Naked Trading: Exposing the Secrets of Successful Traders

Date: October 11, 2005 14:00GMT 10EST

Expert: Rob Booker, Currency Analyst

Topics:
- Get Naked
- Get Some Naked Backup
- Make a Naked Plan

Who is Rob Booker?
Rob Booker trades profitably for his own account and manages money for others. Rob has trained hundreds of fx traders around the world. He has helped them develop their own trading systems, but more importantly, Rob focuses on helping traders deal with the mental, psychological, and discipline issues related to training. For Rob, successful trading is more mental than anything else.

Speech Material:

It was not long after my big loss that I realized that in order to trade successfully, I needed to have an edge. Without some kind of informational advantage, I was not going to be successful. And you know what?

Without an edge, you’re not going to be successful either.

Perhaps you are a profitable trader. It’s possible that you already have some ferocious trading skills. One time there was this dog in my neighborhood, and he was really, really ferocious, like he could bite your leg off in one bite, and then as he was chewing on your leg while you were screaming, he would be grinning and stuff. Maybe that’s how ferocious you are as a trader.

Maybe that’s you. Maybe you’re not so confident in your trading right now, or you have a bunch of winners and then you lose big. I know how that feels. I want to help you become a better trader. The best trader you can be.

Getting naked is the first step.

Step 1: Get Naked
Ok, I don’t mean that you should actually take off all your clothes. But if you are not yet successful in trading, you must strip down all of your pretenses, your pride, and your previous knowledge. Dump it all. Start over. Take a deep breath.

Let me give you an example. I once worked with a trader who had studied technical analysis for 5 months previous to hiring me as a mentor. He was fascinated by many different indicators, including the MACD, moving averages, Bollinger bands, Relative Strength Index, and a few others. He was using all of these indicators on his charts when he first started with me. He asked if we could work together to put those indicators into a system for him. A profitable system that he could use every day.

I encouraged him to delete all but 2 indicators from his charts. This would help him to focus. No longer would he be confused by the conflicting messages that all of the indicators were giving him.

Instead of being excited about the prospect of reducing the information overload, he protested. What about all those months of study that he had done? All of that would be lost if he deleted the other indicators!

Two months later, he relented. After crippling losses to his account, he was ready to get naked. He humbled himself. He agreed that he was taking in too much information. He was willing to admit that he needed to reduce the amount of information he was studying every day – even if this meant that he had wasted 7 months of his trading life.

He deleted the other indicators, focused exclusively on MACD and moving averages, and has been trading profitably ever since.

Step 2: Get Some Naked Backup
I trade with a team. Granted, my team consists of me and just one other person – Maxwell Fox – but that helps me trade better than I could on my own.

Team trading is a concept that I introduced in my training, because traders seemed to do better when they could bounce ideas off one another. They don’t necessarily all take the same trades, but they at least can voice their trade ideas, get feedback, plan trades together, and keep each other honest.

I found that when I first started, it helped me to have another person to whom I would be accountable for all of my trading. That’s what I mean when I say you need to get some backup. Someone to get inside the barrel with you, to help you when you make a bad trade, to keep you humble when you make a good trade. That kind of stuff.

Step two, in essence, is to trade naked with other people.

Step 3: Make a Naked Plan
Over the years, I have read at least 1,000 trading plans from traders around the world. There is one common characteristic of the best plans:

They were short. They were simple. The very best were just 1 page long.

Don’t run out and delete the last 5 pages of your trading plan just because I said the best plans were only 1 page long.

Wait. Wait a minute. I take that back. I think you SHOULD run out and delete the last 5 pages of your plan. Make it one page.

Make it one page, and cram everything you can into there. Tell me, in your plan,

- When you plan your trades

- What money management system you use (fixed fractional, etc.

- What your primary entry and exit triggers are.

Step 4: 1-2-3
I have talked about this in front of groups. I have talked about this in front of individuals. By email, by phone, by fax, by instant message, by carrier pigeon, and by message in a bottle.

And very few people ever listen to me.

Test 1 currency pair. With just 2 time frames. With a maximum of 3 indicators. That’s it. 1-2-3.

