User Manual - John Piper

User Manual
Strictly Private & Confidential
©Andrew Mulcahy, Mark Austin, John Piper 2013
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RISK DISCLAIMERS
No responsibility for loss occasioned to any person or corporate body acting or refraining to
act as a result of reading material in this report can be accepted by the Publisher, the
Author or any employees or agents of either – please read this page carefully. It is up to the
reader to ensure that any trade he or she places, if any, give effect to his or her wishes. If
you have any doubt about this matter you should seek appropriate professional advice.
NEVER RISK MORE THAN YOU CAN AFFORD TO LOSE
For legal reasons we are obliged to state the following:
Disclaimer: To the fullest extent permitted by law, the authors and publisher are providing
this written material, its subsidiary elements, including correspondence by email, and its
contents on an ‘as is’ basis and make no (and expressly disclaim all) representations or
warranties of any kind with respect to this material or its contents including, without
limitation, advice and recommendations, warranties or merchantability and fitness for a
particular purpose. The information is given for educational and entertainment (we want
you to enjoy our service) purposes only. In addition, the authors and publisher do not
represent or warrant that the information accessible via this material is accurate, complete
or current (although we have made every effort to ensure that it is so). To the fullest extent
permitted by law, neither the authors or publisher or any of his affiliates, partners,
directors, employees or other representatives will be liable for damages arising out of or in
connection with the use of this material. This is a comprehensive limitation of liability that
applies to all damages of any kind, including (without limitation) compensatory, direct,
indirect or consequential damages, loss of data, income or profit, loss of or damage to
property and claims of third parties. The comments and suggestions given by Magnetic FX
Service are of necessity, general. They cannot relate to the individual circumstances of
investors. Anyone considering following such comments and suggestions may wish to seek
independent advice from a Financial Conduct Authority authorised Stockbroker or Financial
Adviser. We cannot be held liable if individuals suffer losses through following such
comments and suggestions, nor do we expect to share in your gains. The value of
investments can go down as well as up. The past is not necessarily a guide to future
performance. Investing in equities can lose you part or all of your capital although the
potential returns are theoretically unlimited. The difference between the buy price and the
sell price for smaller company shares can be significant. Profits from dealing in shares may
be liable to tax – the level of tax and bases of relief from Tax are subject to change. Changes
in the rates of exchange may have an adverse effect on the value or price of an investment
in sterling terms if it is denominated in a foreign currency. Financial Spreadbetting and/or
binary betting is by definition a higher risk investment, losses from which are potentially
unlimited. Please be aware we only make recommendations with regard to binary bets, a
form of fixed-odds betting. You are free to trade/invest in any other manner but we are
giving no advice in such regard. All betting/trading/investing you do is at your own risk.
Please note, fixed-odds betting is not regulated by the Financial Conduct Authority.
Gambling is high risk and Magnetic FX Service and their writers and editors cannot be held
accountable for any monetary losses incurred. Please note that any bets you place are at
your own risk. Before betting or if in doubt as to the suitability of these recommendations
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seek independent advice. Levels and reliefs of taxation are subject to change. Transactions
in financial contracts carry a high degree of risk. Never bet with money you cannot afford to
lose. Please gamble responsibly. For more information and advice visit
http://www.gambleaware.co.uk/.
All rights reserved. No reproduction, copying or transmission of this publication may be
made without written permission. No paragraph of this publication may be reproduced,
copied or transmitted without written permission.
IF YOU HAVE ANY QUESTION ON THIS MANUAL THEN PLEASE CONTACT:
admin@magneticfx.com
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WELCOME AND CONGRATULATIONS...
You have now taken the first step to mastering the FOREX markets.
My name is Andrew Mulcahy and I am a full time trader, specialising in FOREX markets. I
originally started trading the European Indices targeting gaps and specific closing levels,
studying under John Piper and Mark Austin using POM systems. However, I now trade the
FOREX markets and all the major pairs using an Algorithmic based approach structured
around measured moves. Through this I have created a simple, easy to follow trade alert
service that I wish to share with you and help you profit in today’s dynamic FOREX markets.
When I am not trading I am a keen outdoor enthusiast and you can see below where I hang
out for fun!
Forex trading made easy!
I want you to enjoy the simplicity of trading with Magnetic FX and I’m sure you will excited
by this simple and stress free approach to making money in today’s dynamic Forex markets.
The majority of my signals come to you well in advance of price reaching our entries and you
will have plenty of time to place your orders and continue with your day!
