Forex Course 101: Forex Trading Week
And good morning good evening good afternoon. Traders, and students. All around the world this is fx passion, new bret, broadcasting. You live on youtube. And this is forex trading course 101. Today, is. September, october. October, the 8th, 2020. Right. And we are in the forex course 101, forex trading week where, we are trying to implement. What we have learned so far. Remember, what we're trying to do here everybody, we are trying to build the three pillars, pillar number one is the strategy. And or. System. With all of this stuff, here on the left. Pillar number two we're trying to understand, how risk management, works, everybody. And pillar, number, three, the big one. Which is the psychology, part right. Now talking about psychology, what do champion, beginner, traders, say. Champion, beginner traders, say i am not. Going to live and die. On a trade by trade basis. Everybody. What does this mean this means that. Oh i won. It doesn't matter, it's just one trait. Oh i just lost. Don't be sad, it's just one trait. We are not going to live and die, on a trade by trade basis. And i have my own quote here everybody, when the market, scares, you don't be afraid, to do the right thing. Right. You lost, one you lost twice, you lost three trades, and finally. The setup, comes around. And we should execute the strategy. And we are scared. You know when we are not executing. The entry, the strategy. Right. And remember, ninety percent of traders, lose money in the forex. Market worldwide. And the webinars, are not trading, or investment, advice. The webinars, are for. Educational. Purposes, only. And for homeworks, or questions, you have my gmail contact, my skype. And my linkedin, contact. King of swing, hello, all happy market, reversal. Day wow. What currency, pairs, are reversing. Kingo swing. Stop loss forex, hi all hello stop loss forex. Hello miguel, zuelius. Bomgia. You are the guru as well yes not me. Okay everybody, so. What do you want. We have two more days talking about the forex trading week then we are going to start, all over, again. Do you want to talk about, your issues. What are you struggling, with or do you want to talk about. Some. Currency, pairs, and exits, and entries. And, what should we trade, how should we trade. And as you can see everybody, we are in profit, right we did. What was we shorted. Aud, cat. And we are still in the profit. Right. We are still in the profit we shorted, aud, cad. Open. Aod, cad. Let's see what's happening. How is the. Heat. It's hot zoeleos. It's hot. And now it's hot. Everybody, this is this was the trade. That we. Did. Remember. Those are the parameters, we entered here because of the counter, trend line break bearish candlestick, formation. Crown. The market, still didn't, move that much but still you know, looks like, that we are. Going in the right direction. And remember, everybody these webinars, are not trading, and investment, advice oh just because, f. Sure that, aud, cad i'm going to do this too. These webinars. Are for you to learn. They are not. Investment. Or trading, advice, everybody. And again you know we can lose two right. But we are not going to live and die on a trade by trade basis. King of swing can talk about both. Sure why not. Sure. Just tell making or swing what currency, pair what time frame what is your idea, and then what is your. Issue. Okay. Yes everybody, we can do both no. Problem. Okay, not a problem sure why not. So. First, comes, first is served. Okay type in the chat the currency, pairs that you want to check. The time frame that you are trading, everybody. And then what is the issue. You know. Like oh it's trade management, the issue. Or it's. The entry, the issue. Or it's. The exit, the. Issue. Okay. Now there is no right or. Wrong. Aud, usd, for our, short okay thank you very much what is the issue, king of. Swing. What is the issue. So everybody. Let's, open, aud, usd. Adsd. And we're going to open the four hour. Chart. And let's see, kingo swings a short. Aud, usd, for our, time frame. Where is the chart. There you go. Fibonacci. Fibonacci. Fibonacci. This one, we are best, over, over, over. Over, over, over, over. Over, we don't need this one we don't need this one. So. We have a down fibonacci.