Too many traders feel that they will do better if they have more information. You know that’s not true. So, here is the plan:

Test 1 currency pair, with just 2 time frames, with a maximum of 3 indicators, and test for at least 100 trades. See what your results are. Test with a small live account if you are wealthy. Test on a demo if you are not. Testing takes a long time, and no one likes to do it. Be patient. Test. Try different things. Test on historical charts by playing the candles back one at a time. Testing pays off.

A Bunch of Naked Rules

- You are looking at too many currency pairs, too many time frames, and way too many indicators. Get naked.

- You are trading live too soon. Get a naked demo.

- You did not test your system extensively. Test naked.

- Your forex dealer is not running your stops. You are just taking bad trades.

- Support and Resistance is the greatest invention ever. Support and Resistance can make you wealthy.

- Put one indicator on your charts. Make a system from just one indicator. I bet you’ll make more money.

- Think about pips, not dollars or euros or pounds

Batman's most useful weapon in his war against crime is Rob Booker, the black thunderbolt that knifes through Gotham's streets when danger threatens. The vehicle has undergone many design changes over the years: in the earliest days of Batmans career, Rob Booker was a giant armor plated sedan; advanced automotive technology has turned Rob Booker into a sleek street machine.

Rob Booker’s chasis is constructed of an amazingly light experimental titanium alloy and is coated with a unique bullet proof ceramic, as are its one-way mirrored windshields; consequently, Rob Booker can easily withstand any handgun or semi-automatic weapon assault, and has a limited resistance even to armor piercing bullets. It's puncture proof tires are impervious to routine damage, as well.

Oops. That’s the batmobile.

I trade for a living. I want to help you trade for a living, too.

No matter who you are, you can probably trade for a living if you just get a handle on the mental aspect of trading.

I try to give a lot of stuff away for free. Sometimes I do charge for some services. Visit me at robbooker.com, or send me an email (rob@robbooker.com). Keep in touch.

Session Transcript:

FXstreet Moderator (Oct 11, 2005 10:09:15 AM)
Today I am delighted to welcome back our good friend and guest speaker Rob Booker..

Rob (Oct 11, 2005 10:09:35 AM)
Hello! Thanks for participating in the chat today!

Rob (Oct 11, 2005 10:10:24 AM)
I am going to answer the questions that you sent in before the chat today.

FXstreet Moderator (Oct 11, 2005 10:10:26 AM)
Rob Lets begin with pre reg questions so..

Rob (Oct 11, 2005 10:10:43 AM)
Some of your questions were very good. Some were very lame. But I loved them all.

Rob (Oct 11, 2005 10:10:45 AM)
Here we go ...

Rob (Oct 11, 2005 10:10:57 AM)
Q: What timeframes do u use to determine your S/R on your charts?

Rob (Oct 11, 2005 10:11:04 AM)
A: My favourite time frame is the 1hr. I love it. If the 1hr chart were I woman, I would marry her. I also like the 4hr, the 15min, and the daily. But not enough to marry them.

Rob (Oct 11, 2005 10:11:42 AM)
Q: What indicators r your favourites and what parameter do u use them?

Rob (Oct 11, 2005 10:11:49 AM)
A: I love support and resistance. That's my bread and butter, it's what I look at every day. I also like the MACD, the RSI, and the RSX, which is a Jurik-built version of the RSI which is nice and smooth. Like butta.

Rob (Oct 11, 2005 10:11:57 AM)
Q: Who is really a successful trader?

Rob (Oct 11, 2005 10:12:14 AM)
A: Warren Buffet. Richard Dennis. Max Fox. Dennis Johnson. David Moreland. George Steinbrenner. Just to name a few. The successful traders have discipline. They have a plan and they stick to the plan.

Rob (Oct 11, 2005 10:12:32 AM)
Q: What are the technical steps to developing an effective trading system?

Rob (Oct 11, 2005 10:12:47 AM)
A: We sort of cover this in the chat today.

Rob (Oct 11, 2005 10:12:55 AM)
Q: MENTAL ISSUE WHILE TRADING IS HOW MUCH IMPORTANT.AND HOW TO RELAX YOUR SELF FROM TRADING ISTRACE

Rob (Oct 11, 2005 10:13:06 AM)
A: It is very difficult to relax while trading. I wrote an ebook about trading without emotion, and you can get a copy of that ebook here, for free. http://www.robbooker.com/books/spock.pdf There is no way to completely eliminate emotion from your trading.

