Chapter 1fortunecommodities.com/pdf/bollinger_band.pdf · market too early. Using Bollinger bands, along with th indicator (NON LAG AMA), will help you enter the market more precisely

Trading Forex with my 3 Deviation BollingerBand Scalping System

First, you will have to have the don’t have a copy, download it

Second, you will have to download my personal Metatrader 4 template, “3d_bb_on_the_fly.tpl”. You can download my “template by clicking HERE. Save it to your desktop for now.

Now you will proceed to drop and drag this template into your Metatrader 4 program folder labeled TEMPLATES. To do this, you will have to go to your C: drive under MY COMPUTER and then click on Program Files and find your Metatrader 4 program folder and double click it to open it. Now, just drop and drag this template file saved from your Desktop into your Metatrader 4 program subfolder labeled TEMPLATES.

The next step is to download my Alert file and save these two files to your Desktop. Just click on below, and download both these files and save to your desktop for now.

Chapter 1

Trading Forex with my 3 Deviation BollingerBand Scalping System

First, you will have to have the Metatrader 4 program on your computer. If you don’t have a copy, download it HERE.

Second, you will have to download my personal Metatrader 4 template, ”. You can download my “3d_bb_on_the_fly.tp

. Save it to your desktop for now.

Now you will proceed to drop and drag this template into your Metatrader 4 program folder labeled TEMPLATES. To do this, you will have to go to your C: drive under MY COMPUTER and then click on Program Files and find your Metatrader 4

double click it to open it. Now, just drop and drag this template file saved from your Desktop into your Metatrader 4 program subfolder labeled

The next step is to download my NonLagAMA indicator file and my Macand save these two files to your Desktop. Just click on the download links

below, and download both these files and save to your desktop for now.

Page 1 of 18

Trading Forex with my 3 Deviation Bollinger

on your computer. If you

Second, you will have to download my personal Metatrader 4 template, 3d_bb_on_the_fly.tpl” personal

Now you will proceed to drop and drag this template into your Metatrader 4 program folder labeled TEMPLATES. To do this, you will have to go to your C: drive under MY COMPUTER and then click on Program Files and find your Metatrader 4

double click it to open it. Now, just drop and drag this template file saved from your Desktop into your Metatrader 4 program subfolder labeled

Macd Color download links

NonLagAMA.ex4

Macd Color Alert.ex4

To install these files properly, first open the METATRADER 4 program folder again found on your C: drive and then open up the EXPERTS folder. Inside the EXPERTS folder you will find the INDICATORS folder. Now double click on the INDICATORS folder and just drop and drag both the NO LAG AMA indicator file and the macd color alert file from your desktop into the INDICATORS folder already opened. If your Metatrader 4 was open, please close and reopen Metatrader 4 and pull up a one hour chart of the Eur/Usd, and right click on the chart and choose “Template” and then click on “3D_BB_ON_THE_FLY” and the chart should show all the technical indicators I use.

Once you pull up a chart with my template, it should look something like thisbelow...

To install these files properly, first open the METATRADER 4 program folder again found on your C: drive and then open up the EXPERTS folder. Inside the EXPERTS

lder you will find the INDICATORS folder. Now double click on the INDICATORS folder and just drop and drag both the NO LAG AMA indicator file and the macd color alert file from your desktop into the INDICATORS folder already opened. If your

s open, please close and reopen Metatrader 4 and pull up a one hour chart of the Eur/Usd, and right click on the chart and choose “Template” and then click on “3D_BB_ON_THE_FLY” and the chart should show all the technical

p a chart with my template, it should look something like this

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To install these files properly, first open the METATRADER 4 program folder again found on your C: drive and then open up the EXPERTS folder. Inside the EXPERTS

lder you will find the INDICATORS folder. Now double click on the INDICATORS folder and just drop and drag both the NO LAG AMA indicator file and the macd color alert file from your desktop into the INDICATORS folder already opened. If your

s open, please close and reopen Metatrader 4 and pull up a one hour chart of the Eur/Usd, and right click on the chart and choose “Template” and then click on “3D_BB_ON_THE_FLY” and the chart should show all the technical

p a chart with my template, it should look something like this

I would like to separate the different types of trading opportunities you will have using this Bollinger Band strategy. There are basically five ups you’ll be looking for and by understanding them better, you will have a more strategic purpose, knowing why and what you are looking for, while seeking primarily the lower risk, higher reward trading opportunities. Here areups we’re looking for...

1. Bullish or Bearish Reversals

2. Scalping the Trend, Once Trend is Established

3. Scalping a Major Dominant Trend Reversal

4. Swing Trading the Channels of Consolidations

5. Using Stop Orders in Anticipation of Breakouts

Bullish & Bearish Reversals Trend Direction

The most common trade you will probably be looking for, but one of the hardest to get right, is the reversal in price action, once believe this is the most common trade that people guess wrong and get stopped out the most often. The main reason people lose on this trade is they try to enter the market too early. Using Bollinger bands, along with thindicator (NON LAG AMA), will help you enter the market more precisely and more confidently with a higher win/loss ratio of profitable trades. The Bollinger bands will also help you stay in the better trades longer, and as a resprofits more efficiently.

The first step is to watch the trading area between the first and second deviations, while the market in a price corrective mode. When the price is starting to turn back in the direction of the dominant treprice of the candlestick closes on thedeviation Bollinger bands –

a trigger signal to enter the market, but only if the non lag ama indicator trend color (red=sell and blue=buy) has also confirmed trend is resuming in the dominant trend direction. Please note, for the purposes of trading this Bollinger Band strategy, thedominant trend direction is defined as the sloping direction of the 21 MA of the next

I would like to separate the different types of trading opportunities you will have using this Bollinger Band strategy. There are basically five different types of trade set ups you’ll be looking for and by understanding them better, you will have a more strategic purpose, knowing why and what you are looking for, while seeking primarily the lower risk, higher reward trading opportunities. Here are the basic 5 trade set

Bullish or Bearish Reversals – Resuming the Dominant Trend Direction

Scalping the Trend, Once Trend is Established

Scalping a Major Dominant Trend Reversal

Swing Trading the Channels of Consolidations

Using Stop Orders in Anticipation of Breakouts

Bullish & Bearish Reversals – Resuming the Dominant

The most common trade you will probably be looking for, but one of the hardest to get right, is the reversal in price action, once again resuming the dominant trend. I believe this is the most common trade that people guess wrong and get stopped out the most often. The main reason people lose on this trade is they try to enter the market too early. Using Bollinger bands, along with the help of my trend reversal indicator (NON LAG AMA), will help you enter the market more precisely and more confidently with a higher win/loss ratio of profitable trades. The Bollinger bands will also help you stay in the better trades longer, and as a result, help you maximize