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“My aim is save you from spending hours in front of your PC, now you will be able to ‘set,
forget and enjoy your day!”
Please take the time to read this manual through carefully. It has been carefully crafted to
make your transition into Magnetic FX trading as easy as possible but like anything new it
may take some time to get used to. We have done all we can to make it user friendly.
If you have any questions, then do not hesitate to contact us at admin@magneticfx.com
Once again, thank you for your subscription and for joining the Magnetic FX team! It’s a
pleasure to have you on board! I promise to do everything I can to look after you and make
your trading with me as easy and profitable as possible.
Many thanks,
Andrew Mulcahy
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SERVICE STRUCTURE
Magnetic FX alerts have been tailored to be as easy to use as possible for you. All you need
is a simple Email account and a mobile phone!
Alert frequency is based purely on market conditions and price action; therefore users can
expect on average between 1-5 trades each week. However, this is not a daily service; if the
setup is not there then we will not trade. Do not expect a trade every day.
Trade Alerts are sent out as a standard SMS accompanied by an Email. You will then later
receive an EMAIL ONLY trade update with the outcome of the trade.
All of the levels/prices in the alerts are based on IG’s Pro Real Time charts set to mid price;
they are also the exact levels I use on my personal orders and I have already taken IG spread
into account for the ENTRY, STOP and TARGET. Please also note that ALL of the FX pairs we
trade are SPOTS.
The majority of the trade alerts will come through between 07.00 and 16.30 UK time.
However the Forex markets do trade 24hr’s a day throughout the trading week so alerts
may also come through both pre and post the standard European trading hours. In addition
to this all orders are GTC (good till cancelled) and should be left in place until the service
advises otherwise.
TRADE ALERTS EXPLAINED
The Trade Alerts will come in two formats:
T1 Trader
This 1:1 risk/reward (meaning we risk the same as we aim to gain) alert uses one market
contract with three basic levels to work with: ENTRY, STOP and TARGET. Occasionally the
risk may be a couple of pips larger than the reward but this is merely to ensure we do not
get ‘tapped’ out.
T2 Trader
This setup uses the same basic levels as the T1 Trader (ENTRY, STOP and TARGET) however, I
also include a SECOND TARGET (T2).
For this alert we open TWO separate contracts, both with the same ENTRY and STOP.
The first contract is weighted at 75% of the total risk you are willing to allocate to this trade.
The second is weighted at 25%. This means that when our first contract reaches its target
75% of total risk will automatically close out leaving only 25% of the original risk exposed.
At this point we move stop to entry on the second contract so that we do not give any pips
back. This is standard procedure unless otherwise stated. The great thing with having
already banked 75% on the first contract is that if the second contract fails to reach its
target and the stop is triggered you have not lost any money and still made some!
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T1 TRADER EXAMPLE
July 1st, 2013
INTITIAL ALERT – 11.10
July 2nd 2013
ALERT UPDATE – 07.00
ORDER TO SELL AUDUSD
ENTRY 9224
STOP 9260
TARGET 9188
ORDER TO SELL AUDUSD
ENTRY 9224
STOP 9260
TARGET 9188 – FILLED +36
For example purposes I have coloured the ENTRY, STOP and TARGET levels as horizontal
lines on the chart.
Order filled at 15.22
11.10 Alert posted. AUDUSD
trading at 9191.8
Target hit 07.00 July 2nd
For this trade you would have placed orders to SELL the AUDUSD with 36 points at risk. If
you were trading at £10 per point then you would have risked £360 to make £360. If you
were trading at £1 per point you would have risked £36 to make £36. Either way, the great
thing about T1 trader is that you can just ‘set and forget’ and let the market do its thing.
Which in this case was to pay you 36 points of profit.
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T2 TRADER EXAMPLE
July 10th, 2013
INTITIAL ALERT – 07.32
July 10th 2013
ALERT UPDATE – 19.17
ORDER TO BUY USDJPY
ENTRY
9995
STOP
9945
TARGET 1 10035
TARGET 2 10220
ORDER TO BUY USDJPY
ENTRY
9995 - FILLED
STOP
9945 - TRIGGERED
TARGET 1 10035 – FILLED +40 ¾ size
TARGET 2 10220 - NO FILL
For example purposes I have coloured the ENTRY, STOP and TARGET levels as horizontal
lines on the chart.
07.32 Alert posted. USDJPY
trading at 10,055.8
13.54 First target filled,
stop now at entry
19.17 Stop triggered
THE NATURE OF TRADING
The ultimate objective is to get you to a position where you know what you are doing!