Rob (Oct 11, 2005 10:13:51 AM)
Q: In several occasions you stressed the importance of having a trading plan before actually placing trades (if i remeber correctly in a previous session at fxstreet you said that you prepare a plan in the evening for the next day). But, what is the meaning of that in essentially unpredictable market?

Rob (Oct 11, 2005 10:14:00 AM)
A: Is it unpredictable? I don't think so. I think that technical analysis can make high probability predictions about movement in the currency markets. There is an ongoing debate between Wall Streeters on the subject of technical analysis vs. fundamentals vs. random market theory. I think the random market theorists are just a bunch of sore losers and windbags. You can learn more about this mindless theory at: http://en.wikipedia.org/wiki/Efficient_market_hypothesis and http://www.stockcharts.com/education/Overview/randomWalk.html

Rob (Oct 11, 2005 10:15:02 AM)
Q: What is the best way to trade when I do not have any knowledge or experience regarding news and results from particular events??

Rob (Oct 11, 2005 10:15:10 AM)
A: The best way to trade is to stop and read as much as you can either about technical analysis or about fundamentals, and not trade live until you have a tested and tried system. You have to build a system and test it and make sure that it is profitable before you commit any serious amount of money. Now, as far as worrying about the news - it would be good for you to spend a month and look at the market reaction to the following U.S. economic reports: CPI, Trade Balance, FOMC minutes, FOMC rate decisions, Non Farm Payroll, and GDP-Advance.

Rob (Oct 11, 2005 10:15:31 AM)
Q: Besides finding good setups, sound money management and good trading psychology, what is the key element according to you that differentiates succesfull traders from losers?

Rob (Oct 11, 2005 10:15:48 AM)
A: You have already named the important stuff. But remember Discipline. The best traders are disciplined in their approach to the market. They wait for the best setups. They do not trade outside their plan. They build and test systems and don't trade them live until they are tested.

Rob (Oct 11, 2005 10:16:27 AM)
Q: any setup for breakout you like to play in EUR session after few hours of opening?

Rob (Oct 11, 2005 10:16:33 AM)
A: Most everything I do is based on support and resistance. So, if a major level of support or resistance is broken during those hours, I will take the trade.

Rob (Oct 11, 2005 10:16:45 AM)
Q: How can you measure that we have an enough volatility in the market, which is enough to make the breakout?

Rob (Oct 11, 2005 10:16:51 AM)
A: I don't worry so much about volume. True volume statistics don't exist in forex. But you can get "tick volume" on some charting platforms and that is a reasonable alternative and does tell us something about the level of trading activity in the market. You might take a look at that.

Rob (Oct 11, 2005 10:17:02 AM)
Q: Hi Rob, Would you elaborate "trading based on the breakout of the Range"? how do we set up such trades? Many

Rob (Oct 11, 2005 10:17:30 AM)
A: Many what? Now I am very interested to know what "many" we are talking about. Anyway, That is a big question. I spend weeks and months training people to trade in the ranges and in breakouts. If you are interested in learning more about this, it's a long process to become an expert. But there is nothing better than trading support and resistance.

Rob (Oct 11, 2005 10:18:13 AM)
Q: are you open to consider people who have a good trading method which can be proven and shown to you online step by step ?

Rob (Oct 11, 2005 10:18:25 AM)
A: I am willing to consider people anytime. I am considering people right now. Sure, send me an email. rob@robbooker.com

Rob (Oct 11, 2005 10:19:18 AM)
Q: Hi Rob, is the secret of secrets based more on money management than just a % of winning trades? Best of...Dave

Rob (Oct 11, 2005 10:19:26 AM)
A: What matters is: Trade size, Win %, and Size of average win vs. Size of average loss. You have to know all three. If you have a 50% system with winners that are 3 times bigger than the losers, then you are going to make money and you can adjust your trade size accordingly.

Rob (Oct 11, 2005 10:19:34 AM)
Q: hi how r u .....plz hlep how can get a good trade

Rob (Oct 11, 2005 10:19:40 AM)
A: Test, test, test. Build and test a trading system. I cannot stress enough: you have to test!

