NicDuke-smallNicola Duke is an ex Royal Air Force officer and Air Traffic controller. She’s been trading stocks as a private trader since she was a teenager and financial futures since 2006 as a professional trader. She is a huge fan of Fibonacci, classical chart patterns and harmonic patterns.

In the show Nicola shares:

  • 3 things you can focus your learning on today
  • The one momentum indicator she relies on
  • How her top down approach to the markets works
  • The 3 moving averages she uses every day
  • Her views on Brexit

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39: Nicola Duke talks Brexit, Momentum Indicators, Fibo & Price Action - @Nictrades
00:00:00 00:00:00

Recommended Books

  • High Probability Short Term Trading Strategies by Linda Raski
  • Trading with Short Term Price Patterns and Opening Range Breakout by Toby Crable (Wow! Check out the price tag)

Interview Links

Key Insights

General

  • Setup are easy, you need to focus on your trade management
  • If you have a day job learn a swing setup and trade it on a daily time frame – they’re the same on every time frame and you only need to pay for end of day data. If you’re not getting enough trades then look at stock as there are many, many more.
  • Joining a community of traders, is a good way to find a mentor
  • Learn to identify Support and Resistance levels
  • Learn to read price action at S&R levels
  • Learn a simple momentum indicator, e.g. RSI or CCI
  • If you can just learn how to join trend lines you can come up with a trading strategy that works really well
  • When you do something right, e.g. sticking to your strategy, reward yourself to enforce that behavior
  • As a starting point, identify a simple strategy as (like trading every hammer or inside bar), then trade it for a month and make a journal to see what happened
  • Be patient, wait for candle closes so you don’t get squeezed out

Nicola’s Trading

  • She does top down analysis – starting on a monthly chart, to a weekly and then looks for daily setups. If she finds a daily setup she likes she’ll try and get an hourly or 15 minute entry
  • She does the above if she can sit at her computer all day, or if not, she’ll just trade the daily with a wider stop
  • She trades 36 markets – stock indices, metals, bonds, oil, currency futures and grains
  • Her favorite markets are Fx and grains
  • She looks for trades that will make 3 times her risk
  • Her average trade duration is 3-5 days, plus
  • She only risks 3 times her risk per day, if she hits it she’ll stop trading for the day. If she hits 6 times her risk she’ll stop trading for the week
  • She risks about 1% per trade
  • She has up to 8 active trades on the go
  • She trades one strategy, but makes some modifications on some markets
  • She hits 50% winning trades and her winners make more than her losers
  • She uses Momentum indicators
  • She tries to minimize her mental capital so she wants her entries to be moving positive within 24 hours
  • She likes a 20 EMA, a 50 and 200 SMA
  • She uses Heikin Ashi Candles (a candlestick with a moving average) now and again
  • Her favorite entry setup is a pull back to an hourly 20 EMA in a trend
  • She exits her trades on reversal signals these days, if she’s not going to reach her profit target
  • She uses a Fibonacci to identify areas to enter the market and then moving averages in conjunction with a CCI indicator to find an entry point

Nicola’s Strategy

  • On a daily time frame use a 20 and a 50 moving average. Only buy when the 20 is above the 50 and sell when it’s below the 50
  • Enter a buy trade on every bullish candle that’s touching the 20 moving average
  • Stay in the trade until you get reversal price action, e.g. Engulfing patterns, Hammers etc…

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.