Precision Trading Methods
I net on average 60 Pips day and if the markets make some good moves that can quintuple to 300+ pips sometimes. On some of my long term trades I can make 600-800+ points on a single trade.
Before The Fact
Predictions
I’ll show
you exactly how I do it. All it takes is a little
patience, discipline and the belief in the system you are using.
If you have been following my blog, you will know that for a few months I have been posting my analyses of various currency pairs, giving potential turning points, both in terms of price and time, before the fact. I don't know too many traders that do that.
If you have not seen my blog, then I would like to invite you to see my analyses. If you subscribe to my mailing list, I'll send you alerts when I post new analyses on my blog.
Frequently Asked Questions
Theses
questions were compiled from
my existing beta testers, some of which were complete beginners (Hint*
The first and last questions might be of the most interest to you):-
Q: How does the Forex Master Key
Precision Trading Method Work and what won’t I like about it?
A:
The Forex Master Key Precision Trading Course shows you how to use geometric relationships
between waves to work out potential reversal points in price. It is not
an indicator system and you need to use your eyes to actually look at a
chart before making a trading decision. You
actually need to do some work to reap any benefits from Forex Trading
and this is the part that I said you might not like. Remember there is
no such thing as a free ride.
2)
Read
and wait for the market to confirm these turning points
3) Act when the market confirms your analysis
Q:
OK, if you
are such a hot potato why are you selling this Trading Course?
A: A couple of reasons spring to mind here: Trading can be dull and lonely and this project gives me the opportunity and the excuse to interact with other people. Also, the markets can be flat and no matter what you do, you might not make much money. Trading is my passion, so at times like this when I choose not to do it, I like to write about trading and talk about trading. It took me long hard years of concerted effort to gain the knowledge that I have; as a trader I know that knowledge gives you the ability to capitalise on opportunities in the market and the more relevant knowledge you have, the greater is your potential to make money. This knowledge is a commodity to me, so if I can sell it, then why not?
Q: How accurate is Mike's GBPUSD
Time & Price Alerts?
Q: How might I use Mike's GBPUSD Time & Price Alerts?
A: A lot of indicators will advise you when a move is stalling, like with the MACD, RSI, Moving Average cross overs. The problem with these is that very often the indicators will give you a false signal. Cross-referencing my GBPUSD Time & Price Alerts with indicator signals gives you more accurate results, because you can weed out false signals.
I usually use the 4 Hour chart to look for signals when trading the daily turns.
Q: What is Forex?
A: Forex is short for Foreign
Exchange, also
known as the FX or 4X market where one currency is traded for another.
It is the largest financial market in the world, with daily turnover of
over 3 trillion dollars. Currency is traded in pairs, for example,
EURUSD (Euro/US dollar) where a buyer of this pair would actually be
buying the Euro long and simultaneously selling short the US dollar.
Q: What is a pip?
A:
Pip (Also known as a Point) - This is the
smallest unit of price for any foreign currency. We
count from the fourth decimal place for most currency pairs, i.e. 1 Pip
= 0.0001, for example, EURUSD. The exception being pairs involving the
Japanese Yen, which is counted from the second decimal place, i.e., 1
Pip = 0.01.
With
USDJPY, a movement from 129.46 to 129.47 is of one pip
Q:
What is
Spread?
A: Commonly know as Broker's Spread, this is where your Broker/Dealer make their money. It is the difference between the bid and offer prices. Sometimes unscrupulous Brokers/Dealers widen their spreads and you might find yourself getting stopped out if your stop was set too close and you were unlucky. For example, if EUR/USD quotes read 1.4600/03, the spread is the difference between 1.4600 and 1.4603, or 3 pips. In order to make a free trade or break even on a trade, a position must move in the direction of the trade by a number of points equal to the spread. In the case of our example that is 3 pips, anything above 3 pips is your profit, so in this case 3 pips is the cost of each trade.
Q:
Is the Forex
Master Key Precision Trading a system or a method?
A: The Forex Master Key Precision Trading is a method or more accurately a collection of methods or techniques that I found to work for me and indeed these techniques could work for anyone. As mentioned in this text, my goal is to teach you a set of trading techniques that actually work and that you can use to suit your trading style and personality. It is a system that will empower you to make your own decisions in the markets so that you will be able to make money on your own. At it's heart the Forex Master Key Precision Trading is a book about trading certain patterns, but not an exhaustive manual on pattern trading.
Q:
Has the Forex
Master Key Precision Trading been back tested?
A:
"Black box"
automatic trading systems can be computer back tested and
or even forward tested. This is all well and fine, but these tests can
also be curve fitted to yield the best results to pull the wool over
your eyes. So always take this statement about being back/forward
testing with a pinch of salt and always enquire about the test
conditions and methodology and don’t just be wowed by the test results.