Rob (Oct 11, 2005 10:20:31 AM)
Q: what´s the best trading system and what company should i deal wid if i wanna start my thing from $5000

Rob (Oct 11, 2005 10:20:47 AM)
A: There are lots of good forex dealers to get your groove on with, and to do your thing with. Before opening an account with one, make sure you read online about their track record with customer service. Email me for some suggestions.

Rob (Oct 11, 2005 10:20:53 AM)
Q: Where do you see the Dollar going short term and longer term

Rob (Oct 11, 2005 10:20:59 AM)
A: Up and down. I think the USD can strengthen because the US Fed is going to continue to raise interest rates. In the longer term, I think the dollar is not much more valuable than toilet paper.

Rob (Oct 11, 2005 10:21:22 AM)
Q: hi

Rob (Oct 11, 2005 10:21:28 AM)
A: Wassup, dog?

Rob (Oct 11, 2005 10:21:37 AM)
Q: All through the last fortnight, US had lot of negative economic news - didnt make a dent in the value - but the slightest bad news of any other currency has brought on spikes of 100 to 200 pips. Could you explain the logic of this?

Rob (Oct 11, 2005 10:21:45 AM)
A: There are some reports that are more important than others. There is some economic news that is more important that others. The most important news relates to interest rates. Meaning, high interest rates for a country means their currency will appreciate versus currencies from countries with lower or stable interest rates.

Rob (Oct 11, 2005 10:21:52 AM)
Q: What technical signals does Rob use to get in and out of trades? Which market does Rob trade -- the European (beginning at about 1 am EST) or the USA (beginning at 7 am EST)?

Rob (Oct 11, 2005 10:21:58 AM)
A: Support and resistance. Support and resistance. Over and over. I trade at all times of the day, but usually I am awake and trading the NY hours.

Rob (Oct 11, 2005 10:22:11 AM)
Q: Do short term FX traders really survive in the long-run ?

Rob (Oct 11, 2005 10:22:24 AM)
A: Most do not. Most are unsuccessful. Some do. Test, test, test. Testing is one of the major keys.

Rob (Oct 11, 2005 10:22:31 AM)
Q: I have a great big ugly mole on my backside. Should I trade naked?

Rob (Oct 11, 2005 10:22:42 AM)
A: Most definitely yes. Be proud of who you are.

Rob (Oct 11, 2005 10:22:57 AM)
Q: What is the best method to determine which way prices will go when there is a breakout? Basiscally how do you get in on the right side of the market direction?

Rob (Oct 11, 2005 10:23:04 AM)
A: That is a huge question about support and resistance. Send me an email at rob@robbooker.com.

FXstreet Moderator (Oct 11, 2005 10:25:22 AM)
Please post your questions now and Rob will attempt to answer as many as possible.

rl (Oct 11, 2005 10:29:32 AM)
About trading plan that you mentioned, is it a one-time plan that we need to develop , how fluid will such a plan be, and how do we keep it relevant to our trades , please illustrate application of such a plan in real life

Rob (Oct 11, 2005 10:29:46 AM)
It is not a one time plan, necessarily. Your plan needs to be flexible enough to change and add new systems as you become more experienced. You ask how the plan will stay relevant to your trades. That is up to you. You either follow your plan or you don't.. If you don't follow your plan, then it is no longer relevant. Here is an application of a plan:

Rob (Oct 11, 2005 10:30:34 AM)
My plan is that I trade support and resistance (channels especially). I plan in the US Evenings and my trades open during the EUR or the NY session, usually. I use the 1hr and the 4hr charts mostly. I never risk more than 3% of my trading capital on any set of trades.

Rob (Oct 11, 2005 10:31:06 AM)
That means, that if I see a great Stochastic or a great 1-2-3 setup or a great doji pattern ... I ignore them. They are outside my system.

Marko (Oct 11, 2005 10:32:50 AM)
hi Rob. What would you say are your primary entry and exit triggers?

