time of writing but more
closer to 15years.
Now the point here is not for you to think “wow, isn’t Damon great doing all these things” in a
sarcastic manner but more to illustrate that the seed was planted a long time ago & goal setting
does work. Many that have attended my weekend course have seen my goal scrapbook which I keep
& take cuttings of my goals in it. It’s a lot of fun & I choose to not be affected by anyone laughing at
it after all I’m only here on earth for one visit so I plan on making the best time of it!
Take time today to start writing & committing to your goals.
Next step is establishing what your personal & public goals are. A personal goal is one you would not
wish to be shared to others. An example of this might be your trading goals, for example that you
want to earn enough to give up your job. Certainly isn’t something you would speak about with your
workmates for sure!
A public goal is something like weight loss as the obvious example. By declaring you are going to lose
weight brings the added pressure of others watching your progress resulting in a more likely
attainment of hitting that goal.
Treat your trading seriously Normally I would suggest treating your trading as a business however if you are new to trading then
this may seem a bit heavy however you must treat your trading with the seriousness it deserves.
Trading the markets for profit is a serious career which warrants time & effort on your part. Without
this you will not achieve financial freedom. Think of it this way, if all these home methods were so
easy to make money then surely the pro traders would simply give up their jobs & trade from home.
I think we both know the answer why & this is because trading from home is hard graft but without
doubt worth it.
In order to treat your trading seriously you need to have several resources to hand. Firstly you will
need a trading journal where you make your session notes, any observations, feedback or general
comments that you find of use later. After several years I still write in my journal on a daily basis &
some of my most profitable methods have been as a result of this journal.
You then need a trading log which is where you retain a log of your trades. This can be as
complicated or as simple as you want but personally I prefer simple. I’ve put a template one as an
©Piptastic 85
additional resource for this section which you can use or just use it as a starting point for your own
ideas.
Following on from these two resources you will need to keep a good record of screenshots which
will enable you to look over market conditions going back for whatever time periods you have. This
resource is very important & using screen capture software like Snagit or Snapz pro will enable you
to grab the end of day screenshot & save it in a file for future reference.
The final part I want to discuss in relation to treating your trading seriously is the fact that you are
responsible 100% for all your actions in trading.
Not the market, not the trading method, not the government.
Just you.
You are responsible for all your success or failure in trading so treat it seriously.
Get a Life Too many people (including me!) have spent or continue spending too much time in their mancave’s
or in front of charts. Despite the many positives about trading, there is one negative which is the
potential impact on your health. Sitting around for large parts of the day or night, long periods of
inactivity is not beneficial to your health so you must make sure you eat well, take regular exercise
even if it is just a walk & take regular breaks from your trading desk.
If you have an outside interest to trading then this is good but if not then try & find something away
from trading that will allow you to live life a little. Enjoy the journey but have something which takes
your mind off the charts for a little while.
Make sure you have a good trading/ life balance & spend time outdoors.
Conclusion Although there are many other important parts to trading psychology it would be impossible to
cover them all in the confines of this book. I believe I have covered the most significant ones
however psychology within trading is something which needs to be developed on an ongoing basis
by reading books, listening to motivational recordings or watching motivational tv programmes.
If you strive to implement all we have covered within this book then your chances of becoming
successful within trading will certainly be better however, as I have learned from training hundreds
of people, the major difference between success or failure in trading does not lie in the methods
they are using but in the approach to trading psychology.
Although a great trading system is very useful, in undisciplined hands it just becomes a destructive
trading tool so make sure you develop yourself in line with your trading aspirations.
During this book we have looked at the important factors required for you to start trading profitably
& if you are sincere about choosing trading as your vehicle for future wealth then this will serve as
an important foundation in your future. I recommend you continue your learning in trading which is
derived from your experiences as your own thoughts & actions will be significantly more important
to you.
©Piptastic 86
For many reading this, it will be the start of an amazing journey or for others the chance to rejoin the
trading highway after taking a detour. Either way it is now time for you to put into action what you
have learnt during our time together.
I don’t claim to have all the solutions nor will I give you any guarantees other than that with
discipline, persistence, patience, motivation & a solid trading method you will succeed.
Above all, the most important thing I have learnt in my time in trading is that trading does not need
to be complicated rather simple is best. It is the simple things that work & are easier to understand.
I wish you the very best on your trading journey.
©Piptastic 87
Section Five
Resources This is the “business” side of trading where you need to have an ongoing library of resources to keep
your knowledge flowing. Resources come from many different areas & you need to be mindful of
what works for you.
Youtube
Youtube is a fantastic place for trading educational resources but can also be a bit of a minefield.
There are a huge amount of trading videos on there but not all are good. Here is a selection of those
I consider to be worthwhile.
The first is a trader called Matt Monteith who goes by the name of stinkystox
You can find his Youtube channel via this link http://www.youtube.com/user/stinkystox & I really
enjoy watching his videos. Matt is a pivot trader like myself so you will gain a lot of insight into pivot
trading by watching his videos.
The second thing to look out for on Youtube is a copy of the BBC2 programme which was screened
early in 2009 called “Million Dollar Traders”. The subject of this programme was to take a small
number of ordinary people, give them two weeks of training & then let them loose on the market
with £1m of real money. The result is excellent television demonstrating the psychology of trading
from all angles. There is no specific channel for this but if you search for it in the youtube search bar
you will locate it.
