Dale Pinkert is a popular name in Forex trading, featuring regularly on the likes of FX Street as well as CNBC. Dale started his career at the Chicago Mercantile Exchange where he spent time in the pit before realizing it wasn’t for him. Dale is now at LiveTraders.com, where his traders call him “Coach”.
In the show Dale shares:
- The power of the number three
- The magical RSI move that he learned in the ‘70’s
- His catchy tune on using leverage
- A sure fire way to stop yourself from making mistakes
This Podcast is Totally FREE.
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- Technical Analysis of Stock Trends by Edwards & MaGee
- MetaTrader 4 (MT4)
- Get to know a few different currency pairs, intimately, instead of having a general view over many
- Markets are discounting mechanisms
- Avoid “red” events in fundamentals, e.g. NFP
- Find a trading style that suits your personality
- You don’t lose until you quit
- All successful traders have “stick-to-itiveness”, i.e. when you get knocked down you get back up and keep trying
- It’s great to be flat sometimes, i.e. having a cash position rather than being in the market
- Don’t just do it for the money, do it for the challenge
- Trading is great hobbie to keep your brain active as you age
- Trade micro lots over demo because it’ll feel more realistic
- People should be realistic about the returns they are getting
- Don’t try and hit “home runs” with your trading
- Realize there’s always another trade
- Mr Market is a pretty mean guy and will shake out as many participants as possible before the move they are looking for occurs
- Take part in the “shake out” instead of being part of it
- Learn about the RSI, Moving Averages and Fib Retracements
- Take advantage of social media: follow 20-30 people on twitter who you respect and can learn from to create your own social trading community
- In the past he use to follow people so he could “fade” them
- These days he’s created a community of traders who are better than him which has, in turn, made him a better trader
- He calls it “Social Trading” and it works as follows: a group of traders get together with their various skill sets and ideas. Through collaboration and sharing via the internet they are able to determine trading opportunities they would have never discovered on their own. It’s very much like a Mastermind.
- The community is not limited to 1 or 2 pairs or timeframes because everyone brings their ideas to the table
- He learnt this technique in the 70’s from JR Hill – it’s called 3 drives to a top or 3 drives to a bottom – if you’re patient they are highly reliable trades
- He prefers short trades “down is faster”
- He likes taking partial profits and piecing in and out of trades versus going “all in”
- Favorite chart setup: 21, 50 and 200 SMA’s, Parabolic SAR (for where the market could go, not as a trigger) and the 14 period RSI
Dale’s Trading Strategy
- His ideal RSI setups happen with 3 drives – 1 confirmed moved (3 successive higher highs) and 2 non-confirmations
- For shorts – the 2nd non-confirmation is under the 70 level and for buys the 2nd non-confirmation is above 30
If you have a question for Dale, leave it in the comments or you can reach him at LiveTraders.com.