Now, it’s time to find your trading strategy! First you have to know, that there are many strategies out there.
Depending on your lifestyle and what type of person you are, the one strategy will fit you better than the other. In order to find a good strategy for you, you first need to identify what kind of trader you want to be.
These traders generally hold on to their trades for a few seconds to minutes. They quickly jump in and out of the market, trying to catch around 5-10 pips per trade. They normally trade for about 15 to 30 minutes a day, especially during the London or New York session. A soon as they reach their daily target, they’re done for the day.
Strategies: HFX, Harmonics, Vibrata (Money Flow, Simple Scalper, Index Infusion), Delorean, Liberty (Simplescalper, Pickpocket), Swipecoin (Scalper)
These traders usually set their trades at the beginning of the day, based upon their analysis. They often aim for at least 20-70 pips per trade. At the end of the day, their trades either result in a win or a loss. Some of these day traders look a few times per day on the charts, setting their stop loss to break even or taking partial profits. They normally don’t hold their trades overnight.
Strategies: HFX, Harmonics, FRX Library, Vibrata (Triple Fire Strategy, London Payout/ECC11, Thor, Index Infusion), Goldcup (US30, Pricetrap), Steady, Bounceback (Sniper), Delorean (Shadow), Pivots, Swipecoin, Levels, Liberty (Webslinger
3. Swing trader
These traders are willing to hold on to their trades for a longer term, sometimes even for several days. Having this kind of patience can be very rewarding, as you only need a few trades per week were you’re usually aiming for at least 100-300 pips per trade. These traders usually monitor their charts pretty little, which could allow them to enjoy more freedom.
Strategies: Harmonics, HFX, FRX Library, Steady, Swipecoin, Swipetrades
4. Position trader
These traders hold on to their trades for weeks, months or even years. Some people like to call them trade investors. They often analyze the market from a fundamental perspective and have big patience to let their trades play out in the long term, trying to catch massive long term moves with over 1000+ pips per trade. They take usually a few trades per month.
Strategies: HFX, Harmonics, FRX Library, Steady
Trading Style Quiz
Do you wonder what kind of trader you are? Babypips has a fun quiz on their site, which might give you a sense of what trading style would suit you:
Now you know what kind of trader your like to be, it’s team to find out what strategy suits you the most. Below you’ll find the most popular strategies of the IM Mastery Academy including our recommended educators:
1. Harmonics (People’s Favorite & Beginner’s Choice)
Follow master educators Manny Quinones and Christopher Derrick on goLIVE, using their easy-to-learn and highly profitable Harmonics Scanner and Break and Retest strategies.
The Harmonic Scanner is extremely powerful with a basic accuracy of about 75%. When applying the right concepts, you can increase this accuracy up to 80-95%. One of the top leaders within IM Academy, managed to retire within 4 months at the age of 21 by just using the Harmonics Scanner.
This flagship product offers an algorithm that combines patterns and math to find each week 200+ high probability trade ideas in the market. This scanner monitors the M15, H1, H4 and daily timeframe at the same time for currency pairs, and can be combined with different strategies, brought to you by the official IM educators.
2. Vibrata (Scalper’s Choice)
Add-ons: Money Flow, Simple Scalper, Index Infusion | Triple Fire Strategy, London Payout/ECC11, Thor, Index Infusion
Styles: scalping, intraday
If you love scalping or even something more, Vibrata could be a great deal for you. You can either copy-paste the given setups by the educators, do a part of the analysis by yourself or even the whole analysis by yourself using the software at any moment you like.
Vibrata is a software offering an all in one solution to make you feel comfortable about at least 3-12 trades (London Payout/ECC11), 50+ trades (Money Flow, Simple Scalper) or even 100+ trades (Index Infusion) a week. Based upon your lifestyle, you can choose how much of your own analysis you like to add to the setups. Trade live along the Vibrata educators, giving you rules to follow to capitalize on.
Signature strategy: Delorean Shadow
Styles: scalping, intraday
An algorithm scanning 30 different currency pairs at 5 different timeframes all week long, giving more than 700 trade ideas per week following a simple 4 steps confirmation system.