It may seem an odd goal but when you cancel the service because you do not need us any
more – that is when we know we have succeeded!
It is important to realize that as a trader, you must make your own decisions.
I mention this firstly because it is true; and here is an example.
How often have you entered a trade based on a recommendation only to take independent
action later on?
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The truth is the form of any trade you do is down to you.
I mention it secondly because it is very much bound up with the risk warnings and
disclaimers at the beginning of this manual.
The regulation provided by the FCA in the UK is geared towards companies which may
handle your money, which we do not do, and which give “personal” financial and investment
advice.
There is a big difference between giving “personal” advice whereby you meet clients face-toface, get to understand their financial position and objectives and then give direct advice on
how to achieve them… and what we do.
We never know our clients’ personal situation and only ever offer “generic” advice.
We do meet with clients on occasion, and are very pleased to do so, but we are at pains not
to give anything that can be construed as investment advice when we do (because it is
illegal) – although we are very happy to give general advice on trading tactics and strategy –
none of which falls to be regulated.
Simply put, the regulatory environment in the UK is no longer friendly to services like this
one.
We have the expertise, we have the experience, but we do not have the time to deal with
endless regulation with has nothing to do with what we are trying to achieve.
For this reason we only make precise recommendations on binary bets and these are
explained in Appendix 2. For more information John has written three books on Binary
Betting which are available on Amazon.
Binary bets are fixed odds bets and do not fall to be regulated by the Financial Conduct
Authority.
However this does not mean that your trading needs to be restricted to binary bets as we
give you all the information you need to trade – the trading vehicle is up to you.
We also run regular courses and seminars teaching you how to trade using various vehicles.
Because of these regulations, our reports will not mention any trading vehicle, other than
fixed-odds bets. But (and this is a key point) clients are free to use whatever vehicles they
wish --‐ and this fits in exactly with our primary philosophy that a trader must make his or her
own decisions.
One such primary decision is which vehicle to trade.
If you wish to spread-bet using our service you are free to do so, but we are not giving you
advice to do so – that is your decision.
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In fact the only time we intend to give you precise advice is with regard to binary bets.
The service will provide details of my own trading and I will be telling you when I see good
buying and selling opportunities.
Over time you will become familiar with the winning concepts behind each position which
will help them in their every day trading.
This manual is designed to help you get started and I have already taken you through the
components of the two types of trade.
In Appendix 1 I explain how binary bets work and In Appendix 2 I will talk you through the
betting company platforms I recommend.
Finally I will add Frequently Asked Questions (FAQs) as these arise.
Personal support will be on offer for questions regarding alert formats, trade executions and
general queries regarding FOREX trading. However my approach and analysis is not
something I will be discussing through support. In time, specific educational sessions: either
web based or part of live seminars will be on offer. Until then support is limited to enquiries
as specified above. Email us on admin@magneticfx.com
I look forward to working with you.
Kind regards
Andrew Mulcahy
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APPENDIX 2 – A Guide to Binary Bets
WHAT IS A BINARY BET?
A binary bet is a form of fixed-odds betting, but expressed in a different
format.
The key features of this format are that –
If the bet is a winner it is priced at 100, and
If it is a loser it is priced at zero.
The word binary means “involving two” and it is because the final price is
either 100 or zero (ie two distinct prices) that this form of betting is known as
binary betting.
Let’s look at an example
A fractional bet of 3 to 1 is the same as a binary bet priced at 20/25. Here is
how both bets work…
If we bet £100 at 3 to 1 then our maximum risk is £100 and that is all we can
lose. If we win we receive £300 (3 x £100) and we get back our stake. Our
profit is £300.
To bet the same on the binary, we would buy at 25 (the quoted price is 20/25,
and when buying one always pay the higher price).
We have a choice of how much we can bet per point. In this case, we will bet
£4 per point.
Consider the two possible outcomes:
If we lose, the binary price goes to zero, and we lose £100 (25 x £4).
If we win, the binary price goes to 100, and we receive £300 (75 x £4). The 75
being the closing price at 100 less our purchase price at 25.
So the profit and loss is the same for the fractional bet (“3 to 1”) and the binary
bet (20/25): the upside is to win £300, and the downside is to lose £100.
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The pricing of binary bets
A binary bet is a bet on the outcome of a certain event. I have already touched
on aspects of price but now I want to define this more precisely:
If the event takes place the bet becomes worth 100.
If the event does not take place the bet becomes worth zero.
