Are You Ready To Set Aside Your Fancy Indicators

And Focus On The Real Facts That Create

Consistent Trading Profits?

 

I have to start with this question because not everyone out there is comfortable listening to the truth, even when it’s backed by cold, hard facts.

Some people prefer excuses to real achievement, and others prefer fantasy to reality.

This manifesto will not tell you what you want to hear – it will tell you what you need to hear.

If you’re not ready to have your assumptions about retail Forex trading sorely tested (and probably turned on its head), close this page right now.

If, however, you’re ready to explore the counter-intuitive truths behind why you’re struggling with trading, proceed with an open mind.

 

We All Want To Believe

 

These days, everything you could ever want to know about trading can be found with a simple Google query. Brokers are everywhere, and anyone can learn to trade online in less than a week.

This really seems like a time where even the ‘little guy’ can get rich, doesn’t it?

Here’s the dream we all want to believe: “Anyone with a laptop and internet connection can start trading and make money. After some practice and experience, I’ll be able to quit my job and make even more money trading full-time from home.”

Ahh. If only it were that simple, we’d have a world full of homemade millionaires.

You see, this is only half the story.

It all really comes down to a matter of capital and strategy.

Allow me to explain.

 

The Secret Ingredient to Financial Success

 

I started trading back in 2005 when the retail Forex industry was relatively new (it still is, by the way). Indeed, I was able to attain a significant level of success trading a few hours a day by myself, even though I was stuck in a day job back then.

The most important advantage that retail Forex trading gave me was the availability of leverage. Of course, there are many other advantages, but this is by far the most important for someone with less than $100,000 to start making serious money.

If you’ve studied how people attained great wealth within 5 – 10 years, you’ll find the common denominator to be their ability to use some form of leverage. This is perhaps best demonstrated by the financial success of Mark Zuckerberg (of Facebook) and Jeff Bezos (of Amazon.com) who leveraged the internet to reach more than a billion people online.

A small hedge fund can trade millions of dollars in assets, which puts it way out of reach for more than 99.9% of the world’s population. With the leverage provided by the retail Forex industry however, just $20,000 will do it. Never before in the history of the world has such an opportunity been made available to regular people.

The fact of the matter is that the world of trading has changed. Previously, only wealthy individuals were allowed to speculate in financial markets. These days, a college student can deposit $500 into an account and start trading in 2 weeks.

Traditionally, any gains made from a $500 account wouldn’t be worth half the effort (for both the trader and broker), but with leverage, the student can now find himself with a significant increase in pocket money, with no additional effort.

And what about the young working professional or retiree with a $20,000 account? There is suddenly the very real potential for a trading income that can replace that of a full-time job. This is what usually causes people to pick up trading – the promise of a new income steam. Not necessarily to get rich (not yet, anyway), but an extra $300 – $700 per month now wouldn’t hurt, right?

 

But Here’s The Rub

 

Pit an average retail trader against a multi-million dollar hedge fund – with all their specialized knowledge, resources, experience and manpower – who do you think will win in the end?

Clearly, all things being equal, the hedge fund will easily beat up the retail trader and take his lunch money.

But notice I said “all things being equal”.

 

The Silver Lining

 

Military history tells us that although strength is a key to winning wars, weaker forces have indeed defeated stronger ones, many times before.

Can this also happen in an online trading environment?

Coming from Singapore, where we have a conscript army (all able-bodied men must serve in the military for two and a half years), I’ve learned a few things about winning and losing on the battlefield.

If you’ve taken a look at the world’s military history, guerrilla warfare was the prime cause for many of the major upsets in war. History has consistently shown that small groups of men, applying the proper strategies and tactics, can cause great damage and stand up to armies of far greater size.

Firepower is not all that counts. If the general of a large army fights the guerrilla on the same terms as he would another large army, he is in for a rude awakening. The guerrilla has no regard for the rules followed by the great army.

An expert is not afraid of another expert. He is afraid of the fool, because he has no idea what to expect.

This is the same reason why the world is having such a hard time fighting terrorists – they don’t operate on the same terms. The enemy is no longer wearing a uniform we can easily recognize and shoot down. How do you fight an enemy that you can’t identify?

It soon became clear to me that as a retail trader, I cannot expect to survive long in the markets if I traded on the same terms as the professionals. I had to trade like a guerrilla. So that’s what I did.

The outcome being that I was able to quit my job, trade from home (and often overseas while on vacation), and never having to worry about writing a resume or gaining employment.

Can one really make a comfortable income trading Forex at the retail level?
The answer is yes.

Will most people who attempt to do so, ever achieve this?
The answer is no.

This has little to do with the inherent difficulties of trading, but rather that it is the nature of trading for the majority to always lose. The fact is that for me to buy at a low price, I need the effort of others to keep buying to push prices higher for me to sell at a profit.

If this makes sense to you, keep reading. You’ll probably pick up something here that will completely change the way you look at your trading.

The purpose of this manifesto is not to tell you something about trading that can be easily found online (or indeed, anywhere offline).

This will not be about the history of Forex trading, or market entry/exit techniques that everyone seems to be so crazy over.

If you’ve spent considerable time, effort and money learning new trading tactics but still struggle to make a decent trading income, this manifesto will reveal what you (and countless others) are doing wrong… and how to fix it once and for all.

I will explain a few facts that will give you a completely different perspective of Forex trading at the retail level, and how you can “up” your trading game to a level far surpassing that of your peers.

 

The 249% Profit Track Record Behind This Manifesto

 

Just so you know, I didn’t dream up the material in this manifesto overnight.

I’ve been trading for over 9 years and have a track record of showing my trades LIVE in front of a public audience, attaining a 249.03% profit over a period of 5 years. That’s an average 49.81% gain per year.

We’ll talk more about this at the end of this manifesto, so keep reading.

 

Who Is Chris Lee?

 

You might know me from the Candlesticks e-book I published in 2008.

In an industry filled with quick-fix tactics and trading robots that lost a lot of money for a lot of people, this e-book was an honest breath of fresh air for many traders.

 

 

After publishing this e-book, letters and email testimonials came in faster than I had time to read them (although I eventually did).

It didn’t occur to me at the time, but the e-book had provided a channel of constant communication between me and thousands of frustrated traders who kept losing money.

It gave me a unique insight to the real problems plaguing retail traders, and I’ve since spent considerable time and effort figuring out how to solve them.

 

Then about five years ago, I disappeared from the limelight and began working on a “trade along with me” program where I taught my trading method to members by taking LIVE trades in the market.

Unless you’ve invested in the e-book, chances are that you’ve never heard of me. That’s OK, because the trading principles I teach won’t be easily accepted by the masses, and will probably never be popular.

This is perfectly normal, because only a small portion of retail traders will ever see success in the markets – the game of trading is such that whatever is popular is unlikely to work.

 

Why I Changed My Mind About Sharing This Material

 

I have never given away information as important as this, for free. But I’m doing it now for 3 reasons:

  •  First, I am ever more disgusted with the magic pills and silver bullets being peddled online. I despise seeing people led down dead-ends with trading methods that can never work in the long run.
  • Second, it is getting increasingly hard for regular people to make a decent living. Jobs are getting cut and retirement funds are in danger of being wiped out. If there ever was a time to be serious about picking up the knowledge and skills to be financially independent, it is now.
  • Third, there isn’t much time left. The retail Forex trading industry is changing in ways that do not benefit small-time traders. The faster you can build your account to $25,000 – $50,000 or more, the safer you are from the changes that are coming. More on this later.

I started my publicizing my trades LIVE in April 2009, right in the middle of the global financial meltdown.

This was the time when the investment giants Bear Sterns and Lehman Brothers collapsed practically overnight, Citigroup dropped below $1 per share, and the world continued on to suffer the longest list of bank failures in history. Talk about being at the wrong place at the wrong time.

Despite all this however, our small group of traders enjoyed a 79.38% win rate and an average return of 102% per year during that period.

What I’ll be revealing here are some of the concepts and principles that got us these results.

 

I’ll Take You Beyond The Usual Short-Term Tricks

 

As you read this manifesto, I promise to take you beyond just another trade entry/exit technique that might make you some money temporarily.

The stuff I’ll be revealing to you is as true as gravity, regardless of the tools and indicators you might already be using.

If trading can be likened to building a house, indicators are the tools we use to build it; and what I’ll be sharing with you here is about the architectural design.

Regardless of the quality of building materials or workmanship, a poorly-designed house will collapse – it’s only a matter of time.

The key is to have your house designed with the right foundations to begin with.

If you’ve been trading for more than 6 months but are still struggling to make consistent profits, it’s likely that your problem is not about finding more tools, but rather finding the right design (plan) to properly use the tools you already possess.

 

FACT: More than 65% of retail Forex traders lose money after 3 months.

 

Here’s a list detailing some of the major retail Forex brokers, and the percentage of profitable trading accounts every quarter:
profitability

This means that the average retail trader has an approximate 1.4% chance of being profitable every quarter of the year.

So don’t be too upset if you find that you’re having trouble making money – an overwhelming majority of people don’t. And in this manifesto, I’ll explain why.

 

I’ll show you how to tell if a trading strategy is likely to work in the long run.

You don’t want to waste time and effort on a strategy that makes

money temporarily, but loses effectiveness after a few months.

 

For some, a small modification to their trading method is all that’s needed. For others, a complete strategic overhaul will be required.

Whatever trading strategy you’re applying right now, regardless of the technical indicators you’re using, this information can raise your trading to a level you may never have thought possible.

 

I Also Promise You The Trading Principles

That Will Never Go Out Of Style

 

You can walk into a magic shop, buy off-the-shelf tricks and use them to entertain your friends for a few days… but you can only perform those tricks a couple of times before their effect wears off.

The secrets I’ll be sharing with you is not about getting new tricks… it’s about understanding the foundational principles of how to continuously mystify people.

Once you understand these principles, you’ll immediately see not only why so many retail traders lose, but also why they will never be profitable in the long run.

 

You’ll discover what you’ll need to do to change your

experience of trading from “frustrating” to “enjoyable”

 

You do NOT need any special background, education or skills to use this knowledge. The only thing you’ll need is will to make the changes you know you’ll need to be making.

I can tell you exactly what you need to do and even give you a map on how to do it – but you need to be the one to take action.

After going through this manifesto, most traders will realize they can’t keep trading in the same way… and this will be met with internal resistance because it is human nature to resist change.

In the end, your willingness to make the changes you KNOW you’ll need to make, will spell the difference between long term success, and short-lived profits.

It’s your choice.

 

A Lesson in Recent History

 

Until recently, I purposely avoided the spotlight and all online publicity… despite being constantly sought after by numerous internet marketers and robot-selling vendors who asked for my participation in the promotion of their products.

If you’ve been surfing online for trading strategies in the past 3-6 months, you‘d have seen a couple of them. And if you’ve been my subscriber all this time, you’d know that I don’t promote these $97 “automated teller machines”.

In fact, I avoided them like the plague, and for good reasons.

Just by looking at how those robots took trades, I knew there was no way they could be profitable in the long run. It was only a matter of time before these machines blew up… which they eventually did, in just a matter of months.

The only people making money from this were the sellers of these “magic boxes” and a few traders who got lucky.

Whenever one of these robots blew up, the sellers simply disappeared and re-emerged later with a new website, selling a new robot, under a new name.

The retail Forex industry became an ugly place.

Every other day, I would hear about people blowing up their accounts with robots, and yet they would continue searching for the next “sure-win” automated trading solution.

This sickened me.

Don’t get me wrong – it wasn’t that I felt sorry for those robot users.

On the contrary, I think they got what they deserved. They were looking to make money without learning or practice. They were looking for a free lunch: pay $97 once for a robot that makes $500 per month.

Yeah, right.

These people didn’t want to put in the effort to learn to trade for themselves… they wanted a chuck of computer code to think and make decisions for them, for a low one-time payment of $97 (“Quick, where’s my credit card!!”)

The truth is that automated robots are simply tools. And just like any other tool, their effectiveness depends entirely on when and how they are used. Sadly, most robot users don’t even know how they work.

It’s one thing to understand exactly what the robot is programmed to do, and under what circumstances it should, and should not be used.

It’s another thing to run the robot on an account without knowing anything about its operative parameters.

Unsurprisingly, many people got burnt for their laziness and greed.

 

 

I’ve had the enlightening experience of receiving more than a few emails from people who were truly sincere about making money trading, but didn’t want to actually learn how to do it.

To this day I still can’t believe how naïve some people are. This is like wanting to be a Formula 1 driver without ever having to step inside a car.

It’s utterly ridiculous.

 

OK, I get your point Chris.

But You’re Kind Of… Rude?

 

Why, thank you. In the years that I’ve been teaching people how to trade Forex, I found that being “nice” doesn’t help.

An army recruit may resent his sergeant for being strict on discipline, but in war, it could very well save his life.

Trading is war, people.

If you want the financial rewards and freedom that comes with this, you’d better be ready to hear some hard truths. I’m not here to make merry.

