Live Trading Room Details

Thank you for your interest in Live Trading Room.

The goal of LTR is to create a community of traders who are passionate about Forex and looking to trade market on a daily basis.

I expect you not to rely on my signals. I want you learn to trade on your own, learn the discipline and to be patient. I also want you to realize that trading is meant to be boring, if you are seeking thrill out of markets then try nearby casino. The idea is to do the same thing over and over again to the extent it becomes a second nature.

Do you have the discipline, are you committed and do you want to trade full-time? If your answers were all YES then continue reading further…

No Indicators

I want to show you that price is the king, and price action is all you need to learn. You can use indicators for confirmation but not to generate entries. Here is what I mean:

Lets say price is reaching a critical support level, we expect price to react at this level and we may look at going long. Now if you base your entry on indicators like MACD crossover, MA cross, or any other indicator, your entries will always be late. If this move happens to be short lived, you may find yourself buying at the peak, only to see price reverse all the way to you Stop Loss.

Entries based on Price action will get you in earlier will help you lock in profits. Even if the price reverses you will be able to see it happening and will give you opportunity to get out earlier.

Lets say you like to use Stochastic or RSI. The way you can use these indicators is to look if price is oversold and may be is time to consider buying. However if you wait for indicator to move back into 70 level etc to initiate entry then in most cases you are already late.

If price happens to break the support level your indicators will continue to show that price is oversold and no further entries will seem possible. Price action will again will help you get in and catch those moves.

All this sounds good, however don’t forget that there is no holy grail. We will be stopped out, not once but may be several times in row. Your skill to manage risk and right mental framework will help guide through those times.

Trading Strategies:

In LTR I am going to use two strategies, one that catches moves in the direction of the trend and other counter-trend (Reversals and Pullbacks).

The first strategies is simply an modified extension of what I’ve been using all along for Swing Trading signals (these signals are currently available to Elite Club Members only ) The same concept is used on lower timeframe to catch moves in the direction of the trend. I will call this method “Price Action Based Setups” or PABS. We will use EURUSD, EURJPY, GBPUSD, GBPJPY, CADJPY and USDJPY for this strategy.

The second strategies is mainly scalping where we try to get in and out quite quickly. It is based on what I like to call Hot Zones ( FirePips Hot Zone Strategy (FHZS) ). On most days price rallies in one direction or other, the time when rallies starts to fizz out (FHZS) we then look to go in reverse direction. Using this system you can pinpoint exactly where price will react and you try to get in before the pullback even starts. For this strategy we will use EURUSD, EURJPY, GBPUSD and GBPJPY.

After 2 weeks trial, when we start normal membership I’ll send you complete instructions on how FHZS system works. The system is quite easy to follow and mostly mechanical, however discretion is required. There is a learning curve to it and it is not meant to make you rich over night. To make this strategy work I use one simple indicator; which one and why I’ll explain later in detail.

I’ve never seen anyone using this method. As far as I know I am the only person to use it and now since I am going to share with you I expect you to keep it yourself and not post it on forums and similar places.

Price Action Based Setups (PABS)

These signals will contain Stop Loss between 20-50 pips, Profit Target will be different for different pairs, which may vary from day to day.

You can chose to trade with 3 lots, closing each lot at Profit Target level, move Stop Loss to Break Even after first Profit Target is reached.

Another option is to use only one lot and set Profit Target at 1:1 or 1:1.5 as per Stop Loss value.

Example: Sell GBPUSD 1.5550 Stop Loss: 30 Profit Target: 30

If you trade with 3 lots then set Stop Loss for all lots at 1.5580 and Profit Targets at 1.5520 1.5490 and 1.5960. When price reach first Profit Target we move Stop Loss for other two lots at Break Even.

If you trade with 1 lot then same Stop Loss as above and Profit Target at 1.5520

FirePips Hot Zone Strategy (FHZS):

Once the HotZone is identified I’ll notify you the possible entry price. Once price reach that level we will initiate a market order.

We will only monitor 4 pairs EURUSD EURJPY GBPUSD and GBPJPY. We look for 15 pips profit on EURUSD and 20 pips on rest of the pairs. Stop Loss is 20 pips from entry price.

We enter with 1 lot and move Stop Loss to Break Even after price reach 10 pips profit.

Remember that these will be counter trend trades and the idea to get in and out quickly. Once the trial period is over you will receive complete details to trade on your own.

Desktop Sharing:

As you already know that I’ll share my desktop with you, I’ll have all the charts “as is”, exactly the way I use on daily basis. Though just by looking at the charts it may not be intuitive to you how the signals are generated. However once the trial period is over I’ll share more details as time goes by.

You may be familiar with some of the charts type I use, but for some of you they may be nothing like you have ever seen.

How To Trade in LTR

First thing first, I am not offering a signal service, my only goal to show you that you can trade without usual indicators. When I post I signals I would like you to look at your own charts, do you own analysis and see if the makes sense.

Price action may not be as intuitive in the beginning as you may expect, however your discipline everyday to watch price, trade together, sharing thoughts will get you there.

Important Guidelines:

WARNING:
1. Absolutely no promotion/reference to Affiliate products and other signal services.
2. No foul language, racial or religious comments.
3. Any offender will be banned without warning.

I would appreciate positive and constructive comments. Comments like “Oh man…we got stopped out again…two times in a row” is not constructive by any means. Instead saying something like “we could have avoided buying close to major resistance and previous sell zone” is much better and there is something learn from it.

