Jared 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
This Podcast is Totally FREE.
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Broker & Platform
- Fusion DMA
- 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
- 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 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