Forex System Development Workshop. Traders #5: with Joe Papa.

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Sylvia Hubbard
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1 Forex System Development Workshop Traders #5: Title goes Trading hereand Working with Joe Papa

2 FX Renew Disclaimer The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. This website is owned and operated by FX Renew Pty Ltd ABN the holder of an Australian Financial Services Licence (AFSL) to carry on financial services business in Australia, limited to the financial services covered by its AFSL no Any advice included in this webinar is general advice only and is based solely on consideration of the investment or trading merits of the financial products alone, without taking into account the investment objectives, financial situation or particular needs (i.e. financial circumstances) of any particular person. Before making an investment or trading decision based on the general advice, the recipient should carefully consider the appropriateness of the advice in light their financial circumstances and should carefully review the FSG and terms and conditions of this website. FX Renew is not liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Past results are not a guarantee of future performance. RISK DISCLOSURE: Trading foreign exchange carries a high level of risk, and may not be suitable for all investors. The high degree of leverage available can magnify profits and as well as losses. You can lose more than your initial deposit. Before trading, please carefully consider the risks and inherent costs and seek independent advice as required. Please contact us, to discuss any questions or concerns you may have, we are here to help.

3 Welcome G day, Howdy, Guten Tag, Ni Hao, Вітаю, Hallo, Konnichiwa, Chào and welcome to session #9 of the Forex System Development Workshop.

4 Live and Interactive Don t be a Shy Sally or a Bashful Barry, ask questions, take your time.

5 Forex System Development Workshop Title Trading goes here and Working with Joe Papa

6 About Joe Papa Tell us a little bit about your background and trading career. How did you get started? What have you done? Etc.

7 About Joe Started trading in mid to late 2000 s. Was a business owner but wanted more time with the family. So studied short/medium term trading as another form or generating cashflow Learned technical analysis for short/medium term trading Trades markets that are liquid and fun. Works as a General Manager for an Australian brokerage firm and trades for himself and focuses on helping retail traders become money managers or educators.

8 Trading Style Describe your general approach to trading and how you structure your trades.

9 Trading Style Lot s of different approaches depending on what the markets are doing and his goals at the time. I like to focus less on indicators and more on high probability price action setups. I have trend trading strategies & counter trend strategies using reversal patterns. It just depends what the chart is showing me. Always consider the risk/reward with a minimum of 1:1.5.

10 Technical Set-up Conditions What technical set-up conditions do you look at before you enter a trade?

11 Technical Set-up Conditions High probability candlestick patterns like evening stars, morning stars, bearish/bullish engulfing etc. Longer forming patterns like triangles, double tops/bottoms, head and shoulders. Divergence. Using support/resistances or Fibonacci to place stops and find targets. Risk/Reward.

12 Fundamental Set-up Conditions What fundamental set-up conditions do you look at before you enter a trade?

13 Fundamental Set-up Conditions Keep fundamental trading separate from technical trading. Wait for the announcement to come out. Trade the momentum of the move. Could last from minute to hours to days depending on the strength of the announcement.

14 Timing Your Entry What do you use as your entry point?

15 Timing Your Entry There are many different ways in finding your entry point. My main method is candlestick patterns/formations and candlestick price action. Or depending on how a specific strategy is designed.

16 Initial Stop-loss Where do you place your initial stop-loss?

17 Initial Stop-loss Put the stop on the second to last high/low of same time-frame chart. Sometimes will go to a higher time-frame to find a more suitable stop-loss.

18 Exits What is your exit strategy?

19 Exits Always try to have minimum of two targets. One that is at least 1:1 risk/reward (preferably 1:1.5) using 50% or 61.8% level. "CAN" move stop to break-even. But moving stops will be based on instinct and past experience of seeing how the market is acting. Second target is at generally at 100 or fib level. If really like the trade will use as third target.

20 News Events How do you manage your positions around news events?

21 News Events Look for a good economic calendar. Either trade as normal or reduce position size and have a wider stop. If not clear then wait for the news event to come out and trade afterwards.

22 Position Sizing How do you determine your position size?

23 Position Sizing Depends if trading own money or other peoples. With my own funds, I will place each position 3-5 times my equity. So for each 10k equity the position size is 0.3 to 0.5. If only trade then it will be 0.5. If entering multiple trades at a time then the trade size would be 0.3.

24 The Three Most Important Things What are, in your opinion, the three most important things to successful trading?

25 The Three Most Important Things Be prepared to spend hours and hours and hour s infront of the screen. Set some goals and attach a trading plan with them. Everything I have mentioned is just from my experience and suits me personally. Being in this industry and having met so many top traders everyone s journey is different. So it s very important to have fun with it!

26 Questions

27 Forex System Development Workshop Trade Examples Title goes here

28 Forex System Development Workshop Questions, Queries, Title goes Feedback here

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