Some of you followed my suggestion last week, and purchased the Forex indicator from Don Steinitz. I wanted to take a few paragraphs and let you know more fully why I think this particular indicator is well worth your time and money.
Those of you who have been with me for a long time, know that I do not "market stuff" to my clients unless it is my own, or, as in this case, I think it will benefit everybody in the long run. But as I mentioned on Friday, I don't mind at all making an exeption for Don's indicator. Like I told you, I had spent alot of time and money on numerous other courses and setups only to get burned repeatedly. As a novice trader, I was failing to see the big picture, and that the most successful traders ALWAYS use the trend to their advantage. For those of you who signed up to my free list, you may remember that before I directed you to the blog, the very first email lesson was on the determination of trend. Without it, we are like directionless pilgrims trekking through an unremarkeable desert landscape with no way to mark our bearings.
The genius of Don's indicator is first and foremost the algorithm he uses to determine trend. Now I make no claim to being an expert at mathematics, nor do I know the parameters of Don's algothims, but I do know that they are effective. The second part of his indicator is the means by which he measures retracements in the trends. As you know, it's one thing to identify a trend successfully, it's another entirely to be able to gauge a good entry to catch the rest of the wave. The indicator is not perfect, but it is accurate.
One thing that I did find helpful was to lengthen his stop losses. Doing so increased my number of successful trades when I used the indicator. Of course, it is always important to remember, that if you use this for intraday trading (as I have), be sure to shorten your profit targets. Shooting for 100 pips on a 15 minute chart is not wise management. It is true, every 100 pip move begins on a 15 minute chart somewhere, but you shouldn't look for that each time. Look to the most recent swing high or low (depending on whether you are going long or short) and target that point. Get some off the table at that level, and leave the rest run as a free trade.
If you haven't taken advantage of Don's indicator yet, please give it a try. For those of you who are anxious about trading different currencies than the ones I specialize in, this will really fill the bill. Remember, always size your risk properly, never overcommit and never over trade. Even the world's best indicator won't save you from those two mistakes!
If you haven't taken a look at it yet, just follow this link:
http://drwilliam.trader6969.hop.clickbank.net
Happy trading!
Bill
www.thefxtradingmasters.com
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