If you’ve been following along from Episode 31, you’ll know I’m putting one of my successful traders to the test – an anonymous trader named Nick.
Nick’s confident he can turn my listeners into confident and profitable traders within 3 weeks.
This experiment will map the progress of 6 traders who will go through a week of intensive training with Nick, get access to the very same software he uses to trade with price and volume, then spend 2 weeks trading on live or demo accounts (it’s up to them) to see if it changes the way they trade forever.
NOTE: Whilst you’ll be following the 6 traders closely (introduced below), there are over 20 traders in total who are going through the program. So we’ll be able to track their trading as well.
To kick things off I recorded an hour and a half long session with Nick and the 6 traders to introduce them to you all and grill them on their current trading performance, i.e. how they trade, what they trade, their level of confidence etc.
To hear Nick critique our traders you can listen to the full episode here:
This Podcast is Totally FREE.
Order Cam a Beer to Say “THANKS”.
Introducing Our Traders
Pascal (UK) – Newbie Demo Trader
- International Opera Singer, Father, Rock climber and ex-Ski Racer
- Trades Forex
- Demo Only
- Trading for 1 year
Andre (US) – Hurt by Scammers
- Traded Stocks
- Trading for 3 years
- Blew his Stock account
- Started with Forex, due to low costs of entry
- Stung by a few courses and scammers
Jon (Oman) – A Big Loss Killed His Confidence
- Started in Stocks in 1996 (supported himself for 4 years)
- Moved to Forex recently
- Joined a Prop Firm
- Spent years switching gurus and systems with no success
- Decided to focus on 2 systems after listening to a podcast and started getting good returns
- Had a kid so moved to programming and automating his strategies
- Lost 24% in one night using an EA (trading robot) he had purchased
- Is now reluctant to trade, and instead is focusing on his programming
Mark (UK) – Back at Square One
- Trading for about 20 years on and off
- Mostly CME (Eminis), bonds, oil and gold
- Now he’s interested in the Forex market and started looking at it about 1 year ago
- Tried Spread Betting but couldn’t get it to work
- Has been trying to work out how to replicate his Emini trading on Forex with no success
- Hasn’t found anything that works for him other than risk control and money management
- Feels like he’s gone around the block and is back at square one
- Thinks Volume plays a significant part
- He has used Market Profile in the past and now only uses Support and Resistance
Linda (Canada) – Stuck at Break Even
- Started with Stocks & Options 5.5 years ago to get out of the corporate world
- She then realized that you needed about $25k to get started
- Then discovered Forex and went through a lot of systems, money and time
- Landed on the Wyckoff Method because it was the best she had found
- Applied what she knew about volume from the stocks on the Forex market
- Overall, she’s a breakeven trader
- Unsure of which pair or timeframe to focus on
Naresh (South Africa) – Despondent Trend Trader
- A risk manager who does computer programming and also a spiritual Councillor
- Trading since 2003 after people came to him asking how to make money
- Discovered Forex and found it was difficult to master because of fear and greed
- Tried many systems and trainers
- He couldn’t find a good mentor that was also a trader and not just an educator
- Want’s to master Forex to help people; direct them to a more holistic lifestyle where they have more freedom
- A trend trader who finds that he misses trades often
- Likes how Nick trades certain hours consistently on the 1 minute chart
Trading Confidence Levels (personal ratings)
Nick like’s to gauge how confident traders are when pulling the trigger, before they take his program. We’ll be able to follow up when the experiment ends to see how these numbers have changed.
Nick’s average for his students is typically 41-42%.
- 50% confidence
- 45% confidence
- 30% confidence
- 30% confidence
- 55-60% confidence
- 65-70% confidence
Our Traders Average: 46%
How Do Our Traders Currently Approach The Market?
We wanted to paint a picture of the methods and tools they use to trade their strategies. Here’s what they shared:
- Harmonic Patterns
- Fibonacci Levels
- Supply & Demand
- Volume Spread Analysis
- Looks for Supply and Demand zones on Daily time frames
- 1 minute time frames works better for him because it allows him to focus
- Supply and Demand Zones
- Start on Higher time frames (Daily, Weekly) and plot zones down to lower time frames
- Find a retracement on a 5 minute chart and enter a long or short there (no indicators at all)
- Volume Spread Analysis
- Uses the 4 hour chart to validate entries on the 1 hour chart
- Tries to scalp a chunk out of the 1 hour bar
- Market Profile
- No indicators, just price and volume
- Smaller time frames, identifying specific patterns
- 4 hour time frame with Fib Levels
- 1 Hour Market Structure (Lower highs and Lower lows)
- Enters on Engulfing Pattern and Nigel Hawkes Volume
- Higher timeframe charts
- Bollinger Bands with MACD above 20 MA and Market Structure
Let’s Get An Inside Look At Their Recent Trading Performance Metrics
- 15 pip winners
- 10% Max drawdown
- 20% gain in last 10 days
- Win/loss ratio 45-50% wins
- Tight stop (5-10 pips
- 2:1 or 3:1 reward to risk ratio
- 65% winners
- 7% return for 2015
- Profit factor 1.17
- Lost 24% in January and hasn’t traded since
- Last traded live 2 years ago, closed just under breakeven
- Win/loss ratio 80%
- Breakeven right now
- Uses 1% Stop Loss
- Ave Monthly Gain 5-10%
- Drawdown 20%
- 60% winners, 40% losing trades
- 1:2.5 risk to reward ratio
- 30 pips stop loss
How Many Hours & Pairs Do They Trade?
Nick was interested to see if he could also improve their trading efficiency, i.e. less time, less pairs, less risk with more profit:
- 8-10 hours most days (when time permits)
- 3 pairs
- 7-8 hours (most of the time researching strategies)
- 3 pairs
- 2 hours per day
- 2-3 hours back testing or programming
- 6 pairs
- 1 hour per day
- 4 pairs
- 4 hours per day
- 4 pairs
- On and off for the whole day
- 1 pair
Where Do They See Their Trading After This Experiment?
- Would like to see strong stats to give him confidence to start trading on a live account
- To not spend so much time in-front of the screen
- Being more precise with entries and exits
- Get back to trading 1 minute charts
- Increased confidence in skills and ability
- To have a clear mind-set of entry, exit and stop
- Increased confidence when entering a trade and removal of self-doubt
- Trading off a smaller time frame;
- Be in and out quickly with enough profit for the day
Watch As Nick Get’s Linda and Mark to Pick Market Turning Points Using Just Volume
Nick ran a short screen sharing session with the guys after the interview.
Watch the video below to see how he shows how powerful his volume indicator is at helping traders pick turning points in the market.
Nick’s Amazing Offer To My Listeners
If you’re interested in taking the same journey as our traders above you’ll be pleased to hear I’ve managed to twist Nick’s arm (again) and if we can get enough registrations (I think he’s looking for at least 25) for his professional course which includes access to his live trading room and a bunch of other bonuses, he’ll run the course for free.
To join the waiting list, just click the link below and complete the form.
Nick will be in contact when there are enough registrations which is dependent on his schedule and the number of traders who have signed up.
Click here to register for Nick’s Professional Course
Registration Still Open
(Normally $1,495, but $197 for 52 Traders Listeners who register through this link)
To see how our traders turned out, listen to the next episode here.