When Scott Welsh puts his mind to something, he’s a man on a mission. From his early days as a budding Tennis pro to when he first started trading stocks and now forex robots.
Scott’s attitude to tennis is the same as his attitude to trading (go at it with complete and utter dedication, commitment and focus). But it wasn’t always that way. There were a few bumps in the road, as is usually the case.
These days Scott auto trades full time and teaches others how to do the same.
In the show Scott reveals:
- One change you can make that may revolutionize your trading
- Why he eventually chose Forex over Stocks (#jawdropper)
- Two indicators to help you pick the trend
- How the turtles traded to make millions
This Podcast is Totally FREE.
Order Cam a Beer to Say “THANKS”.
“You can’t learn Tennis on your own. Trading is much the same.” – 57:02
- The Little Book That Beats the Market by Joel Greenblatt
- One Up On Wall Street by Peter Lynch
- How I Made $2 Million in the Stock Market by Nicolas Darvas
- How to Make Money in Stocks: A Winning System in Good Times and Bad by William J O’Niel
- Find one thing and stick to it
- Be deeply focused
- Day trading is like going to work everyday
- Look at maximum draw down (what’s the worst it has ever done)
- Most of the time the maximum draw down will never be hit
- Trade the way you like, i.e. if you want lots of action trade lots of robots
- Trade back to fair value
- All we want is a chunk of the market
- Research the Turtles and Trend following to come up with a basic system
- Consider using the momentum indicator or a moving average cross over to pick a trend
- Averaged about 33% a year on 1-2 stocks
- Uses 3 auto trading strategies:
- Day Trading – 15 minute chart, stays in a few hours, waits for a pull back and goes for small profit targets, high winning percentage
- Trend following – low winning percentage, but you have big wins
- Counter Trend Trading – determine fair value, wait for price to move away and trade it back
- All his robots are based on testing and data
- Likes to go to bed with closed trades
- Gets about 1-4 trades a week
- Likes to check his charts even though it’s all automated
- Spends his days writing or researching trading
Scott’s Strategy of the Week
- Take a daily or weekly chart
- Buy one pip or penny above, when price breaks above the high of the last 20 bars
- Put a stop loss at 1% of your account
- No take profit, use a trailing stop or 5 or 10 bars (do your research first)
- You’re not going to get the most, but you’ll get a chunk of the trend