scott-heywoodScott Heywood was an IT professional for most of his life, until recently when he left his job and decided to dedicate his time to trading in an effort to leave the Australian rat race. He focused his attention on Forex market, and found success on the 5 minute chart. Enough success that he now makes a good living from it.

A 100 percent robotic trader. Scott runs a scalping robot based on Rob Booker’s Finch Robot as mentioned in Episode 53.

More importantly, Scott has found a way to detach himself from the emotions of the market and focus on making money.

In the show Scott shares:

  • How to reach a near perfect 100% win rate
  • The two key characteristics needed to become a successful trader
  • The importance of valuing your day job when starting out
  • The one strategy every trader should practice

I Do This For FREE... And It's Thirsty Work!
Have A Drink While You're Listening...

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Personal Info

54: How Scott Heywood Quit his Job to Trade Full Time Using One Trading Robot
00:00:00 00:00:00

“You’ll learn how you perform under pressure if you put yourself in a situation where you are losing.” – 53:48

Recommended Books

The FX Robot Method by Scott Heywood
(click the link above to get the 52 Traders discount, as mentioned on the show)

Interview Links

TenFortyOneTrading.com
Twitter : @1041trading
TheFxRobot.com

Broker & Platform

Metatrader 4
Think Markets

Key Insights

  • Master the art of small trade sizes and wining small by consistently
  • Don’t think too big too quick – start small, win small
  • Get good at managing losing trades
  • Don’t put pressure on yourself to make money but try to make money consistently no matter how small
  • Get to a point where you establish your belief system first
  • If you do something consistently, you’ll make money consistently
  • You can only get a little better a little bit of the time
  • If you can trade small enough you reduce your chances of getting wiped out. They key to success is to survive long enough without getting wiped out

Scott’s Trading

  • He aims at dollar value targets
  • He trades on the 5 minute chart
  • He uses no stops
  • He hedges to compensate losing trades
  • He takes profit around 6 – 14 pips
  • He trades in small sizes
  • He uses Divergence as an entry signal
  • He adds positions on his small trade lot size
  • His favorite set up is a pull back from divergence
  • His system foundation is basic Support and Resistance
  • He trades a high risk style of trading but wins around 99% of the time with his system

What do you think?

Do you like Scott’s approach or is it something you could never do? Let me know below.


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.