Here’s the live webinar from today. Yes, we were quick to upload it so that you could see exactly what happened! Thank you to everyone who attended. We appreciated your presence and questions 🙂
To start with, you’ll see the Trade Scalper software directly on the chart. The Long and Short entries that you see are from the Trade Scalper. John Paul recommends avoiding the first few minutes after the market opens. The first Long signal is evidence of what can go wrong if you trade during the first few minutes. All the buyers and sellers should get out of the way with initial volatility before you consider trading. The same is true for the London open and the open of any other major exchange.
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At about 10 minutes in, he explains and provides his approach to profit targets and stops. He uses trailing stops to more comfortable pursue profit targets of 2x or 3x the ATR, however, he does not use them for every trade. A participant asks why he doesn’t introduce a stop to at least cause a break even scenario or lock in profits. John Paul’s reasoning is that random market fluctuations may cause a premature stop. At that point, you’re out, only to see price reverse and continue in the previously desired direction.
Great! Thanks for this guide. It would really be helpful for traders.