dale-pinkertDale 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

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Recommended Books

Interview Links

Trading Platform

  • MetaTrader 4 (MT4)

Key Insights

General

  • 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

Dale’s Trading

  • 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

 

dale-pinkert-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.


HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES, OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES, ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL, OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM, WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

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Forex, futures and options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. Our website, product contents, and materials are neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our website or in any materials. The past performance of any trading system or methodology is not necessarily indicative of future results. Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets.

Don't trade with money you can't afford to lose. Nothing in our course or any materials or website(s) shall be deemed a solicitation or an offer to Buy/sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.