Use Delorean Shadow to profit from trade ideas from master traders Patrick Kenney and Tyrone Foster.
4. Liberty (People’s Favorite & Beginner’s Choice)
Strategies: Simplescalper, CashTrap, Pickpocket, Webslinger
Styles: scalping, intraday
HFX or binary options is the fastest and easiest way to make money (for beginner’s).
Liberty Simplescalper uses a powerful 4+ confirmation charting software identifying accurate buy and sell positions without the need for support, resistance and trendlines. A highly effective tool for binary options and fast paced trading.
Liberty Pickpocket uses a 3-step approach to target highly accurate buys and sells no matter the market conditions in all time frames. Simple rules with scanner alerts providing extra spice, and with the possibility to add your own indicators to the charts.
Liberty Webslinger is a simple yet powerful trend trading system using Ichimoku Clouds, allowing to use over 20 indicators at a time, identifying buys and sells with around 10 trades per week.
Swipecoin Scalper/Harmonics DCX allows you to scalp and trade the digital currencies market with the help of special charting software, backed by crypto traders with more than 11+ years of experience in the digital currency market.
The regular strategy includes trade ideas and education: use the iPhone and Android app to get instant notifications straight to your smartphone, including full analysis with suggested entry, take profit and stop loss.
6. FRX Library
Styles: intraday, swing, position
Different strategies, brought to you by multiple world class 6, 7 and 8-figure traders. From trend trading to smart money concepts and break of structure, these educators allow you to analyze the markets like a pro and give you high probability trade ideas where you can profit from.
7. Goldcup (People’s Choice)
Signature strategies: GoldRush, Teacup, MA Cross
Add-ons: US30, Pricetrap
An easy to follow strategy with about 5-7 quality over quantity trades per week including full entry, stop loss and take profit parameters with about 85% accuracy. When watching Kimberley Torres’ Sunday Night live session through the FRX Advanced Channel, you’ll be awarded with around 10 trade setups for the week opening.
8. Steady (Author’s Favorite)
Styles: scalping, intraday, swing
A strategy finding you quality swing trades with risk to reward calculated for you. These 2-4 trade setups per week include full parameters and key swing target levels, allowing you to set your trades and forget about them. Join John Dollery and Justin Saini on their live sessions and get rewarded with extra high value trade ideas, as Steady combines market structure, time & price and institutional trading into a great swing trading strategy.
9. Bounceback (Author’s Favorite)
Signature strategy Bounceback Sniper is a smart money concepts platform hosted by Tradehouse, giving you quality and precision sniper entries with tight stop losses, resulting in high risk to rewards ratios.
We highly recommend to follow the Tradehouse Course, to become a self sufficient and independent trader who can read the charts anytime, anywhere. A great thing is you’re not dependent on a single indicator; you’ll learn to look at pure market structure, time & price action and institutional trading with your naked eye. Simply trade like the banks, giving you a powerful skillset for the rest of your life.
Styles: scalping, intraday
An algorithm taking the guess work out of finding your stop loss and take profit identifying about 50 trades per week. A strategy which is easy to understand for the beginner, finding reversal zones on every time frame, allowing you to fit your trading style of scalping, intraday or swing trading. Dutch educator Bas Kooijman is live everyday at 7.30 am. Trade live along with him, as Bas is known for his high accuracy of about 90%.
Styles: scalping, intraday
An algorithm identifying 100+ entry points, stop losses and take profits per week, one level at a time in the markets. Besides, you’re being educated why these setups are taken in the market.
Styles: scalping, intraday
An app for your phone illustrating live trade ideas and designated entry and risk parameters with around 40-50 trades per week. Risk is calculated for you along proper values for entry, stop loss and take profit. Trade idea notifications are directly sent to your smartphones, allowing to easily copy and paste numbers into MetaTrader 4.
If you haven’t done so yet, please again make sure you have watched this video of educator Manny Quinones about the Cycle of Doom, Stop Loss Rules, Risk-to-Reward Ratios and Risk Management.
This video is part of Manny’s Beginner’s Bootcamp and contains vital information about trading in a responsible way, which is one of the most important elements in trading.