I’m here to smack you on your helmet, tell you to hold on to your rifle, stay low and don’t get shot. Try to be a hero and the market makes an example out of you.

If you can do this, you stand to possibly change your life in ways you probably can’t even imagine right now.

I wrote this Manifesto to get people to WAKE UP and get their heads out of the clouds.

Trading is serious business, and unless you have some operative knowledge about how the game is played, you’ll always be the guy with the short end of the stick, wondering why your account keeps dwindling.

 

Get Ready

 

Trading at the retail level is inherently difficult because the principles that bring success often run counter to what we’re used to in our daily lives.

In other words, for most people, winning at trading is not something that will come naturally – it’s something that has to be learned and trained.

The concepts and principles I’m about to share with you were learned the hard way – through painful experience and careful reflection.

After dedicating almost every waking hour to figuring out the game of retail Forex trading, I now present a portion of what I’ve learned here for anyone who might have an interest in attaining financial independence with Forex.

Use this knowledge to better your trading and your life.

Let’s begin.

 

The Real Reason Why Retail Traders Struggle

 

Let’s start with uncovering the reason why you may be struggling with your trading.

Depending on your experience, you’re likely to fall into one of these categories.

Sound familiar?

Here’s the good news: there is a common cause to these problems.

And you’re about to find out exactly what that is.

 

An Open Advantage

 

I have a confession to make – I sometimes to go to trader gatherings acting as a new trader. I do this to experience first-hand, the real frustrations of people who are struggling with trading.

Why do I do this? Because I get more realistic feedback as “one of the strugglers” rather than as a winning trader. People tend to be less straightforward with me when I’m perceived to be “better” or “different”. I want to know what’s really going on in their minds, not what they want me to think.

So what did I discover?

Almost every time, I’m struck by how everybody is approaching trading the wrong way.

You see, although retail traders understand the technicalities of trading (like, what the pip spread is), few actually use this knowledge to their advantage.

This is the prime cause for so much struggling and time wasting. It’s the reason why the overwhelming majority of new traders will fail in achieving their dreams even if they buy lots of “how to” products, study them religiously and work extremely hard at it.

This is going to be important, so read the following carefully.

 

Your Trading Business

 

Before we proceed, I need to make sure we’re communicating off the same level of understanding. This way, we’ll avoid any confusion and unnecessary guesswork along the way.

To kick things off, we need to step back and take a look at the business of running a trading operation.

All traders run a trading operation – some just do it better than others. Most are not even aware that they’re running one.

 

 

Losing traders treat their trades like lottery tickets: each one having no connection to the others. Trades are taken in isolation, each one serving as a lottery ticket that – hopefully – makes some money. If not, they just keep trying until they get lucky, or wipe out.

Winners, on the other hand, have a plan. As retail traders, they know that certain trading styles put them at a natural disadvantage, and so they cleverly avoid those. Each taken trade plays a role in an elaborate strategy that skews the probabilities in their favor.

Winning traders do not know which specific trades will be winners or losers, but they know they are likely to walk away richer than when they started.

 

Planning To Win

 

The first reason wealth eludes so many traders is poor preparation. The path to success begins with the words ‘I need a plan’.

But an effective plan is more than simply a series of steps to follow. How do you know your plan is likely to work?

Even among the minority of retail traders that have a plan, most have absolutely no idea how effective it will be. Here’s an example.

Would you bet money on yourself in winning a street fight against Bruce Lee?

Probably not.

You know the moment you step within his reach you’re going to get your ass handed to you. It’s not a matter of IF you’re going to lose; it’s a matter of HOW QUICKLY you’re going to lose.

In the same way, retail traders pit themselves against the trading equivalent of Bruce Lee every day – they click the buy button thinking they might win in the end, when they never stood a hair of a chance to begin with.

Most retail traders have no idea how heavily the odds are stacked against them.

Here’s why:

1. Retail traders don’t know who they’re trading against; and

2. Their plan for success (if they even have one) don’t take into account their natural strengths and weaknesses as retail traders.

Now imagine on the other hand, that you’re a skillful chess player and you challenge Bruce Lee to a round of chess. Wouldn’t you stand a much better chance at winning?

This isn’t rocket science, folks.

In short, here’s what you need to do:

1. Learn about the technical aspects of trading (I’m not talking about technical analysis here)

2. Figure out your strengths and weaknesses as a retail trader (compared to professional traders)

3. Devise (or learn) a trading strategy that maximizes exposure your strengths while minimizing exposure to your weaknesses

4. Devise (or learn) trade entry/exit techniques that compliment your strategy

Most retail traders skip steps 1 – 3 and jump straight to step 4. They focus on the ‘hows’ of trading, but ignore the ‘whys’.

Take this example. In applying a moving average cross-over to identify trade entries, one should ask, “Why would a moving average cross-over work as a trade entry signal?” What are the reasons? Does this method maximize my strengths as a retail trader?

 

In my candlesticks e-book, I detailed not just candlestick patterns. More importantly, I revealed to my readers why those candlestick patterns work.

Once you understand how to read candlesticks, no memorizing of candle patterns is necessary. With this knowledge, you can effectively interpret any combination of candlesticks, in any market!

 

The difference between surface knowledge and true understanding

…is knowing the answer to the “why” question.

 

If a stranger walks up to you and tells you he can turn a $100 bill into a $500/month income stream, but won’t explain why his method works, would you hand him your money?

I hope not.

But this is exactly what people are doing online every day, even right now.

The world’s richest investor said it best:

 

Obstacles of the Mind

 

Before I expose why some trading strategies work (while others don’t), the first thing we need to look at is your thinking.

It’s ineffective to talk about trading methods without addressing the most important component of trading – your perspective.

In an industry filled with exaggerated (and largely unrealistic) claims, our first area of business is to correct any psychological obstacles that will hinder your progress.

By eliminating these obstructions, you’ll be able to grow your capital faster and easier than you might think is possible. These are the overriding concepts that successful retail traders operate on.

See if you can identify with the following symptom:

 

There are two opposing ways of thinking when it comes to trading at the retail level. There’s opportunistic thinking and strategic thinking.

 

Opportunity seekers are always looking for their big chance to make lots of money. Their only criteria is, “Can I make money from this?”

So today it’s automated robots, tomorrow it’s binary options, and yesterday it was some other concept already forgotten.

Opportunity-seekers pick up lots of trading techniques, use a few, and abandon everything the moment there are a few losses or the next “easy” way to trade comes by. The only question they ask is, “What’s the easiest way for me to make money right now?”

A strategic trader, on the other hand, is a completely different animal. He is clear about how much money he wants to make and how to get to that goal.

He knows the strengths and weaknesses of retail traders compared to their professional counterparts. He understands what drives market prices and devises (or learns) different methods for taking profits based on this.

After reviewing the pros and cons of each method he picks the one most likely to achieve the results he wants.

The strategic trader knows that the biggest opportunity lies with how his trading operation is run, not the hot new product that is promoted this week.

 

Here’s the thing: The overwhelming majority of retail traders are nothing more than opportunity seekers. They have no strategy for choosing the trading products they buy.

They hop from one method to another, and while they may have some arbitrary income goal they have no idea how to achieve it.

And since they don’t have a clear strategy they cannot follow any sort of plan to reach that goal… so they end up buying anything and everything that comes with the promise of easy money with the hope that this is going to be it – this is their chance to make it big.

They especially love (and fall victim to) “automated money” products promising huge rewards with little or no effort.

 

 

Forex trading is incredibly lucrative and one can make a lot of money in an embarrassingly short period of time.

However, the capital and skills required to do this consistently takes time and effort to build.

 

All right, assuming you now have the right expectations and understand the need to get serious with building a trading operation around an effective strategy (that you fully understand), let’s talk about what else stands in your way…

 

 

The semi-experienced trader buys books, videos and attends seminars to learn about various trading “strategies”. Most of these methods include some combination of technical indicators that serve as trade entry/exit signals.

Now before we continue, I want to state for the record that all of these methods work. All of them.

I say this because you need to understand the subtle truth behind this statement.

There’s a BIG difference between a method that works, and a method that works consistently.

And therein lies the key to understanding why so many trading strategies fail.

Would you rather make $500 on 2 trades, only to lose $450 on the next 2 trades? Or make a consistent $30 on each of 4 consecutive trades?

A winning strategy should not be based on how much money is made on each trade, but how consistent the wins are.

Consistency trumps short term gains.

 

A Winning Strategy is not determined by how much money

is made on each trade, but the consistency of the wins.

 

So it’s not a question of whether the strategy makes money (even a monkey can make money trading), but whether it can make money consistently.

And how can we find out if a trading method is likely to make money consistently?

First, you’ll need to…

 

Understand Your Business

 

In case you haven’t realized by now, we are in the business of retail trading.

And just like how a savvy entrepreneur studies the industry environment before coming up with a business plan, so to must we take a good look at the retail trading industry and select the path of least resistance to making money.

You don’t want to get involved in a business that tries to sell ice to Eskimos. You want to run an easy business, not a tough one. Swim with the current, not against it.

The bottom line is that we don’t want to end up with a strategy that works against our natural strengths and weakness as retail traders.

Many people can’t make consistent profits simply because their trading method exposes their weaknesses while avoiding their strengths.

From here on, I’ll be sharing with you what you need to be doing, and more importantly, why you need to be doing it. Be sure to take notes.

Let’s go.

 

Principle #1: Trade on the Longer Time Frames

 

Why is it preferable for retail traders to trade on the longer time frames?

To understand this point, we’ll need to once again step back and look at our trading from a business perspective.

In business terms, our trading profits are the income of our trading operation, while our losses are the expenses. Nothing groundbreaking here.

There is, however, one type of expense that’s often ignored by retail traders… the bid-ask spread.

It’s the cost we pay our broker for their services, and it typically ranges from 2 – 4 pips on the major currency pairs.

So how does the pip-spread affect the way we run our trading operation?

 

Imagine you run a bakery that makes and sells (incredibly delicious) bread.

Each loaf costs you $0.50 to bake (an expense).

You now have to decide how much to sell each loaf of bread.

Should you set the sale price at $1 or $2? (Ignoring all other factors)

Which would you choose? The answer is pretty obvious…

 

Most people would choose $2, since that leads to more income and profits.

From an operational perspective however, there’s another reason why $2 is a better choice…

Allow me explain by posing a slightly different question:

In the same bread example, how many loaves of bread would you need to sell, to make a profit of $300?

If your sale price was $1, you’d have to sell 600 loaves to make a $300 profit.

If your sale price was $2, you’d have to sell 200 loaves to make a $300 profit.

Take a close look at the numbers…

By simply doubling your income, you reach your profit goal three times faster (not just twice).

This little-understood concept has immense implications when it comes to trading.

If you have an income goal of $80,000 per year, would you rather reach that level in 60 small trades or 20 medium-sized trades? Which is easier to achieve – being right 60 times or 20 times?

This is the first reason why short-term traders find it difficult to reach their income goals – they have to be right a lot more times than a medium-term trader (like me), who only has to be right a fraction of the time.

And there’s another reason why it’s difficult for short-term retail traders to consistently make money – their account gets quickly eaten up by the bid-ask spread.

Huh?

Allow me to explain further.

You see, a trader who pays a 2-pip spread on 1 trade (to make a profit of say, 200 pips), pays a smaller portion in fees compared to another trader who pays a 2-pip spread each on 11 smaller trades to make the same profit.

Here’s what I mean:

Trader A is a short-term trader looking for trades of 20 pips profit.

Trader B is a medium-term trader looking for trades of 200 pips profit.

 

Trader

No. of trades

Profit per trade

Gross Profit

Spread per trade

Total Spread

Net Profit

A

11

20 pips

220 pips

2 pips

22 pips

198 pips

B

1

200 pips

200 pips

2 pips

2 pips

198 pips

 

Trader A pays a 2-pip spread for each of his 11 trades for a total expense of 22 pips.

Trader B pays a 2-pip spread for his 1 trade for a total expense of 2 pips.

So in total, Trader A had to make a gross profit of 220 pips and pay the spread (-22 pips) to arrive at a net profit of 198 pips… while Trader B only had to make a gross profit of 200 pips and pay the spread (-2 pips) to arrive at the same net profit.

Trader A had to make 20 pips MORE than Trader B, just to get the same net profit.

If both traders were competing to see who made the most net profits, Trader A would have to perform 10% better than Trader B, just to get even.

By simply trading on a larger timeframe, Trader B gets a natural advantage over Trader A!

To summarize, Trader B enjoys:

  • Fewer trades (less effort)…
  • More profit per trade…
  • Paying less brokerage fees…
  • Less pressure to perform…

…all while getting the same net profit as Trader A.

I hope something just clicked in your head.

This is what I mean by choosing an easier path to achieving the results you want.

Add to all of this the fact that professional traders trade with a much lower spread than retail traders, and you know that competing against them on the same level (i.e. short-term trading) puts us at a significant disadvantage.