Right. The market, ground. What is the issue king of swing. So let me find my, abcds. This is going to be. One. Abcd. This is going to be. Two. And, not sure about this one. The market, stopped, me out right, so. Four hour time frame, and again. This would be the second. One. If i'm not mistaken, white, goes to white, and this is the, second, one, here fibonaccis. And. Fibonacci, retracement. This would be our, last one. So we have the abcds. We have the. We have the counter, trendline, break and we have the fibonacci. Of the confirmation. If you want, which, is. Here right. Okay. Hello, mhb, boss how are. You. Trade, exit. Are you are you already in the market king of swing. If you are already in the market. Would you be so kind, and type your entry. Your stop loss, your take profit. And then we are going to address, the trade, exit. Miguel says long 2 hour what currency, pair miguel. And the most important, question everybody. What, pattern. Are you shorting. Or what pattern, are you going long. Okay. Passion i'm trading the four hour time frame short what pattern, are you shorting. Passion, i'm long on the two hour time frame what pattern. Are you going long on. So. Let's. Do it something like this. Green is going to be the, entry. Green is going to be the entry. And. Entry. Coordinates. Coordinate. 0. 0.71790. Okay. This was the entry, and. Stop, loss. Which is going to be red, stop, loss is. Edit, whoops. And it's zero point. Seven one, seven, eight, zero. Seven one seven nine seven one seven eight. Kingo swing something's, wrong with the numbers. You know. I think you wrote the wrong stop-loss, level. King of swing. Where is your stop loss. The original, one. Stop. Loss. See everybody, here is what we've been talking about yesterday, right. What you are doing, after. The webinar, is over, what you are doing once the webinar, is over. We've been teaching, you. That. The stop loss must go. The stop loss must go, above, or below, the, pattern. That you are trading. And some of you are not listening. So this is going to be take profit, take, profit. And your take profit, is, at. 0.70100. Which. Is.
Okay We're going to check. Gb, pc, jeff. Yes it's a chat problem miguel, yes. Okay. Move my stop loss at break even. See everybody, this is wrong. This is wrong why is this wrong because you are not listening. So. King of swing let's try to learn something, huh. Original, stop loss there you go original, stop loss. Original stop loss. Was. Everybody, you must understand. One thing about this market, you cannot, throw. Stop, loss levels, and take profits. Just like this. Seven, two. Zero eight five. Okay. Now we have a stop loss level everybody, and we have, a tech profit. Hello. Reagan, hello, leave you how are you. King of swing, what. Pattern. Let's, let's try to learn something today everybody. Rule. Rule. If, you. Don't. Determine. That. Their mean if you don't determine. The. Pattern. That. You, are, trading. Then. Every. Stop. Loss. And. Take. Profit. Is, going, to be wrong, it's going to be wrong. Why. Because. Different. Patterns. Have. Different. Rules. King of swing. What pattern. Are you trading. And then we're going to take. Take a look at gbp, chf. Candlestick, formation, candlestick, formation, is not a pattern. To be traded. Or at least not on the four hour chart. So everybody. One more time. One more. Time. Patterns. Give. Us, direction. To treat. Okay. Patterns. Give us direction. To trade. So. It's not candlestick, for at least not on the four hour time frame. See everybody, this is how easily. Is to trade. Wrongly. In the wrong way. You can be working. Very hard, i work hard. But you are not doing it in the correct, way. And this is why we are losing. And this is why we are not moving forward. Simple as that. Patterns, give us direction. And if you don't determine, the pattern, that you are trading, then every, stop loss. And every take profit is going to be wrong. Simple as that. Passion i don't agree with you check your results. Passion i don't believe you check your results. Why because, different. Patterns. Have different, rules. Double, top, what time. Frame. Double tops, okay i think it's only four hour right so. See, king of swing. If you would. If you would trade double, tops then.
