jared-wesleyJared Wesley is a 10 year professional trader enjoying the perks and lifestyle this business affords. He first became interested in Finance and Stocks when he landed a job in Wall Street for an institution.

Learning from a book about technical analysis, changed his life forever. It gave him the courage to leave institutional trading and trade on his own. These days Jared is, primarily, a stock trader and a scalper.

In the show Jared reveals:

  • Why working on Wall Street really became a disadvantage
  • How his lack of patience lead him to a “hit and run” approach to trading
  • The importance of using hard stops
  • How you overcome trading’s mental and emotional struggle
  • His 3 Bar Play

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47: Jared Wesley Shares his 3 Bar Play that Drains the Banks all the Time
00:00:00 00:00:00

Recommended Books

Interview Links

Livetraders.com
Finance.yahoo.com

Broker & Platform

  • Fusion DMA
  • TradeStation

Key Insights

  • Advises people to get over the denial stage in their trading career. Move into the realization of what is really happening and learn from it.
  • Don’t trade long hours
  • Find a stress release like going into the gym
  • Get a good education about trading. Read books, work hard
  • Find a trading style that suits your character. Know the trader, and the technical’s will follow
  • If you are a retail trader with a day job, stay in your job, don’t make your timeline short for learning. Start with a swing trading strategy
  • Know when to quit a trade

Jared’s Trading

  • He likes to scalp on the 5, 2 and 1 minute chart. But his favorite is the 2 minute chart
  • He typically opens 1 to 2 trades at one time but not more than 2
  • He takes not more than an average of 5 trades in a day
  • He starts trading at around 9:34 almost everyday
  • His risk/reward ratio is 2:1 or 1 ½ to 1
  • He uses hard stops and not mental stops
  • He uses the top-down analysis approach
  • He looks at price action (candlesticks), volumes and levels for liquidity
  • He looks at his dollar gainers and dollar losers list everyday 20 minutes before his trades
  • He uses the 3 Bar Play Strategy

Jared’s Strategy

jared-wesley-strategy

  • Jared’s bread and butter technique is a the 3 Bar Play
  • He looks at the Daily chart or the 60 minute chart to make sure price still has room to go up/down
  • He then looks for a “Wide Range” bar, or what you call an above average looking bar
  • Then he looks for a “Narrow Range” 2nd bar (same direction) to confirm (the resting stage) before a move
  • Then he uses the 3rd bar as his trigger for his entry
  • He puts a hard stop under (the low) of the “2nd” bar
  • He takes profit using his ratio of 2:1

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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CFTC - U.S. Government Required Disclaimer:

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.