 

When Trading Short Term, You Are Fighting

Against The Professionals For Scraps

 

As large as the currency market is, there’s a limited amount of profits to be made each day – a quick look at any of the major currency pairs will show that few will move more than 150 pips per day.

Intraday retail traders who try to open and close trades within the same day for a profit are thus effectively trying to get a portion of a limited number of pips.

When trading in the short term, you pit yourself against the professional traders for the limited scraps of “meat” in the market. And more often than not, it’s the retail traders who end up as part of the scraps.

Compare this to the medium-term trader who trades over a period of days or weeks – suddenly, there’s a lot more meat to go around.

With the right trading approach, and with no extra effort, you can set yourself outside the professional’s crosshairs, and stand to make more pips in the process.

The secret is to trade on different terms than the professionals. Don’t compete against them at their own game. Smart retail traders choose a hunting ground where they have the advantage.

 

Short Term Trading is particularly susceptible to re-quotes and slippage

 

And if you’ve ever tried entering/exiting a trade as the market price was moving quickly (as is typically done in short-term trading), chances are that your order either did not get executed by your broker, or you suffered some slippage.

Both are factors you cannot control… so think about this: If these are factors you cannot control, is it a good idea to have your trading business be especially vulerable to them?

With a short-term profit target of 20 pips, a slippage of 2 pips is an additional 10% cost (expense) to your bottom line. With a medium-term target of 200 pips, a slippage of 2 pips is a mere 1% cost.

Repeat this over hundreds (or even thousands) of trades… and this seemingly small expense really begins to add up.

Again, think about which approach makes it easier for you to be richer after a year of trading.

 

Short Term Trading

Medium Term Trading

Effort required

More

Less

Profit per trade

Less

More

Brokerage (spread) fees paid

More

Less

Risk of un-executed trades

High

Low

Risk of slippage

High

Low

Impact of slippage

High

Low

Competes against

professional traders

Yes

No

 

Which looks like a better arena to trade in?

The answer is glaringly obvious. Yet so many new traders come into the market looking for the thrill of fast money that they don’t stop and think about whether short-term trading plays to their advantage.

The only “downside” of medium-term trading is that it does not give the adrenaline rush that short-term trading does.

So ask yourself: are you trading for a thrill? Or to make money?

 

Your Broker Says “Thanks”

 

So why is short-term trading so popular among retail traders?

The first reason is that they don’t understand the concepts you’ve just learned.

The second (and more insidious) reason is that brokers typically promote Forex trading as a means of making a fast buck… simply because it’s such a lucrative business for them.

Think: would a broker prefer a retail trader like me, who makes a 200-pip profit while paying only 2 pips on the spread, or someone else who makes the same profit trading short-term, after paying 10 times more than I did in spread fees?

It’s business, not personal. If I were a broker, I’d do the same thing and promote the hell out of the “benefits” of short-term trading.

Only educated and savvy retail traders like you will see past their marketing gimmicks and choose to play the game that avoids your natural weaknesses. You want to play the game where you have an advantage to win.

 

The longer term you trade, the less you are affected

by the negative impact of the bid-ask spread.

 

At first glance, a 2-pip spread may not seem significant… but across a large number of trades, it’s like bleeding to death from a thousand paper cuts.

It’s the quiet poison that sabotages your trading success without you being aware of it.

So what’s considered to be the medium-term timeframe? For most purposes, this refers to the 4-hour chart and daily chart.

Trade on the smaller time frames (such as the 15-min or 5-min charts), and you’re setting yourself up to swim against the current.

If you’re going to be trading for a long time, you need to decide if you want to keep struggling, or to let the wind carry you.

Remember, it’s all about choosing the path of least resistance to making your profits.

 

What Do You Think Of Principle #1?

Let Me Know In The Comments Below!

 

Next: Principle #2

Click here to read Principle #2

 

Your Comments (446 comments so far)


  1. Ram

    Good Article makes sense


  2. graham

    this is really clearly presented! makes alot of sense
    thanks


  3. Al Squair

    I will be ready to start tradig by March !st.
    Please do not email me before then.

    Thanks


  4. damon

    sounds like you got a very interst point


  5. leon

    Starting to see the light!


  6. shawn

    I started trading forex in 2008 and with in the year found that I had no success on the smaller time frames (5m, 15m, 30m) but I could with some degree of consistency make profits on the higher time frames (1h, 4h and daily). My favorite chart is the 4h hands down; I enjoy the daily but like trades more frequently. The higher time frames have sooo much less market noise and are easier to trade.


  7. STEVE

    MAKES GOOD TRADING SENSE..


  8. Greg

    Look forward to reading more


  9. Goldfever777

    Excellent article which makes a lot of sense.


  10. Jojo

    Nice article.


  11. Steve

    Just a quick note to let you know I found your insight to be very sound and look forward to reading and absorbing more of what is ahead…:)

    Peace Out!


  12. Xes

    Great article. Thanks for sharing.


  13. Gerald

    Good article for the mindset. A start up guide for every trader but professional and rookie.

    As for me I will read through it before ever taking any trade.


  14. Reviewer

    I’m gonna watch out for brussels. I will appreciate if you continue this in future. A lot of other folks will be benefited from your writing. Cheers!


  15. MaryAnn

    Thanks for the great reading – definitely will be part of my plan. The candles are starting to talk to me!


  16. david kong

    Thanks I has gained a lot in narrowing down the gap in understanding forex, and hopefully more comments will be published.


  17. ben

    Like your article on why retail traders are meat for the big boys. Great insight, Chris and thanks
    for sharing


  18. andy

    Just opened a live account short-term trading. makes more sense to adjust to longer time frames. many thanks


  19. Alex

    The article was great


  20. Colin Morgan

    Hi Chris,

    Tried to download the PDF but getting the following:

    Mailing List Not Active
    This mailing list is not currently active.

    Please push the “Back” button and notify the website owner.

    Thought you would like to know.

    Keep up the great work! People like you are a breath of fresh air!

    Best,
    Colin Morgan


    • Chris

      Hey Colin,

      Thanks for the heads up… there was a small technical error with it but it’s now been fixed.

      So please try again!


  21. My Homepage

    I genuinely enjoy searching at on this site , it has great content material .


  22. Vincent Bugna

    Some truly wonderful content on this web site, regards for contribution.


  23. vir

    I really appreciate how you approach the different trading situations.


  24. David

    Definitely makes great sense and thus reliable. Anxious to study the rest. What a sincere, experienced and wonderful person you are! Thanks.


  25. ian

    this is great stuff just when i was thinking that i was alone on this


  26. William Dangler

    Aw, this was a really nice post. In thought I would like to put in writing like this moreover – taking time and actual effort to make a very good article… however what can I say… I procrastinate alot and certainly not seem to get something done.


  27. Andreas

    All of this is true when I had my trading course my teacher told me the same.


  28. derrick

    hi.
    just after reading the first principle,i can see that i on the right track.thanks.


  29. tom

    like what i am reading.will download the next 4 principlesfor sure.


  30. Ade

    thank. I do appriciate your knowledge sharing and it’s so educative. U did impacted more power and strienght into me.


  31. James

    I agree with what you have said so far. The only problem not mentioned was the BIGGER stop loss required trading the higher time frames. And unfortunately I do NOT have 20k to put into a forex account. Last year I netted 35k in take-home pay. So to save up the 20k would take me years. Yet, I would still prefer to swim with the current than against it. Maybe those in my shoes could trade the larger time frames with a micro account. Thanks for your efforts in helping us small fries.


    • Chris

      Hi James,

      You’ve brought up a good point about the stop loss.

      The thing is… there’s a way around this “limitation”. We’ll be examining more on this later…


  32. frank

    I read the first 4 principles and they are great. I have been waiting for the 5th but never got it. Please be so kind as to forward it to me. Thanks


  33. Bobby Balcom

    Very efficiently written story. It will be helpful to everyone who usess it, including yours truly :). Keep doing what you are doing – i will definitely read more posts.


  34. Gregory K.

    Great info. Really resonates as the truth … Makes total, logical sense. I love your philosophy (battle is won before it’s fought), clarity and simple way of explaining complicated topics. I very much would love to get involved with your Icarus Project, especially after taking a beating in the school of hard knocks. Will work hard (or easy) for pips, but love the idea of stress free (as much as possible), go with the flow, end of day or 4H trading … living well (not chained to the computer)and consistently moving toward goals. Thanks for sharing your knowledge and know how.


  35. Terrence Meltz

    it is all true chris the only time i seen clarity is when all the junk is moved off my charts but i do feel a sense of forlorn without them like there is no direction but i know its something i need to work with sometimes it seems random but thanks you are opening my eyes and confirming my thoughts i hope i can find a clear direction


  36. Ben

    Chris,

    All the pitfalls you mentioned I fell into and have not been able to climb out or walk away from!!

    Thank you for putting your time and effort into writing the article.

    Ben


  37. David

    Nice article….makes sense!


  38. Tony

    Hi Chris,
    I can see now how my speed trading attempts have serious flaws that even a modest win rate won’t overcome.
    Best,
    Tony


  39. ganiyu

    good


  40. Christopher Lee

    Very well presented and direct information regarding the pitfalls traders (especially new traders) face.The distinction between opportunistic vs strategic summed it up best.


  41. atsel

    Is Forex not meant for small account-size retail traders? I hope that is not what your write-up is preaching. Anyway i will not jump into conclusion till after reading the other parts.


  42. kevin

    This is good info and does point out some problems that I am having, I look forward to more info.


  43. RENNY MARTINEZ

    Thank you very much for your Open Information!


  44. Stanislaw

    very intelligent, helpful article,-everything is logical and is easy to understand, thanks


  45. grumpy

    Good stuff – waiting for the next installment with interest


  46. Chinyere

    Very nice and thought provoking. I have absorbed this first part like a sponge. I intent to implementt the principles to the latter. I’m looking foward to reading the whole arrticle. Thank you.it is an eye opener.


  47. Carmi Peles

    Very very cleaver and interesting !!!
    I agree 100% with all the above points here explained…
    Thanks for sharing.
    Waiting for # 2- # 5 asap…


  48. bill

    thank you bill


  49. Alex Elinwa

    I definitely agree with your teachings and love to put them into practice. But my concern is which Broker is honest indeed? Am asking as a new Trader.Thanks for sharing your precious ideas.


    • Chris

      Hi Alex,

      Most reputable brokers are honest, although that doesn’t (necessarily) mean that they are working toward your best interest.

      In this game, your best protection is knowledge. No one will be more interested in taking care of your well-being, than yourself.

      My suggestion is to stick with the popular brokers that are regulated by big city financial authorities, and to avoid those that are located in the Mediterranean islands like Cyprus.


  50. dugsey

    Brilliant and sound advice took me 2 years to get this far on my own, cam’t wait to see whats next.
    Many thanks


  51. Fernando

    Great information and advice!
    I’ll be waiting for the following articles.

    Thank you


  52. Joe Italiano

    I have been tradig for 10 years and I have trained many retail traders and we are on the same wave length as far as having a solid busuness plan for trading. Good insights in your presentation. I look forward to seeing #2- #5


  53. SCHWEITZER

    Interesting document will read it I expect the rest of the EBook


  54. P Lombard

    Yes makes sense . Looking forward to rest of principles


  55. Neville

    Makes good sense, what I have been finding out over 2 years.


  56. johann

    Thanks xo much – really very necessary information in easy to understand language. A breath of fresh air in the land of BS…. Thanks again.


  57. johann

    another great principle – can’t wait for the next one…thanks again


  58. JNANENDRA KISHORE

    It is extremely informative. I prefer using 4H, Daily and Weekly Charts. However, using longer TFs has a drawback of using huge Stops, but it pays to me a lot. I manage my trades mechanically…when I find the price has moved 100 pips in my direction, I trail my stops to 50 pips.


  59. Kevin

    Cant wait


  60. Robert Dawson

    Your perspective so far seems to be in the category of the ‘light bulb moment’. So obvious (dah!!), but so hidden by all the hype, systems etc etc etc.
    I am new to forex trading and see myself in both types of traders you have so far described.
    Very much looking forward to further principles. In the meantime I will look up your Candle book.
    Rob


  61. gerardo

    …is important to have people like you. Professionals teaching the right way forward.
    Sincere thanks for this work.

    Gerardo R.


  62. MICHEL PLAFTER

    I will change my trading switching from short term to medium or long term using the hour 4 and daily frame.
    Very informative and interesting.

    thelonetrader


  63. james

    i like straight talking people like your self thanks for being so honest
    really enjoyed it kind regards james knight


  64. George

    Thanks Chris for this highly enlightening manifesto; I look forward for more.
    God bless.


  65. Domenico

    I am particularly interested when you say that the forex industry is about to change and that we nedd to grow our accounts to 25000-50000 as fast as possible,the faster they grow the safer we are.