You Already, did the traders. Error everybody, you entered, too soon. If this is double tops everybody. Great lesson, we can learn something, today. If this is double tops. Where is your entry. Is this your, entry. Kingo swing let's try to learn something today. If this is your double tops. Where is your end for hour great. Where should be you. Entering. Should you be entering here everybody. Let's make a trading, exercise. This is the, market. Should i enter, when i see this. Bearish, candle, here. It's a yes or no question should i enter here. After the market close the. Scandal. There is no right or wrong everybody don't worry should i enter here after i see after, i'm seeing this bearish, candle. I am, king of swing, and i am projecting. Double tops. Can i enter no it's not that should i enter can i enter. Can i enter here with this, bearish, candle. On the four hour time frame. What do you think king of swing dragon. Liveu. Miguel. Mhb. Israeli, says no. Second one step by step king of swing. Swelling says no not confirmed. What about you miguel. Leave you reagan. And any other. Is the correct thing to, enter, in, this. Scandal. Anybody. Don't worry guys don't be shy, we are here to learn there is no right or wrong. Stop-loss, forex downtrend, not confirmed, yet exactly. So it's a no okay. Four hour later. This scandal, happened. So. King of swing your entry, should be here. What does this mean this means that you end third prematurely. You end prematurely. This is your entry. And this is where. Your entry, should be. Libya says no exactly, not yet. King of swing, did you or did you not enter. Prematurely. And don't worry guys this is normal, okay. It's a part of the learning, process. Those are traders. Mistakes, that are common. Okay. I've done this countless, times i've entered prematurely. You know. I would see a candle moving, up down or up or everything, and then i would just jump into the market. King of swing did you enter prematurely. It's a yes or no. Question. Your entry should be at the bold, line, down, but you entered. With the thick line, up. Hello. Christian. Did you enter prematurely. King of swing. Down, is the line that you should have entered. Maybe. And up it's the line that you have entered, did you enter prematurely. Reagan, says psychology, in that moment yes the market has. Reacted. The first and the second. Teacher i plan to enter prematurely. Don't do this. Everybody. Don't, plan, to enter prematurely. Because, you are. Forming. Bad. Trading. Habits. Do you know how difficult, is to change a habit everybody. Don't do this i'm telling you. If you form, bad, trading, habits, then it's going to be difficult, for you. To trade, and to obey the rules. Yes premature. So. Is this the right, place to enter. Everybody. The second candle, is the second, candle the correct. Entry. We figured, out that king of swing, entered prematurely. Oh but it's a winner. You, don't, know. We don't know guys, what is going but it's a winner. You just got lucky. Oh i knew. Don't tell me this stuff all right yo i knew, that the mark is going to fall i knew. Because, if you know i'm going to give you a million dollars. For you to trade. But if you lose, you are going to pay me back double. If you know, okay. If you are so convinced, that oh i knew what is go well if you know how the mark is going to behave. Me and warren buffett we are not that smart, unfortunately. But if you know how the market is going to behave. We are giving you a million dollars, to trade. But if you lose. You are going to pay back, double. How the story, quickly, changes, ah everybody. See. Is the second, candle. The second, bear is the right, place to enter yes or no what do you think. Don't be shy everybody, there is no right or wrong. Second candle what do you think king of swing dragon. Christian. Leave you. Stop loss for zuelius. Miguel, what do you think. Don't worry miguel, after this is over we are going to check gbp, chef. But let's try to learn. Something. Somebody's, going to say yes somebody's, going to say no. Is this the right entry. No why not. Yes second is much better. Everybody. See, here is what you are missing. You. Everybody, how is our, thinking, process, right. We, spot. Double, tops, right. We spot double tops as a pattern. And this is what we are going to trade, right. Now. The question is is this double, top. Confirmed. Hello rina how are you. Stop loss forex still no entry why not. To make a high knit two candles, to the right exactly. Everybody. You maybe you spot, a double top. And you have, only one candle, on the right so what is the answer. Those are technical, rules. It's not, the time, yet. You don't have a high. And. You don't have a high. And. You know you don't have a high, and. If you enter here. What. Are you, entering. Look at the yellow lines. Everybody. Oh but i won, you got lucky. Oh but i knew okay then i'm giving you a million dollars, to trade.
