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

Trading Nut by Cam Hawkins 25: Why Trading From Your Laptop Is A Bad Idea & More Forex Tips w/ Michael Storm
00:00:00 00:00:00

Interview Links

MichaelStorm.org

Recommended Books

Reminiscences of a Stock Operator by Edwin Lefèvre

Broker and Platform

PepperStone
MetaTrader 4



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

Michael’s Strategy of the Week

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