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EP63: Do You Risk More?
In this episode of Truth About FX, Walter digs into trading style — and whether or not he identifies himself as a long term breakout trader. He also talks about catching that elusive Kangaroo Tail and Big Shadow and should you stack the odds. You’ll also learn in this podcast when is the “right time” to risk more.
Download (Duration: 08:32 / 9.77 MB)
In This Episode:
00:45 – stack odds
02:55 – “the pinch”
04:18 – meant to capture
06:44 – highly unlikely
08:01 – simply adjusting
Tweetables:
Adjust your risks based on what you want to avoid. [Click To Tweet].
Plug your number in and work it out. [Click To Tweet].
Each style varies with the trader. [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. How is it going?
Walter: Pretty good! How are you, Hugh?
Hugh: Very good. Today’s question is — I think, it is basically two questions. The first one is, is it right to say that your style could be categorized as a long term breakout style of trading? And, when you do see a setup like Kangaroo Tail or Big Shadow and it looks pretty sweet, do you stack the odds of… For you, I guess, this person is asking, meaning like do you risk more, or maybe do you pyramid, or something like that?
Walter: For better risk to reward. Actually, I wouldn’t say that. I would actually say like most of my trades are probably be classified as a swing.
Hugh: Swing trading.
Walter: Yeah, looking at support and resistance as potential spot to take like a counter market move. Almost like saying the market’s been going up, it hits this resistance so I sell or,the market’s been going down, it hits some support so I buy.
It’s really more of a swing trading. I mean, it depends on the systems. If you are looking at the Big Shadow or Kangaroo Tail, you can certainly trade them as trend continuation patterns but they normally won’t have all of the characteristics that I am looking for.
Obviously, these are all posted in the book and in the shownotes for this, the Naked Forex book. And, in the shownotes for this video, I can post two books for you, the Kangaroo Tail and the Big Shadows, since these are the systems that this person is actually asking about.
You can get those books if you want. Basically, most of my trades are swing trades. Some of them would be considered trend continuation or like waiting for a retracement and then you get a signal and so. Sort of like the trend has retraced and it throws a signal and then it’s like trend on again, that kind of thing or breakout.
For example, the last keys trade is a breakout. It is just a normal breakout with confirmation and that is basically all it is. That is, essentially. I mean, I guess you can apply these naked patterns in different ways...
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By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter digs into trading style — and whether or not he identifies himself as a long term breakout trader. He also talks about catching that elusive Kangaroo Tail and Big Shadow and should you stack the odds. You’ll also learn in this podcast when is the “right time” to risk more.
Download (Duration: 08:32 / 9.77 MB)
In This Episode:
00:45 – stack odds
02:55 – “the pinch”
04:18 – meant to capture
06:44 – highly unlikely
08:01 – simply adjusting
Tweetables:
Adjust your risks based on what you want to avoid. [Click To Tweet].
Plug your number in and work it out. [Click To Tweet].
Each style varies with the trader. [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. How is it going?
Walter: Pretty good! How are you, Hugh?
Hugh: Very good. Today’s question is — I think, it is basically two questions. The first one is, is it right to say that your style could be categorized as a long term breakout style of trading? And, when you do see a setup like Kangaroo Tail or Big Shadow and it looks pretty sweet, do you stack the odds of… For you, I guess, this person is asking, meaning like do you risk more, or maybe do you pyramid, or something like that?
Walter: For better risk to reward. Actually, I wouldn’t say that. I would actually say like most of my trades are probably be classified as a swing.
Hugh: Swing trading.
Walter: Yeah, looking at support and resistance as potential spot to take like a counter market move. Almost like saying the market’s been going up, it hits this resistance so I sell or,the market’s been going down, it hits some support so I buy.
It’s really more of a swing trading. I mean, it depends on the systems. If you are looking at the Big Shadow or Kangaroo Tail, you can certainly trade them as trend continuation patterns but they normally won’t have all of the characteristics that I am looking for.
Obviously, these are all posted in the book and in the shownotes for this, the Naked Forex book. And, in the shownotes for this video, I can post two books for you, the Kangaroo Tail and the Big Shadows, since these are the systems that this person is actually asking about.
You can get those books if you want. Basically, most of my trades are swing trades. Some of them would be considered trend continuation or like waiting for a retracement and then you get a signal and so. Sort of like the trend has retraced and it throws a signal and then it’s like trend on again, that kind of thing or breakout.
For example, the last keys trade is a breakout. It is just a normal breakout with confirmation and that is basically all it is. That is, essentially. I mean, I guess you can apply these naked patterns in different ways...