The first step is to watch the trading area between the first and second deviations, while the market in a price corrective mode. When the price is starting to turn back in the direction of the dominant trend, you will be looking for an entry when price of the candlestick closes on the inside of the trading area between the 1

that is


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I would like to separate the different types of trading opportunities you will have different types of trade set

ups you’ll be looking for and by understanding them better, you will have a more strategic purpose, knowing why and what you are looking for, while seeking primarily

the basic 5 trade set-

Resuming the Dominant Trend Direction

The most common trade you will probably be looking for, but one of the hardest to again resuming the dominant trend. I

believe this is the most common trade that people guess wrong and get stopped out the most often. The main reason people lose on this trade is they try to enter the

e help of my trend reversal indicator (NON LAG AMA), will help you enter the market more precisely and more confidently with a higher win/loss ratio of profitable trades. The Bollinger bands will

ult, help you maximize

The first step is to watch the trading area between the first and second deviations, while the market in a price corrective mode. When the price is starting to turn back in

nd, you will be looking for an entry when the closing inside of the trading area between the 1st


higher time frame you are currently trading within. For example, if you were trading the 15 min charts, then the dominant trend direction would be that of the sloping direction of the 21 MA on the 30 min chart.

Once you’ve entered a trade, place your stop loss order 5 pips beyond the last most relative high or low to give yourself a tight, but adequate stop loss order. Generally, if I’m trading a 30 min chart, that stop price to give me decent wiggle room. Now, if you are trading higher time frames like 4 hour and daily, you will need to use a stop of about 45 needed would be more than those distances either put in a limit order and wait for a pullback, or just wait for a better opportunity to enter the market. Sometimes, you will pass on a trade setthe trade, but that’s ok --- you won’t win ‘ething that you can always count on though, is that another opportunity will be coming your way, usually within a few hours!

Now, as for the target price, you would want to enter that along with your stop loss order. Again if you were trading the 30 min chart, I would suggest your target price be about 5 pips shy of the 1st deviation BB band directly on the other side of the 21 MA from which you just entered the market. In other words, your target would be 5 pips shy of the 1st deviation upper BB band directly vertical above your entry price, if you were buying, and the target would be 5 pips shy of the 1st deviation lower BB band directly vertical below your entry price, if you were selling. Of course, it is up to you if you see a certain area of support or resistance you favor, but always be shy of that level to allow for an achievable profit target.

Below are a few examples of buying or selling reversals where price action resumes the dominant trend once again…

higher time frame you are currently trading within. For example, if you were trading the 15 min charts, then the dominant trend direction would be that of the sloping

rection of the 21 MA on the 30 min chart.

Once you’ve entered a trade, place your stop loss order 5 pips beyond the last most relative high or low to give yourself a tight, but adequate stop loss order. Generally, if I’m trading a 30 min chart, that stop price would be about 25 – 30 pips from my entry price to give me decent wiggle room. Now, if you are trading higher time frames like 4 hour and daily, you will need to use a stop of about 45 – 75 pips. If the stop needed would be more than those distances from your entry price, I suggest you either put in a limit order and wait for a pullback, or just wait for a better opportunity to enter the market. Sometimes, you will pass on a trade set-up and end up missing

you won’t win ‘em all in this Forex business! The good thing that you can always count on though, is that another opportunity will be coming your way, usually within a few hours!

Now, as for the target price, you would want to enter that along with your stop loss Again if you were trading the 30 min chart, I would suggest your target price

be about 5 pips shy of the 1st deviation BB band directly on the other side of the 21 MA from which you just entered the market. In other words, your target would be 5

f the 1st deviation upper BB band directly vertical above your entry price, if you were buying, and the target would be 5 pips shy of the 1st deviation lower BB band directly vertical below your entry price, if you were selling. Of course, it is up to

if you see a certain area of support or resistance you favor, but always be shy of that level to allow for an achievable profit target.

Below are a few examples of buying or selling reversals where price action resumes the dominant trend once again…

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higher time frame you are currently trading within. For example, if you were trading the 15 min charts, then the dominant trend direction would be that of the sloping

Once you’ve entered a trade, place your stop loss order 5 pips beyond the last most relative high or low to give yourself a tight, but adequate stop loss order. Generally, if

30 pips from my entry price to give me decent wiggle room. Now, if you are trading higher time frames like

75 pips. If the stop from your entry price, I suggest you

either put in a limit order and wait for a pullback, or just wait for a better opportunity up and end up missing

m all in this Forex business! The good thing that you can always count on though, is that another opportunity will be coming

Now, as for the target price, you would want to enter that along with your stop loss Again if you were trading the 30 min chart, I would suggest your target price

be about 5 pips shy of the 1st deviation BB band directly on the other side of the 21 MA from which you just entered the market. In other words, your target would be 5

f the 1st deviation upper BB band directly vertical above your entry price, if you were buying, and the target would be 5 pips shy of the 1st deviation lower BB band directly vertical below your entry price, if you were selling. Of course, it is up to

if you see a certain area of support or resistance you favor, but always be shy of

Below are a few examples of buying or selling reversals where price action resumes

Bullish and Bearish reversals…Bullish and Bearish reversals…

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After a reversal, and the price action resumes in the dominant trend direction once again and when the price action proceeds to the 2nd deviation BB and at least pierces that band and perhaps beyond, we can start to believe that the dominant trend is truly starting to establish itself once again. contemplate scalping the trend between the 1

To find a good entry scalping this refor a pullback to the 1st deviation BB, and then wait for a candlestick close in1st and 2 nd deviation BB’s. Typically, if you enter the market at this point, the price action has a higher probability now of going toward the 2beyond. I tend to look at this 1stprice of the candlestick closes inside the 1have a trigger signal to buy or sell 1st Deviation BB or you would sell, if it closes below the Lower 1BB. On a thirty minute or one hour chart, you often find this new redominant trend bounces several times between the 1thereby, creating several market entry triggers, before a more major dominant trend reversal occurs. To illustrate how to identify these low risk, market entry trigger points, study both the bullish and bearish chart illustrations below:


After a reversal, and the price action resumes in the dominant trend direction once when the price action moves outside of the 1st deviation BB

deviation BB and at least pierces that band and perhaps beyond, we can start to believe that the dominant trend is truly starting to establish itself once again. Now that we have arrived at this juncture, we may contemplate scalping the trend between the 1st and 3rd deviations.