I guess you would even have to be a trader and a programmer to even
know what questions to ask, let alone be able to interpret any
potential answers that you might get. If these $97 trading robots
actually work, the big institutions would not need to employ armies of
Forex traders. Fact is that a trading system is more than just
the number of winning trades, even a system making 99% winning
trades can still lose you money.
My method has been able to produce 10% return per day and even more trading just one currency pair. But that is combined with my experience as a trader. Your performance will depend on the following factors, so everyones' results will vary:
- Their ability to follow the trading rules
- Market
conditions
- Slippage
- Size of
account
- The number of trades they are able to place at any given time
- The
time frame you trade
Q:
What trading
experience is required for the Forex Master Key Precision Trading to
make sense?
A:
A complete beginner would find my
book as good a starting point although
Forex Master Key
Precision Trading is not aimed at a complete beginner. I
have cut out the padding and only included only what I know to work. In
essence, all that is left is a simple set of rules that you could
follow to make money. If you can manage a word processor then you could
manage a charting software. If you can count and do simple arithmetic
either on a calculator or in your head, then you are more than equipped
to learn how to trade with my book.
Complete beginners could use the Forex Master Key to start with and experienced traders will likely encounter alot of information that they have not seen before.
Q:
What kind of
software will I need for the Forex Master Key methods?
A: I recommend that you use
Metatrader 4 as
your trading platform and you can get it for free from metaquotes.net.
With Metatrader 4 you will be able to make trades, plot price data for
currency pairs, and incorporate the few basic indicators that I will
recommend. Most brokers offer this software for free as well as it is
flexible, powerful and easy to use.
Q:
What is
Slippage?
A: Describes the difference in pips between the order price and the executed price. Slippage often occurs in volatile markets, or where there is manual execution of trades. Basically it is when you make a trade at a price you wanted, but your Broker system executes the order at another price for whatever reasons e.g. volatility.
Q: Mike, your book explores pattern
trading techniques that you use, but patterns have never worked for me
in the past!
A: Patterns
fail because most people try to apply them all the time, because
they fail to look at the complete market. I
look at the complete wave structure, not just the last four waves. That
lead me to develop the Saw Wave Pattern, which is one of the best
patterns I have ever seen.
Actually,
even if you do correctly locate a perfectly formed pattern with perfect
symmetry and configuration that we look for, there is still no guarantee that
the pattern might play out like the text books say that they will.
It is a fact that we are dealing with a chaotic entity that is the
markets and it is almost impossible to predict
the movements of a chaotic system a 100%
correctly. You
might be able to predict where it might turn, but you won’t know if it
actually will turn at that point. That is the reason why we use
stops; so if we lose, we lose a little and if we are right, we stand to
win a lot.
Risk control is crucial to
successful trading, without it you are lost. I cover risk control quite
extensively in my course.
Here is what our users said
Mike's Precision Trading Ebook and Video Companion have really opened my eyes and given me confidence. Mike's Saw Wave Pattern used in conjunction with his other techniques is really simple, and actually works. With most things in life you really have to apply what you learn and make a bit of effort, but it is well worthwhile. Mike is also a really friendly and patient guy. Thanks again Mike!
Steven Hunt
Paris, France
(Mr Steven Hunt, has no material connection with Mike Haran, Haranfx.com and does not receive any compensation or advantage for this testimony, financial or otherwise. Mr Hunt was asked to and agreed to Beta test Forex Master Key Precision Trading and was given a free copy to evaluate. Please be advised that Mr Hunt was mentored intensively by Mr Haran and the price of the book and videos does not include this service, so your experiences with these techniques may vary).
I found Mike a really inspiring person and I really thought that it would be more complicated that it turned out to be. I'm not going to mince words on this, go and buy it.
Zahir Khan
London, UK
(Mr Zahir Khan has no material connection with Mike Haran, Haranfx.com and does not receive any compensation or advantage for this testimony, financial or otherwise. Mr Khan was asked to and agreed to Beta test Forex Master Key Precision Trading and was given a free copy to evaluate. Please be advised that Mr Khan was mentored intensively by Mr Haran and the price of the book and videos does not include this service, so your experiences with these techniques may vary).
Make it easy on yourself
don't do it the hard way
profit from my mistakes!
The wise man learns from the mistakes of others and not his own, so be wise!
The question is
NOT if you
can afford to buy Forex Master Key Precision Trading,
but CAN YOU AFFORD NOT
to buy it?
Mike Haran
Haranfx.com
P.S. We won't spam you don't worry.
