The Million Dollar Set-Up (The Million Dollar Forex Set-Up)

In , after years of successful stock and futures trading, Raghee The Million Dollar Set-Up is more than just a series of steps – it's a mindset. It's an.
Table of contents

• A Zero to a Million Trading Strategy
• How to Make (and Lose) $2,, Day Trading: The System & The Story
• DO NOT: Use Real Money Before You Know What The Hell You’re Doing
• How to Make (and Lose) $2,000,000 Day Trading: The System & The Story

Why start with what not to do? Because not smoking cigarettes is more healthy than eating all organic. He says that his regrets have mostly been acts of omission instead of commission. What does this mean for you? Paper trade before you put any of your capital on the line. Paper trading is when you make trades with a fake account.

When has a proven system proven itself? For me, a month of profitable trading and a statistically significant number of trades. This is you being delusional. I betrayed myself too many times before committing to my systems. So what makes a good system? For now, this will be helpful when thinking about how to approach your trading:. There is a time and place for throwing caution to the wind and just going for it. Trading is the worst place for that kind of bullshit. If you do this right, you have the potential for making a lot of money faster than any other method out there. Excluding entrepreneurs who are insanely talented and simultaneously insanely lucky.

Then you put money on the line.

The market seems totally foreign again. I told you I started meditating at James Altucher talks about how he created algorithms for each of his methods and then let them trade for him while he was depressed an losing everything. Maybe I could just take half off the table. You made it anyway—you can change it. You can feel it! And then on and on. When did I make the right choice? The right choice being following the system, not making money. A lot of people make money with a shitty trade and then think they have some special talent… of course they go bust within the quarter.

When I was either excited or scared. Both fear and greed will destroy you. Immediate greed that overtakes your rational decision—which has longer term greed in mind. Some days you will feel like a worthless human being who has done and never will do anything worthwhile. You will exit trades before you should because your stomach is weak.

The next day you will make a winning trade and feel like a god. You will forget whatever it felt like to lose and you will make trades outside of your method. Your trading decisions need to come from numbers and predetermined rules. After years of deliberate practice and success you may actually get an intuitive feel for the market. Then begin introducing those feelings into your systems.

Listen, if someone has a really kickass way to make money trading they sell it to a hedge fund or use it themselves. That being said, there are some decent newsletters out there. The James Dines letter being one of them. Experiment with their information.

Test their ideas against your method. People will devise elaborate narratives around their ideas they want you to buy into. They will tell you that you need them. You need a system that works. Incorporate their idea into your system if you believe in it, see if it actually works. Or invest in your own business. To this day I get a warm fuzzy feeling when I see a price chart. I feel at home and I see patterns and I get the urge to dive in… Maybe I will again.

I was on break before going into my junior year of college. I was trading, doing pretty well. I was having a particularly good morning when I received a picture message on my phone. I was freaking amazed. I stared at it for a long time. This combination ended up with massive losses in the next couple months. He still ended with an awesome five-month return… but you were a millionaire for a month and then not… well, it hurts. I used this method with my balls about a foot off the wall and made great returns. I nearly doubled my personal account in six months and then was able to raise money from investors with that track record.

This method is specifically useful for commodity futures but can be applied more widely with certain modifications. This method required constant awareness of price movements but not a lot of action. I just looked up the Corn Futures price chart at barcharts. We can zoom in to see if that would have presented us an opportunity. The first is the simplest, this is the first filter I use to sort through charts: You can see this quickly and skip it if the answer is no. If it is then go in for a closer look.

I will keep tabs on a bunch of charts sitting at these areas while I wait for the other requirements to be filled. I recommend you read everything at StockCharts. Candlesticks are just another way to view pricing information on a chart.

A red is the opposite, the bottom of the red bar is the closing price. The skinny area is the full area covered by price movement during the period covered by the bar. Keep in mind we want these patterns at a multiyear high or low. Preferably with a gap. The gap shows one last push up. The two candlestick show consolidation of price movements. Check for the third requirement. General Mills buys a metric shitton of wheat. They move that market big time. It would be nice to know what companies like General Mills are doing so we could be on their side, right?

Now, General Mills and other large producers use futures markets to hedge price fluctuations more often than trading for a profit like us. Companies that trade over a certain amount of contracts are required to report the trades they make. These are collected in reports called Commitment of Trader Reports. You can get these reports here.

You can get them in a more useful form a chart here. We can see a great multiyear low which is more obvious in the weekly chart, note that this is a daily and some consolidation. A setup basically means the boxes for your method are checked off. We want to see the producers make a significant move in the direction of our potential trade. Here I would want to see a large movement toward zero. He put on a huge position and then used all the profits from each movement to make his position even bigger. I played more conservatively and did well.

You need to set a stop-loss immediately after entering your position. I would give different markets different leeway depending on how widely they fluctuated normally. Corn might fluctuate 10 points daily on average while Crude Oil might fluctuate The most important thing is that you set a stop loss with a loss that you can manage. You need to be prepared to take losers. Ideally your stop loss is below the previous low. You trade seeing more of a movement for taking on less risk.

This is the most common scenario. This is the more interesting version—the market moves in our favor! Obviously we would love the market to take off in the direction of our trade and lead us to our fortune. Even when we get a winning trade, we have to work with it. It will go up a while and then back down, then up and then down. Adding to the position. We talked about this a little earlier. Say you get a strong movement in your favor, then it pulls back a bit to consolidate, you can add to your position to double-down on the move.

This is the one you will use most often as in every winning trade. I like to move my stop-loss to my entry price as soon as possible. A support level is a price at which there is resistance to the market moving below. This is usually created by a small pullback. Continue to adjust your stop losses as the market moves in your favor. Reducing our position taking money off the table. At certain reversal patterns I would exit a trade and not wait for it to hit a stop-loss. There are a few minor things omitted just for the sake of simplicity… these items decided most of the decisions.