To find a good entry scalping this re-establishment of dominant trend, I simply look deviation BB, and then wait for a candlestick close in

deviation BB’s. Typically, if you enter the market at this point, the price action has a higher probability now of going toward the 2nd deviation and perhaps

I tend to look at this 1st deviation BB as a critical pivot pointprice of the candlestick closes inside the 1st and 2nd deviation area, you now have a trigger signal to buy or sell --- you would buy, if it closes above Upper

Deviation BB or you would sell, if it closes below the Lower 1st

or one hour chart, you often find this new re-establishment of dominant trend bounces several times between the 1st and 2nd deviation BB’s, thereby, creating several market entry triggers, before a more major dominant trend

illustrate how to identify these low risk, market entry trigger points, study both the bullish and bearish chart illustrations below:

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After a reversal, and the price action resumes in the dominant trend direction once deviation BB and then

deviation BB and at least pierces that band and perhaps beyond, we can start to believe that the dominant trend is truly starting to

juncture, we may

establishment of dominant trend, I simply look deviation BB, and then wait for a candlestick close inside the

deviation BB’s. Typically, if you enter the market at this point, the price deviation and perhaps

critical pivot point. If the deviation area, you now

you would buy, if it closes above Upper st Deviation

establishment of deviation BB’s,

thereby, creating several market entry triggers, before a more major dominant trend illustrate how to identify these low risk, market entry trigger

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Even a dominant trend of a lengthy time frame, after several 4 hour or daily

candlestick, will eventually need to take a breathier. Trading these major dominant

trend reversals is definitely an art and not a science. Only the bold and foolish claim

to know the precise timing of these monster trades. Needless to say, holding these

monster trades for lengthy time periods is not necessarily the smartest way to play

major reversals and in my opinion is quite frankly, just a suicidal way to trade. I

believe that gradually scalping your way into a more steadfast position is the best

way to make money, but scalping is an essential way to profit and more importantly,

survive these more volatile trading conditions that usually occur at major market tops

or bottoms.

Below are a couple of chart illustrations that will show you how and what to look for, in order to successfully profit from major trend reversals. As you will notice, one of the necessary candle stick formation you will be looking for is almost always an engulfing candlestick formation on at least the one hour chart to signal the first stage of a reversal of the major dominant trend direction.


dominant trend of a lengthy time frame, after several 4 hour or daily



recise timing of these monster trades. Needless to say, holding these



ally scalping your way into a more steadfast position is the best



are a couple of chart illustrations that will show you how and what to look for, in order to successfully profit from major trend reversals. As you will notice, one of the necessary candle stick formation you will be looking for is almost always an

ng candlestick formation on at least the one hour chart to signal the first stage of a reversal of the major dominant trend direction.

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dominant trend of a lengthy time frame, after several 4 hour or daily



recise timing of these monster trades. Needless to say, holding these



ally scalping your way into a more steadfast position is the best



are a couple of chart illustrations that will show you how and what to look for, in order to successfully profit from major trend reversals. As you will notice, one of the necessary candle stick formation you will be looking for is almost always an

ng candlestick formation on at least the one hour chart to signal the first stage

Notice, first and foremost in the above examples, how the initial engulfing candlesticks on the one hour charts. Once you encounter an engulfing candlestick, you have to make a choice to enter the market on the next new one hour candle with a relatively wider stop, or maybe wait for another candle to and then make a decision. I usually prefer the latter, and will wait for another candle, because many times you will get a better entry price. Also, the extended time you wait for a better entry, helps ensure the price action will have a higher probaprofitable trade, if this truly is the beginning stage of a reversal. This also justifies a narrower stop loss order, because you have lower risk entry. Equally important, I also rely on the Non Lag AMA trend indicator to have already changed cindicate a reversal in price action.

With the stage now set for further follow thru, and the price heading toward the 21 MA, the first profit target is the 21 MA or within about 5 point directly vertical of your entrywill probably help you grab 15 suggest, set your sights on multiple opportunities to enter several short term trades, and scalp the market thru the 21 M1st Deviation BB and beyond. Bollinger Bands split into three deviations really help simplify

and identify support and resistance easily and give you great visual cues to buy and sell. Don’t make it harder than it needs to be. Careful study and real time experience trading these Bollinger bands will tend to suggest market direction by the price action alone, without any other indicators, and provide great entry and exit points. If you are wrong, short stopbecome a really great benefit of this naked price action, Bollinger Band trading style.

Notice, first and foremost in the above examples, how the initial trigger signals are engulfing candlesticks on the one hour charts. Once you encounter an engulfing candlestick, you have to make a choice to enter the market on the next new one hour candle with a relatively wider stop, or maybe wait for another candle to and then make a decision. I usually prefer the latter, and will wait for another candle, because many times you will get a better entry price. Also, the extended time you wait for a better entry, helps ensure the price action will have a higher probaprofitable trade, if this truly is the beginning stage of a reversal. This also justifies a narrower stop loss order, because you have lower risk entry. Equally important, I also rely on the Non Lag AMA trend indicator to have already changed cindicate a reversal in price action.

With the stage now set for further follow thru, and the price heading toward the 21 MA, the first profit target is the 21 MA or within about 5 - 10 pips of the 21 MA at the point directly vertical of your entry point. Scalping this first stage of a major reversal will probably help you grab 15 – 20 pips. Then, as the chart illustrations above suggest, set your sights on multiple opportunities to enter several short term trades, and scalp the market thru the 21 MA and then follow thru toward the other side of the

Deviation BB and beyond. Bollinger Bands split into three deviations really help simplify

and identify support and resistance easily and give you great visual cues to buy and sell. r than it needs to be. Careful study and real time experience trading

these Bollinger bands will tend to suggest market direction by the price action alone, without any other indicators, and provide great entry and exit points. If you are wrong, short stopbecome a really great benefit of this naked price action, Bollinger Band trading style.