©Piptastic 88
Trade Journals
It is a very good discipline to keep a record of your trades & you may have noticed that on the Pivot
Calculator there is a journal on the second page. This is ideal for keeping a record alongside your
pivot records & gives you an opportunity to look back over your results & make notes about what
was occurring at the time. You can either choose to write in pen on this or type into the spreadsheet
itself, or develop your own trading log. The key here is to actually have one.
Divergence
Possibly a major headache for most but worth persevering to understand. Some will grasp this
within days whereas others (like myself) will take months to grasp it. It took me around 4 months to
finally get it but these days I can spot divergence with one eye shut. In order to be a success in
trading you will need it. Here is a quick example of divergence;
©Piptastic 89
Regular Divergence
As you can see from the picture above, we have the price making a higher high (HH) but the MACD
(the oscillator underneath) making a lower high (LH). Normally when this happens in this order, the
price should follow the MACD as it is signalling a weakness, and therefore the price will not sustain
it’s present momentum.
Below – we have another example of regular divergence
This time we have the price making a lower low (LL) but the oscillator underneath is making a higher
low, so again a divergence of lines, but slightly different. The thing to remember about regular
divergence is that the price will normally follow the direction of the oscillator (MACD) so in effect it
is changing direction.
©Piptastic 90
Hidden Divergence
The other sort of divergence is hidden divergence, and below I have 2 examples of that particular
signal.
As you can see with these 2 examples, the price will usually keep going in the same general direction
even though the oscillator (MACD) is signalling that it may be going to change direction.
I would recommend printing another copy of these pages off in order to keep separate on your desk
so you can refer to them whilst looking for divergence in the markets.
©Piptastic 91
Piptastic Membership If you have enjoyed this book then you will want to consider your further education in trading by
joining the Piptastic Membership. This is where your trading education really comes alive!
Daily Debriefs - Several times during the week I update the site with daily debrief videos exploring
where the trading opportunities were & how you could take advantage of them. These recordings
are also archived giving you an extensive resource of information at your fingertips.
Webinars - We also have an extensive database of over 120hours of recorded webinars on a wide
variety of trading subjects including additional methods to enhance your trading plus each fortnight
there is a fresh webinar uploaded. There is also several live Members Q & A sessions that take place
for you to ask those burning questions.
Podcasts - Every fortnight I broadcast a psychology based podcast which can be downloaded to your
mp3 player or listened to live on the website to really enhance your trading psychology. As with the
daily debriefs, these are archived & already hold well 4hours worth of audio in the site.
Members Forum – A lively, fun & interesting resource where you can discuss methods or any other
related trading topic with other members
Video Tutorials – Regular short video tutorials on a vast range of trading topics for example, how to
take effective screenshots or tutorials on individual trading setups like trading chart formations.
In summary the Piptastic membership is the one resource where you can truly learn & develop your
trading alongside similar people.
©Piptastic 92
Piptastic Live Room Learning to trade can often be a difficult & lonely lifestyle & we are here to help you all the way with
our Piptastic Live Room
We aim to educate traders through a series of sessions during the week on all aspects of trading,
from planning your week ahead, intraday trading up to the higher timeframes for swing trading. We
will advise you of potential movements in the markets & how we, traders, would actually be looking
to trade that movement & what kind of potential targets we would aim for.
Weekly Briefing to get you set up for the week ahead including potential long term trades
3 Intraday trading sessions per week
1 Evening session per week
1 Swing Trade session per week
All sessions recorded & accessible from archive
That’s nearly 10hours of live sessions per week!
Trading Psychology for the Home Trader Without doubt, the single most important factor critical to a home traders success
"Watch & listen or just simply listen as I guide you through my own personal observations &
experiences within trading psychology from a home trader’s perspective"
Trading is often quoted as being 10% method & 90% psychology & until now the only books written
on the subject of psychology have been from a professional trader’s perspective.
This disc & its contents will give you an insight into trading psychology from a home trader’s
perspective which means, not only is it hugely beneficial for your trading development but also
completely relevant.
Here is just some of the things you will learn;
Why people fail in trading but more importantly, how to overcome this
Building solid foundations to prepare you for the psychological challenges
What is it that holds you back in trading & how to overcome this
How does a full time trader think & act when trading?
What to do when it all goes wrong & how you can stay on course for success
©Piptastic 93
Menu based system containing all links to videos, audio files & workbook for ease of access to all areas* *Please note this is for windows users & mac users will not see the menu system displayed
Over 100 pages in depth coverage of this subject. This specifically written workbook will allow you to work through the disc contents making your own notes as you proceed. The workbook is designed to be developed over time as you grow as a home trader
Over 4 hours’ worth of video content covering all areas of trading psychology for the home trader
©Piptastic 94
The videos are also available in audio mp3 format giving you the choice to take the recordings wherever you choose. This will enable you to work through the workbook anytime & in any format you choose. There is also a bonus audio section with a selection of podcasts from our weekly podcast series
To join or purchase any of the above products or services please visit http://www.piptastic.com/
& visit the “Products & Services” section.
©Piptastic 95