There is a pre-defined expiry time/date which is often the end of the relevant
event.
Up to expiry the price will vary between zero and 100 depending on the likely
probability of the event taking place.
The bet description describes the event itself and the bet descriptions needs to
come true for the bet to be a winner
Below is a diagram of how a binary price, in this case a bet that “the UK FTSE
index will end up on the day,” might move over a day’s trading. I am not
showing the actual price movements on FTSE, just on this particular binary bet.
In the illustration above the “event” which is “FTSE to end up on the day” does
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take place as FTSE does end up at the end of the day. As this event does take
place the bet closes at 100.
Here are the key features of this chart:
 Initially it seemed less likely that FTSE would end up and this is reflected
in a binary price below 50 at the beginning of the day.
 As a general rule a bet like this will tend towards the midpoint, at 50,
when there is either no change on the day meaning that FTSE is neither
up nor down, or very little changed on the day.
 I refer to the point where the underlying market is unchanged on the
day as parity. If a binary is priced below parity (ie 50) it means that the
expectation is that the event will not occur.
 Having said that a binary priced at 10 is a more definite statement that
the event will not occur compared to a binary priced at 40.
 As the underlying market, the Dow in this example, moves up and away
from parity the binary price will increase. You can see this happen twice
on the chart.
 On the second of these occasions the price goes all the way to 100 as it
becomes increasingly likely that FTSE will close up and finally does just
that.
 You will also see that the price of the bet was above 50 at one point only
to fall back below 50 before the final rally came in. At this point FTSE
would have been up but fell back below parity and into negative
territory.
 When FTSE was up the pricing reflected this fact in a price above 50 but
it had to fall back below 50 as FTSE moved into negative territory.
The advantages of binary bets
A binary bet is a way of placing a bet which gives you three key advantages:
1. Your risk is always limited,
2. Your reward can be very high, and
3. You can profit at any point after you place the bet.
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Limited risk and high reward
Limited risk is a usual feature of all fixed-odds betting. You wager, or stake, a
fixed sum and that is all you can lose.
In the financial world it is different. There are many different trading vehicles
and these offer a wide range of choice. This choice is primarily concerned with
risk and reward.
There are instruments which offer risk and reward in equal measure (this is the
characteristic of spread betting and what are known as futures contracts).
There are instruments which either offer unlimited risk but limited reward, or
limited risk and unlimited reward.
Later we will look at how binary bets offer the “perfect” combination of these
two key aspects.
Closing early - you can profit at any point
You can close a bet when you want and this point needs to be fully understood
as it adds another dimension to how you can bet.
With most “betting” you would place your bet and then your only option is to
sit and wait for the event to occur. This means:
Waiting until the race or the match is over to see whether you had won or lost
Waiting for the market to close if you have made a financial bet.
With binary bets you have this choice:
You sit and wait for the event to occur and the bet will then close at either 100
or zero.
You take your profit whenever you want. This is also known as closing and I
should add that you will not always be closing at a profit.
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But why should you want to do this?
Here are several reasons:
 You have a good profit in hand and you want to take it
 You have a good profit but the price is now moving against you and you
want to take the profit while you still can
 You are down and you don’t want to lose your full stake.
 You placed the bet for certain reasons and something has now changed
so you want out
 You just feel like it
 You have a hunch
By taking your profit now you end up with an overall profit on the day and you
find this gives you a boost for betting tomorrow
You were attracted by the low risk/high profit opportunity when you bought
the bet (below 20) but now it is well up (above 70) you don’t want to risk all
that for a limited reward
I must make one critical point which is very relevant to this
section…
Although being able to close your bet early is clearly a huge advantage, it does
have one significant drawback. The drawback is simply that you have to decide
whether to do this, whether to get out early. This can be a very difficult
decision.
In trading binary bets my biggest problem is how much profit to take.
I have no real problem cutting my losses, or taking my losses on the nose, and
it does help enormously that my losses are always small. But there is a
significant difference between taking 20 points of profit out of the market or
60 points and that comes down to how you manage the trade once you have
placed your bet.
I think the best advice I can give you is that once the bet is going your way –
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stick with it! It may feel like a bucking bronco but if a bet goes all the way, and
they often do, your profits may increase exponentially. So ride ‘em cowboy!
It is now important that I address a point of semantics, the language I am using
to talk about binary bets…
Are we traders or are we placing bets?
I have already said that binary bets are a bridge between the betting world and
the financial world which is why it is necessary to sometimes talk about betting
and sometimes talk about trading.
