After seeing a Small Order Execution System (SOES) making millions in a Forbes magazine article, Michael Storm dove head first into the Stock market – without a lot of knowledge about it.
He spent the next 6 years learning how it worked. And just as he thought he already figured it all out, it all went south.
He decided to move into Forex where he spent another 4 years mastering it. Year after year, he became better and better… And that’s where we pick things up and find out how Michael concurred currencies.
Podcast Interview
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Interview Links
Recommended Books
Reminiscences of a Stock Operator by Edwin Lefèvre
Broker and Platform
PepperStone
MetaTrader 4
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Michael’s Strategy of the Week
Key Lessons
- [16:31] Stocks is so incredibly dangerous and so very manipulated.
- [19:35] I wanna be as low as I can possibly get my trades down to, that’s where I wanna be.
- [27:26] If you got 6 monitors and you can put up 6 currency charts on each one, you’re looking at 36 pairs. You now see pretty much the whole market!
- [27:46] There might be 90+ pairs, I’m only interested in the 30 – 40 that are really, highly traded.
- [28:38] I wanna buy at price points that make sense so I’m looking for something to tank, to drop and rip and burn.
- [31:14] The daily charts rule the market, this is true. A lot of traders will really focus on their daily but just as much as they do that, you know most smart traders are heavily focused on 1-hour and 4-hour charts.
- [39:59] Being wrong is not such a bad thing if it’s temporary.
- [52:22] Relax, trade so small that you don’t have any fear.
- [52:29] The market is a giant oscillator and sometimes you’ll be wrong but you’re only temporarily wrong and time heals all wounds. It will eventually come back.
- [52:39] If you’re trading too big, you’re gonna hurt yourself mentally, you won’t be able to handle it. If you’re trading small enough, you can relax and handle it.
- [53:11] If I see somebody else’s stops are hit on the short side, I get happy.
- [64:42] Trade small, trade way smaller than you ever think you need to.
Michael’s Trading
- He trades Stocks and Forex
- He uses 8 monitors and 40 charts to get a feel for the pulse of the market
- He focuses heavily on the US Dollar Index (DXY)
- He uses 1 exclusive monitor for the Dollar pairs
- He also likes to trade German DAX Futures
- He had spent $5,000 for a trading computer
- He likes to buy things that are horribly down
- He uses some signals before buying or selling
- He trades on different timeframes
- He does scalping and intraday trading
- He has an average of 20 open trades at a time
- He has an average of 70% winning rate
- He targets an average of 1.6% gain a day
