![Page 1: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/1.jpg)
Title goes here
Forex System Development Workshop
www.fxrenew.com
Traders #4: Global Macro Currency Trading with Sam Eder
![Page 2: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/2.jpg)
FX Renew Disclaimer
The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. This website is owned and operated
by FX Renew Pty Ltd ABN 50 168 652 542 the holder of an Australian Financial Services Licence (AFSL) to carry on financial services business in Australia, limited to the financial services covered by
its AFSL no.455388. Any advice included in this webinar is general advice only and is based solely on consideration of the
investment or trading merits of the financial products alone, without taking into account the investment objectives, financial situation or particular needs (i.e. financial circumstances) of any
particular person. Before making an investment or trading decision based on the general advice, the recipient should carefully consider the appropriateness of the advice in light their financial
circumstances and should carefully review the FSG and terms and conditions of this website. FX Renew is not liable for any loss or damage, including without limitation, any loss of profit, which may
arise directly or indirectly from the use of or reliance on such information. Past results are not a guarantee of future performance.
RISK DISCLOSURE: Trading foreign exchange carries a high level of risk, and may not be suitable for all investors. The high degree of leverage available can magnify profits and as well as losses. You can lose more than your initial deposit. Before trading, please carefully consider the risks and inherent
costs and seek independent advice as required. Please contact us, to discuss any questions or concerns you may have, we are here to help.
![Page 3: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/3.jpg)
Welcome
G’day, Howdy, Guten Tag, Ni Hao, Вітаю, Hallo, Konnichiwa, Chào and welcome to session #8 of the Forex System Development Workshop.
![Page 4: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/4.jpg)
Live and Interactive
Don’t be a Shy Sally or a Bashful Barry, ask questions,
take your time.
![Page 5: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/5.jpg)
Title goes here
Forex System Development Workshop
www.fxrenew.com
Global Macro Currency Trading with Sam Eder
![Page 6: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/6.jpg)
Global Macro Currency Trading
My definition: Placing trades where there is a fundamental expectation of a move.
Note: I am still happy to trade on the price action alone.
![Page 7: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/7.jpg)
The Implementation Needs to Match the Trade Idea
The approach is varied depending on the timeframe and the target.
“My philosophy is to float like a jelly fish and let the market push me where it wants to go” – Stuart Walton
![Page 8: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/8.jpg)
Timeless Principles
I look for timeless principles that I can apply across markets and timeframes.
![Page 9: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/9.jpg)
I Play Defense First
“To commit very little capital, take on very little risk, and still make a significant return consistently” –
Alphonse Fletcher Jr, discussing Bear Sterns philosophy
![Page 10: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/10.jpg)
Trading Approach: 20 Rules
I use 20 rules that are modified for each timeframe and market. Each rule is associated with a set of actions.
![Page 11: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/11.jpg)
Daily Global Macro Examples
In today’s session, I will go through the 20 rules with examples from my trading strategy that I use on daily
charts.
![Page 12: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/12.jpg)
Rule #1: Manage My Trades Towards My Objectives
I have very clear objectives for my trading strategies and for each individual trade that is placed.
![Page 13: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/13.jpg)
Action #1: Manage My Trades Towards My Objectives
• Build large positions to capture trends in Forex that occur on daily charts as defined by the Bollinger Bands.
• See objectives and risk management template.• Look for trades with at least a 10% move expected.
Learn more: FCST Lesson #6
![Page 14: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/14.jpg)
Trend as Defined by the Bollinger Bands
![Page 15: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/15.jpg)
Rule #2: Trade the Right Strategy for the Market Type
I assess the market type and apply a different approach depending on the current market type.
![Page 16: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/16.jpg)
Action #2: Trade the Right Strategy for the Market Type
• Use the Bollinger Bands to determine the market type.
Learn more: FCST Lesson #8
![Page 17: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/17.jpg)
Example: Market Types
![Page 18: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/18.jpg)
Rule #3: Trade Only with a Macro View
I have both long-term and short-term fundamental views and only place trades where I have an
expectation of a trend.
![Page 19: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/19.jpg)
Action #3: Trade Only with a Macro View
• Central bank and interest rate policy • Demographics • Economic performance • Geopolitical risks• Commodity prices • Stock markets• Bond markets
Learn more: FCST Lesson #4
![Page 20: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/20.jpg)
Rule #4: Have a Damn Good Set-up
I have specific technical conditions that I look for before entering into a position.