Everybody, Who thinks that is going to enter at the second, candle, what, are you entering. Look at the yellow. Lines, please, and tell me. Are you going, against, the trend. Or are you going with the trend. The second candle is correct and my entry, rule, is. First, candle, change the entry rules. It's a suggestion, king of swing you cannot trade like this, you are not following the rules. Of the market. It's a suggestion. Change your rules. I'm going to. Everybody, what are great. Strategy. Rules you know a great strategy, rules, rule would be. I'm not going to go against. The short-term. Trend. It's a great strategy, rule. Oh but it's double tops. Well. Double tops that, don't. Mean anything, in an uptrend. You know, you need to spatially. Learn, everybody. To see and you and we've learned this. When to trade, how to trade, different, patterns. Christian says is not confirmed, the second top miguel you need a confirmation. Lower, low exactly. You are entering in an uptrend, exactly, we still have an uptrend, against the trend. So the question is, my question, to you everybody's. If you, understand. This. Why, are you still, doing it. Not everybody, but some of you. Some of you i know you remember, guys, and girls. I know you some of you are still doing this. Oh but i won it doesn't matter, you entered. Against, the short-term. Trend. True, or true this, entry. It's premature. From the. Short-term. Trend perspective. And, from the. Not confirmed. High, perspective. True or true. And king of swing is saying okay changing role sir. And. One. Two now what about now. What about now we have. See everybody, how tricky. And how quickly, we can. Lose peeps and money. If we don't. Understand. How this market, works so. Here we have double, tops. Now the double top is confirmed, we have a high. Right we have a center candle two candles on the left and two candles on the right. And this candle is bearish, is now the right time to enter the. Market. Is now the right time to enter the market. Christian says correct now we can enter right. Can we enter the market everybody. Or. No. It's a yes or no question if you understand. How the market, works. And, in the beginning, it's like a puzzle, you know we are trying to understand. And. We are trying to link. Here we are trying to interconnect. The dots. Is now the right time to enter. Everybody. Wait for the retracement. Why should i wait for the. Retracement. Lower law not confirmed, yet. Exactly. Everybody, so. I'm going to help you a little bit everybody. Just for us to understand, each other. Can. Once. That. We, have, a, confirmed. Double. Tops. If we, can. Enter. Or not. Depends. Depends. On the. Pattern. Traded. So. How this goes. How this goes. The market, is doing hard highs higher lows, and. Does, something, like. This. You know. Does something like this. Okay. Can i enter the market everybody. It's simple right. It's a yes or no question, i spot, double, tops, here. You know. And this is the market. Simple, question can i enter here. Can i go, short, in here. Green this is going to be my. Entry. Lower law not confirmed. Wait for a lower low for better probability. If the second, high is lower than the first high yes we can enter. Well not exactly, because. Sometimes, the double top sits a little bit lower, or higher. Nachos. Values. Just because, this is a. A little bit. Lower. A few pips. Can we enter. No no no no, great. Now. If this. Uptrend. Is. Like this. What about now can we. Enter. We are looking, at exactly, the same thing, we are looking, at exactly. The same pattern. But the view has changed. Can we enter, right now. Wait for the coming lower low to break the previous lower high.