Also, the video below from educator Kimberley Torres about journaling your trades is highly recommended to watch. Journaling identifies your strengths and weaknesses in order to become a pro trader. Some traders have seen their results going up from 60% accuracy to 85-95% accuracy thanks to journaling their trades.
And to finalize this article, it’s incredibly useful to go over one of the single most important things in trading:
Your Personal Trading Plan
Failing to plan, is planning to fail
Like pilots make their flight plan, we highly recommend to create your own personal trading plan. This means, that you’re basically setting up your own rules to guide you to success.
It’s a long list, but it’s very good to have a good think about each question. Go patient through each one; it will give you a lot of clarity.
”The most successful people in life get that way by putting passion and commitment into their work.”Les Brown
Under each question, we listed an example answer:
1. Trading mindset
- What overall trading goal did I write down?
In 12 months from now, I’m so happy and grateful to have earned €50.000,- with forex, because I want to help my mother and set her free.
My minimum goal: €20.000,-
My target goal: €50.000,-
My outrageous goal: €110.000,-
- What is my minimum daily/weekly/monthly percentage target?
My minimum daily target is 2% (or 20 pips), my weekly target is 10%, my monthly target is 40%. I know, that if I make 2% per day, that after 1 year I’ll have more than €110.000,-. It’s all about getting rich slow by making consistents profits every day.
I realize a lot of forex traders aim for at least 30 to 70 pips a day, which is 3% – 7% daily grow. I don’t want to rush, that’s why I state a minimum goal of 2% per day overall.
- How do I combine my daily lifestyle with trading?
At the moment I have a 9 to 5 job, I’ll spend in total 20 minutes a day on my trading in terms of clicking buttons. I’ll spend way more time on education than on my trading.
- What trading style would apply to me?
I trade towards my freedom, I would like to be a type of swing trader, that allows me to set my trades and forget about my trades. I don’t want to be a slave to the charts, having my eyes on my phone all the time.
- When do I trade?
I’m willing to take trades throughout the day from 7.00 am to 10.00 pm. When an educator sends an notification that he or she found a new trade idea, I’ll have a quick look at it in the next break before I check my Instagram.
- How much time do I spend per day on trading?
I will spent about 20 minutes a day on trading on my smartphone, maximum 1 hour.
- How often do I look at my smartphone?
I may look during the London (9am – 11am) and New York (2.00 pm – 5.00 pm) trading session at maximum once per 30 minutes on my smartphone to check how the 30M candle closed, I order to see if the market price broke my desired level. For the rest of the day once per hour, if necessary. Also, I set alerts via the Tradingview app when price crosses key levels.
- What time do I invest in my trade management?
I spent maximum 20 minutes a day on my trade management: setting my stop loss to break even, secure my profits and taking my profits using the M15, M30 and H1 candles.
- When shall I not trade? For example in certain environments, on certain days or after certain times?
I shall not trade when I’m at someone else’s place and when I have dinner with my family. I shall not trade during the weekend and I shall not trade after 10 pm or before 7 am.
- What is going to be my trading schedule?
I will trade flexible from Monday to Friday in 20 minutes throughout the day, mainly during London and New York Session. I’ll educate myself every evening after dinner for 1 hour.
- What trading habits will I implement?
Everytime before I open Instagram, I check my trades. When I forget, I’ll check my trades after opening Instagram: scrolling through the stories of my friends, favorite educators and motivators who inspire me everyday to become the most I can be.
- Do I trade in each emotional state?
I won’t trade when I’m tired, angry or sad. I know I’ll look at the charts in a different way and this will probably affect my trading in a negative way.
2. Trading technique
- What strategy/strategies do I use?
I use HFX and Smart Money Concepts, brought to me by the educators of TradeHouse: a combination between market structure, time & price and institutional trading. Furthermore, I love Bounceback Sniper and Steady. With that, the harmonic scanner can help me to find high probability setups, on which I can apply my own analysis and strategy.
- What pairs do I trade?
I only trade major pairs and GBP pairs, furthermore I will trade gold, crude oil, US30, S&P 500 and Nasdaq.
- Do I only trade with the trend?