  66. grumpy

    Thanks for the service Chris. I look forward to reading all the manifests


  67. Patrick Chambers

    This information is excellent and it is helping me a lot.


  68. Teboho Jeffrey Sekamane

    Thank you so much for being an eye opener, cause now I know exactly what I should change in my trading strategy, you being so helpful.
    Regards

    Teboho Sekamane


  69. Mike

    You are too much I want more and keep the good work


  70. Domenico

    Why we need to grow our accounts to 25000-50000 as fast as possible,the faster they grow the safer we are.


  71. Domenico

    What is about to change in the forex industry


  72. colin ooi

    Hi Chris,

    I am interested to learn about forex and I think that looking at the long term charts will help me as I am not making any money with the shorter term charts


  73. glenn

    Very Helpful! Thanks Mate!


  74. Bendz

    Hi,

    It’s really interesting. Now, I understand the reasons for my failures 😉


  75. Abdul

    Hi Good MAN.
    The lesson here folks is sure..ism is better than optimi..ism
    Thanks alot…God speed.
    Abdul.


  76. dawid

    i do understand the principles , and thanks for that. it is more difficult to trade on a lower budget, to be honest. so it is easier to loose . what is the best and safest amount of money to start of with when available funds is not always there? thank you


    • Chris

      Hi Dawid,

      Assuming you’re already familiar with demo trading, I would suggest to start with at least $2,000.


  77. Mike B

    Great information. I have been struggling to be a successful forex trader.
    Like many (as you mentioned), I was trading the wrong time frames which were much more stressful and harder to trade.
    I have seen the light and have made the change and my trading is steadily improving.


  78. Ian

    Very well written article. The advantages of trading the higher time frames are finally clear to me. Thanks.


  79. Tony Hawley

    Hi Chris – it is amazing that I did not appreciate the basic reasons why medium is so much better than short term trading.

    Many thanks for enlightening me!


  80. Yanto

    That’s greatest!


  81. Ganiyu

    Sir i enjoy your write-up its a complete true i learn a lesson from my mistake Thank you God bless you.


  82. Doc Gailey

    refreshing, different from run of the mill net info. Thanks for your discipline in writing it.


  83. guido

    Hello Christof Lee,

    Excellent article Which makes a lot of sense & a lot of great experience exceptional.

    thank you very much

    Regards – esteem……..

    Guido – Italy


  84. Frank Lobach

    Hi Chris, you are so right on all of this.I have been looking, trying,buying,collecting,getting totally confused as to how to put all this “stuff” together to make a good,simple to follow plan.It has cost me so much in time ,frustration and money,it has not allowed me to actually start to trade for myself,but has gotten me to use “pro” signal providers to trade my accounts for me,and I am still waiting to get back up to my original start up account balance.They trade huge amounts of small trades with huge stop losses,so much spread in/out costs,small profits for a while ,then large losses every so often ,wiping out all my gains overnight.I understand many methods of trading, but have not been game to actually set up my own method in case it fails,and I end up seeing all my time and money being wasted.I guess subconsciously, I was “collecting” to avoid the inevitable crunch time .I also think the longer time frames are the way to go ,as the “end of day” type of trading allows a much more relaxed style ,without having to rush anything,giving a quality of life back to me.I just have to be prepared to decide on one of the many methods I have collected,actually start and finish one of the many good training courses I have at my disposal,and just focus and do it.It is so easy to allow myself to be distracted/diverted by so many other things every day though,because of my own uncertainty in my ability to get down to business and stick to a set path.
    Thank you for your “in my face” approach,it is refreshing and I hope I can make it work for me to make me work.Frank Lobach


    • Chris

      Hi Frank, your comment pretty much sums up what most retail traders go through when being misled by online marketers who are not actually traders themselves.

      I’m glad you’ve picked up something from this manifesto, and encourage you to keep on looking for the trading approach that suits you.


  85. Danny Chou

    Your article explained the common sense in Trading. Plan a strategy depending on own strength
    and weakness.


  86. daniel

    amazing and good one lee!


  87. matt

    Thanks Chris.

    Your stuff is full of good commonsense and based on sound principles.

    Matt


  88. suastana

    it look new for me…and what you said is true..I want to now the other seri ..seri 2 until 5 usefull


  89. Jose

    Very good


  90. anthony vitale

    Like a big brother with experience that wants only to be of assistance to a newbe .
    you do not see that every day ! understanding what you are actualy doing will be helpful to yourself .!
    far better that stubbing your toe over and over without understanding what you are actualy doing
    Thanks – very much.


  91. Mark

    Makes a lot of snese- and explains a lot why I haven’t got anywhere before! 🙂


  92. John

    Hi Chris
    I am new to trading, still paper till I know the rules, I have subscribed to many articles and a couple webinars which are a joke as all they want is not to teach but to sell, I am so impressed with your principle 1, it is amazing can’t wait to read more


  93. Roberto Maurer

    Congratulations! This is a well thought ideas, thank you for sharing with me! I am looking forward to the other principles.


  94. Fred Zablocki

    From what i have read so far this is the most common sense piece of advice that i have come across so far and a view and direction that i am currently in pursuit of due to my previous experiences, failings and knowledge gained the hard way, loved the info provided and have taken it all on board, thanks for the advice, much appreciated.
    Keep up the good work
    Fred


  95. Bhagirathpuri Goswami

    really you have opened my eyes how to trade real forex business. we should take it as our own business and not gambling. Thanks. Awaiting your 2 to 5 principals.


  96. moeketsi

    Most trades I win are on 4h time frames. I tried daily time frame on Thursday and by Friday 14h GMT I had 600pips from three trades.. Greate staff Chris!


  97. Naresh

    Good article ! Thanks for sharing.. =)


    • Chris

      Thank you everyone for your kind words! I hope you enjoy the next Principles as well.


  98. antonio

    I am amazed for the logic of your explanation and how well you presented it. I want to read the next and i would like if is still possible to have the book you wrote in 2008 concerning the candles sticks.

    Thank you very much.


  99. WLR

    Many thanks for the ‘eye opener’, I’ve been trading as a scalper for many years while fully aware that longer time scales should be more beneficial, but reluctant to change.
    Your treatise has finally convinced me to take a more sane view of what I want out of trading ,and as of next week I will fully commit to your philosophy.
    My regards ,and long may you continue.


    • Chris

      Hey WLR,

      I’m glad I was able to contribute to your trading!


  100. Vios

    Lot’s of information.. Thanks


  101. Chris

    Bro, you typed so much it hurts my eye..


  102. Paul Jones

    makes sense to me I traded short term & was doing OK but seemed to get some dicey tips.as soon as I was making profit I would get a negative tip.seems strange to me.
    how do I find a reliable site where I know I will be able to withdraw any profit,most only tell you how to deposit & how quick you can make money.


    • Chris

      Hi Paul,

      I’m sure you know that in trading we don’t always get winning trades.

      This said, I do agree that it’s not easy to find a reliable site that teaches you how to be an independent trader. There are a lot of marketers out there who aren’t traders themselves, so you’ll have to be careful about the advice you get.

      Personally, I don’t take the advice of people when I don’t understand their trading approach.


  103. Naseema

    Thank you very much for sharing your expertise – much appreciated !!!

    Love your no nonsense approach!

    As a new trader i realise the importance of what you’ve shared and will incorporate these lessons into my trading.

    I really like what i’ve learnt thus far and look forward to learning more.

    Thanks again and unlimited blessings,


  104. Naran

    Hi Chris, I am really enjoying your manifesto, I have read Principle #1 Trade on the larger time frame and #2 Minimal monitoring. It really opened up my eyes!! As you may be able to tell, I am a short-term trader! Now you made me thinking, as you are exactly right; I keep staring at my screen all the time to get the right trade set-up, and it hurts! Please let me know your remaining principles, I really want to learn what you are saying! Regards.


  105. Tom

    Thank you for sharing Chris! I am new to forex and have been practice on demo account. Before reading your article I thought it would be best for me to trade short term. Yes I would have to work harder and pay more spreads but with a small capital, I don’t think I can survive the market’s swings if i trade long term. Am I wrong?
    Thanks again!
    Tom


    • admin

      Hi Tom,

      Good question!

      I’ve written a post about this here: Click to read


  106. moustafa

    smart and honest contribution i have read it slowly to concentrate and i think i got the idea of being conservetive and not taking the matter hastely and lightly to make consistent winings


  107. John

    Makes a lot of sense, thank you.
    Forgive my scepticism, however I am still waiting for the ‘big sell’!


  108. gary

    great never thought about it like that thanks


  109. Helmut Thoma

    Hi John,i read you very good explained trading,and i am aggree with you and this are so important to know before you hit the trigger with a live account,this are so importent to know,and no marketers tell you this,also the point you must know which broker is the right one for you and more.I have not downloaded but i read this,and i will read also the following lessons.I go now to the tenniscourt.
    Regards,
    Helmut


  110. larry c

    I have been trading for about 2 yrs I have won some but lost more due to the believing the fast track to riches in the forex market pipe dream. Yes i believe that you must have a plan and stick by the rules. I have a tendency to look at the chart and it seems like a good entry, only for it to turn around and go the other way. That pisses me off. but waiting until a conformation candle would have saved
    me a lot of money and frustrations. I truly need a plan I can count on. But I must deal with my own emotions and obey the rules. thanks for your insight l do see a lot of me in your report.
    Larry Copeland


  111. Chuck

    Well, this is interesting. You are the first to make sense about trading forex, I like it.


  112. jean

    Great article but what next ???


    • admin

      Hi Jean,

      Look out for the coming Principles!


  113. moustafa

    i have gone through 1 and 2 will u send me the next principle please… i found them very useful


    • admin

      Hi Moustafa,

      Yes you’ll get the rest soon!


  114. b

    Really makes a lot of sence.


  115. Gino

    I understand and agree with your strategy but…..the markets are so up and down,I think you need much more time to get the same results as a short term trader or do I still think wrong?
    greetings
    Gino


    • Chris

      Hi Gino,

      The time you spend trading (regardless of medium term or short term) depends almost entirely on the trading method. In terms of profit per unit of time spent however, I would certainly prefer medium term trading.


  116. jerome schiff

    You tell the truth. the longer trends are easier to determine . the problem is to keep the risk down etc. when you are right very large profits are available and you dont have to be glued to the screen.


  117. tad

    Like what I’ve read so far.


  118. Samuel

    nice


  119. ARAFIENA .PIUS

    I really enjoyed this. It”s like teaching a child how walk before learning to run. Good work Chris. Cant wait to see the #3–#5.


  120. Sake

    Couldn’t agree more.Felt like you are talking about me. Very much appreciated.Thank you.


  121. bob

    tradeing only a short time , this comfirms what i have come to suspect .thank u bob .


  122. boyzy long

    interesting


  123. Fxtrader

    Excellen article


  124. phil

    Sounds interesting – thank you


  125. charles

    This article make’s a lot of sense.your Strategies towards the Forex market on a longer time frame,you can see your self paying off some of my Montly Bills. Thanks For the Heads up!!


  126. paul kirschke

    have to see the info and test the results..


  127. Andrew

    Fascinating insights. I look forward to further examining your strategic principles. As a beginner, I also appreciate the level of communication that you employ.

    Best wishes,
    Andrew


  128. Charlie

    Keep it up!!!


  129. Jerry

    You have my attention. I’m intrigued..


  130. Ron

    Makes sense so far. I want to keep reading.


  131. Jeremy

    Makes a lot of sense.I’m looking forward to the remaining sections.


  132. Dale Senkovich

    Good


  133. HERPATOCA

    Que informacion tan interesante, Muchas gracias, Esta es la respuesta de muchas preguntas. Aplicare estos consejos.


  134. Ian

    Hi Chris

    Great stuff… I m looking for principles 3,4 and 5!


    • Chris

      Hi Ian,

      If you’ve signed up for the rest of the principles, they’ll be sent to your inbox over the next few days. 🙂


  135. Albert

    good so far..


  136. john shubin

    so far so good.


  137. Johann

    Hallo and thank you,
    I think a lot of people fall into the trap to want to find a system that works for them and we are gulable and believe what we are told on face value. Invest your money into a system but whatever you try it does not work.
    Thank you for the first artical it makes a lot of sense.
    Looking forward at the other articals.
    Johann


  138. RobertE. Russell

    High Chris,
    I am a former semi-resident of Singapore, having left there in 1990 due to a lack of oil field activities that could sponser my being there, and a very poor experience with Merrill/Lynch through whom I tried trading, but not Forex.- I would have been fleeced anyway mostly because of my ineptitudes intrading – as in the old saying “You need a broker to trade for you, but only until you are broke”. ha – much water under that old bridge.

    I’ve enjoyed your sharing your experience and expertise (I am preetty much a rank beginner in this forex business and in dire need of some real expertise in methodolgy). I am currently engaged in this process via “The Apiary Fund.com” , and hoping to become funded by this company to tradeforthem – a much longer process than I had ever imagined and wth the failures I’ve so far experienced with a paper account, about three months old, I may not achieve that goal – so like you have mentioned about beginners, I am scouting for avenues of more rapid and consistent progress and my desk top icons testify to those efforts, including another from Singapore, called “Magic Forex” – if I remember rightly.