Okay. So. This is one, vision. And we learned about, the stories. This is one story. And. This is another. Story. So can we enter with the bigger story. Right now. We are seeing the same double tops the market is at the same parameter. Same price movement. Everything, is the same. But we are seeing another. Story. Wait for the coming lower low to break previous lower. High. Everybody. And. To be more, fair right we had the we had the. Counter, trend line break right, it was something like this. We have the, counter, trendline, break okay. Great. Can we enter. Okay so all of you are right, talking about, this smaller, story, right. Smaller. Smaller. Story. Which is the. Short. Term. Uptrend. Answer. Answer. Wait, for, a. Lower. Low. Okay, so this is the smaller, story answer. Smaller, story, is the short term uptrend, answer wait for a lower low, what about the bigger, story. Not necessarily. Christian. Higher time frame it's okay but, we can see this on the same time frame. As well as yes we can why. Why. King of swing really those questions, are for you because you are trading, this. Can we enter right now the bigger, story. Israel, says yes we. Can. Why. And the next question is what, are we tr, again there is no right or wrong but. We have a smaller, story we have a bigger story. And, the next question is what are we trading. What is the pattern. That we are trading. Bigger. Story. Bigger story. Hello allah how are you. Finish, the. Retracement. Okay, so. What is the bigger story, is. Market. Wave, congratulations. Values, very good. Market, wave. Answer. Answer. Yes, we, can. Next question. Where, does, the. Stop. Loss. Go. Zuelius, if you can answer this question, you are a trader, man. So what is the bigger story. It's the market, wave. This is the bigger story. There is no right or wrong though. Yellow line market, wave, yes we can. Where does the stop loss go. Trend, pattern, well better say market, wave extension. Retracement. Extension. Because of the counter, trend line break we can enter, it depends. On what story. Are you trading. Those two are not the same. And this is what some of you are still not getting it. And it's okay it's a, process. But some of you are still don't get this one, those are two different, stories. Those are two different. Patterns. Yeah we are going to enter, at the double tops, but. We are trading. Two different. Views. Which we call stories. Don't mix the stories. You know. I'm not going to enter the market because there is past resistance, this story is over. You know i'm not going to show the market we're in an uptrend well. What is your vision, what story. What pattern. Are you trading this is not the same. Stop loss, last high.
No. No. Zuelius. No. So you're not a trader yet right. No. Market, wave, extension. Retracement. Extension. This is forex, course 101. One of the first, lessons. And we are keep telling you watch the webinar. Over, and over, and over again. This is the market, wave. And you are going to see, the change. In the shortened. Trend. When is the right time to enter. And the stop loss, goes. Up in here. So no. Ah you are smart, right. The last, high. Of the extension. Even worse. The last high of the extension, is here. This is the last. High. I'm joking, we do the values just, everybody. Let's let's be re let's, accept, you know we are not ready yet right. But this is the thinking. Pattern, this is how you should think. We are at the monthly pivot point, thank you asl, let's, go step by step alright. Let's go step by step. So. Everybody. We learned this in the first two months, of trading. And next week we are going to start back over again. Some of you don't get this yet. Can i short the market with double tops. In here. Well if you are, trading. The if you are shorting, the uptrend. The answer is no you need to have two lower losses or highs. Same question, can i short these double tops. If i'm entering. If i'm trading. The market, wave. The answer, is yes. But the stop, loss, goes, above, the pattern. And what is the pattern the pattern, is not. Short on trend anymore the pattern, that i'm trading. Is the market, wave. But teacher we don't have any change, on the trend, yet. Sure. But we have, now it's about the strategy, right. It's about the strategy, so we are here. And we have, a confirmed, high. Okay. We are here and we have a confirmed, high from the double, tops. Now, double, tops, everybody, is established. Do, do we agree on that. Double, tops, are confirmed. Yes. Christian and everybody, else. Everybody, else, do we agree that on that the double, tops are established. Yes. Yes okay great, now. We have a. Counter, trend line break. Violet. We have a counter, trendline, break which is the violet, line. You know, and we have, double, tops. And we have a bearish, candlestick, formation. But christian, is saying well, we don't have a change in trend yet well, this depends, on your strategy. It depends on your strategy. Some of you. Now this is the difference, and again you know there is no right or wrong. So. Small, picture, out. Small picture, out small picture, out. Some of you. Having their strategy, that. When the market, hit, past. Resistance. Just an example, you know, the market hits best resistance. Like this. You know. And it's a probability. Game. So. Yeah i don't have a lower low. I don't have a. I don't have a change, in the short term trend yet. So. The the short term trend, is against, me yes. But, what is with me, counter, trendline, break is one, double, tops is two. And bearish, candlestick, formation, is three. And, this depends on my strategy, so if i'm an aggressive. Trader. I can enter here, now somebody's, going to say.