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trigger signals are engulfing candlesticks on the one hour charts. Once you encounter an engulfing candlestick, you have to make a choice to enter the market on the next new one hour candle with a relatively wider stop, or maybe wait for another candle to form, and then make a decision. I usually prefer the latter, and will wait for another candle, because many times you will get a better entry price. Also, the extended time you wait for a better entry, helps ensure the price action will have a higher probability of a profitable trade, if this truly is the beginning stage of a reversal. This also justifies a narrower stop loss order, because you have lower risk entry. Equally important, I also rely on the Non Lag AMA trend indicator to have already changed color to

With the stage now set for further follow thru, and the price heading toward the 21 10 pips of the 21 MA at the

point. Scalping this first stage of a major reversal 20 pips. Then, as the chart illustrations above

suggest, set your sights on multiple opportunities to enter several short term trades, A and then follow thru toward the other side of the

Deviation BB and beyond. Bollinger Bands split into three deviations really help simplify

and identify support and resistance easily and give you great visual cues to buy and sell. r than it needs to be. Careful study and real time experience trading

these Bollinger bands will tend to suggest market direction by the price action alone, without any other indicators, and provide great entry and exit points. If you are wrong, short stops become a really great benefit of this naked price action, Bollinger Band trading style.


After almost any major move in price action in the dominant trend direction a pullback occurs as the market retraces prifor an indefinite amount of time and taking a breathier. This market price action opens up taking trades in both directions, swing trading the highs and lows of a narrow channel of consolidation. If you’re not toosmall scalps of 10 - 15 pips on a 15 or 30 minute time frames. Horizontal lines of support and resistance now become more important than the indicators during these narrow trading channels of consolidations. See the chart illubetter understanding how to profit from these consolidations periods.


After almost any major move in price action in the dominant trend direction a pullback occurs as the market retraces price, or simply stated the market is pausing for an indefinite amount of time and taking a breathier. This market price action opens up taking trades in both directions, swing trading the highs and lows of a narrow channel of consolidation. If you’re not too greedy, you can make several

15 pips on a 15 or 30 minute time frames. Horizontal lines of support and resistance now become more important than the indicators during these narrow trading channels of consolidations. See the chart illustrations below for a better understanding how to profit from these consolidations periods.

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After almost any major move in price action in the dominant trend direction a ce, or simply stated the market is pausing

for an indefinite amount of time and taking a breathier. This market price action opens up taking trades in both directions, swing trading the highs and lows of a

greedy, you can make several 15 pips on a 15 or 30 minute time frames. Horizontal lines of

support and resistance now become more important than the indicators during these strations below for a


Now, that you better understand how to profit from whenare ready to look for new opportunities from the price action that will inevitably occur. Markets are similar to sharks low volatility, the inevitable reaction to these conditintensity. Sharks swim slow and steady until they seek their prey and then these beasts will seek and destroy with more speed and intensity. Markets will react very similar, and after relatively longer periods of narrow ranges ofmarkets tend to break in one direction or another. A market may not necessarily just have a solid break in one direction, but rather fool you or lead you to believe it has decided to take off in one direction. Then, abruptly change course intensity and high volume, break in the opposite direction. Generally, these “fakes” will be very short lived and engulfing candlesticks will reveal these naked price action “fakes” to smart traders.

The best way to play these narrow channelPut a Buy Stop order slightly above the resistance level about 12 pips above the resistance level, if you anticipate a break to the upside. Put a Sell Stop order about 12 pips below the support level, if you anticipreason I like to have at least 12 pips difference from support or resistance is to allow for those “fakes”, which are more normal in market price action, than not! Make sure


Now, that you better understand how to profit from when a market consolidates, you are ready to look for new opportunities from the price action that will inevitably occur. Markets are similar to sharks – both must move continuously and when in periods of low volatility, the inevitable reaction to these conditions is a reaction of more intensity. Sharks swim slow and steady until they seek their prey and then these beasts will seek and destroy with more speed and intensity. Markets will react very similar, and after relatively longer periods of narrow ranges of consolidations, markets tend to break in one direction or another. A market may not necessarily just have a solid break in one direction, but rather fool you or lead you to believe it has decided to take off in one direction. Then, abruptly change course and with high intensity and high volume, break in the opposite direction. Generally, these “fakes” will be very short lived and engulfing candlesticks will reveal these naked price action

The best way to play these narrow channels of consolidations is with stop orders. Put a Buy Stop order slightly above the resistance level about 12 pips above the resistance level, if you anticipate a break to the upside. Put a Sell Stop order about 12 pips below the support level, if you anticipate a break to the downside. The reason I like to have at least 12 pips difference from support or resistance is to allow for those “fakes”, which are more normal in market price action, than not! Make sure

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a market consolidates, you are ready to look for new opportunities from the price action that will inevitably occur.

both must move continuously and when in periods of ions is a reaction of more

intensity. Sharks swim slow and steady until they seek their prey and then these beasts will seek and destroy with more speed and intensity. Markets will react very

consolidations, markets tend to break in one direction or another. A market may not necessarily just have a solid break in one direction, but rather fool you or lead you to believe it has

and with high intensity and high volume, break in the opposite direction. Generally, these “fakes” will be very short lived and engulfing candlesticks will reveal these naked price action

s of consolidations is with stop orders. Put a Buy Stop order slightly above the resistance level about 12 pips above the resistance level, if you anticipate a break to the upside. Put a Sell Stop order about

ate a break to the downside. The reason I like to have at least 12 pips difference from support or resistance is to allow for those “fakes”, which are more normal in market price action, than not! Make sure

you enter your stop loss orders as well and make around 13 – 16 pips. As for Take Profit orders, I would recommend about 15 pips, and then scalp as you go. If you are accustomed to playing higher time frames like one hour and higher, you probably would pick targeor resistance levels to achieve greater profits. See the chart illustrations below to understand how you can learn how to profit from these market conditions.

you enter your stop loss orders as well and make sure your stops are relatively small 16 pips. As for Take Profit orders, I would recommend about 15

pips, and then scalp as you go. If you are accustomed to playing higher time frames like one hour and higher, you probably would pick targets just shy of former support or resistance levels to achieve greater profits. See the chart illustrations below to understand how you can learn how to profit from these market conditions.

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sure your stops are relatively small 16 pips. As for Take Profit orders, I would recommend about 15 – 20

pips, and then scalp as you go. If you are accustomed to playing higher time frames ts just shy of former support

or resistance levels to achieve greater profits. See the chart illustrations below to understand how you can learn how to profit from these market conditions.