    You seem to have the edge I am hoping to mimick, and I cannot offer any criticisms, except in a positive vien. So congratulations !!. I hav downloaded the remaining parts of the booklet, abut haven’t been able to simply purchase the candlestick book until I can open a Paypal account.

    So, until then, thank you again for posting your website to my address.
    Regards
    Robert E. Russell


    • Chris

      Hi Robert,

      Good to hear that you’re not giving up despite the setbacks – everyone experiences setbacks but it’s how we respond to them that matters! 🙂


  139. ola amos

    dear trader,iam so glad u sharing dis info.so so happy n tanx sir


  140. Duncan

    Excellent, well presented information Chris.
    I’ve been down all the roads you mention in the article and keep dipping my toes in and out of live & demo accounts desperately trying to find a strategy that works for me. Unfortunately I’m guilty of trading every time frame that exists and only recently came to the conclusion that longer charts produce safer and consistent returns, although I also have concerns with stop loss size.
    Looking forward to the remaining installments.
    PS:- Just purchased ‘candlesticks made easy’ and finding it a very interesting read.
    Thanks once again.


  141. Zakir

    what is your strategy. I wish to learn more from you.


  142. Lennard

    after 2 years 4H and day chart are the best fit….set up must be there..wait losses focus and we really to be sharp….the more we linger more chance of interfering with the strategy…my best results when I leave it alone ..that is to say…set and forget..come back move stop manage..go away…good discipline is facilitated by minimal involvement….thank you..I look forward to more instruction ..len


  143. ng

    alot of good points here,thanks chris


  144. Nigel Harvey

    That is very professional advice for the retail trader and I take to heart.


  145. MG Lewis

    I appreciate your commentary,your wisdom and your guidance. Thank you


  146. Howard Taylor

    Thanks Chris. Great read, for me more like a slap upside the head! My inner voice screams things like this to me but probably like a lot of traders I am conditioned to pay more attention to all the noise and the hype. Getting into the mindset of the market- the psychology of the market- and WHY the market reacts the way it does instead of WHAT it is doing will make a difference over the long term. I am trading forex binary options with some success, but not as much as I would like. I know you say long term trades, and I completely understand why and agree with you. I am anxious to see if I can use the same concepts to improving binary trade success rates, until I can focus more on true forex trading. THANK YOU!


  147. Jorge Tadeo Salcedo Luna

    Me parecen muy serios y acertados los comentarios expresados por Usted en su Forex manifiesto.
    Mucho me gustaria recibir los complementos de este escrito, lo mas pronto posible.
    Por favor, informar si tienen un servicio de señales de alerta, pagados mensualmente.
    Gracias


  148. Richard

    Hi Chris,
    Can not wait to read the Principles 2-5 as think you are making sense so far
    Thanks in advance
    Richard (South Africa)


  149. jayprakash

    dear sir,
    i really appreciated to see this lessons this is very fruitful help
    for the newcomer in forex trading.
    please continue to give thi valuable guidelines by e mail
    i wish you happy healthy and long life
    thanking you with regaeds.
    jayprakash


  150. Gert

    Hi Chris,
    #1 is so obvious, practical and true, jet so hard to do.
    Thank you


  151. jalebi

    its wow


  152. rob

    More than interesting


  153. bo

    finally somebody makes sense about retail traders


  154. Geoff

    Hi Chris,
    Thanks for this, so sensible and yet so very easily overlooked.
    Trading the longer time frames is so obvious …when it’s so eloquently pointed out.

    Thing is, the very large stops required for say, daily frames, are so large that the risk equates to a margin that excludes all but the wealthy trader.

    Unless of course you use binaries… where stops aren’t a consideration, but of course the returns are potentially much lower too. Even so, it gives you the chance to use longer time frames and at least know your total risk or loss from the outset.

    Thanks again for your excellent piece here. I look forward to further reading.

    Cheers,

    Geoff.


  155. David Chow

    It make since looking for the rest.


  156. Cesar Ruiz

    Excellent principles. You wrote step by step what I did during 2 years as a short term trader. Today I went back to Demos to develop my strategy.


  157. peter oltersdorf

    I like to know ALL you have to teach . Do you use which indicators? Please let me know !! Thank you!!


  158. Frank Lobach

    This is great Chris.I have seen it before,but could not get my head around a lot of it then,so stored it for future reading ,but never really have done much with it yet,as with a huge amount of other very good ,sage advice like yours,very basic advice,all ignored when I came across sections I could not fully understand or remember.I have taken notes from many educators,with various levels of good content, a lot similar to yours too, but when I need to remember any of it “on the ground”,it escapes me and with so much info stored, I usually cannot find the stuff I need when I need it either.Very much a case of lack of faith in my capabilities,so the memory lets me down I believe.
    I do need a system that I can follow in steps, 1,2,3 etc,and understand completely,so I can get the confidence in my ability to trade with consistent results leading to a slow,steady upward equity curve in the bank balance.I do realize it is a long term thing and patience is required, and I have always felt much more comfortable with systems that recommended medium term time frames ,as I do not want to sit in front of my PC most of the day.”End of Day” trading has always sounded like the way to go for me. Will stick with it,as your principles and approach to trading does fit in with my own feelings about trading,as well as the fact I know losses have to be expected.Do hope I get to see some kind of steady (net) profit soon,as it would be such a nice change from all those negative balances so far in other trading experiences? Thanks again Chris, keep up the good work,Frank


  159. rauul balkar singh

    you are great


  160. Nigel Harvey

    good lesson but it takes effort to do what you say
    regards
    Nigel


  161. hatinder

    good sensible smart thinking


  162. Bill

    Hope this gets more meaningful, but thanks for your input.


  163. Paul Mullen

    I’m here to learn how the small trader will succeed, so any knowledge you can spare, bring it on


  164. buck

    ok so far but did i just jump through hoop #1


  165. michael

    Awesome Article. thank you chris.


  166. Derek

    Just what I need to know,as I am realizing that short time frames whip me about .


  167. Dan

    this sounds very sincere,but most new traders still get emotional until they learn the hard way.
    this article is ‘ a word enough for the wise’


  168. Norman

    Excellent, gIad I took the time to read this


  169. Diva

    Your article is awesome which can help to kill the inner hesitation while trading.


  170. Geoffrey Lowes

    So far to me, Chris this has been an eye opener, I have been there and done ALL those things that have seen my accounts severely depleted.I did not have a “plan, just entered because it “looked” good, or my bombastic,macadamia and emaculate line said it was time to go short.


  171. Kim

    Longer term trades makes very good sense – been on and off trading for the last few years and somehow have gotten comfortable trying to predict the next 8 to 15 pips, not more, mainly because I can put closer stop losses and limit drawdowns. A longer term strategy has larger profit potential – but I believe the trade has to have room to breathe otherwise one gets often stopped out. Hence I have to get comfortable with a wider stop loss setting – and I haven’t been able to. Am keen to read your next principles and see how one can deal with that. Nevertheless very insightful document and good advice.


    • admin

      Hi Kim,

      I’ve written a post here that answers your question. 🙂


  172. Gus

    excellent infomation. many people favor scalping , including myself . this is eye opening info that i’ll putto use right now. thank you gus valdez .


  173. David Lockey

    Hello Chris. What can I say that has’nt already been said? Have just finished the first part and it left me thinking I want to kick myself! Your knowledge (wisdom) really does cut to the bone.
    Many thanks,
    David


  174. stan

    you seem honest and not a scam artist…how refreshing


  175. Dennis

    looks good


  176. Amador

    So informative; Wished I’ve known this earlier.


  177. DEUDON Guy

    Hello
    Thanks to open our eyes, I really enjoyed the step-by-step demonstration, I so included trader long term, my question is: if I useful level 1 day, I have to set my stop loss correctly so I take a higher risk by increasing this value stop multiplied by 8 or 10 that over a period of 30 minutes. and if I’m wrong direction it hurts, there are precautions has take before opening a trade and ensure that direction.
    Thank you for your help, I believe in you.
    Guy (France)


    • admin

      Hi Guy,

      That’s a common misconception – you do not necessarily take a higher risk by trading on the longer time frame with a larger stop loss. I’ve written about this in the blog here.


  178. Gerald Wernick

    You seem to have the Forex business down. I’m looking forward to see what else you have to say.


  179. john beuth

    Couldn’t agree more. I gave up intra-day trading a year ago. With good money management (critical) my returns have improved substantially. looking forward to reading your principals 2 to 5.


  180. Bjorn

    Just the difference between short term and long term trades caused a big AHA in me. One of the best descriptions of trading forex I have read! Looking forward to the next principles!


  181. S.R.Chavan

    Most complicated and trapping the new comers into forex trading by the brokers is excellently explained.Most complex things are made very simple to understand by commom man.Your article is an Oasis for people who have lost money in the forex market but want to continue to recover the lost money.May your tribe increase.I recommend all new comers to go through your article before entering the Forex market.

    S.R. Chavan


  182. Douglas Lang

    I have been trading for 8 years and have finally come to the end of the road.I have another 6 weeks to prove to myself i can make a living doing this or I’m to have to go work for someone else after 25 years of being self employed. Talk about a lot of pressure but it is what it is. I have $20,000 to work with . After 8 years of trying every system known to man I have come full circle to feeling my best shot is trading a system I wrote myself over the past two years. Its the best system i have seen and the only one I trust . I wish I had started using it 2 years ago. I never traded it consistently because it requires that you trade the London open which I didn’t want to do. Now I have no choice and starting tonight I will be up trading at 2:30 EST. there is very little drawdown with the system but only if you take trades at both London open and New York session.


    • Chris

      Hi Douglas,

      Thank you for sharing your experience! Good luck with your trading and if you don’t mind, I’d like to hear about your progress from time to time! 🙂


  183. katwal

    This is the most interesting and revealing piece of information I have ever come across


  184. DR. SAM. LAYEFA

    Fantastic lecture, may i add, i really enjoyed your teaching on CANDLESTICKS.


  185. sridhar rao

    very interesting and convincing…nice of you to share your experience and knowledge with so many..you changed the way i have been thinking…hope readers see better tomorrow..God Bless


  186. Jack

    have not read this completely but it is what i needed to put me back on track as i have been away for trading for several months and getting back into the swing of it seems to be taking a bit longer than i thought it would


  187. Mike

    Excellent advise that I’m going to start implementing right away as the smaller time frame trading has not gone well for me just like you said. Thank you for your wisdom and knowledge and willingness to share it with us struggling traders. Mike


  188. Gerry

    One major error in my trading. I never realized that the spread in day trading could affect my account so much. A change of strategy is needed!


  189. Steve Edwards

    I like what I have been reading. This comes from the heart and a true willingess to help ones fellow man…… Great Job!


  190. Desmond

    You are right. Retail trade without proper education is like facing Mike Tyson in the ring thinking you can take him to round twelve with ease.


  191. Koonlay

    brilliant idea let’s have other parts in be in better judgement of things
    tnxs


  192. John T

    Thanks. Clear and impressive in its simple messages. Looking forward to more.


  193. Eze

    impressive


  194. Macario

    Eagerly awaiting your priciples #2.Good job


  195. Alexander

    Very interesting! Great work!


  196. Richard

    Excellent article which makes a lot of sense.I really appreciate how you approach the different trading situations.


  197. Tes

    It is just too good in details to be true. It is indeed very helpful to a beginner like me. It has shown me what i have been doing wrong with my trading.
    Thanks a lot for this.. Longing forward to winning trades in the future.


  198. Shang

    Chris, very interesting and clear.The mindset aspect of a trader for success very good

    Consistency, not the quick win way is the key to success. Really looking forward to

    continuation of your principles. Thanks again


  199. Roger Fogg

    Hi Chris,
    Thank you very much for giving us the opportunity of reading your ‘Free’ Manifesto.
    I am an ‘Old’ age pensioner who still has to work to support my family, however I have just started a course in FX Trading for one of the reasons you have mentioned in your Retail FOREX Manifesto. Being a complete novice you have certainly given me something very important and interesting to think about and as yet not covered on my course, I will bring it up at the next lesson and see my lecturers reaction and note his answer. Could you advise me if it possible to still get a copy of your Candlesticks e-book as I’m sure that I can learn a great deal from it’s contents.


  200. charley

    I will have to learn patience. I have spent many hours and dollors with little success. I have problems with plans so ( more work) Hard time understanding long term charts (trends hard to see). stop loss becomes hard to see or ratio SL/TP.


  201. vellasamy

    I think longer time frame is a good guide and patience is required


  202. Noel Blanquet

    Oh my goodness! Incredible article dude! Many thanks, However I am going through difficulties with your RSS. I don’t understand why I can’t join it. Is there anybody else getting similar RSS issues? Anybody who knows the solution will you kindly respond? Thanx!!


