To become a professional trader you have to truly commit to developing your skills and knowledge. There is a lot of free information on the internet, but it's public knowledge and easily anticipated by brokers and institutions. You need to understand how to read the market properly and the comprehensive Swing Trading course available here at DaxTrader provides exactly that.
As a Premium or Gold member, you get access to test and use our various software (including indicators and expert advisors) which were coded here at DaxTrader.co.uk. You can even learn how to code and program them yourself so you no longer need to rely on publically available programs. The future trader will need to know how to program.
We are not a typical signal service. But we send live alerts including an entry, stop loss and target. No advice or recommendations here. We believe that following a signal will never teach you to trade, so we help you understand the reasons behind our thinking as well.
Join fellow traders in the community rooms and learn the tools, techniques and thought processes. Share charts and contribute in the community to gain as much experience as possible.
Just remember that following signals will not improve you as a trader.
We send occasional signals, but we would much prefer to show you how to find the setups for yourself. We are not a signal service, we are a trading community. Our goal is to improve you as a trader and make you more professional.
This is a list of some of the past signals that I sent to the channel, but I regularly provide many leads during the day, for many different markets, across the premium channels. There are always opportunities.GET STARTED TODAY
Solid bankroll management separates many amateur traders from professional traders. Understanding that a losing streak will happen is a crucial adjustment to one's mindset. We tend to not risk more than 1% per stop loss and rarely risk more than 2%.
We understand the probability of our setups and we know our numbers. We only need to win 35% of our trades to make money because our winners will earn at least two times more than our losers. Chasing a high win rate is not important if you understand the statistics.
Failure to plan is planning to fail. Prior-Planning-Prevents-Poor-Performance. Having a plan is only the first step. Once we have a trading plan, we are disciplined enough to stick to it.
We provide the context behind our trade signals and setups and record every trade we make because we should always be accountable for our trading decisions. Find me a professional trader who doesn't record and analyse their trades, it's essential.
Alan H. Andrews' Action Reaction is a key piece of work that underpins the majority of the technical analysis we do at DaxTrader.co.uk.
The markets move in waves and median lines are the best tools for forecasting pivots and turning points on any market.
Market profiles help to visualise an extra dimension that price action does not always show.
Points of Control, Value Areas, VWAP, Footprint, Bid/Ask Imbalance are useful tools when used occasionally.
Learning price action is like learning a language. You learn the vocabulary and a few phrases before you have a full conversation.
With price, once you have learn some of the techniques, you can begin to read the story for yourself.
In Addition To What You're Offering
The ability to read, analyse and understand price action movements will be the decisive factor of whether you are successful in trading, or not. If you are a semi-experienced trader looking to take the next step in your ‘career’, then you need to focus on this area. No indicator in the world can read price action as well as an experienced trader. Companies have invested billions of dollars trying, but very few automated solutions exist that can replace this essential talent. Our chat rooms will help explain how a decision was made or why the trade was taken. So let me summarise this by saying that reading price action is a skill. Skills can be learned through practice. Good practice makes perfect over time. Therefore you need to invest time into this craft and make it a priority to improve your ability as a trader rapidly. You can just follow my trades blindly, but you will not learn anything. You will also get frustrated if you do not understand the reasons behind them
We use a lot of terminologies which refer to swing trading techniques, and some of those methods are very complex. However, the overall idea is straightforward. Identify the major swings then identify the minor swings within that. Understand which direction the market is currently swinging in, and whereabouts in the swing is price presently trading. Only follow the route of the swings, until the swings are broken. Alan Andrew’s work is still incredibly valid, even now. I highly recommend spending time studying that material. It will take time, because the language is a bit tricky and the drawings are pencil drawings, but do it.
We need to be held accountable for our trading decisions. We often make many mistakes in trading and then hide them under the carpet like they never happened. It’s like forgetting it ever happened, and we rarely admit mistakes and failures. Therefore we are often in denial about the mistakes we make. However, if someone was able to pick you up on a bad trade and question it, challenge you, then all of a sudden you have to explain yourself. You have to admit that you made a mistake and you have to find a way to prevent that happening again. You learn from the trade! By recording every trade you make and sharing it, you filter your trading setups one extra time. This is because you know it DOES matter and it is not just a reckless gamble, hoping for a payoff, but instead, it’s a justified, thought-out, planned trade. This is what a professional does, so we need to do the same. Assume you are being watched, assume that every trade is going to be checked by someone else, assume that you have to explain every single trade to another person. If you can adopt that mindset, you will start training your mind to think like a professional trader. I hear that EdgeWonk is good software for that.
As a trader you will lose a lot of trades. But that's ok. Would it surprise you if I said that you can still make money if you lose 60% of my trades? This would mean you only win 40%. The reason you can do this is because you will learn to be disciplined and use solid risk management. You will trust your analysis and be able to set and forget. I trust my trade setups, I believe my analysis, and I am happy with the probabilities of my trades. Understanding the probabilities of losers is key. If every trade risks 1% and every trade earns 3:1 and every trade is set and forget, then look at this example: Win rate: 40% Number of trades: 100 trades Over this 100 trades, I would have won 40 and lost 60. The 60 losers would have hit the account by -60% (60 x -1%) The 40 winners would have increased the account 120% (40 x 3%) Overall, you make money. Even though you lost a lot more trades than you won. It’s an elementary rule.
DaxTrader Premium is not just a signal service. We have the tools and experience to assist you with your trading education. Yes, we provide signals, but it is a small part of the service. We include trading support, trading setups, risk management, trading psychology and charting platform setup.
To be successful in trading we should commit to continuous improvement and understand our mistakes. We should be accountable for our trades as disciplined trading involves sticking to our Trading Plan.
How do I find out more about Chris Bailey?
I have to say that Chris is a very hard working, knowledgeable, helpful, friendly chap. It is not just a "here are some trades, get on with it" service... There are a full range of helpful features, a training library, webinars, personal assistance to name but a few. He provides the means to better yourself as a trader and interact with like minded people. There are also suggested trades with the rationale behind each offering to assist you with formulating your own strategy. Top man. top service. Sign Up
I realised that daily there are limited signals and on few days there could be none for good reason. This really helped me to bring discipline in trading. Chris also provides continuous support in Telegram channel and drives a group, which provides an opportunity to all trader to discuss the set up and learn continuously about the various trades and trends.
I truly appreciate the time Chris puts into the community and the website. I still don’t call myself a trader, but genuinely do see growth in my trades in terms of entry/exit points and results of risk management, I now live by the rules of I learned in the webinars and it makes so much sense, I can’t believe I wasn’t using such risk management before.
I like this nuts and bolts approach to determine when and why you should trade or walk away. Chris also provides suggested trades when appropriate. Very pleased customer. Good site, good service
What I really like about Chris that he will help anyone who is willing to learn and benefit from the financial markets. I am a gold member and intend to remain for a long time.
DaxTrader premium’s primary focus is helping traders become more professional and disciplined in their approach to trading.
Professionalism and discipline start with committing time to continuous improvement. This commitment includes understanding the reasons behind trading decisions, improving chart analysis and price action techniques as well as understanding how to avoid the common fatal mistakes.
If you are serious about your ambitions as a trader, then you need to invest in your development. Because that's what your competition is already doing.
See the type of analyst and trader I am
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