I only trade with the trend, because the trend is my friend. When I trade with the trend, my overall profits will be way more than when I trade against the trend. Also because when suddenly a massive impulsive occurs, for example during big news releases, the big move will most likely occur with the trend, not against the trend.
- What confirmations do I use in my trading?
I wait until the body of the M15/M30/H1 candle closes above or below the desired level I set. Furthermore, I check if big news events are planned for the day through Forex Factory (https://www.forexfactory.com/calendar), as it’s very useful to know when and how much volatility I can expect for the day.
- When do I enter the market? When do I exit the market and take profit?
I enter the market on a pullback with the trend, if possible with a high accuracy sniper entry with tight stop loss. I don’t chase the market. I exit the market at take profit 1 (3x my stop loss) and take profit 2 (5x my stop loss).
- Do I take several positions per trade (twin or triple trading)?
Per trade, I set one position for take profit 1, one position for take profit 2, and if possible a bonus position for an open take profit regarding the ultimate swing target.
3. Risk management
- How many trades/positions may be open simultaneously?
At the same time, I may have simultaneously maximum 4 trades open, each with at maximum 3 positions. By doing this, I keep a good overview on my trades and won’t be overwhelmed.
- What percentage of my account may be at risk at one time?
In the beginning, I’ll be risking at maximum 14% of my whole account at one time. When more experienced, I may risk at maximum 20% of my whole account at the same time with a diversified trade portofolio, as I know some pairs are correlated.
- Wat percentage do I risk per trade?
I risk 2% per trade, especially in the beginning. When more experienced, I may increase my risk per trade to max 5%.
In the last scenario, I’ll risk 2% on take profit 1, 2% on take profit 2 and 1% on my open take profit.
- What is my minimum risk-reward?
For tp 1, my minimum risk-reward is 1:3, for tp2, my risk-reward is 1:5.
- What is my maximum stop loss?
My preferred stop loss is 8-15 pips, being a sniper trader that applies Smart Money Concepts. My stop loss may be at maximum 35 pips. I may coincidentally make exceptions when my risk-reward is sufficient enough.
I always trade with a stop loss. At the same time, I realize I need to re-enter a trade several times before it will make it’s desired big impulsive move.
- When do I set my stop loss to break even? How do I secure profit?
Once my trade is 25 pips in profit, I set my stop loss to break even (2 pips above entry).
Depending on the volatility in the market, I secure my (partial) profit(s) after analysis of the H1, M30 or M15 candles.
- How many trades may I lose before I stop trading for the day?
I may lose 4 trades before I stop trading for that day. I don’t want to revenge trade. Things will probably get worse. Sleep good for the night and start the next day with a clean sheet.
- Do I stop trading for the day after losing a certain percentage?
Once I lost 14%, I’ll stop trading for the day and go do something off the charts. Meanwhile, I thank my stop loss for protecting my money. If he wasn’t there, I would have lost way more money, get margin called and might even have blowed my account.
”It is no fun to fail, but you must pick yourself you and get back in the race. The only way you can grow is to challenge yourself beyond your present circumstances.”Les Brown
4. Money management
- How much money am I willing to put in trading?
Once confident, I’m willing to start with an account of €1000,-.
- Am I willing to contribute some extra money to my trading account every month to leverage my compounding?
In order to reach my target goal, I’ll contribute at maximum €100,- per month to my trading account to keep on track of my target schedule when necessary.
- How much money would I be willing to lose?
I would be willing to lose €1000,- at maximum. I only trade with money I can afford to lose.
- How long do I demo trade? When do I go live?
I demo trade for at maximum 3 days, then I go live. I do this because my emotions are getting way more real when my own money is at risk. Because of that, I’ll take things even more serious.
- With how much money am I going to trade for the first time live?
I’m going to start with just €100,-. If I blow my account due to beginner flaws, the amount of money I lost is little. I evaluate why I blew my account and learn from that, before starting a new low risk €100,- account. I don’t want to blow my account, but when I feel like breaking the rules and overleverage, I really need to ask for help if I blowed my €100,- for the second or third time.
- With how any accounts do I trade?