If there is a difference between these two terms perhaps it is because usually a
bet cannot be closed before the event is over, whereas a trade can be.
But when it comes to binary bets, they are called bets but you can close them
before the event is over.
When you place your bet (and this is also known as opening your position) you
can call it either trading or betting and if you run the “bet” to expiry then it
again makes little difference.
But if you close before expiry then I would say you are trading. In fact there is a
case for saying these bets should be known as binary “trades.”
Finally I want to make you aware of a unique aspect of the binary bets
available at this time:
Wide range of bets available on sporting and financial markets,
many of which are unique
I have traded financial markets for over 25 years using vehicles known as
futures and options.
There are a large range of different bets available on a wide range of different
markets. Many are unique and offer features I have never seen before in all
the years I have traded markets.
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For me it is like being a kid again and being given the free run of a sweet shop.
The advantages that some of these vehicles confer to the trader of financial
markets and those betting on sporting and other events (such as “Strictly…”) is
the primary focus of this piece.
As a trader of financial markets my expertise lies in that area. But there is also
plenty here for those who want to use binary bets on sports.
Exactly the same strategies will be as effective with sporting events as with
financial bets.
I hope you now have a fair idea of how these instruments work. So to reiterate
here are a few examples:
A very small move by FTSE, say, of 10 points can translate into an 80 point
profit on a binary bet
With a binary bet you can trade, the market can do exactly what you don’t
expect and you can still make money – my favourite!
You can risk 4 points to make 96 – although that comes close!
You can forget all about stops which means you can now catch falling knives
with impunity.
1. The very small move is simply one that takes FTSE from positive territory to
negative or vice versa. If the binary has less than an hour to go you will
normally be able to buy and up or down bet that is 8 points “out-of-the
money” for around 10. 10 points in the right direction and it will be worth 100!
That is 80+ points.
2. Get it totally wrong and still make money. Check out the tunnels or,
BetonMarkets where they are called barrier bets. Let us say that you think the
Dow will rally 200 points and so you could trade a one touch but you go for the
barrier (or tunnel) and then it can go either way and you still make money – as
long as the DOW moves 200 points in one direction. So perhaps you were
thinking of going for a fall but instead the Dow went up – you can still profit!
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3. Risk 4 to make 96. The S&P put in a good performance in the first hour or so
on Wednesday 4th January 2007, its first trading session of the New Year, and
the Dow was up around 120 points. But that rally traced out five waves and
using a technique known as the “Elliott Wave Theory” that is a SELL signal.
When that sell signal was given I was able to buy the down bet (Wall Street to
end down on the day) for 3.9.
Now binaries can only move between zero and 100. Buying at 3.9 means that
my total risk was 3.9 and my potential reward was 96.1 – ie over 24x my risk.
There is no trading vehicle which comes anywhere close to that, certainly not
futures, options, or spread betting. One of the great advantages is that you
need never worry about stops again. In the event US markets plunged down
and the bet went above 90. To put this in monetary terms if you had risked £10
per point your total risk would have been £39 – potential reward £900!
4. Stops? If you are only risking a few points, possibly only 3.9 who need stops
and if you don’t needs stops the whole trading experience is revolutionized.
How many people here have been stopped out of otherwise good trades? – IT
NEEDN’T HAPPEN ANYMORE!
Here are a few illustrations that may help. We would not buy a bet for as much
as 70 as we consider that to be risking too much – why pay 70 when you get
plenty of opportunities at much lower prices? But the illustrations do make a
useful point:
This one illustrates risk reward if you buy at 70
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This one illustrates risk reward if you sell at 30
Read through this guide, read through it again. Better still, print it off and keep
it to hand. And don't fret - every great trader started exactly the same way you
are, by slowly getting to grips with the idea, and patiently building their
confidence and their bank balance.
I do hope you enjoy the new service. I’m certainly enjoying sharing my secrets
with you – and I know I’ll enjoy helping you make thrilling, fast gains in the
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months to come!
Andrew Mulcahy
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APPENDIX 3 – RECOMMENDED TRADING PLATFORM
Guide to IG Index
This guide is intended to show you how to use spread betting platforms such as IG
Index and Gekko. If you have never used a spread-betting company before then this
guide will help you.
If you are familiar with spread-betting companies you probably don’t need to read
this.
