Replace Your Income with Options Scott Barkley Emphasizes the Importance of Pressing Your Winners Without Exception, Ep #128
Scott Barkley is a professional Forex Trader and co-founder of ProAct Traders LLC. He has traveled extensively, while teaching and training Forex trading around the world. Scott is a highly sought-after conference speaker, as well as a consultant and analyst in the Forex industry where he blogs on nine separate website portals. In this episode of How To Trade It, Scott unpacks his trading methods and practices. You don’t want to miss it!
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You’ll want to hear this episode if you are interested in…
- [00:35] The markets are still moving!
- [01:47] Pressing your winners without exception
- [03:59] All Forex traders are rule breaker
- [05:14] The worst thing that can happen to a trader
- [05:45] Pressing your winners revisited
- [06:55] The ATR
- [08:37] Adding to your position
- [10:49] Traders tend to major in the reward, rather than risk
- [11:18] The Snowman
- [12:58] One of the grandfathers of Forex trading
- [14:23] How much money does it take to move the Euro dollar?
- [15:33] Getting to breakeven
- [18:12] Why it’s so important to press your winners
- [19:29] Your bail out position
- [20:36] When to enter a trade
- [22:40] The market isn’t random
- [28:35] Scared money never wins
Pressing your winners
Learning to “press your winners without exception” allows for a huge opportunity to make hundreds of pips on a trade, instead of a measly 5, 10 or 12, that most traders are used to.. Simply put, this is the process of intentionally adding to each and every trade once it reaches a set target level. In fact, this addition is so important that it is set up prior to the initial trade, as double the initial trade size, and is automatically triggered once you are at a profit with the initial trade. It’s a great way to capitalize on your trades, while also managing your risk well.
The worst thing that can happen…
Following the rules that you establish for your trading is critical to your long-term success. The worst thing that can happen to a trader is to break a rule and win. It may seem crazy to think that a win is a bad thing. However, if you win under unfavorable conditions, or outside of your set rules, you are simply beginning the process of creating a bad trading habit. And bad habits are incredibly hard to break! Traders need to learn to be more concerned with risk management, than with making a profit. The profits will come, if you are patient and willing to wait for the right situation and set up.
Resources & People Mentioned
- Greg Michalowski (HTTI podcast episode)
- FXDD
Connect With Scott Barkley
- Website: https://www.proacttraders.com/
Grab your copy of the Complete Trading System This book teaches you how to build a trading system from the ground up and how to become profitable in the markets.
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Casey Stubbs
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