I trade with 3 live accounts:
I use my first account for my compounding: I don’t touch this money and follow strict rules. No gambling or experimenting over here.
I use my second account to pay for my daily expenses. With the €15,- I made Monday I’ll cover my lunch on Friday. With the €40,- I made on Tuesday I’ll cover my groceries on Wednesday. And the €60,- I made on Wednesday pays for my gas tank and car wash on Saturday.
I use my third account as my Get Lucky account, over here I can experiment and break the rules when I feel like I’m on the winning side. I don’t deposit more than €100,- on this account. When things go wrong in my adventures, I only lose a small amount.
- How often do I withdraw my money? And what amount?
I withdraw my money at least once per week from my daily expenses account, so I can really feel money from my trading account flowing to my bank account. I withdraw 50% of the profits I made of that week. Such a good feeling that amount of money paid for my lunch, groceries, gas tank and car wash for the week.
- How much time per day/week/month do I spend on my education?
I spent every day one hour on my education. I’m free on Sunday. That’s 24 hour or 1 day per month. I’m willing to invest this time in my education so I can set myself free.
- Which educators do I follow?
Depending on how I can manage my time for the day, I’ll follow Rok Kumer on Monday and Friday morning. Also, I’ll follow John Dollery on Monday and Thursday at 11 am and Mike Navarette on Tuesday and Thursday at 4.10 pm. I’ll combine the last two with the Bounceback and Power Hour sessions of Zachary Hogan and Jordan Morgan from Tradehouse. When I watch recordings, I play the videos on a higher speed to save time.
- Do I study my losing trades?
I know losing is part of the game. It’s a calculated risk were I anticipate on: when I lose a trade, I exactly know how much I’m going to lose as I’m always risking 2%. I lose rational, without emotions. There’s not a single trader in this world that never loses a trade. How you deal with losses determines how successful you become as a trader. I’ll evaluate my losing trades to learn from that. In that way I’ll become a better trader. And the better I get, the more money I make.
- Do I keep a trading journal?
Every time I’m in a trade, I’ll write down that trade in my journal. I’ll state what pair, what date and time, why I took the trade, my stop loss, my entry and tp levels. I also write down my risk-reward ratio, my trade management and of course the outcome of the trade.
I’m going to track 100 trades, and every 10 trades I’ll look at my success ratio. So if after 10 trades appears I won 7 out of 10, I’ll study what I can do better in order to win 8 out of 10 trades when trades 11-20 are ongoing.
- In what time should I ultimately be successful?
I give myself 100 trades in 90 days (or 3 months) in order to become successful before I reconsider if forex is something for me.
6. When do I ask for help?
I ask for help when I have questions or when I feel sad about trading. First, I’ll check if I can find the answer on the website or in the videos of the basic academy.
If not, I’ll ask my upline who will help me. If he or she doesn’t know the answer I’ll post my question in the Discord group, which is 24/7 available for support.
Every Sunday at 9.00 pm I tune in for the Mentorship Coaching Call through Zoom and I’ll visit live events. That’s how I keep involved and engaged within the Celebrate Forex community.
And at the same time, I share my experiences and successes with the group!
Please always remember.
- You’re the one who is responsible for your succes.
- We are there to help you.
- Make sure to reach out to us when needed!
Please believe us, we experienced it all, both good times and bad times. We made every single possible flaw by ourselves.
So don’t be embarrassed: please reach out to us, especially at the times you most need it. Deal?
At the same time, it’s important to realize that probably every single trader will at some point face a so-called losing streak. At that moment, you’re basically losing every single trade in a row for one week or even longer. Especially when you’re using a strategy that used to work very well before.
This may be caused by temporarily changed market conditions or just bad luck. Make sure al your parameters/indicators are set the right way and stick to your strategy when this happens. Ultimately, ask for help.
As you may know by know, we have within IM Mastery Academy a diversity of strategies that you can capitalize from. And the good news is: all of them work! When you follow the rules, you’ll earn good money. And of course, at a certain moment you can add your own sauce to the strategies.
In the next article, we’ll cover our favorite educators with you, so you can make a good decisions about what strategies and which educators to follow for your LIVE mentorship.