Look at a 5 year chart, then if one looks promising look at a 1 year chart, then a 6 month. Go and spend an hour looking at charts right now. I glossed over a lot of technical stuff on purpose. The goal here was to give you an idea of what it is to be a trader and an example of a method to begin using. Just put them in the comments below or email me. Thanks for taking the time to read this! Let me know what you think - the good, the bad, the ugly - in the comments below.

My life has never been better. This is my 3rd week and you have no idea how rich I am and how my wife and kids are all happy right now. Kye do you know any broker that can give you startup funds for trading if you want to start but no funding please. Read your article…alot of good information. I wished I could just give you my money and close my eyes and hope you make some kind of magic when my eyes open.

Thanks for taking the time. Sticking to a basic plan that works and not getting emotional is a must. Hi thanks for a well thought trading rules to go by! Like you said, having a set of rules are important and sticking to them until the end. Keep the fire going. Thanks for your time!

DO NOT: Use Real Money Before You Know What The Hell You’re Doing

Hello, great honest article, and your absolutely correct about putting the time in. I had to disconnect my phone and stay off of social media just so I can put 8 to 10 hours a day studying.. I wanted to ask you if you ever applied a similar method for Forex Trading? No mention of that here or how to avoid them. Probably because there is not and that is why none of you ended up making money in the end. That is why trading on the CME is much better than Forex platforms, those guys are definitely crooks. I use the COT reports quite often, and it is a helpful tool.

Sadly, not a lot of traders take it seriously. It is understandable, not a lot of traders are long-term speculators; everybody loves to day-trade, and for them it is useless. Again, Kudos on the article. I have been scammed and scammed and scammed again. I invested with four binary companies and lost all of my investments totalling ,GBP. Then I was contacted by someone offering help — a company who specializes in binary recovery. I was scammed by them again.

By the end of it all I had lost all of my savings and I was in serious debt. I was desperate for help and that made me vulnerable to recovery scams. My husband is not around anymore and I have an 8 year old son with learning difficulties. The pressure of being a single, working mother with a child who needs so much additional attention and support became overwhelming for me. I also felt too traumatized to trust anyone else and I was very afraid, but I had no choice other than to trust Geminihacks dot com They have been incredibly helpful and supportive and also very understanding about all of my fear and concerns they helped recover all of my funds back within a week using unethical means I feel quite , tremendously joyous about the decision to use Geminihacks dot com.

I really hope that others do not have to go through what I did, and I wish that I had realized before things were so bad that I was being scammed. I hope my story might help others to not be fooled the way that I was. I recently recovered my initial investment from a scam broker. I had to resort to unconventional means to make this happen. I am open to share my experience. Feel free to reach out. Do you think those techniques could be adapted to cryptocurrencies or that crypto is too volatile? What is your stance on that matter? Well, contact him as well to enjoy this amazing opportunity: Day trading is like anything else, you need to learn and understand your craft very well.

For anyone that is interested in trading look into the Wyckoff Method. It works in all time frames from day trading to long term investing. I have been using this method for a long time and make money every day. There are a few others but these are the best in the Wyckoff Method. The problem is that people are greedy, and want to get rich overnight.

Always be wary when schemes sounds too good to be true and if you have flushed you funds down some con brokers toilet, I strongly advise you consult Marcus! These guys are bunch of life savers! I day trade 2 chart patterns, Macd bullish and bearish divergences. I only trade one contract and never add to my positions. Trade small to keep emotions under control and get out of losing trades fast! That is good, Could you share how much you risk per trade and are you focusing on currencies or commodities?

If so which one? Or just whenever your Macd crosses? Commodities and some forex. I just get in when the MACD lines cross. I place my stops based on the chart, the last swing low if long and the last swing high if short. He also has good videos on utube. Just curious how is the paper trading coming along? Is that the one you are using?

Beware of where you invest in,Binary Option Scams are quite common and come down to a number of factors including improper due diligence and manipulation by the broker we should be very careful with these so called brokers. Standard Trading Accounts The standard trading account is the most common account. The rules of margin and leverage typically Pros Service Because the standard account requires adequate up-front capital to trade full lots, most brokers provide more services and better perks for individual investors who have this type of account.

Learn more about how to choose a reputable broker in Evaluating Your Broker. This type of gain is not possible with any other account type unless more than one standard lot is traded. This loss could be devastating to an inexperienced trader with just the minimum in his account. To learn more, read Forex Leverage: Mini Trading Accounts A mini trading account is simply a trading account that allows traders to make transactions using mini lots.

Most brokers that offer standard accounts will also offer mini accounts as a way to bring in new clients who are hesitant to trade full lots because of the investment required. Flexibility The key to successful trading is having a risk-management plan and sticking to it. With mini lots, it is a lot easier to do this, because if one standard lot is too risky, you can buy five or six mini lots and minimize your risk.

Read more in Forex: Con Low Reward With low risk comes low reward. This type of account is recommended for beginning forex traders or those looking to dabble with new strategies. Micro accounts , the sister account to the mini, are also available through some online brokers. Managed Trading Account Managed trading accounts are forex accounts in which the capital is yours but the decisions to buy and sell are not.

Account managers handle the account just as stockbrokers handle a managed stock account, where you set the objectives profit goals, risk management and so on and they work to meet them. Read more in Assess Your Investment Manager. Pro Professional Guidance Having a professional forex broker handle an account is an advantage that cannot be overstated.

Also, if you want to diversify your portfolio without spending all day watching the market, this is a great choice. On top of this, account managers will keep a commission , called an "account maintenance fee", which is calculated per month or per year.