Can You Make a Part Time Living trading Forex?

marketing businessman man person

Someone emailed me with an interesting question. I get a lot of emails asking the exact same question. Hence I thought why not have a detailed answer.

Here is the Question by Mr. so and so.

Hi there,

 

I just recently started watching a few of your YT tutorials and this honestly looks too good to be true. J 

 

I’ve been researching the FX market for about a year now and have come to realize this is not a get rich quick profession.  There seems to be a lot of people out there trying to sell the “Holy Grail” of trading…. LOL…. That said, your “Set-Up One” strategy looks sound and the indicators you provide with your course make it look almost fool proof if you stick to the plan.

 

Can a person honestly make a part-time income swing trading this strategy or is this a scalping type strategy?

 

Thanks for your time,

 

So and So

It’s a good question and deserves a rather lengthy reply. I was not planning to reply like this but today turns out to be my writing day. I have spent the entire saturday writing several different articles. This turns out to be one of them.

My Reply

Firstly please accept my apologies for the much delayed response. I kept hitting the snooze button on it until it reached a point I could not delay it further.
I keep a very tight schedule during the week which leaves no room, these days, for anything outside of trading etc.


Our Support Admin Paul would have usually responded to your email but I’ve cut down on everything. It’s now just myself and I who work tirelessly and happily at your service.

Too Good to be True

You mentioned about “Get Rich Quick Schemes”. I don’t think that I have purposely tried to promote the product as a get rich quick scheme or too good to be true. I do try to tell people that it requires A LOT of hard work. I’m sure you know that nothing in life comes easy and hard work and discipline is ALWAYS required. Key ingredients. The self help section might tell you otherwise. (power of now, power of mind, passion, motivation etc blah blah).

I have traded the Setup 1 Pattern since 2010. The only reason I continue to trade this pattern is that it continues to work. Surprisingly though it was only last year that I found out exactly WHY it works. I knew it worked but I did not know why it worked. It was sufficient for me to know that when I flick the switch the light turns on without knowing electrical, physical and quantum physics behind it.

Change and Growth is everything.

It’s all about change and how we measure change. The market changes every min, hr and day. The changes of price are plotted on the Y axis and the time on the X axis. one of these is a constant. Time keeps ticking, price may or may not change. It’s rate of change may vary. It may change from very slow to very fast and back again. But time keeps ticking. Hence our charts keep getting plotted and they grow and shrink in size. (think measures of volatility). It may seem random and frankly, a large portion of the time price is randomly moving up and down but what it cannot do is break the structure. What structure?

The mechanisms of Growth and change are universal.

I have plotted my children’s growth using traditional paper charts in what we call “the red book” that the NHS gives us here in the UK. I have noticed that children go through 2-3 growth spurts during a year. There are months where they are hungry bears and grow and grow and can’t stop eating. Then there are months when they kind of go into hibernation. (Think Trend and Consolidation).

Think about it, for any period of growth there must be consistent positive change recorded on the Y axis in line with x axis on the chart. When there is growth (stock price going up or currency appreciating) the price quoted will gradually go up. And we all know that it does not go in a straight line. It never goes from 1 to 2 to 3 and 4 all the way to 10 or 20 step by step. NO. Instead it goes from 1 to 3 then back to 2, then 5 then back to 3 then 7 then back to 6 then 10 and back to 8. And therein lies a fundamental element of the STRUCTURE of price changes and market cycles.

Prices NEVER go up in Straight line.

When the Price is Trending Up: It will break new HIGHS but it will take a pause or pullback at some point and create a new higher low. (ALWAYS).
When price can’t break into new highs it turns into what is called the Trading Range.


When the price is in a Trading Range, going sideways: It will not be able to break HIGHS and create new higher lows. It will stay sideways and continue to “randomly” move up and down. No, it’s not all random but to most traders when the market is not trending up or down, it is random. The reality might be far from it but it works for traders to think of it in this way. Chaos then Order and Chaos again, the process continues.

The Setup 1 Takes advantage of this Inherent Element of the Structure of the Market. THE PULLBACKS. Within any trend, there will ALWAYS be a pullback or pause of a certain degree. FACT.

The Setup 1 gives us 60% Edge. This strategy has a 70% win rate. That in the trading world is like "owning" the casino.

But if that were to be true, wouldn’t everyone, at least AIMS students, be massively rich (Because of being consistently profitable traders). A Valid question. This question baffles all traders but there is an answer. If I have a trading strategy that gives me a huge trading advantage then I should easily be able to double quadruple my trading account? Right? And be Rich (quick).

Sadly, NO.

Trading Success requires 2 things

  1. A Good trading method / strategy that has a positive expectancy. ✅ We have that, The Setup 1 method, the Hunt method, and many more.
  2. A Good to High Performing Trader who understands the strategy and executes it with at least 80% Discipline.

It is point 2 where traders fail. “I have found the enemy, it is US”.

What I have done is shared my trading methods and the methods that would turn any trader into a highly disciplined and peak performing trader.
When you join us we will teach you the Setup 1 strategy and give you our indicators but we will also ask you to start on a 3 Stage training process. In this process you will start at Stage 1 and learn to become a disciplined trader. You probably guessed it right it requires work. A lot of work. But not too hard. Just a few changes in your thought process and habits.

This email has gone way longer than I intended. Which means, I won’t be able to answer the other 9. haha. I hope it makes sense.

You said, “Set-Up One” strategy looks sound and the indicators you provide with your course make it look almost foolproof if you stick to the plan.” Resounding YES!!!


You asked, “Can a person honestly make a part-time income swing trading this strategy or is this a scalping type strategy?”

The strategy is applicable to all time frames and markets. I trade the Setup 1 (but advance form of it now, which you will learn about inside the members area) on Stocks daily and weekly time frames.

I use the same method to Forex charts Daily time frames. For Intraday Scalping and Day Trading, I use specific tailored trading methods called the LOBOT and NEOBOT methods. Yes, you can make a part time living from forex trading using our trading strategies.

I hope you are having a good weekend.

cheers

Immy

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on reddit
Reddit
Share on telegram
Telegram
Share on whatsapp
WhatsApp
Share on email
Email

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Scroll to Top