A few months ago I interviewed aspiring Forex trader, Eli Camacho. Eli was a window cleaner Philly who was blowing $10 accounts like a $10 hooker (just making sure you read this stuff… lol). He’s currently being mentored by full time trader Andre Stewart of ChartArtistTrading.com.
In this update episode we find out if Eli has moved past his $10 account and if he’s on the road to cracking the code of becoming a successful Fx trader.
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Eli’s “How To Pick Direction” Video
Eli walks us through some of his thinking when it comes to picking direction using higher time frames.
- [06:35] Even if I’m losing accounts I just keep pushing until I get it eventually.
- [11:37] Even me just by myself I would look on my trades and I try to re-analyze to see what exactly I’m doing wrong.
- [12:52] I was taking trades that where short-term trades and I would treat them as long-term trades.
- [14:22] If I’m trading the lower timeframes, why would I need to go to the monthly? They aren’t making sense.
- [17:36] If I stretched out my stop loss it’s probably because I entered wrong in the first place, or I entered early, or I entered too late, or whatever.
- [17:57] If it doesn’t work, I know I’m wrong, so I just enter somewhere else after I do analysis when I’m stopped out.
- [27:02] The sessions are just basically the times of day where the market is moving the most but it’s not really where the entries start.
- [27:52] I’ve rarely ever seen GJ going into a consolidation, it’s always moving.
- [31:13] I now understand exactly why those trades went wrong because I was just confusing direction completely.
- [38:23] Let the strategy work and the strategy’s gonna work, don’t just keep adding and overcomplicating.
- [40:21] I might be sounding a little overconfident, but I think I’m good now. I think I’m gonna actually start growing my account now.
- He’s still being mentored by Andre Stewart
- He’s doing a little better now than before
- He’s doing a pre-analysis to see the market direction
- He puts his entries using the hourly and daily charts
- He is now able to get the direction right
- He’s able to make a 33% increase on his account
- He trades mainly GBPJPY
- He also trades EURUSD, NZDJPY, and USDJPY
- He doesn’t pay attention to the sessions
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