Trading Psychology will Make or Break You!

Please believe me when I tell you, understanding trading psychology will really save you a lot of headaches and ultimately preserve your hard earned money. The most important lesson I learned was from the world’s most Buffet. He had a simple rule when others are needy. That simple logic will definitely separate you from the herd of trading fools that are led to slaughter and will become the numbewill win more trades than your competition, thereby allowing you to be profitable more often, time after time!

Let me tell you a trader’s confession. Even after I started gaining more consistent profits from trading with a disciplined trathat tended to emerge with almost every winning streak. Typically, after three or more profitable trades in a row, I would tend to risk a bit more and shoot for that homerun trade --- you know, the trade that one you brag about to your grandchildren. Inevitably, that trade and the greater risk incurred, would almost always lead to an even higher loss when the market violently turned against me, because I was so high andmonster trade was going to be damn profitable, come hell or high water, that I even had the audacity to move the stop loss order to risk even more. That is when Lady Luck personally hands you the losing card, and yoursimply because your market timing was dead wrong. equal to half or more of the profits profitable trades.

Then, after the devastating loss, I wouldcareful, still losing again and again, only to waste away all the profits most recently made. Once again, now at the bottom of my own equity curve, I would limp my way back to a new equity high, little by little,calculated profitable scalps.

I started reading other traders experiences and found that I was not alone. When one becomes successful, it is easier to be over confident and take on bigger risk. The lesson learned here is: Don’t be over confident and don’t ever take on even bigger risk, especially if you’re winning and experiencing a series of profitable trades. In fact, as your equity grows, you really should consider taking on less risk how wealth is preserved. Lady Luck is only going to give you so many wins, so be prepared to be conservative after any lucky winning streak.

Chapter 2

Psychology will Make or Break You!

Please believe me when I tell you, understanding trading psychology will really save you a lot of headaches and ultimately preserve your hard earned money. The most important lesson I learned was from the world’s most famous investor, Warren Buffet. He had a simple rule --- be needy when others are greedy, and be greedy when others are needy. That simple logic will definitely separate you from the herd of trading fools that are led to slaughter and will become the number one reason you will win more trades than your competition, thereby allowing you to be profitable

Let me tell you a trader’s confession. Even after I started gaining more consistent profits from trading with a disciplined trading method, I found there was still a pattern that tended to emerge with almost every winning streak. Typically, after three or more profitable trades in a row, I would tend to risk a bit more and shoot for that

you know, the trade that puts you in the Trading Hall of Fame, the one you brag about to your grandchildren. Inevitably, that trade and the greater risk incurred, would almost always lead to an even higher loss when the market violently turned against me, because I was so high and mighty, cocky and confident that this monster trade was going to be damn profitable, come hell or high water, that I even had the audacity to move the stop loss order to risk even more. That is when Lady Luck personally hands you the losing card, and your futile effort becomes just that, simply because your market timing was dead wrong. That one loss was probably equal to half or more of the profits I just recently made in the last three or more

Then, after the devastating loss, I would resume trading, and now being probably too careful, still losing again and again, only to waste away all the profits most recently made. Once again, now at the bottom of my own equity curve, I would limp my way back to a new equity high, little by little, taking on smaller risk to make smaller, more

I started reading other traders experiences and found that I was not alone. When one becomes successful, it is easier to be over confident and take on bigger risk.

ned here is: Don’t be over confident and don’t ever take on even bigger risk, especially if you’re winning and experiencing a series of profitable trades. In fact, as your equity grows, you really should consider taking on less risk

is preserved. Lady Luck is only going to give you so many wins, so be prepared to be conservative after any lucky winning streak.

Page 13 of 18

Psychology will Make or Break You!

Please believe me when I tell you, understanding trading psychology will really save you a lot of headaches and ultimately preserve your hard earned money. The most

famous investor, Warren be needy when others are greedy, and be greedy

when others are needy. That simple logic will definitely separate you from the herd of r one reason you

will win more trades than your competition, thereby allowing you to be profitable

Let me tell you a trader’s confession. Even after I started gaining more consistent ding method, I found there was still a pattern

that tended to emerge with almost every winning streak. Typically, after three or more profitable trades in a row, I would tend to risk a bit more and shoot for that

puts you in the Trading Hall of Fame, the one you brag about to your grandchildren. Inevitably, that trade and the greater risk incurred, would almost always lead to an even higher loss when the market violently

mighty, cocky and confident that this monster trade was going to be damn profitable, come hell or high water, that I even had the audacity to move the stop loss order to risk even more. That is when Lady

futile effort becomes just that, one loss was probably

made in the last three or more

resume trading, and now being probably too careful, still losing again and again, only to waste away all the profits most recently made. Once again, now at the bottom of my own equity curve, I would limp my way

taking on smaller risk to make smaller, more

I started reading other traders experiences and found that I was not alone. When one becomes successful, it is easier to be over confident and take on bigger risk.

ned here is: Don’t be over confident and don’t ever take on even bigger risk, especially if you’re winning and experiencing a series of profitable trades. In fact, as your equity grows, you really should consider taking on less risk --- that is

is preserved. Lady Luck is only going to give you so many wins, so be

You might want to try what I ended up doing to prevent me from ever again being overconfident. I played a little game with mtrades in a row, I would actually look at the total equity in my account, and say to myself, “Self, this is a new low for me. Just think, I just lost 50% of my trading capital and I must get my money back and don’t wa

Simply, by self proclaiming I had lost and was on the bottom, I tricked my mind into a self-preservation mode. Because I acted like I was at the bottom of my equity curve, I forced myself to be very careful with my account and that trading discipline to want to take smaller risk and be happier with smaller profit scalps. In reality, I was setting myself up for a new high in my trading capital, simply by feeling needy, instead of greedy! Most people, in general, tenunder the gun! I hope you see how overconfidence is the real enemy of any trader. It can make you or break you--- it’s all how you program your mind to behave. When you’re up big, simply act like you’re at the bottom and you’ll tend tonce asked the world renown, famous recording artist, Tom Petty, what was his secret to success? Tom explained, “I remember how hard it was in the beginning of my career, so now whenever I get up on stage, I jus

The moral of the story, when it comes to being a professional trader, is to set yourself up for success with smaller risk as you go forward. When you have a $100,000 account, you should be risking even less than when you When you understand this concept of diminishing risk, you are most successful because of your ability to gain consistent small profits, and if you do hit a homerun, so be it, but the homerun should be the exception and not the rule!