![Page 21: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/21.jpg)
Action #4: Have a Damn Good Set-up
• Trade on the correct side of the Bollinger bands and Ichimoku cloud
• Sideways quiet market types • Reversal patterns off key levels
Learn more: FCST Lesson #9
![Page 22: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/22.jpg)
Example: Ichimoku Cloud and Bollinger Bands
![Page 23: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/23.jpg)
Example: Major Weekly Support
![Page 24: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/24.jpg)
Rule #5: Stalk a Low-risk Entry
Once I see a set-up that I like I will wait for an appropriate entry point.
![Page 25: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/25.jpg)
Action #5: Stalk a Low-risk Entry
• “Busted” breakouts • Breakouts candles • Reversal patterns • Fundamental catalysts
Learn more: FCST Lesson #10
![Page 26: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/26.jpg)
Example: Busted Breakout
![Page 27: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/27.jpg)
Rule #6: Have a Hard-to-Hit Stop-loss
I look to place my stop well out of the way so that it will only be hit if I am wrong.
![Page 28: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/28.jpg)
Action Rule #6: Have a Hard-to-Hit Stop-loss
• Targeting around 2-3% away.• Stop on opposite Bollinger Band.• 0.5% behind the key level.
Learn more: FCST Lesson #11
![Page 29: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/29.jpg)
Rule #7: Create Asymmetrical Risk Scenarios
I look for scenarios where I can scale-in to the position so that my potential gain is far greater than my
potential loss.
![Page 30: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/30.jpg)
Action Rule #7: Create Asymmetrical Risk Scenarios
• Scale-in up to 5 times on the position in the first 1/3 of the planned move.
• Add any free risk on the first scale-in point and then use the combined stop calculator.
Learn more: FCST Lesson #13
![Page 31: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/31.jpg)
Example: Scaling-in on USDCHF
![Page 32: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/32.jpg)
Rule #8: Build a Risk-free Position
I place a buy the dip order that, if triggered I will often take off again on a bounce (and then may
do the same again).
![Page 33: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/33.jpg)
Action #8: Build a Risk-free Position
• Enter on a retracement for 50% off the position with target near the entry. Retracements can be to Marabuzo line, mid Bollinger Band, daily low or close (about half the distance to the stop).
Learn more: FCST Lesson #13
![Page 34: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/34.jpg)
Example: Building a Risk-free Position on EURGBP
![Page 35: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/35.jpg)
Rule #9: Trade Around the Position
• I will trade in an out of the position with a small balance. During the first part of the move, this will be used to add to the original position.
![Page 36: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/36.jpg)
Action #9: Trade Around the Position
• Use 25% of the position. • During the first 1/3 of the planned move add any
additional profits to the core position. • In the next 1/3 of the move maintain the profits to
build a risk-free position. • In the final 1/3 of the move then trade the position
at the original 25% level.• Move to swing and day trading plans for entry and
exit rules.
Learn more: FCST Lesson #13
![Page 37: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/37.jpg)
Rule #10: Protect Profits
I use a trailing stop to protect my gains.
![Page 38: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/38.jpg)
Action #10: Protect Profits
• Close 25% on a candlestick double bottom/ top or in a sideways MT or off a key level(re-enter on new entry).
• Trail stop 0.25% behind the candle of 2 weeks ago.
Learn more: FCST Lesson #12
![Page 39: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/39.jpg)
Rule #11: Trade What’s In Front of Me
I note the changes in the market type and certain price patterns and adapt my exits to fit.
![Page 40: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/40.jpg)
Action #11: Trade What’s In Front of Me
• Close on weekly reversal pattern.• Trail stop on 75% of position behind 1 week candle
or even a 50% retracement of the week during fast market types.
Learn more: FCST Lesson #12
![Page 41: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/41.jpg)
Rule #12: Size Positions According to Conviction Levels
I trade larger sizes and scale-in aggressively on certain trades if I assess there is the potential for a large move.
![Page 42: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/42.jpg)
Action #12: Size Positions According to Conviction Levels
• Asses the correct position size within the allotted bounds of the risk management plan.
Learn more: FCST Lesson #18
![Page 43: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/43.jpg)
Rule #13: I am a Risk Manager First
I have a carefully crafted risk management plan that takes into consideration, objectives, correlations,
leverage etc.
![Page 44: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/44.jpg)
Action #13: I am a Risk Manager First
• Position size per risk management plan.• Maximum 4 positions at one time. • Max 2 correlated positions (unless using a basket). • Max 3 correlated positions if 2 are risk free.• Max position size on 1 trade is 1.5 times trading
capital.