    • admin

      Hi Noel,

      Glad you liked it!

      We’ve not configured the RSS feed so if you’d like to stay updated, please make sure you’ve registered your email address with us.


  203. massimo

    thank for your simple but effective ideas, I will follow them to try to improve my behavior


  204. Fred Dirksz

    Super interesting material and it makes a lot of sense. We need more people like you in the retail Forex arena!!!! I’m really looking forward to receiving the other principles! Thank you very much. Is your candlesticks book still available? If so, how can I get it?


  205. Corrie

    I have fallen prey to the short time frames and consistant loss makimg without realising the spiral effecr – Good advise you share above.


  206. USHA MENON

    Seems like good advise.


  207. USHA MENON

    Good advise


  208. joe

    Thanks for your insight. Have been playing with demo accounts for last 3 months & can tell you I”ve tried all time frames & the ones that seem to come up most consistently are the longer time frames, picking up 2/300 pips per trade. Problem is the stop loss size limits the profit if I’m going to limit risk to around 1%!!


  209. Richard

    I know you are right – just can’t seem to do ir consistently – thanks


  210. joseph

    What you are saying make sense. I need to have a trading plan to make consistent profit.


  211. joseph

    What you are saying make sense. I need to have a complete trading system to make consistent profit. Can you help me? Thanks.


  212. gary roberts

    It makes a lot of sense, already I can start identifying what I’m doing wrong, thanks for sharing your knowledge!!!


  213. stephen h

    such an aha moment. dealing with the spread had always confused me so naturally it was easier to not even consider what it meant for my trades. scalping is very tempting/ exciting yet now i realize just how closely its related (for me) to buying a lottery ticket, never mind dealing with a spread on short time frames. besides, with such small amount of capital (me) to play with the “big boys” its imperative to minimize costs and maximize gains let alone all the hours i could free up instead of being glued to the screen for obscene amouts of time trying to grab pips all day. thank you for making things so clear and easy to ungerstand and this was just “principles #1, looking forward to what comes next.


  214. ovidiu

    Hi Chris,

    I trade in forex for few years now, I knew of course about the cost of spread, but you explained all this very clearly and convinced me not to ever try again on smaller time frames than 4 hour chart.

    Thank for your advice.


  215. ovidiu

    Hi Chris,

    I trade in forex for few years now, I knew of course about the cost of spread, but you explained all this very clearly and convinced me not to ever try again on smaller time frames than 4 hour chart.

    Thanks for your advice.


  216. Bili

    I’ll thank you for the clear way you explain what I fully agree on. It took me several Years to come to same conclusion. Even now I play with a small account in shorter time frames, but the money for living comes from 4h and daily 🙂


  217. Charles

    What I have learned today from Principle 1 made a lot of sense to me. I will practice this technique and look forward to receiving and implementing Principles 2 – 5. Thanks for openning my eyes.


  218. choze

    interesting thoughts maybe Dawn


  219. Karl

    Hi,
    I lost 3/4 of my account during a terrible mistake 2 month ago. then i was trading a strategy i didn’t understand. and 3 weeks ago, I figured out the same things you’ve written here. Thats great for me, because I wasn’t quite sure about it. but now I’m hopefully waiting for the next principles and trading the way you said (and I figured out 😉 )

    thanks for sharing your thoughts!


  220. David Pooley

    Chris,

    I am alive, thanks for the inspiration. I have only been trading for 1 week so it is nice to come across your information, that actually makes common sense. I look forward to principles 2-5, I consider myself bloody lucky to meet you and to get this early learning, which will prevent me making more mistakes and stop the bleeding.

    Cheers

    Dave


  221. David Pooley

    Chris,

    Thankyou for the inspiration, I look forward to the next principles. You writings and presentation makes common sense and for a newbie on the block I consider myself bloody lucky to have come across such valuable information which will stop the bleeding and gives me hope for the future.

    Kind Regards

    Dave


  222. Jon

    Thank you. I’m a classic “newby” and thus I can say that I understood nothing, zip, zero of what I’ve just read. Yes, I bought a trading program at considerable expense and, once I understood it, I of course planned to get in and trade the short timeframes. Fortunately, I don’t even yet have a brokerage account and so I haven’t made the mistakes you so eloquently outline. Your manifesto has completely changed my naive point of view. And, I must say I’m very much looking forward to what is to come from your hand. Again, thank you for splashing some icy cold water in my face, Jon


  223. eleonor

    VERY ENLIGHTNING INFO–IT’S VERY HARD TO WIN ON THE SMALL T/FRAMES AND MORE STRESSFULL


  224. FENGYU

    Thank you, I learned a few things, but I do not speak English, I hope to have the Chinese version.


  225. michael

    looking forward more to learning the patterns you speak of


  226. Big d

    Hi how are you I am a trader with 3 years at the wheel .Let me know what your meathod is thank you .


  227. Jeff

    Good info, Chris

    One thing you didn’t address is money management. If you’re trading on medium to long term time frames, you’re going to have to have a much larger stop loss in place than you would a shorter term – especially in volatile markets. Otherwise, you’re going to be getting consistently stopped out. For a trader with a small account size, either scenario could blow your account posthaste. Typically, a risk of 2% of your available balance on a trade is a the conventional advice Suppose you’re starting out with a $5,000 account. If you SL is too small for the TF you’re trading you’re going to be consistently stopped out and it won’t be long until you’ve blown your account. On the other hand, a large stop loss could far exceed the 2% rule and one loss could be potentially disastrous.

    I’m not saying hat your approach is a bad one – far from it. I’m only saying that one size doesn’t fit all. If you’re starting out with a small account you may have to do short term scalping to keep from risking too much of your account on a single trade. You’re entirely correct that you’re going to end up paying out a lot more in spreads but you may have to bite the bullet and accept that until you can get your trading account built up to a size sufficient large to allow to longer term trading while still adhering to good money and risk management principles.

    I know this is the first in the series – I’m sure these are probably issues that you will address down the road. Anyway, I enjoyed the article and look forward to the rest of the series. Cheers!


  228. faozi

    Good information .


  229. carol

    very helpfull article for all traders


  230. Jeff

    I should have read through the thread before I posted. 🙂 I see that you had already answered my issue with an article regarding using lot sizes in order to keep the SL you want while keeping your monetary risk also where you want it to be. I’ve been demo trading for a few months – that should have occurred to me. LOL Keep up the good advice, Man. BTW, I’m also a professional programmer. I’m intending to learn MQL in order to program my own trade management EA(the actual placing of trades will be manual – the EA will simply manage the trade after it’s placed. I don’t trust trading bots at all. They make work for awhile but then the market conditions they were written for are history and they fail. We all know that the market behavior changes all the time.)


    • admin

      Hi Jeff,

      That’s a good idea. MQL will certainly enhance your understanding of Forex trading and the MetaTrader platform.


  231. Andy Leonidou

    Very interesting I enjoyed reading this and look forward to reading your other principles


  232. William

    Thanks for sharing this great article.
    Looking forward to reading more.

    Thanks again


  233. tunde

    good info but what next.


  234. margaret

    this is truly a breath of fresh air thanks Chris
    you have provided a complete news perspective
    cool


  235. marek novak

    This is what I really need just now. Thanks.


  236. margaret

    Hi Chris
    thanks for your personalized care. your resolve to assist traders is real noble. I am glad to know you and most of all to know there are caring successful traders ready to freely share information
    Be blessed


  237. Israel

    Thanks Chris,
    this is a real eye opener for me. I need people like you to be my mentor, since am very new in Forex trading and trying my hands on a demo and some some indicators for now.


  238. SIMON

    Interesting approach, thanks for sharing…..


  239. Taufik

    good


  240. Thirumurugan

    good


  241. Alexander

    An excellent article that should be compulsory reading for all first time traders!
    As an ex Serviceman I fully agree with your comments on battling with a bunch of Guerrilla’s. The enemy strikes than fades into the background.
    Your argument on trading longer time frames I agree with and your comments on the effect of spread is something new traders do not seem to understand. However there are other problems I would like to see you comment on.
    I trade long term on Trends with a reasonable success rate but I do get annoyed by the deletions made by interest on so-called loans. This is a particular problem at weekends. As my trades can run for several months I’ve noted the loss on interest just grows at weekends the market tends to go a bit crazy. I now have developed a system where I close all my trades on a Friday afternoon and reopen early on Monday morning. This approach keeps me sane!
    Another area which seem to becoming more popular is Binary Options! The 60 second system seems to be almost designed to “Bankrupt Traders”. If it is in your area your comments would be appreciated. Alexander


    • admin

      Hi Alexander,

      Thanks for the comment.

      I tend to hold trades over a period of days/weeks, so the interest isn’t too much of an issue. These days, unfortunately, I’m seeing interest deductions regardless of whether I’m long or short a particular currency pair. This is another example of the retail Forex environment becoming more difficult for new traders to succeed in.

      I’ve tried binary options briefly in the past, but I prefer trading the spot market because it gives me a lot more flexibility/freedom to control my trades. With binary options, your options (pun not intended) are ironically limited.


  242. Eddy

    Good lesson to start with. Lets get through the total package to see the contents and lessons
    Thank you.


  243. raj

    Very good


  244. srinivasan

    thank s for sharing


  245. Jim

    Good advise for the newbie. Also good refresher for my own benefit as a long time trader. Thanks Chris…..jim


  246. Lorenzo

    Hey Chris,
    cool analisys! you”ve got the point , indeed!
    And, to be honest, thank to you i’ve probably learned why i was unsuccessfull…
    looking forward to read you 2nd principle..
    Best,
    Lorenzo


  247. Dylan

    Reading with interest to educate myself to become a more successful trader. Have read your Candlestick e-book and attempting very hard to apply in my training account.


  248. al

    Great stuff!… I try to read your writings because their are interesting.


  249. Quing

    Right. Those spreads do add up.


  250. Toni

    Chris, your tips on better trading approach as contained in your manifesto is the truth, the whole truth and nothing but the truth. My problem is that I often trade on 5m short time frame as the longer time frames make the whole game dull to me. How could you help me see the need to drop my present method by giving me some clues on how to follow or trade with longer time frames. For example, should I glue my eyes to the screen for as long as four hours to execute a trade on 4H time frame? Could you please discuss this generally or give me private instruction on this.


    • admin

      Hi Tony,

      Thanks for the comment.

      When trading on the 4 hour chart, you don’t have to keep looking at it for 4 hours… all you need to do is look at the chart once every 4 hours, at a maximum.

      Just keep on reading the next Principles and you’ll learn a lot more.


  251. Elton Muzha

    Hi Mr Lee

    I am plesantly surprised at the simplicity of your explenation .
    Even though I am new into this it is making me more interested to learn more, the more I read anything that you write.
    I consider myself lucky to have such an opportunity and look forward to the next principle .
    I can not believe how much I agree with all I have read.

    Best Regards

    Elton Muzha


  252. Zam

    Excellent & look forward to reading more.

    Thanks.


  253. sean bensberg

    Fantastic, have read many forex books, Malcolm Douglas, Dr Alexander, this is great, im not there yet in my trading, im cautious but alot of the content you have here is me, not real plan, not sure how to make a plan, how do i know with confidence if i have an edge, will it last, am currently studying about 4 methods not sure if they work or not, all goo so far


  254. Michael

    Sound logical and interesting but every product putting on sales pricing is a factor. Honestly speaking if you have price is correctly, it’s a hot cake. Even the installment payment, one needs to pay extra. Think this is unnecessary for if the product is good the volume will speak for itself ! I am honest to you. Maybe you should give those who had subscribed to your forex candles sticks made easy a special offer.


  255. Ron

    Yes I am alive and waiting for principles#2


  256. Ralph

    I did just what you said would happen when I started I though the 15 min was all you needed to make it in the forex it looked so easy. you are so right looking forward to principles 2 and the rest Thank You.


  257. Golden Guru

    Je to múdre a logické…,musí to fungovať!


  258. Doug Manley

    Great comments! I too fell into the “whirlpool” of trading on shorter time frames and lost my butt. Then I started trading on the 4h and daily time frames and started seeing the trends and retracements better. I also have become more disciplined in my trading. I think that is very important too.


  259. JM

    We will see……


  260. aees

    make sense


  261. Ri

    thanks for sharing


  262. ayodeji olokodana

    This is the economics of how to run the retail forex business and be profitable on the long term.
    Good,shrewd advice.


  263. jerry johnson

    this came at just the right time. I just funded my account for the third time.With this help I intend to keep it this time.Upon evaluating my losses over the last few weeks I realized it was an accumulation of small losses that were making me unprofitable. Also the only thing keeping me in the game were my larger wins which by the way also fall into the category of larger time frames. I hope your other insights are just as informative. One of the problems some of us that have a dream but no cash is finding a way to earn enough to buy an education, and from who? People like you give people like me some hope…thanks…


  264. Blex

    looking forward for the rest of the article, am a new trader how can i trade the long time frames, my broker has just buy/sell stop loss and take profit on their platform. thanks for the great work it very informative.


