traders #1: title goes here jim langlands€¦ · stop-loss and trailing stops • stop approx 1.5%...
TRANSCRIPT
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Title goes here
Forex System Development Workshop
www.fxrenew.com
Traders #1:Jim Langlands
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Welcome
G’day, Howdy, Guten Tag, Ni Hao, Вітаю, Hallo, Konnichiwa, Chào and welcome to session #5 of the Forex System Development Workshop.
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Live and Interactive
Don’t be a Shy Sally or a Bashful Barry, ask questions,
take your time.
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Title goes here
Forex System Development Workshop
www.fxrenew.com
Prop Trading Techniques with Jim Langlands
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About Jim Langlands
“Tell us a little bit about your background and trading career. How did you get started? What have you done?
Etc.”
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About Jim Langlands
• Started in 1976 in London.• Worked for a number of major banks.• Set up hedge fund in 2008 but found it hard to raise
capital.• Set-up an advisory business and works with some
private clients.
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Trading Style
“Describe your general approach to trading and how you structure your trades.”
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Trading Style
• Began as a inter-bank day trader• Now-days looks for long-term trends• Takes an overall picture of the market
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Trading Style
• Beginning with monthlies, determine range or trend.• Only trade trending markets. • Drill down to daily, weekly, 4 hour to look for ideas
that can be profited from. • Takes practice but eventually you will see a picture
emerging.
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Technical Set-up Conditions
“What technical set-up conditions do you look at before you enter a trade?”
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Technical Set-up Conditions
• Channels, Head & Shoulders, Flags, Pennants • Combine with Fibonacci, Momentum Indicators and
with Ichimoku indicators• Like to know the main Elliott Wave pattern objectives
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Fundamental Set-up Conditions
“What fundamental set-up conditions do you look at before you enter a trade?”
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Fundamental Set-up Conditions
• Know the economic calendar for the day• Have a view on the economic conditions of the two
economies that make up the currency pair• A Twitter account is very useful
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Timing Your Entry
“What do you use as your entry point?”
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Timing Your Entry
• Chart formation • Breakout scenario• Momentum indicators
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Stop-loss and Trailing Stops
“Where do you place your stop-loss and how do you trail your stop?”
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Stop-loss and Trailing Stops
• Stop approx 1.5% away • Look for it to be behind a relevant level
– 100, 200 period moving average – Fibonacci level – Trend line – Important previous high or low
• The longer the time-frame more likely to use an indicator as a guide.
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Exits
“What is your exit strategy?”
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Exits
• If stop-loss triggered move on to the next trade • If momentum indicators continue to point in the
direction of the trade let it run
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Trade Management
“When would you scale-in or out of a trade?”
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Trade Management
• Never scale-in to losing trades unless it is a pre-planned strategy
• Add to winning trades at certain levels
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News Events
“How do you manage your positions around news events?”
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News Events
• If unsure – be square. • Keep positions to a size where it is not going to
materially hurt the account balance • Risk events can lead to the biggest moves of the
week
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Position Sizing
“How do you determine your position size?”
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Position Sizing
• Position size should be in relation to the account size• Never gear about 5 times the account size, and
normally 3 times. • Nothing wrong with being square if not sure where
the markets are heading
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Risk Management
“What other risk management rules do you use?”
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Risk Management
• Keep the risk/reward about 2.5:1 • Sometimes happy to cut a position at flat, if its been
losing money • Use common sense • Use a fixed stop in MT4 and don’t move it
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The Three Most Important Things
“What are, in your opinion, the three most important things to successful trading?”
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The Three Most Important Things
• Discipline, discipline and discipline.• Set your parameters and stick to them.• It’s a risk-based game and the same basic money
management rules apply no matter your account size.
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Title goes here
Forex System Development Workshop
www.fxrenew.com
Trade Examples
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Questions
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Title goes here
Forex System Development Workshop
www.fxrenew.com
Questions, Queries, Feedback