Growing up in Philadelphia, Scott Carney became interested in trading at an unusually young age. At just 15 he became fascinated in reading stock quotes in the financial section of the newspaper.

He was also lucky enough to experience working on the floor of Philadelphia Stock Exchange which confirmed that trading was what he wanted to do.

These days Scott trades Harmonic patterns and helps retail traders do the same. Prior to this he spent time consulting for a multi billion dollar hedge fund.

In the show you’ll discover:

  • Old trading books and mentors that can help you profit now
  • The Eureka moment that helped him turn a corner
  • The market movement theory that you need to understand
  • The questions you should really be asking yourself
  • How to identify harmonic patterns
  • The magical numbers he uses to find great trading opportunities
  • The indicator & technique that’ll help you confirm entries with harmonics
  • What to look for to confirm a potential reversal zone
  • The periods of the day that offer up 3-5 good opportunities
  • The levels to trade off, with currencies
  • If it’s possible to make it as a trader without a mentor
  • The one thing your mentor can’t do for you
  • The one trait you need to make it as a trader
  • The two things you should learn aside from Harmonics
  • The 3 types of exits he uses and where
  • What simple task (that doesn’t take that long) will help improve your trading

Interview

84: Harmonic Pattern Jedi Master Becomes Retail Trader Hero w/ Scott Carney
00:00:00 00:00:00

Quote

“We’re not gambling here. This is Chess, not Checkers!”

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Book Recommendations

Interview Links

Broker & Platform

  • Oanda
  • Ninja Trading Platform

Key Lessons

  • Stop out at a smaller loss
  • On a breakout situation look for a counter trend move to enter
  • To learn skills about defining opportunity in the market, go with things that people are doing live
  • It’s not about flashy money and cars, it’s about doing the work and walking the talk
  • Stick to whatever trading plan can define new opportunity
  • Test every theory
  • Look at harmonic patterns and put it under the utmost scrutiny
  • Perseverance is the defining trait of success
  • To be a successful trader – love it, work on it, but don’t force yourself to do it
  • Trading is Chess, not Checkers
  • Study, keep it real and don’t get into credit card debt
  • Keep your day job, work hard, and study even harder
  • Put together a plan that works for you
  • Use a simulator account, study, practice, and learn the skills
  • Look at the past trading history and label where you buy and sell for the last 5 trades
  • Do your homework and come up with your own conclusion

What are Harmonics video:

Scott’s Trading

  • Focuses on a 5-minute timeframe during intraday
  • Stays in positions 10 to 40 minutes as an intraday trader
  • 55% to 60% winning rate
  • Gets into position, gets a volatile reaction, and stops out at smaller losses Risk to reward is generally 1:3
  • Willing to stop out even with a small gain
  • Does sessions 3 times a week and places 1 to 2 trades every session in a 60-minute timeframe
  • Gets 3 to 5 solid opportunities throughout the day using harmonic patterns
  • Focuses on 1 market for day trading on a 5-minute basis
  • Gets up as early as 4 am and look at the pre-market, sometimes does early trades at home
  • Situational pattern trades with definitive indicator formations and definitive conditions are the best and favorite entry setups
  • Looks at 38.2 and 61.8 profit targets

Scott’s Strategy of the Week


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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.