  265. John

    pretty straightforward (almost self-evident stuf). bUT BETTER SAID THAN LEFT UNSAID.


  266. rudy

    Food for thought


  267. agus dody m

    hey sounds this really what trully happens in forex market.
    I’ve using some robots but finally found that all’s scams.
    Can’t wait your continued articels.

    BRgds,
    Dody


  268. Bob Allen

    Makes a lot of sense.
    Bob


  269. Madz

    Hi!i hope i can receive the whole manifesto, been learning a lot so far


  270. sridhar

    hi chris
    words of an experienced and knowledgeable trader….cant agree with you more…..i purchased your candlestick pattern pdf….yet to learn and practice …hope i get good results….look forward to more of your thoughts on trading forex….good wishes…..sridhar from dubai


  271. Jorge Tadeo Salcedo Luna

    Los conceptos son profundos y de gran realismo. Espero los principios del 2 al 5 pronto.

    Gracias


  272. Jim F. Stewart

    Chris,
    Thanks, I have done some practice accounts in the past and lost mostly, so far you make alot of sense My situation is unprepared to enter live now. I also realize how easy it is to be ate alive by the sharks in this business while I am still a minnow, I think I will swim close to you for awhile.

    Jimmy.
    ps. I am 56, living in the Philippines broke looking for a way back to my old welding job, I dropped off the grid when I was informed by the U.S. goverment SSI that I would have to wait untill 72 to retire I am a welder by trade in great health. After a year here I know the does and don’ts just in case you want to visit.


  273. Masing

    Thanks a lot, your reports is effectively bombarding and richly informative


  274. hisam

    what is the risk of carrying over your position for the next day??? whereas you can choose to take your profit or close your position if you incurr any loss???? greed kills!!! is there any technical setup that even if you get small profits but has 99.99% strike rate??? on your 4 hour/daily chart??? take care. have a nice day. regards


    • Chris

      Hi Hisam,

      Good questions.

      First, the risks of carrying over your position to the next day depends on your trading method (and philosophy), so the trick is to take trades based on factors that don’t (or at least, rarely) change overnight.

      Second, I’ve never come across a method with a 99.99% win rate, and I suspect such a system doesn’t exist.


  275. Robin Jackson

    Sounds good so far


  276. Fred Dirksz

    Is this really what I’ve been looking for all this time? Very interesting and exciting material. I’m looking forward to the remaining material of the manifesto. Please, keep up the darn good job. There are not too many of your kind around! Fred


  277. MBG

    Good stuff!


  278. John

    I have always liked the idea of longer term trading, but have never been sure of where to set the stop losses or how much wiggle room to give the trades. Can’t wait to see the rest!


  279. Richard Doane

    Chris……..

    “RetailForex Manifesto” ….. So far, so good. Can’t wait for Principle 2. The latest “CandleStick” manual is a real find… Far surpasses other explanations of Candle Sticks.


  280. Suwandi

    Your explanation is simple and clear. it repair a lots of my mistakes in the past.
    I very excited to receive your next principles.Thank you so much.


  281. atsel

    Its well


  282. Gilberto

    Hi Chris

    Great article, I confess I had not thought of it before …..
    My question is if I choose the long term, I do not have a stop loss higher?


    • Chris

      Hi Gilberto,

      You would have to set a larger stop loss, but it doesn’t mean that if the stop loss is hit, you’ll lose more money.

      To find out why, read my blog post here.


  283. Johannes

    Chris, I REALLY like this longer frame you are advocating!! I don’t feel like sitting in front of my computer all day, and the longer timeframe just makes a lot of sense. Place your trade and forget about it for 4 hours! Thank you and I look forward to no’s 2 to 5.


  284. Randy

    It’s time to get down to business. I’ve skirted around the foundational aspects for Four Years now and I can attest to what you are saying in your Manifesto. Guilty on all charges. Thousands of dollars wasted. I’m one month in on my home schooling in Price Action from ground up and have made steady improvements. My live accounts are making small profits consistently, finally. I enjoy your down to earth program and will apply everything you have in your arsenal. I look forward to learning all I can from you.

    Chris, I want to thank you for the REAL DEAL you have provided to everyone in the world who is listening.

    Randy


  285. EJ

    Great Info…………. Thanx Chris


  286. Rosli A

    Thank to you Chris, for reminding me about higher time frame trading, is much more easier and less stress for me..hihihi… I would love to hear more from soon… GBU


  287. Anwar Shaikpalur

    Hi Chriss,

    You have covered the very important factor of a small trader’s fate in forex markets.But as a price action swing trader what I observed is the medium term trading strategy has to face number of stop outs due to choppy markets or else the trader has to go for huge stop loss as pros which is again goes against a small trader.I hope you will cover these issues in further principles.

    Thanks & Regards.

    Anwar Shaikpalur.


  288. jesus

    wonderful


  289. John Herring

    Hi Chris

    Thank you for your thoughts and advice.

    I agree of course with what you say, but I see two snags:

    1) You need more starting capital.
    2) The job is slower

    1) With a target of 200 pips rather than 20, your absolute risk level is 10 times higher. with a few hundred quid to start this isn’t on, unless your broker allows very small stakes per pip. Mine does actually.

    2) If it takes you 10 times longer to clock up a winner, this is also true of a loser, and you have to spend many hours keeping an eye on each trade.

    Regards, John


  290. Alpheus

    It does make sense medium and longer timeframes need less attention from a trader while the shorter timeframes need all your focus and you feel tense all the time
    A.M.


  291. Gius

    Very very interesting.Thanks


  292. johnson

    this really explained why I’m losing so much on forex.Thanks


  293. RAY

    DEAR SIR,

    LONGER TERM STRATEGY IS EFFETIVE IN MANY WAY,BUT THE TRADER HAS TO HAVE FAIRLY LARGE ACCOUNT,BECAUSE YOUR STOPLOSS WILL BE LARGE.


  294. Ken

    Very good points you put forward,thanks for taking the time and actual effort to make a very good article.look forward to the next ones


  295. Nigel Smith

    Looks very interesting so far, thanks.


  296. Trevor

    Hi Chris. I’ve been “trading” a little while now and what you say certainly resonates with me. The small retail trader seems to have very little chance of success


  297. Ray Wong

    Hi Chris,

    You’re fantastic, thanks for all the excellent informations.
    Looking forward to more of this kind of articles.


  298. Abdullahi Haruna Muazu

    Please send me the second article 2-5.interesting presentation


  299. Sparky

    Totally awesome thinking, short term is a no no


  300. mat

    really helpful


  301. Isfahan

    thanks, very helpful lesson


  302. bill hillman

    Very true the longer time frames can be more reliable to trade.
    Bill


  303. GianoRisi

    This is very Potent Stuff, I am trully impressed. The Problem is breaking Old Habits and MY- INPUT- is changing to your I AM sure proven Strategy,


  304. Karl

    Thanks,Chris, you speak a lot of good sense!
    Recently I have noticed that the market stays flat (or narrow channel) for long periods, and only makes a 20 plus pips move once or twice a day, which I miss if I’m not watching at that moment!
    This is causing me to look for methods to try squeezing few pips at a time from a narrow channel, which inevitably means more entries …but there is something like a “you’ve got to be in it to win it” justification here!
    Your thoughts/advice on this please!
    Regards
    Karl


  305. Oke

    This is a good publication. Highly educated. It really covers all aspect it should. Please keep it up.


  306. Charis

    Very nice and well-written article!


  307. Tezcan Cirakoglu

    Mate, most of the information in here are the ones we already know, but we do not follow 🙂 Certainly i admit that you are telling the truth. Good work bro.


  308. gerhard

    interesting!


  309. Robert

    Excellent! Thank you very much. I have just recently started looking at the longer time frames. Looking forward to reading more. Cheers


  310. Trevor Cook

    In principals #1, which is all I have read so far, you fail to mention that the longer the trade term the greater the stop loss HAS to be, therefore a greater RISK factor, yes? Plus you fail to mention the charges levied for running through from one day to the next, another EXPENSE, yes?


  311. Wale

    This is really an eye opener irrespective of long-for-nothing years of experience that one has.

    Keep the good job up.


  312. tym

    Hi Chris,
    This is something so important but most of us dont implement,thanks for your remonder.


  313. JM

    Thank You, This made a lot sense. I wish I had the rest now. I know. See I have been a short term trader. JM


  314. julieboy

    hi chris!many thanks for posting and sharing your knowledge about fx trading,almost 2 years struggling in forex market until now i am still losing my money, can you share to me about your candlestick formation? i look forward your email..God bless!


  315. James Gregory

    very cool article makes a lot of sense longer time frames are what i trade would really like to learn more


  316. Mrs CKS

    Very informative for new traders like me. Looking forward to read the other 4 principles. Thank you.


  317. wong

    very informative , it hit me right on my head , thkts chris . I always wanted to scalp , thinking of making quick money , the stress of waiting to breakeven is torturing , after reading your manifesto , i switch to h4 trading , now still backtesting the crossover stratedy. Hope to read your next principles..
    Please don’t omit my e-mail.


  318. Lewis Liew

    Thanks, very good article….looking forward to principles 2 – 5.


  319. Robert Colton

    Your teaching shows great insight, a conservative approach, and I appreciate your genuine commitment to show traders a safer and more profitable way to trade.

    Thank you,

    Robert


  320. Arnie

    I’m alive and have read your information before. Thank you for the guidance.. I’d love to be able to do nothing else but trade Forex..


  321. C Davis

    I just read and printed your Retail Forex Manifesto and enjoyed every minute of it. I just emailed support to find out if the account I’m now using will work with Icarus Project.
    Look forward to hearing from you so I can oder it ASAP.


    • Chris

      Hi C Davis, please check your email.


  322. willem

    Can I pls. get Principles 2 – 5, can’t wait to read it.


  323. John

    This is really sensible advice.


  324. Dario

    Hi Chris,
    thank you very much for Forex candlestick e-book and for the valuable advice you’ve written in the Manifesto. I was preparing for the short term, but what I read in the Manifesto made ​​me change my mind and now I step on a longer time frame. I feel that your words are sincere and disinterested, this rarely happens and is something that makes you much honor.
    I wait to read more.
    Congratulations and thank you again
    Dario


  325. Rob

    Thanks very much for this-unfortunately i have not received the other 4 principles so I would appreciate these please, also cost of your candles info. and any other services that you do. I have been scalping 1 minute time frames for far to long and needless to say getting nowhere.
    On the same day I read your first article I started trading a 4 hour time frame and am feeling more confident and comfortable doing this so keep up the good work\\


    • Chris

      Hi Rob, thanks for the comment. The other principles will be delivered to your inbox tomorrow onwards.

      Also, you can find all the info on my candlesticks e-book here: Forex Candlesticks Made Easy


  326. Haydn

    I agree with you entirely and I am still doing the same things wrong 3 years later those marketeer people telling me the same old story and not telling me how to trade the markets has you certainly know how. I think I may have found somebody on my side and not just taking my money I do hope so Kind Regards Haydn


  327. Tony

    The old saying comes to mind when the student is ready the teacher will appear.


  328. William Lake

    Made me think!!!


  329. David

    Like it so far. I see me right in there, doing all the wrong things


  330. nigel

    Your analysis so far appeals to me as I have been trading longer time frames for the last few months.
    It is less stressful and I am in profit, larger bank required but I think it is the way forward.
    Looking forward to Principles 2 – 5


  331. kenneth

    Trading plan, Discipline , and money management .Your article makes good sense .Looking forward to more


  332. michsel

    Interesting perspective


  333. Thomas

    Can see the logic being applied, it makes sense and would ignore a lot of short term market noise. One would obviously need wider stops and greater accuracy in identifying entry and exit positions, ie not to be slow in taking profits when target areas are hit!


  334. eddy

    good information


  335. rizalsaid

    that’s how i trade, set up pivot at daily, using channel at 4 hr timeframe, i can see where the price heading, make a lot of profits on higher timeframe, smaller timeframe sucks.


  336. John Groth

    Great info, Thanks


  337. jesu

    Good article, much appreciated.
    Are you from Singapore.
    If you are how can i contact you.
    thanks.


    • Chris

      Hi Jesu,

      Yes I’m from Singapore. You can write in at support[at]pipmavens[dot]com


  338. Srinivas Rao Chavan

    Your approach to forex is down to earth simple, clear & to the point.It is like finding an oasis in a desert.Good job keep it up.

    Srinivas Rao Chavan


  339. Minolf

    Minolf

    Look forward to reading more


  340. Minolf

    Minolf

    Interesting but i am a daytrader


  341. james

    365 days ayear


  342. Graham

    Very common sense approach. Interesting after trading small for a while that I can feel that Trading is a business and needs careful and un emotional consideration.


