More Trades Than You Can Handle and Increased Profits To Boot
Kirk Norwood, ForexStrategySecrets.com
If you have been trading very long you know that countless hours in front of the charts get old after a while. If you haven’t found a good trade you start to take questionable trades, or try and get more out of a trade than the market is offering.
Spending more time doesn’t always mean more pips.
Here are three ways you can approach the market so as to spend less time trading and make more pips:
1. You can move to the larger time frames Daily, 4 hour, 1 hour
2. Having alert and signal services to let you know when a time frame has a good setup.
3. Use a strategy scanner.
Larger time frames mean you look at the computer less often and have the potential to get in on bigger moves. You will still have to wait for the proper setup and will also miss some good trades even if you can look at the charts.
Alert or signal services can give you heads up on potentially good trades but you still might have to wait for the proper setup which still means time in front of the computer.
Most traders haven’t heard of a Strategy Scanner. So what is a Strategy Scanner? A Strategy Scanner looks at all the pairs you want to watch, finds the direction of the trend on a larger time frame confirms the trend on another time frame then only gives you the scan when many confirming setups are met on your entry time frame. In essence you are trading with the trend on the larger time frame and timing the entry for maximum pips by using the smaller time frame.
Keep in mind that a scanner is automating the work in finding trades. Everything you do manually as a trader is done with the scanner but faster and at a larger volume of trades
Two things happen when trading manually and with alerts.
1. You trade fewer pairs and or pairs that don’t move very many pips each day.
2. You miss out on many good trades because you didn’t look at the pairs that are moving at the time you are in front of the computer.
Look at the chart below and notice how many good moves you missed out on:
The 5 blue vertical lines are indicating were good setups were pointed out by the Strategy Scanner in a 24 hours period of time. Keep in mind that this is only one currency pair.
Now imagine how many other trades you missed on the other 25 to 28 pairs.
Let’s take 25 pairs for example and times that by an average of 2 scans per pair per day. Now we have a total of 50 good scans each day. We know that most traders will only be able to take advantage of about 10 to 15 of those scans. This is in most cases about twice the number of good trades the average trader can find by himself each week… but this is for one day not a week.
We are talking about 5 times the increase in good trades coming your way. This means more pips and more profit for less work.
Think for a moment what your weekly pip goal is. 50, 100, 150. That’s 10, 20, 30 pips per day.
Manually you have time to take 3 to 7 trades a week at 10 pips per trade you are at the 30 to 70 pips per week with maybe one large trade of 25 pips. That’s a lot of time in front of the computer to find 3 to 7 good trades a week.
What if a strategy scanner brought to you 3 to 10 good trades per hour during your trading time? It doesn’t take long to have 3 to 4 trades open at one time and more coming all the time. Pretty soon you have to turn the scanner off because you can’t get to all of the high probability scans. What you will find is that you will trade less and make more pips.
Take that 4 trades per day times 20 pips per trade. Now you have 60 to 80 pips per day or 300 to 400 pips per week and 1200 to 1600 pips per month.
Let’s talk about making more money with the same effort. You can do this by increasing the lot size per trade. It doesn’t take a very big increase in lot size to make a big difference in the increased profit in your account.
We suggest only increasing the lot size from maybe 0.1 mini lots per trade to 0.11 mini lots per trade when you have a small account. If you have a larger account then you can adjust the lot size accordingly. Once you are comfortable with this increase then start thinking about another increase.
How do you know when to increase? Well there are several methods we will talk about only two methods here.
1. For every $100 you increase your account, increase the lot size by 0.01 lots. This is flexible we are sharing a concept; Use a systematic approach to adjust the lot size.
2. There are software products that will calculate the lot size with each trade based on how you set the parameters. This is a good money management tool as well. If you are interested in this approach, go the special offer below and click on the link for a 14 day free trial.
By increasing your lot size as your account grows you will be increasing the rate of return exponentially.
Now we will talk about looking at a small percent increase in your account each day on a consistent basis. This means increase your account by say 1% to 3% per day. At the end of a week you will make more than most people make in a month.
This is possible by being mechanical in your trading. Being disciplined and or using software to help you manage you’re trading.
To see the Strategy Scanner and Money management tool in action send an email to email@example.com and request your free trial access to our Pip Club. You will be able to see traders calling out trades they are taking because of the Strategy Scanner and see the money management tool in action.
If you just want to receive information about the Strategy Scanner and the Money management tool send your email to firstname.lastname@example.org and request Scanner Information.
After you have attended the Pip Club and you like what you see, you can get both the Pip Club and the Norwood Strategy Scanner for $100 per month. That’s two for the price of one. Sold separately they are $100 per month each.