You might want to try what I ended up doing to prevent me from ever again being overconfident. I played a little game with my mind. When I would win three or more trades in a row, I would actually look at the total equity in my account, and say to myself, “Self, this is a new low for me. Just think, I just lost 50% of my trading capital and I must get my money back and don’t want to lose anymore.”

Simply, by self proclaiming I had lost and was on the bottom, I tricked my mind into a preservation mode. Because I acted like I was at the bottom of my equity curve,

I forced myself to be very careful with my account and that would encourage my trading discipline to want to take smaller risk and be happier with smaller profit scalps. In reality, I was setting myself up for a new high in my trading capital, simply by feeling needy, instead of greedy! Most people, in general, tend to do better when under the gun! I hope you see how overconfidence is the real enemy of any trader. It

it’s all how you program your mind to behave. When you’re up big, simply act like you’re at the bottom and you’ll tend to perform better when you’re hungry! Someone once asked the world renown, famous recording artist, Tom Petty, what was his secret to success? Tom explained, “I remember how hard it was in the beginning of my career, so now whenever I get up on stage, I just perform like I’m still hungry!”

The moral of the story, when it comes to being a professional trader, is to set yourself up for success with smaller risk as you go forward. When you have a $100,000 account, you should be risking even less than when you had $10,000. When you understand this concept of diminishing risk, you are most successful because of your ability to gain consistent small profits, and if you do hit a homerun, so be it, but the homerun should be the exception and not the rule!

Page 14 of 18

You might want to try what I ended up doing to prevent me from ever again being y mind. When I would win three or more

trades in a row, I would actually look at the total equity in my account, and say to myself, “Self, this is a new low for me. Just think, I just lost 50% of my trading capital

Simply, by self proclaiming I had lost and was on the bottom, I tricked my mind into a preservation mode. Because I acted like I was at the bottom of my equity curve,

would encourage my trading discipline to want to take smaller risk and be happier with smaller profit scalps. In reality, I was setting myself up for a new high in my trading capital, simply

d to do better when under the gun! I hope you see how overconfidence is the real enemy of any trader. It

it’s all how you program your mind to behave. When you’re up big, simply act like o perform better when you’re hungry! Someone

once asked the world renown, famous recording artist, Tom Petty, what was his secret to success? Tom explained, “I remember how hard it was in the beginning of

t perform like I’m still hungry!”

The moral of the story, when it comes to being a professional trader, is to set yourself up for success with smaller risk as you go forward. When you have a

had $10,000. When you understand this concept of diminishing risk, you are most successful because of your ability to gain consistent small profits, and if you do hit a homerun,

Managing Risk

Trading psychology, as we just learned in the previous chapter, is really just keeping a handle on your confidence and preventing it from luring you into a daze and carting you away to never-ever land, where you are slaughtered by the neighborhood evil dragon in the woods that eagerly awaits his next victim!

You might ask, “Is there a sure fire way to control my confidence, with just simple discipline?”

Funny you should ask! Yes, there is a

Have you ever heard of managing risk? It’s an amazing concept loss order on every single entry order that is executed. In effect, you tell your broker, I would only like to risk X amount of pips (take profit)!

Hence, to manage risk, you always enter a stop loss order with every entry order and then, even more important, “YOU NEVER RISK MORE BYThis is the hardest part of the equtend to 2nd guess ourselves, and especially in any questionable new situation. In trading, from this point on, you will never ever 2order is executed. If a stop is moved durinmismanagement of risk! So,NEVER RISK MORE BY MOVING THE STOPway you can manage risk is by entering a stop loss order with every entry order just do it!

The longer you’re exposed to trthe easiest part about trading, but tenacious, disciplined management of risk is always, especially in hindsight, the hardest part about trading. The good news is that if you are continuously placing RISK IS REALLY THAT SIMPLE, so

When the trade is in the money and you are up 20 move the stop to break even, or the original point of the entry order. That way, you are protecting yourself from a loss. I’m not a big believer in trailing stops because they tend to get taken out more than they benefit you. A suitable 2 to 1 reward to risk ratio works for me, when it comes to take profit orders. Chances are if the market conditions don’t warrant at least 2:1 reward, especially on hour time frames or

Chapter 3

Managing Risk is Simple, so JUST DO IT

Trading psychology, as we just learned in the previous chapter, is really just keeping a handle on your confidence and preventing it from luring you into a daze and carting

land, where you are slaughtered by the neighborhood evil dragon in the woods that eagerly awaits his next victim!

You might ask, “Is there a sure fire way to control my confidence, with just simple

Funny you should ask! Yes, there is a simple way to keep your confidence in check!

Have you ever heard of managing risk? It’s an amazing concept – you attach a stop loss order on every single entry order that is executed. In effect, you tell your broker, I would only like to risk X amount of pips (stop loss) in order to make X amount of

Hence, to manage risk, you always enter a stop loss order with every entry order and “YOU NEVER RISK MORE BY MOVING THE STOP”

This is the hardest part of the equation for most people, because we are human, we guess ourselves, and especially in any questionable new situation. In

trading, from this point on, you will never ever 2nd guess yourself once you entry order is executed. If a stop is moved during a “live” trade, this becomes

NEVER RISK MORE BY MOVING THE STOP, no matter how tempted.way you can manage risk is by entering a stop loss order with every entry order

The longer you’re exposed to trading Forex, you’ll find that banking profits is really the easiest part about trading, but tenacious, disciplined management of risk is always, especially in hindsight, the hardest part about trading. The good news is that if you are continuously placing a stop loss order with every entry order, MANAGING RISK IS REALLY THAT SIMPLE, so JUST DO IT!

When the trade is in the money and you are up 20 – 25 pips, I will encourage you to move the stop to break even, or the original point of the entry order. That way, you are protecting yourself from a loss. I’m not a big believer in trailing stops because hey tend to get taken out more than they benefit you. A suitable 2 to 1 reward to risk ratio works for me, when it comes to take profit orders. Chances are if the market conditions don’t warrant at least 2:1 reward, especially on hour time frames or

Page 15 of 18

JUST DO IT!

