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Forex System Development Workshop

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Traders #1:Jim Langlands

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Welcome

G’day, Howdy, Guten Tag, Ni Hao, Вітаю, Hallo, Konnichiwa, Chào and welcome to session #5 of the Forex System Development Workshop.

Live and Interactive

Don’t be a Shy Sally or a Bashful Barry, ask questions,

take your time.

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Forex System Development Workshop

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Prop Trading Techniques with Jim Langlands

About Jim Langlands

“Tell us a little bit about your background and trading career. How did you get started? What have you done?

Etc.”

About Jim Langlands

• Started in 1976 in London.• Worked for a number of major banks.• Set up hedge fund in 2008 but found it hard to raise

capital.• Set-up an advisory business and works with some

private clients.

Trading Style

“Describe your general approach to trading and how you structure your trades.”

Trading Style

• Began as a inter-bank day trader• Now-days looks for long-term trends• Takes an overall picture of the market

Trading Style

• Beginning with monthlies, determine range or trend.• Only trade trending markets. • Drill down to daily, weekly, 4 hour to look for ideas

that can be profited from. • Takes practice but eventually you will see a picture

emerging.

Technical Set-up Conditions

“What technical set-up conditions do you look at before you enter a trade?”

Technical Set-up Conditions

• Channels, Head & Shoulders, Flags, Pennants • Combine with Fibonacci, Momentum Indicators and

with Ichimoku indicators• Like to know the main Elliott Wave pattern objectives

Fundamental Set-up Conditions

“What fundamental set-up conditions do you look at before you enter a trade?”

Fundamental Set-up Conditions

• Know the economic calendar for the day• Have a view on the economic conditions of the two

economies that make up the currency pair• A Twitter account is very useful

Timing Your Entry

“What do you use as your entry point?”

Timing Your Entry

• Chart formation • Breakout scenario• Momentum indicators

Stop-loss and Trailing Stops

“Where do you place your stop-loss and how do you trail your stop?”

Stop-loss and Trailing Stops

• Stop approx 1.5% away • Look for it to be behind a relevant level

– 100, 200 period moving average – Fibonacci level – Trend line – Important previous high or low

• The longer the time-frame more likely to use an indicator as a guide.

Exits

“What is your exit strategy?”

Exits

• If stop-loss triggered move on to the next trade • If momentum indicators continue to point in the

direction of the trade let it run

Trade Management

“When would you scale-in or out of a trade?”

Trade Management

• Never scale-in to losing trades unless it is a pre-planned strategy

• Add to winning trades at certain levels

News Events

“How do you manage your positions around news events?”

News Events

• If unsure – be square. • Keep positions to a size where it is not going to

materially hurt the account balance • Risk events can lead to the biggest moves of the

week

Position Sizing

“How do you determine your position size?”

Position Sizing

• Position size should be in relation to the account size• Never gear about 5 times the account size, and

normally 3 times. • Nothing wrong with being square if not sure where

the markets are heading

Risk Management

“What other risk management rules do you use?”

Risk Management

• Keep the risk/reward about 2.5:1 • Sometimes happy to cut a position at flat, if its been

losing money • Use common sense • Use a fixed stop in MT4 and don’t move it

The Three Most Important Things

“What are, in your opinion, the three most important things to successful trading?”

The Three Most Important Things

• Discipline, discipline and discipline.• Set your parameters and stick to them.• It’s a risk-based game and the same basic money

management rules apply no matter your account size.

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Forex System Development Workshop

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Trade Examples

Questions

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Forex System Development Workshop

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Questions, Queries, Feedback