How To Become A Day Trader Without Being Tied To Your Desk

Hop On The Daily Trend

 

I want to introduce you to a strategy I use for trading Forex because it’s dead simple and really effective.  It’s like Day Trading because trades last less than one day.  Once in the trade, you exit at the latest by the close of the same day.  However, rather than waiting by the screen all day to watch for trade entries, this method is automated using buy stop and sell stop orders depending on which way the daily trend is moving.

You’ll see between 30 and 40 trade opportunities per year for each FX pair.  I trade 7 of the major FX pairs so get well over 200 trades per year.  You could trade less or more depending on your preference.

Take a look at the video I have put together for you which shows you on screen exactly how to enter and exit the trades using this daily breakout strategy.

 

Feel free to email me at jarrod@thetransparenttrader.com or leave comments down below if you have any questions.

Jarrod

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Mike - August 28, 2015

Hey Jarrod, great strat and thanks very much for sharing it, i am interested to know the % win rate of this strat (you talk about the importance of win rate in your other video, see we do learn 😉 …..also which pairs would you advise we use this on ?….thankyou for your help and what a really great site!…i have bookmarked this in my favs and will visit it often for updates.

Reply
    Jarrod - September 3, 2015

    Firstly, thanks for the positive comments and I’m glad you’re finding my information useful. This particular strategy as I’ve shown in the video has about a 50% win rate. It does have a positive expectancy which means after a large enough sample size of trades, it has a positive return. So although it only wins 50% of the time, the average winning trade is larger than the average losing trade. I use a slight variation to profit taking which raises the win rate and the overall profits slightly. I didn’t cover that in the video so as not to complicate things.

    I personally trade this currently on 7 major FX pairs. These are EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD, and EUR/GBP.

    I’m pleased to answer your questions, Jarrod

    Reply
Tony Reardon - September 3, 2015

Hi Jarrod,

Having just started day trading as a hobby I suppose….I do find your vids and explanations very easy to understand and apply. I have committed to using demo accounts and just learning as much as possible for the next few months before jumping in for real and your site has proven very valuable in determining what type of strategy actually suits me best.

One thing I would like to ask is whether it matters what chart software one uses. I have signed up to prorealtime.com (free account) but find that the daily charts don’t finish till 0100!! (UTC 00:00). I therefore use MetaQ5 which finish at 2200. I assume this won’t make too much of a difference to your inside-day / donchian strategies? I have gone through all the settings and help files but I can’t find a way of setting a trading day to end at 2200 with Prorealtime.
Anyway, thanks for the great info…..and if the above is the biggest problem I ever face in my fledgling trading career, I’ll be more than satisfied..
Cheers. Tony.

Reply
    Jarrod - September 3, 2015

    Tony, that’s a great question about the daily bars! I had the exact same questions when I first began trading Forex. I also use ProRealtime and even tried changing the time settings too. I didn’t manage to change them in the end but realised that it’s not actually that critical.

    What tends to happen is, at 17:00 New York time (22:00 London time) the big trading volume dries up for some hours. So you’ll notice on a hourly chart for example, between 22:00 and 1:00 the following day, prices in the major FX pairs don’t really change very much.

    However what it does mean is that I use live data which is constantly drawing and updating the daily bar. Using just end of day data you would need to wait until the end of the day until any of the daily bar is drawn.

    Perhaps whoever you have your demo account with, also has live data that you could use like I do.

    Best regards, Jarrod

    Reply
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