Trading psychology, as we just learned in the previous chapter, is really just keeping a handle on your confidence and preventing it from luring you into a daze and carting

land, where you are slaughtered by the neighborhood evil

You might ask, “Is there a sure fire way to control my confidence, with just simple

simple way to keep your confidence in check!

you attach a stop loss order on every single entry order that is executed. In effect, you tell your broker,

pips (stop loss) in order to make X amount of

Hence, to manage risk, you always enter a stop loss order with every entry order and MOVING THE STOP”.

people, because we are human, we guess ourselves, and especially in any questionable new situation. In

guess yourself once you entry g a “live” trade, this becomes

, no matter how tempted. The best way you can manage risk is by entering a stop loss order with every entry order – so

ading Forex, you’ll find that banking profits is really the easiest part about trading, but tenacious, disciplined management of risk is always, especially in hindsight, the hardest part about trading. The good news is that

MANAGING

25 pips, I will encourage you to move the stop to break even, or the original point of the entry order. That way, you are protecting yourself from a loss. I’m not a big believer in trailing stops because hey tend to get taken out more than they benefit you. A suitable 2 to 1 reward to risk

ratio works for me, when it comes to take profit orders. Chances are if the market conditions don’t warrant at least 2:1 reward, especially on hour time frames or

higher, it’s not a trade set-up worth getting involved with.

One of the easiest ways to make a good trade more profitable over time, especially on longer time frames, is to simply only close half your position once your target is reached, and then move the stopand just let the trade ride… you would be surprised on the four hour or daily charts how you can double or triple your profit with this simple exiting strategy. You will probably only win at this one out ehand, you lose nothing, moving the stop to break even. It’s truly a simple, winsituation!

I am a big believer, if you find a good trade setand take profit orders as well, and then shut the computer off a walk, go to gym, anything to get your mind off of trading, and just let the market do its thing. “Set it and forget it”professional trader’s lips, becbeing glued to a computer screen. Quite simply, no emotions mean more profits and fewer headaches. The essence of a good trade is more about timing the market, than about price. When you see a good trade setmarket based on a decision that positive momentum is just starting to accelerate in your desired direction – you should feel so confident after entering a trade, that you can let the market do its thing and trust that becmethod, you will encounter more target orders being triggered than stop orders, and hence, you will be producing consistent profits! The phrase, should be your motto, while you spend your time more wienjoy the art of stress free trading, and the lifestyle benefits it offers brave souls like you and me!

up worth getting involved with.

One of the easiest ways to make a good trade more profitable over time, especially on longer time frames, is to simply only close half your position once your target is reached, and then move the stop up to break even for the remaining half position, and just let the trade ride… you would be surprised on the four hour or daily charts how you can double or triple your profit with this simple exiting strategy. You will probably only win at this one out every four good trades you’re in, but on the other hand, you lose nothing, moving the stop to break even. It’s truly a simple, win

I am a big believer, if you find a good trade set-up, enter your order with stop loss s well, and then shut the computer off – watch a movie, take

a walk, go to gym, anything to get your mind off of trading, and just let the market do Set it and forget it” is a phrase that should have derived from

professional trader’s lips, because you almost always will make more money not being glued to a computer screen. Quite simply, no emotions mean more profits and fewer headaches. The essence of a good trade is more about timing the market, than about price. When you see a good trade set-up, you are in effect entering the market based on a decision that positive momentum is just starting to accelerate in

you should feel so confident after entering a trade, that you can let the market do its thing and trust that because of your disciplined trading method, you will encounter more target orders being triggered than stop orders, and hence, you will be producing consistent profits! The phrase, “Set it andshould be your motto, while you spend your time more wisely, learning how to further enjoy the art of stress free trading, and the lifestyle benefits it offers brave souls like

Page 16 of 18

One of the easiest ways to make a good trade more profitable over time, especially on longer time frames, is to simply only close half your position once your target is

up to break even for the remaining half position, and just let the trade ride… you would be surprised on the four hour or daily charts how you can double or triple your profit with this simple exiting strategy. You will

very four good trades you’re in, but on the other hand, you lose nothing, moving the stop to break even. It’s truly a simple, win-win

up, enter your order with stop loss watch a movie, take

a walk, go to gym, anything to get your mind off of trading, and just let the market do is a phrase that should have derived from

ause you almost always will make more money not being glued to a computer screen. Quite simply, no emotions mean more profits and fewer headaches. The essence of a good trade is more about timing the market,

up, you are in effect entering the market based on a decision that positive momentum is just starting to accelerate in

you should feel so confident after entering a trade, that you ause of your disciplined trading

method, you will encounter more target orders being triggered than stop orders, and “Set it and forget it” learning how to further

enjoy the art of stress free trading, and the lifestyle benefits it offers brave souls like

Follow a Business Plan and Learn from Your Mistakes

No one else will teach you how to be honesta hobby, and good records, strict discipline, daily, weekly, and monthly goals are absolutely necessary to maintain your Forex business marathon! Keep a record of your trades, noting spreadsheet, and learn as you go, treading the dangerous waters carefully alongside the raging rapids of your Forex journey. Having a practical and realistic trading plan really helps you to be goal oriented and tends to help to exceed your goals.

Here is my suggested trading Business Plan…

Whenever you are seriously working at building a business, it is certainly a great idea to have goals and track those goals. What I developed here was a plan with realistic goals that helps you use the money in your trading account to your best advantage. It is very important to adhere to strict risk management disciplines and place a protective stop loss order on every entry order STOP! I hardly ever have to risk more than 25 when trading higher time frames. To risk anymore just becomes harder and harder to recoup.

The chart below is great inspiration to me and helps drive me to stay on track wmy weekly goals. The Min. Margin row starts with $600 and allows me to safely trade 1 mini-lot, making a $1.00 per pip with the EUR/USD. If you save $100 from trading profits every month, after every six months your account will grow by $600. After 6 months you should have $1200 and can trade 2 miniThe goal then becomes to save $600 every six months, so you can trade another additional mini-lot to make more weekly and monthly income. It’s like giving your self a raise every six months!

My achievable goal is 60 pips a week profit on the EUR/USD and that comes to $240 per month the first six months. In six months after adding $100 month, I have $1200 in my account, and will trade 2 minigrows exponentially every six months, potentially yielding over $30,000 annually from a $600 starting balance in about 60 months. I hope this plan inspires you!