Because, It's in their strategy, well no, before, i enter, the market, i need to have. Two lower, lows and two lower highs. Now those are different, strategies. And both of them are correct. Okay christian. What is better, i don't know it applies, to your personality. If you are an aggressive, trader, one two three. Short term pattern, double tops, counter trend line break bearish candlestick formation. Enter. If you want to be more. Secure. Double, tops. Counter, trend limb, counter trendline, break. Candlestick, formation. And. The change, in the short term trend. Still okay. If you want to be more secure. And of course past, resistance. Right, so. If we zoom out everybody. And i'm going to delete most of the things because, the if not it's too polluted, you know. If we zoom out. Or let me let me clone. Let me clone the chart. Delete this, delete, this delete, delete. I'm going to delete most of the things everybody. Because, if not it's going to be too polluted, okay so delete delete, delete. If we zoom out. You know. What are we seeing. We are seeing. Extension. Retracement. Extension. Right. Extension, retracement, extension. And, one more right we are seeing another, retracement. Here so this is what we are seeing. And this is why everybody. When, we are here. And you have confirmed. Double tops. You can, enter. Shorting, the, market. You know. You can enter shorting the market and get look what happened. The market. Falls. Right. Now what is the trick. And this is where. Beginner, traders, lose money. You cannot. Put your stop, loss, above, here. This is the not, right, this is the not correct. Way of doing things. Why not because we didn't, short, the uptrend, we didn't, show the double tops what we shorted. What we shorted, everybody. Is this we shorted. The market, wave. Extension. Retries. Now. Maybe we are wrong right but what is the probability. Of, the market stop us out here. And what is the probability. Of the market, stopping, us out up in here. And those, two makes, all, the difference. And. One more question, is anything, wrong if the market stops me down here and. If anything, wrong if the market, stops me out up in here. We are almost, out of time everybody, i'm going to give you the answer. If the market, stop us up in here is anything, wrong, yes. Because, the market. Wave. Is still, valid. You need to learn this everybody, this is what you need to understand. The stop, loss that you are putting, on must be according. To the pattern, that you are trading. If you are shorting, the market, here. And if you are shorting the market, wave. And if you put the stop loss down in here this is wrong. You know this is wrong. And, those are what is are called, in, professional. Trader, language. Bs, stops.
Those Are bstops. Professional, traders cannot, allow, this kind of errors. Yeah it's a learning process no i know i know i'm not judging anybody, now we are here to learn and, most of us we are still learning right. But just remember, that, this those are easy concept, to understand. And those are, bs stops. I'm going to enter here prematurely. And i'm going to put my stop loss here and the market is going to stop me out. So this is me working. Hard. And not going anywhere. It's not safety, reasons, it's the pattern. Now. If the market, stops, me out, on the pattern. Is here anything wrong. No. No. Why not what's the difference, well. The pattern, is not valid. And this makes, all the difference, everybody, this is one of those webinars. You should watch four times. To really. Dive in and understand, those concepts. First one is a bs, top. Because the pattern, is still valid. And the second one is the correct, stop, and the market, stop us out it's okay, the market. In valley. Violated. The pattern. We don't have the down, market, wave anymore, we just start, at an up market, wave. And in the thinking. Process. You are learning, how to think, as a professional, trader. This makes, all the difference. Teacher my account might not be able to handle that stop loss easy answer, trade, on this smaller, time frame. Go on the two hour time frame. Kendall, cannot do it go on the one hour time frame still can do it well, find another currency, pair. This is how professional. Traders, behave. Okay, everybody. We are almost. There. Next level number, four, or five. Number four. Five, okay today's, five, if you want to trade, for an asset manager. Or hedge fund ask for incubation. Where i will personally. Allocate, the funds for you to trade. Yes, me f expression, i'm going to give you the funds to trade. You will receive 50. Of profit, share on our money for the first quarter. And then you will receive, up. To 70, percent, of profit, share. Okay. No tricks no hidden costs show us that you are a good trader, and you can build your trading, career, with us. Now not with me, with the asset manager. Or some hedge fund maybe investment, bank time to time. There is only one rule. Maximum, drawdown, is 30. Okay, you have the calm.