Learn more: FCST Lesson #14
![Page 45: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/45.jpg)
Rule #14: Trade the Right System Universe for the Strategy
I select the right markets for the strategy and focus on those, and I diversify across markets where possible.
![Page 46: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/46.jpg)
Action #14: Trade the Right System Universe for the Strategy
• Forex Majors• Forex Crosses
Learn more: FCST Lesson #4
![Page 47: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/47.jpg)
Rules #15: Manage News Event Risk
I have a plan for managing my position around news events.
![Page 48: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/48.jpg)
Action #15: Manage News Event Risk
• Tighten stop on 25% of position to 0.25% behind the recent high/low.
• Take off the 25% used for trading around the position if it is on.
• Leave stop on 50% or buy out of the money options and remove stop-loss. Either close position when options expire or re-establish the stop. Leg the options so that 50% are close to market, and 50% are long-term. Close options after the event as required.
Learn more: FCST Lesson #13
![Page 49: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/49.jpg)
Rule #16: Capture Windfall Profits
I am ready to capture windfall profits if the market makes them available.
![Page 50: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/50.jpg)
Action #16: Capture Windfall Profits
• Extreme MT stop at 0.5R on 50% position. Re-enter on next re-entry.
Learn more: FCST Lesson #12
![Page 51: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/51.jpg)
Example: Windfall Profits on AUDJPY
Learn more: FCST Lesson #12
![Page 52: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/52.jpg)
Rule #17: Maximise Big Wins
If I am in a position with profit locked in and conditions arise to “go again”, I will take them.
![Page 53: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/53.jpg)
Action #17: Maximise Big Wins
• Add additional positions on new entry signals when position is risk-free.
• Once up 30% for the year, go for big wins with aggressive scale-ins on high conviction trades.
Learn more: FCST Lesson #13
![Page 54: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/54.jpg)
Example: Short Again on EURUSD
![Page 55: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/55.jpg)
Rule #18: Cut Losses Short
If I get a reversal signal right after entry, then I will reduce my position size.
![Page 56: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/56.jpg)
Action #18: Cut Losses Short
• Close 50% of position on reversal candle right after entry by placing a stop on the low of the candle.
Learn more: FCST Lesson #12
![Page 57: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/57.jpg)
Example: Reversal after entry on USDCAD
![Page 58: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/58.jpg)
Rule #19: Let Profits Run
I maintain a core position and let it run on a wide stop-loss to go for large R-multiple trades.
![Page 59: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/59.jpg)
Action #19: Let Profits Run
• Exit core position on close over the opposite daily Bollinger Band by placing the stop 0.25% behind the candle.
Learn more: FCST Lesson #12
![Page 60: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/60.jpg)
Rule #20: Don’t Play
I only take high quality trades. Less is more.
![Page 61: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/61.jpg)
Action #20: Don’t Play
• Assess the quality of the trade out of 100 and only take trades that rate 85 or higher.
• If I am not sure if it is 85 or not, then don’t take the trade.
![Page 62: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/62.jpg)
Risk Management Plan
• Considered holistically across my whole portfolio.• Trade size is not based on my account size. It’s based
on my total trading capital. • Targets for each strategy including, position size,
number of trading opportunities, risk/reward.• Reduce my position size if I am in a drawdown – I
reset each quarter.• Trade sizes are a lot smaller than what you think you
need.
Learn more: FCST Lessons #6, 7, 14
![Page 63: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/63.jpg)
Lack of Organization Costs Me the Most
• Plan my trades in the weekend (crucial). • Review all the markets I follow each day. • Record my trades in trading view so I can review
later. • Sunday morning I also go over trades from the past
week. • Separate strategy/plan for each timeframe.
Learn more: FCST Lessons #19
![Page 64: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/64.jpg)
Title goes here
Forex System Development Workshop
www.fxrenew.com
Trade Examples
![Page 65: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/65.jpg)
Questions
![Page 66: Traders #4: Global Macro Title goes here Currency Trading ...€¦ · additional profits to the core position. • In the next 1/3 of the move maintain the profits to build a risk-free](https://reader030.vdocuments.mx/reader030/viewer/2022041120/5f33e8136b64eb01363f89fa/html5/thumbnails/66.jpg)
Title goes here
Forex System Development Workshop
www.fxrenew.com
Questions, Queries, Feedback