Also asking “What do you think of GBPJPY right now?” type questions is not appropriate. I may not have opinion about market all the time every minute of the day. Instead saying something like “I see Doji on daily and 4 hour starts to show signs of reversal , would you consider selling at this stage? ” is much better and tells me that you have taken time to do analysis.

Note that I only watch selected number of pairs and exotic pairs like USD/SGD or USD/MXN are never among my charts. Also remember that there will not be trades all the time. The idea is to take few trades but good ones.

On a side note, anyone who is interested in joining or have questions about Elite Club ( Swing Trading Signals ) please email support@firepips.com for more information. Lets not flood trading room with Elite Club inquires.

If I’ve missed anything or you would like more information then please feel free to email me or support. Registration will close in 24 hours and then I’ll email all registered members with LTR access information.

Lets get Started !

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31 Responses to “Live Trading Room Details”

  1. Reza 15 August 2010 at 3:12 pm #

    Hi

    After trial is over ,you will not post signals related to FHZS?

    • FirePips 15 August 2010 at 4:27 pm #

      Hi Reza,

      I'll continue to post all signals as usual.

  2. Don 15 August 2010 at 5:35 pm #

    FP,

    Hopefully I didn't overlook this somewhere; what hours, GMT or Eastern, is the LTR?

    Thanks.

    • tks 16 August 2010 at 12:10 pm #

      i think 1am est

    • FirePips 16 August 2010 at 12:22 pm #

      1AM EST on 17th.

  3. Adam 15 August 2010 at 5:47 pm #

    Hi. Can you explain desktop sharing a little better? What will you use, in what resolurion will it go, how much data do we need or bandwith.

    Thx

    • FirePips 16 August 2010 at 12:21 pm #

      You will be able to adjust resolution to fit your screen, so that should not be a problem.

      I am not sure about data and bandwidth requirements. There will be 2 windows, one for chat and one for desktop sharing. You can chose to open only chat window if it all starts to take a lot bandwidth.

  4. tedjack 15 August 2010 at 9:46 pm #

    So is it about hanging on a computer whole day looking for a trade?

    • FirePips 16 August 2010 at 12:18 pm #

      Yeah, that's pretty much it.

      You can join Elite Club where I send signals every 4 hours and those signals can be automatically executed in your account via an EA.

  5. tks 16 August 2010 at 6:16 am #

    what is the difference between the free service & the 2 week trial…the room opens @ 1am est, what time does it close…when the 2 week trial is over, do you automatically bill our credit card account the monthly fee…thx

    • FirePips 16 August 2010 at 12:17 pm #

      I've a little busy lately to send out Free signals, they will resume soon.

      2 Weeks trial is for Live Trading Room only. You can see list of all services here http://forex.firepips.com/services

      Room will close at 10 AM EST, however if members are interested I am happy to leave room open 24/7 ( with help of volunteer moderators )

      The $1 is only once off. You won't be charged automatically. There will be a new subscription if you like to continue.

  6. tks 16 August 2010 at 6:17 am #

    hope to learn to trade better with you…:)

  7. alihawsah 16 August 2010 at 7:19 am #

    do you have eny arbic man to speek with me

    • FirePips 16 August 2010 at 12:12 pm #

      No, Sorry mate. Try using translate.google.com

  8. BJay 16 August 2010 at 12:58 pm #

    Perhaps I missed it but where is the link to gain access to the room tonight?

  9. fulladdfx 16 August 2010 at 4:47 pm #

    hope i can learn more from you SiR…

  10. juniorjackson 16 August 2010 at 5:21 pm #

    hi there,
    Where do i go to be able to view the chatroom? i am quite new to your website….
    I am not that advanced with forex. would you be able to explain how and where i should go to view the LTR?
    thank you.

  11. Reza 16 August 2010 at 6:12 pm #

    Hi,this statement is from your first post about LTR :

    “Most Trades will have 15-20 pips Stop Loss and 60-100 pips Profit Targets.”

    but it seems that you have changed it in recent post,may I ask you what the matter is?change in system?

    • FirePips 17 August 2010 at 2:47 pm #

      Yes, Stop Loss and Profit Target depends on price action. They will change again in future depending on market.

  12. s.r.gunaseharan 17 August 2010 at 4:12 am #

    hi I dont have my credentials. I sent email with my payment details. lost password says wrong for all my emails ids in the world I have. please help.

    s.r.gunaseharan

    • FirePips 17 August 2010 at 2:46 pm #

      Please check again…I've already send email out.

  13. fxpips 17 August 2010 at 2:30 pm #

    Waiting for the email. Is it right we are starting at 1am which is 1& 1/2 hours from now?

  14. piptrader 17 August 2010 at 6:03 pm #

    Hi Fire pips
    After loging in I am unable to find the trade room tab. I can see membership details tab and logout tab. Can you pls tell me where exactly is the traderoom tab.

    Thank you
    piptrader

  15. Brian 17 August 2010 at 6:27 pm #

    How do I get to the trading room?

    • FirePips 17 August 2010 at 8:58 pm #

      Please use your login details to enter the blog.

  16. ffxbettor 17 August 2010 at 7:51 pm #

    Hi !

    I have the same issue. Tried the above link with 2 different navigators (IE and FF) : nada, nothing, no button "Click here to enter room" !

    What's wrong ?

    • FirePips 17 August 2010 at 8:44 pm #

      Please log out and log in again…it should work fine.

  17. dorian 18 August 2010 at 4:43 am #

    it was marvelous day…


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