Opening Your Account with IG Index
So first let’s have a quick look at IG Index’s web site:
Use this link to go to the site…
www.igindex.co.uk/?QPID=40433616&QPPID=1
Click on “Create Account” – this is the last item from the right about half an inch from
the top of the screen depending on the size of your monitor. But please note that IG
change their front page quite frequently and so the position will move from time to
time – but there are generally at least two such links so you should have no problem
finding it.
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The next screen you should see is this one:
As you can see, they’ve made it easy for you! Just click on ‘Step 1’ and you’ll see this:
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Here’s the next screen you should see:
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So go right ahead and fill out all the fields. Then click NEXT.
Next they will ask you about your trading experience, investment knowledge and
financial details.
After you have completed the forms, IG will then confirm your account number and
password by email – these are your login details. They may also give you a call to make
sure you are happy to go ahead.
If you have any problems with this process IG provide a help desk on 0800 195 3100
or email helpdesk@igindex.co.uk
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Once You Have Signed up
When you receive your account number and login details you will be in a position to
log in to the main dealing platform. Enter your username and password in the boxes
shown then click Log In.
The next thing you will see is the dealing platform which looks like this:
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It looks bewildering but don’t worry. You’ll soon know your way around it.
If you look at DOW (the third item above) you will see two symbols to the right of it.
One is a graph symbol. Clocking on that brings up the chart of the DOW. The other
symbol of interest is the little downward pointing arrow to the right of the graph
symbol. Clicking on this brings up the dealing ticket to allow you to pace orders – see
below.
Placing a Trade
This is where you’ll be placing your bets. It’s all done
with a few clicks of a mouse so be careful!
Let’s go through the dealing window (shown on the
right) in detail.
1. CURRENT LEVEL: This shows the current level of
the Index depending on whether you want to BUY
(also called placing an UP bet or ‘going long’) or SELL
(also called placing a DOWN bet or ‘going short’).
Notice the 1 point difference which is IG Index’s profit.
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2. DIRECTION: This is where you decide if you are going to go long (also known as an UP
bet) or short (also known as a DOWN bet).
3. ORDER LEVEL: This is where you set your ENTRY point.
4. SIZE: This is the amount you want to bet per point.
5. CURRENCY: This defaults to GBP so no need to worry about this.
6. TIME IN FORCE: You can select ‘good until cancelled’ – which means the instruction
will be in place until you manually cancel it. Or you can enter a date and time at which
the instruction will expire.
7. STOP: This is where you will place your risk management stop away from your
opening level. If you are BUYING the market, place the stop below the level shown in the
BUY box at the time you trade. If you are SELLING the market, place the stop above the
level shown in the BUY box at the time you trade. Remember, this is the level where you
will get taken out of the market if the trade moves against you by a certain number of
points. You don’t have to watch the market as this stop will be triggered automatically.
8. LIMIT: This is the level at which you will be taken out of the market with a profit if the
market moves in the direction you want.
Having entered you size, stop and limit, wait for the trigger point the trade will be
entered automatically if your ‘trigger’ point is reached.
There is a simpler dealing ticket which allows you just to immediately buy or sell the
market. To get that, just click on DOW at the top of the screen on page 15.
Don’t ever make a trade without meticulously logging the full details. It’s easy to fool
yourself by forgetting your losers and only counting your winners.
That’s it! Job done!
It is important to realise that you can only trade (bet) at the prices I tell you in my
daily alerts. If you don’t like the price then you should not trade – a good trade is only a
good trade at the right price.
£2 per point is often the minimum bet size but this varies from bet to bet and you can
trade for less than this when you start up with the IG TradeSense section.
Once you have an open bet you can monitor the open profit or loss in the lower
window on page 15 where it says ‘open positions’.
Taking Your Profit
There are two ways to close the bet.
Either hit the green button shown on the left of the open trades in the lower window.
If you hit this the “DEALING BOX” will again open.
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Once this is open you do not need to enter the amount as that will already be shown.
But you will need to hit BUY or SELL to close the bet. If you had originally BOUGHT a
bet then you need to hit SELL to close. But if you had originally SOLD a bet you will
need to hit BUY to close.
Alternatively you can hit the green button to the left of the bet you wish to close and
simply do the reverse trade. By entering a lower number of £s per point you can close
only part of the trade in this way.
This might sound a bit complex at the moment – but that’s because it’s new to you. I
promise you, this will soon seem REALLY easy. The more you bet, the sooner you’ll find
that out for yourself.
To find FOREX use the “finder” and follow the menu structure as follows:
+FOREX > +SPOTS > +MAJOR FX
With Binary Bets we will give you the menu structure for each bet
Order filled at 09.23
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