Scott 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
Your Episode Sponsor:
“You’ll learn how you perform under pressure if you put yourself in a situation where you are losing.” – 53:48
The FX Robot Method by Scott Heywood
(click the link above to get the 52 Traders discount, as mentioned on the show)
Broker & Platform
- 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
- 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.