Day Trading Tips and Tricks

April 11, 2011

Erich Senft

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Forex Live Trade Room: A Primer

New Free Forex Trade RoomWith the kickoff of 2014 opening the doors to our live trade room for EVERYONE, I have seen a lot of new faces.  I very much enjoy the company though, and am glad that people from all over are testing out the room and checking out DTS in the process.  Of course, I also think it’s great that I have some of the same people in there that I got to know over a year ago.  To finish the first month of the open trade room format, I wanted to take a moment and revisit why the heck we do this in the first place!  So for those of you who are curious to check it out and for the members who haven’t stopped by yet, allow me to set the stage.

As you may or may not know, we at Indicator Warehouse changed the rooms in response to our members and guests who felt that their needs were better served in the format we use now.  Our members felt they would like something shorter and more focused that helped them each day get their trading started.  Guests to our site that were checking out DTS wanted to see it in action and that usually involved a one-on-one with a member of the Indicator Warehouse staff.  We felt that changing the room to the one hour, trading-focused format open to everyone would benefit all those involved.  In doing so, I decided to focus on several aspects every single day, 5 days a week:

  • Top-Down Currency Analysis:  Every good trading day begins with seeing the “big picture” and understanding the markets we will be trading.  This initial portion of the session, I review the potential major areas we would potentially like to trade around for the day and week to come.  This gives everyone a quick understanding of what pairs could be “hot” and which ones to avoid.  Support and resistance areas are discussed which regardless of trading style, can help everyone make better decisions.
  • News Talk:  Every day after market overview, we discuss the potential news issues that we face for the trading day.  I always try to keep everyone away from the market when there is something major, and alert people to news that should be traded using caution.
  • Focus Pair:  From our initial market analysis, we decide which pair we will choose as our “Focus Pair” and for the rest of the session this pair runs front and center on all three Birds.  So matter which system(s) you are using, the focus pair will be displayed.
  • Bonus Pair:  In our fourth spot on screen, we choose a “bonus” pair which could also give us a potential trade soon.  The bird for the bonus depends on the conditions.
  • Hawk, Falcon, Eagle Trading:  After determining the focus pair, we analyze this pair on all three birds and I make recommendations according to how each bird can be used to trade the focus pair.
  • Live Trades Called:  If during our session we get a good signal, I will alert everyone.  Trade is taken on screen and we manage it by utilizing Trade Manager.
  • Q & A:  This is one of my favorite aspects of the live session.  I invite EVERYONE to ask ANYTHING forex/DTS/trading related.  I NEVER call you out by name, so you never have to feel put on the spot in front of anyone.  Good questions drive us to learn and they are a vital part of the live session.
  • Educational Tidbits:  As we encounter various items of interest throughout the session, I try to make it a point to teach as much as I can since there is nothing better than having the live market as our classroom.
  • Members Only:  Current DTS owners can ask and discuss various trading strategies and issues related to DTS.  We have discovered new ways to benefit from the tools though this sharing process that happens.  I LOVE when members come and share what they have experienced – this benefits everyone.
  • Demo Room:  One of the coolest parts of our live trading room is the ability to check out any of the many products in the Indicator Warehouse collection in a live market.  Just send me an email or request during the session and by the next session I will have the tool for us to use and check out.  This has proved handy in exploring products before actually buying them.

Attend these sessions and make the most of them … for the moment they are free. https://indicatorwarehouse.com/see-dts

April 11, 2011

Erich Senft

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