Daniel Cheung is a fitness fanatic who fell into trading in 2010 after watching his friend profit from stocks after just 3 years in the markets. Daniel moved on from trading stocks, due to the high fees, and began working at a brokerage firm where he saw guys making $24k in a day trading Forex.
In the show Daniel reveals:
- The strange way bank traders approach the market
- How to make sure you don’t get stung by a dodgy broker
- A special type of chart that makes it easier to read trends
- How his favorite Doji entry signal works
This Podcast is Totally FREE.
Order Cam a Beer to Say “THANKS”.
- GKFX (Hint: ask for Pan or email supak.sartsanith at gkfx.com – say Dan sent you and she’ll looked after you)
- Pro Real Time
- You always have to keep developing your strategy because the market is always accommodating more and more people
- Forex is a zero sum game – if you take out the fees
- Daniel recommends the Heikin-Ashi charts to help make trends easier to spot by seeing the average over time and less fake outs. Click here for more on Heikin-Ashi
- Daniel wins 60-80% of trades
- Intra day profit targets are 1:1 or 1:2+
- Sometimes he’ll take ¾’s of a position out and move his stop to BE, then trail profits
- Trades from 8-9am GMT, for the EU UK handover, until 12pm and sometimes 1:30pm for the US opening
- Success never comes without failure, but you must be disciplined. The key is to learn from your failures
- Make sure your broker is regulated
- You may get put on a separate book by your broker when you first open an account and your stop losses may get hit more often than not
- Bank traders are focused on retention not growth. They want to retain a certain amount of money, keep the trading frequency high and focus on generating commission, not growth. If someone wants to withdraw then they have enough money in the pot to pay the customer
- Having more “screen time” is the number one thing you should focus on
- Managing your account size is key to your trading success, i.e. risk management
- Invest in education and not your trading account first
- Find an approach to trading that works for you
- I don’t use Fundamental analysis because banks and companies have more information than retail traders (unless you pay lot of money for the information)
- It’s all about charting, not trading
- Intra day: Look for price action levels where the price has stalled at a level and set your stop loss/take profits at these levels
- Stay clear of FxPro brokerage
- Spread betting is tax free in the UK
Click image to enlarge
- Trend continuation
- Swing Trading on a Daily, 4 Hour or 1 Hour charts
- Draw your retracement using Fibonacci by connecting the trend top to bottom
- Let the trend retrace, i.e. hit 38.2 or 61, any point
- Let it hit the level and on the first big bar down enter the trade
- Set your TP at the previous swing low and the SL just above the swing high aiming for 1:3 risk to reward
Favorite Entry Setup
- Change of color in a Doji pattern
- If it’s all green, turns red and then green again
Have a question for Daniel?
You can reach him on CK-Capital.co.uk (Note, Dan was previously at LiveTraders.net, as per the show). You can also email him on firstname.lastname@example.org.
Or, leave a comment below… I’ll make sure it gets to him.