Learn this powerful Fibonacci Retracement method FREE that pulls 500+ pips per trade. Get these Forex Scalping Cheatsheets plus the 10X Scalping System and the Hot Time Indicator FREE! Master these Candlestick Patterns with this 82 page PDF FREE Candlestick Guide plus download the DecisionBar Trading Software. Les Schwartz: “You’re About To Learn What Most Traders Will Never Know About How To Consistently Pull Money Out Of The Markets…Dear Trader, In 1992, when I was 47 years old, I remember walking out of the courthouse in Ft. Lauderdale Florida wondering what I was going to do next. The settlement was simple. I got custody of my two-year old daughter, and my ex-wife got the house, the new car and most of the money.
With no job, a small child to take care of, and just a small trading account to fall back on, I drove my smoke-bellowing Subaru wagon over to my broker. (In those days, I didn’t have a data-feed or charting platform of my own, so I would rent a trading terminal from my broker.) I hadn’t had much success as a trader back then. I had read a lot of books, learned about a lot of indicators, and even taken a “Home Study Course” that promised I could “Make a Fortune in the Stock Market,” but nothing seemed to work for me. Now I was about to make the most important trade of my life!!
I felt that my future and my daughter’s future depended on what happened next. I sat down at the terminal and put up a chart of General Motors. (In 1992 General Motors was the Bluest of the Blue Chips. That they are surviving now only with government help is almost surreal.) At those old terminals, you couldn’t do much but apply some basic indicators, like Moving Averages or Stochastics, and draw lines. It feels like I stared at that chart for hours, but it could only have been for a few minutes because I had to pick up my daughter from the baby sitter. Let me stop here and ask you a question: What would You do if the welfare of yourself and your family depended on your next trade?
Would you depend on some arcane indicators, or would you look for a low risk trade that was “in synch” with the market? That was the decision I faced. I had done enough trading, and experienced enough losses, to know that mathematical indicators were unreliable, and chart patterns, like Head and Shoulder patterns, didn’t occur often enough to matter, even if they were reliable. Tentatively, I drew a couple of lines on the chart! I noted the price levels of those upper and lower horizontal lines and called my broker over. Bill was about 20 years younger than me, and the ultimate 90’s “Yuppie.” He was always sharply dressed, drove a BMW, and when we talked about trading he seemed to get pleasure out of treating me like a child. (Actually, we were kind of friendly outside of the brokerage, but when he was working, he was insufferable.)
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