Chapter 4


No one else will teach you how to be honest with yourself! Trading is a business, not a hobby, and good records, strict discipline, daily, weekly, and monthly goals are absolutely necessary to maintain your Forex business --- it’s not a sprint, it’s a marathon! Keep a record of your trades, noting your mistakes in a journal or spreadsheet, and learn as you go, treading the dangerous waters carefully alongside the raging rapids of your Forex journey. Having a practical and realistic trading plan really helps you to be goal oriented and tends to help you push the envelope needed

Here is my suggested trading Business Plan…

Whenever you are seriously working at building a business, it is certainly a great idea to have goals and track those goals. What I developed here was a plan with realistic goals that helps you use the money in your trading account to your best advantage. It is very important to adhere to strict risk management disciplines and place a protective stop loss order on every entry order – AND NEVER MOSTOP! I hardly ever have to risk more than 25 - 35 pips on any one trade, even when trading higher time frames. To risk anymore just becomes harder and harder

The chart below is great inspiration to me and helps drive me to stay on track wmy weekly goals. The Min. Margin row starts with $600 and allows me to safely trade

lot, making a $1.00 per pip with the EUR/USD. If you save $100 from trading profits every month, after every six months your account will grow by $600. After 6

onths you should have $1200 and can trade 2 mini-lots, or make $2.00 per pip. The goal then becomes to save $600 every six months, so you can trade another

lot to make more weekly and monthly income. It’s like giving your self

My achievable goal is 60 pips a week profit on the EUR/USD and that comes to $240 per month the first six months. In six months after adding $100 month, I have $1200 in my account, and will trade 2 mini-contracts. I hope you can see how it

ows exponentially every six months, potentially yielding over $30,000 annually from a $600 starting balance in about 60 months. I hope this plan inspires you!

Page 17 of 18


with yourself! Trading is a business, not a hobby, and good records, strict discipline, daily, weekly, and monthly goals are

it’s not a sprint, it’s a your mistakes in a journal or

spreadsheet, and learn as you go, treading the dangerous waters carefully alongside the raging rapids of your Forex journey. Having a practical and realistic trading plan

you push the envelope needed

Whenever you are seriously working at building a business, it is certainly a great idea to have goals and track those goals. What I developed here was a practical plan with realistic goals that helps you use the money in your trading account to your best advantage. It is very important to adhere to strict risk management disciplines

AND NEVER MOVE A 35 pips on any one trade, even

when trading higher time frames. To risk anymore just becomes harder and harder

The chart below is great inspiration to me and helps drive me to stay on track with my weekly goals. The Min. Margin row starts with $600 and allows me to safely trade

lot, making a $1.00 per pip with the EUR/USD. If you save $100 from trading profits every month, after every six months your account will grow by $600. After 6

lots, or make $2.00 per pip. The goal then becomes to save $600 every six months, so you can trade another

lot to make more weekly and monthly income. It’s like giving your self

My achievable goal is 60 pips a week profit on the EUR/USD and that comes to $240 per month the first six months. In six months after adding $100 month, I have

contracts. I hope you can see how it ows exponentially every six months, potentially yielding over $30,000 annually

from a $600 starting balance in about 60 months. I hope this plan inspires you!

If you’re looking for a good Forex broker you can trust with outstanding customer service 24/7, be sure to let www.Forex.comlike family, I assure you. I have had absolutely no hto withdraw funds, I receive a deposit in my check account well within 24 hours or less (usually much less) with no transaction fees! I’ve been trading with them for 4 years now and will continue to do so the rest of m

Feel free to download a free demo account and learn how to place trades on either their Forex Trader Pro platform or MT4 platform… I personally just use the MT4 platform to monitor the charts, because the technical indicators are muwould rather use my “Mean Green Money Machine” template that generates reliable buy and sell signals. I initiate my actual trade orders on their Forex Trader Pro platform just because I’m more comfortable placing orders on that platform. You sign up for a free demo accounttutorial trading videos as well.

If you have any trading questions, let me know. I love to help fellow traders beat the market and stay in profit!

My best advice to new traders is to be sure to trade on a demo account until you can make at least 60 pips a week consistently for at least a full month, before you trade with “real” money.

If your looking for more Forex learning resources be sure to go to my website and click on “Learning Resources” strategies to help you better understand how you can always become a better currency trader!

Thank you for reading my book! Again, let me know if you have any

If you’re looking for a good Forex broker you can trust with outstanding customer www.Forex.com know I referred you. You will be treated

like family, I assure you. I have had absolutely no hassles with them – ever! If I want to withdraw funds, I receive a deposit in my check account well within 24 hours or less (usually much less) with no transaction fees! I’ve been trading with them for 4 years now and will continue to do so the rest of my life on this planet!

Feel free to download a free demo account and learn how to place trades on either their Forex Trader Pro platform or MT4 platform… I personally just use the MT4 platform to monitor the charts, because the technical indicators are much better and would rather use my “Mean Green Money Machine” template that generates reliable buy and sell signals. I initiate my actual trade orders on their Forex Trader Pro platform just because I’m more comfortable placing orders on that platform. You

free demo account – just go to Forex.com. Be sure to view their as well.

If you have any trading questions, let me know. I love to help fellow traders beat the

My best advice to new traders is to be sure to trade on a demo account until you can at least 60 pips a week consistently for at least a full month, before you trade

If your looking for more Forex learning resources be sure to go to my website and “Learning Resources” and I’m sure you will find some excellent tips and

strategies to help you better understand how you can always become a better

Thank you for reading my book! Again, let me know if you have any questions.

Page 18 of 18

If you’re looking for a good Forex broker you can trust with outstanding customer know I referred you. You will be treated

ever! If I want to withdraw funds, I receive a deposit in my check account well within 24 hours or less (usually much less) with no transaction fees! I’ve been trading with them for 4 -5

Feel free to download a free demo account and learn how to place trades on either their Forex Trader Pro platform or MT4 platform… I personally just use the MT4

ch better and would rather use my “Mean Green Money Machine” template that generates reliable buy and sell signals. I initiate my actual trade orders on their Forex Trader Pro platform just because I’m more comfortable placing orders on that platform. You can

. Be sure to view their

If you have any trading questions, let me know. I love to help fellow traders beat the

My best advice to new traders is to be sure to trade on a demo account until you can at least 60 pips a week consistently for at least a full month, before you trade

If your looking for more Forex learning resources be sure to go to my website and tips and

strategies to help you better understand how you can always become a better

uestions.

Documents

Chapter 1fortunecommodities.com/pdf/bollinger_band.pdf · market too early. Using Bollinger bands, along with th indicator (NON LAG AMA), will help you enter the market more precisely