  343. Rich Wraith

    Excellent broad spectrum comprehension of Forex principles and difficulties. Would very much like to see your trading method in full detail. Looks like a proven winner to me !


  344. laurent

    welldone , thanks , merci
    i have a question : there : you are not talking about the overnight days , or week end
    there is a cost !


  345. Cristian

    Hi Chris,

    This was a very interesting and educational reading. Looking forward for the principles 2-5.

    But I have one question. I understand all the benefits of medium term trading (you explained it beautifully). It’s just that I think you are a little comparing apples with pears when saying that both traders in principle 1 made 198 pips. It’s true, alright. But we come back to the stop loss difference. By the way, I read your article about how to risk the same percentage of your capital when using a small account.

    And here’s where I see the fail in logic. If we omit for the moment the disadvantages of short term trading that you mentioned and that are real, let’s say we use trading systems with the same risk to reward ratio and the same percentage of winning. You would have to use a 100 pips stop loss for your 200 pips profits (just for the sake of an example). I have to use a 10 pips stop for my 20 pips profit. And we get back to your article. Yes, I could take your trade, but for the same percentage of risk, I would trade a smaller lot size. So using a 10 pips stop instead of a 100 one, my lot size could be 10 times bigger.

    So if my logic doesn’t fail me, in the end, we both made about 200 pips, but I made 10 times more money.

    But again, maybe I’m missing something (I should mention that I’m a beginner trader).

    Can you please help me out with this scenario?

    Thanks.


    • Chris

      Good question. Here’s the thing: I never said anything about the trading lot size — here, you are assuming that one would be trading with a larger lot size (per trade) when trading in the short term, which doesn’t necessarily have to be the case.


  346. Roger

    This is going to be the Business that will provide my daily bread.

    What you say above about understanding the business makes a lot of sense.

    Look forward to principles 2 – 5.


  347. chua

    Thanks for the awakening. I am new trader as well and always tempted to short the 30m time frame.


  348. Peter

    This was a very good article.
    Didn’t look at trading the way you said until now.
    Makes a lot of sense to trade higher Charts.
    Cant wait for more.
    Cheers


  349. Martin

    I liked your article. It was a great mind opener. I’ll definitely consider adopting your strategy into my trading plan.

    Thanks

    Martin


  350. Robert Goold

    Good article thanks


  351. Frank

    Thanks for your insights into forex trading. You sure help me see the the pitfalls that most new traders are remotely aware of. You sure help me not to be taken to the slaughter house.
    Thanks a lot.
    I await with anticipation for your next installment.

    Frank


  352. Gene

    Sound information.
    I used to trade for mid term – profitably, but after a break from Forex came back on short term trades which consistently lose.

    Change of strategy needed.

    Thanks for your help.


  353. Ajayi Michael

    Splendid It makes me to quickly discover myself.
    Thanks. Ajayi


  354. Dave

    Makes a lot of sense what you’re saying. But how do you do it? Seems to me that if I’m making pips on the short turns, it should be easy on longer turns also.


  355. Prabhakaran

    Prabhakaran trading in last 3 years forex trading. He doing so many errors in trading method and afterthat he earn consistant profit in Forex Trading. Thanks for your valuable information. Thanks from Prabhakaran once again.


  356. steve

    What a great, simple to read and easy to understand write up. It all makes sense. Looking forward to the next part.


  357. Trevor

    Hi Chris, I am inspired to be able to associate with a REAL trader with REAL savvy and REAL experience who is generous with his knowlege and skills. Having tried and been disapointed by many of the “others” it is heartening to know the security in having access to skills earned and aquired by the fires of real personal experience.


  358. Steve

    Thanks Chris, Your Principle #1 is something I wish I had discovered 4 years ago when I first started trading currencies. Using the smaller time frames for my trading (at first), I had to replenish my trading account several times. Since I transitioned into using daily charts and candlestick signals, I have been able to slowly add to my account. So I certainly agree with what you taught us so far. I’m looking forward to learning more from you! Steve


  359. Stephen Teng

    I fully agree with yr first principle. U have hit the nail right on the head.


  360. paul

    What a GREAT INSIGHT, CHRIS, Infact you are GOD’S GIFT to our GENERATION.May GOD continue to ENRICH you the more in JESUS NAME AMEN!!!!


  361. Zanger

    can’t wait for the next principle.

    Looking forward for it.


  362. Brian Becker

    Hi Chris,
    Looking forward to further Principles No 1 is mind altering.
    Thanks Briab


  363. Doug

    Hi Chris, very informative. Look forward to the next priciple


  364. kevin Cremer

    Great so far – looking forward to the next episode


  365. Karl

    Makes a lot of sense, thanks for your insight.
    Can’t wait to see your next set of principles!


  366. Leatte

    Struggling trader….that is me! I really, really want the education and ability to trade effectively and consistently! Your article is refreshing and quite easy to understand. Thanks!


  367. Dennis

    Very enjoyable!


  368. phillips

    u re a making the perfect sense i can’t agree more.please i will be waiting for the rest .


  369. Jadish

    So far so good, I wonder what ur Retail fx manifesto is all about?


  370. Geoffrey Lowes

    Chris’s story one every trader who “goes it alone” will go through. He is offering to cut your journey shorter by showing you all he has done. This advice is gold for traders of all stages. Why settle for anything less than the best. This is my interpretation of what I believe Chris has to offer and why I will join his team.
    Thanks Chris for opening my eyes to the pitfalls of this industry.


  371. Daisy M

    I am getting the idea now and I am looking forward to learn more from you Chris.
    I would be far if I have known this long time ago. I have never thought of the advantages of trading in the medium term. I thought by trading short term was a way forward to achieve and learn forex trading.


  372. Nick

    Thanks, it makes sense.


  373. Ron

    Great perspectives, can’t wait to hear more. Thanks much.


  374. LARRY JABENIS

    SIMPLE STRAIGHT TALK—I LIKE YOUR ATTITUDE!! NO BULL IS YOUR BOOK STILL IN PRINT??


    • Chris

      Hi Larry, the book is only available in PDF format. You can get it here.


  375. Johan Human

    Great article . Made a few good profits on med. term trading. Started to suspect that short term
    trading promoted by my broker/mentor is designed to keep me poor. Thank you for a new perception.


  376. Jeffrey Matzke

    I’ve enjoyed your blog. It has given me a better insight into Forex as a whole. I’ve been probably all of what you have described in your commentary.

    I started Forex a year ago. looking for the fast money. I spent some time studying the concepts., and since I’ve traded stocks, well I thought it could not be that different. Then I purchased some robots, which blew up my accounts. Then I decided to get a little serious and purchase some training. And now I’m at the point where I have to decide on which strategy to use and how to plan my trade and trade my plan.

    I’m hoping to become a better smarter trader by learning from your expertise.

    Thanks


  377. dave paull

    I can see this to work. I have traded on shorter time frames for the most part and realize it is a mistake. (Lost more than won)


  378. ANTHONY

    Hello Chris,

    I am not a fan of posting comments, but given my trading journey and all that you have written above, I must say you are RIGHT ON THE BUTTON! Everything you have said, I can relate to 100%.

    It is only in the last 6 months that I realized I needed to change my timeframe to 4 hours and daily. Recently I have also refined my methods to use the 1 hour for actual entry.

    Your point on the spread is something I heard a long time ago but at the time I did not accept it as valid, since my focus was on the stop loss required to trade the larger timeframe.

    I am anxious to read Principles 2 to 5 and hope to be enlightened even more.

    Thank you for a very compact and information filled report that is sure to positively impact even the seasoned trader.

    Happy New Year!


  379. olabinjo jide

    Very insightful !!!! U just saved a life


  380. jo

    ya but higher time frames have big drawdowns, you need more cash flow.

    looking forward to the next article.


  381. Jean-Pierre Broutin

    This makes sense and could be part of a strategy. Howver, there are many traders who could not control their emotions and stay too long on a trade. It may be why 95% traders lose money, 3% stay on balance (no win nor lose), and 2% are profitable. But you could not ask people to stay too long on a position that they cannot handle. It is similar with driving a car: many people drive everyday, but very few could make car racing successfully!


  382. Andrews W Salim

    I am working on 1 hour Time Frame taking a cue from Daily time frame.

    Is it advisable or in your scheme of things, 1hr candle trading falls into Short term or medium. I do have to close out position sometimes waiting for 3 or 4 days even in 1 hr TF.

    Pls give me your valuable expert advise, shall be obliged.


  383. Francis

    Thanks for sharing!


  384. Gawie

    Read through P1, looking forward to read P2 to P5.

    I am the short term opportunist, and will loose carrying on this way.


  385. Raj

    Great article. I would love to trade higher time frame but higher stop loss coupled with small account size has discouraged me. At the same time small (but many) stop loss of smaller time frame has also not been helpful. Waiting eagerly for other principles.


    • Chris

      Hi Raj, this post will hopefully clarify things for you. Cheers.


  386. Peter

    These are the most helpful guidelines I have read in years..

    Very much appreciated.


  387. Jake

    Perfectly logical explanation that really resonates with me…!


  388. jack

    NOW i understand where all my money was lost.


  389. Eric Tang

    Totally makes sense….agreed that trading on the short term timeframes is addictive, and most retailers will keep trying it until they give up trading, or until they decide to learn, make the changes and eventually succeed. This was an instinctual thought I had, but having someone to confirm it(you) has given me more confidence


  390. Gerald Mason

    Yes it makes sense, I have changed from 30 and 60 min time charts to 120 and 240 min time charts using D and Monthly charts for Direction and the 120, 240 for my targets and use 60 and 30 min for entry and stop exit, seems I have been avg. 350 to 500 pips per week. I still am new to forex trading about 10 months into this game of forex and loving it. I work with what candle formations, support and resistance, trend lines and counter trend line breaks, The fibonocchis and then maybe I will use a system for comformation and a convergence.


  391. Gerald Mason

    Have been trading for a while in the forex market and you are spot on, every system pushes how much you can make and the amount of time it takes and with little or no effort. You must have some knowledge of how this market works or you just feed the sharks. I take in alot of forex webinars and they all want smaller time chart trading i.e 60 min 30 min 15 min and 1 min charts and the noise is confusing, 240 and daily charts is easy to understand, great advice looking forward to principle #2 .


  392. Dhiraj

    Hi,
    Thanks for detailed analysis of traders. My point is that if you keep your money in market for higher time you are risking more as market can go any way which is not predictable. Loosing a little in short term but banking money immediately is more safer than keeping money exposed to risk in market.

    Best Regards,
    Dhiraj


  393. Maek Wiegand

    To the point and easy to understand is explained in layman terms Thanks


  394. Rehua

    Great article very informative, I’m now more enlightened with the differences between short and medium term trading


  395. john

    Excellent article, thank you Chris.


  396. cyril

    you are correct


  397. kevin

    Hi Chris
    I purchased your PDF on candle stick formations which I thought very interesting & have been looking at them with another system on the daily candles. On reading principle ! I then looked at candle stick formations on the 4 hr candles & found a few trades. I have been trading on & off over the years, unsuccessfully I might add, mainly focusing on the shorter time frames, so principle 1 might have been a Eureka moment for me!!

    regards

    Kevin


    • Chris Lee

      Hi Kevin, thanks for the support. Glad to be of service. 🙂


  398. Devendra Sharma

    Absolutely correct and to the point


  399. Douglas

    Great article making so much sense. Thanks for this information.


  400. Dave

    You are absolutely correct in what you,re saying. I will have to adjust my strategy as my longer term stop losses keeps on getting wiped out by short term volatility. Thanks for a thought-provoking article.


  401. ric

    good intro can’t wait for 2nd principle


  402. minal shah

    But does not highter time frame require larger stop loss?
    And hence more money?


  403. Euphemia

    I am geting more clearer picture of the trading than before.
    thanks.


  404. Celestine

    It is more profitable, safer and takes less effort to trade on the longer time frames than the shorter ones.


  405. Mike

    I am currently reading your book called Forex Dreaming and after reading through what you’ve written, it really fills in a lot of the gaps. I’ve been banging my head against the wall trying to figure out how some people can become successful, informed traders and sift through the ridiculous pool of scammers and commission based sales people that are only out there to pump you up and sale you what they know best, their product… The real question I have is “How can I rise above the pool of people trying to make money selling products and learn the skills needed to profit over time?”


  406. John

    This is all good for medium term trading – what put me off was the requirement of a greater stop loss.


  407. Michael Menzies

    Hi Chris
    Sounds like you speak a lot of common sense. Which is not very common, so it makes what you say worth listening too. Well written Chris, it’s taught me a lot .

    Many Thanks.
    Mick M.


  408. Roger R

    Everything you are saying so far makes great sense. Great food for thought.I believe this will change my success.


  409. manish

    good article


  410. Brain

    Keep it up!


  411. Tony

    All these comments are in line from what I have found out in the past. Make more sense when correctly put into practice.


  412. scott

    Well done


  413. Scott

    Thanks, please send all the chapters!