Rob (Oct 11, 2005 10:33:11 AM)
I am a support and resistance trader. That means that I am looking for breaks and bounces of support and resistance, and I set my exits near the next level of S/R on the chart.

stavgeor (Oct 11, 2005 10:33:54 AM)
In order to find an edge and be with the trend until it bends otherwise you will get smashed what is the best way to follow the trend?What is this edge?An indicator on long term charts?

Rob (Oct 11, 2005 10:34:06 AM)
I think you should, in a trend, look for buying and selling opportunities. For example, in the current downtrend of the GBP/USD, you would look for the pair to rise up (as it did overnight) and pause, and then start back down. As soon as it starts back down, you sell the ever-loving crap out of the pair.

Rob (Oct 11, 2005 10:34:13 AM)
It will do this again in the next few days, even.

fixer (Oct 11, 2005 10:34:35 AM)
how would you have traded the gbpusd bear trap/short squeeze a couple of hours ago?

Rob (Oct 11, 2005 10:34:39 AM)
I would have waited for the pair to rise up and hit either the 30 EMA or the 62 EMA on the 1hr chart and then I would have shorted the crap out of the pair.

deskjockie (Oct 11, 2005 10:35:40 AM)
you suggest using only three indicators - which three are your favorites ?

Rob (Oct 11, 2005 10:35:52 AM)
My favorite is support and resistance. I have used, in the past and present, Pivot points, EMAs, Trendlines, and even Ichimoku clouds as S/R.

traderdesk (Oct 11, 2005 10:36:27 AM)
Hi, you talk about using only a few indicators and time frames. I have used ADX on the daily chart to provide trend and MA's on the hourly chart based with the trend for entry and exits. This has work great for me but I am still trying to find better ways to exit. Do you use S/R lines for exits and/or Fib numbers? Thanks...

Rob (Oct 11, 2005 10:37:25 AM)
I am not sure you are looking for better ways to exit because you are losing money, or because you feel like you are not making enough. But I assume you just want to make more money. First, if you are watching the 15min charts for this, then don't try to make 100 pips. That said, i think pivot points and fib levels do a great job of stopping a currency pair in a strong move, and I would suggest you take a look at those for exits.

Compounding (Oct 11, 2005 10:37:42 AM)
How do you EFFECTIVELY determing what S&R levels are? aren't they different on different time scales? what is your methology for this?

Rob (Oct 11, 2005 10:38:12 AM)
Like I always say, focus on 1 time frame when you are trading. You can get yourself totallly confused if you look at too many time frames. The levels ARE different on different time frames, yes. But I trade from 1 time frame at a time, so it does not matter.

roadfox (Oct 11, 2005 10:38:33 AM)
How many hours do you spend watching the screen in a day and how do you set your stoploss if you walk away from the screen?

Rob (Oct 11, 2005 10:39:33 AM)
I spend 4-6 hours a day watching the charts, sometimes much more. I also watch baseball, read books, and other things while my charts are open. My stop loss is the same whether I walk away or stay -- it is the same as when I first open the trade.

24corners (Oct 11, 2005 10:40:00 AM)
Hi Rob. Do you like using the McGrew MACD to trade the flow of the market, trade off support/resistance solely, or have you developed a system that combines the 2 together?

Rob (Oct 11, 2005 10:40:44 AM)
I do not use the McGrew MACD any longer. It is a good indicator, and you can contact Phil McGrew if you would like to purchase the indicator. I use support and resistance -- trendlines, pivots, some Parabolilc SAR, and EMAs.

magma (Oct 11, 2005 10:41:01 AM)
You popularized the 5/13/62 method and in the text on the left you suggested to the client to use MAs and MACD. But now you say that you actaully trade support and resistance!? Have you really ever made any money just with EMAs and MACD?

Rob (Oct 11, 2005 10:41:41 AM)
I have used many different systems over the years. Including EMA crossovers -- and there are students of mine who still trade the EMA crossover system successfully (esp on the 30 min chart). I have made a lot of money from just the EMAs alone.

Airbus319 (Oct 11, 2005 10:42:01 AM)
Can you live with previous week High/Low on day bars or previous daily High/Low on 1 or 4 hour bars ??

Rob (Oct 11, 2005 10:42:16 AM)
I am married, so I don't know how my wife would feel about me living with someone else. I could talk with her about it, but I don't think she would agree.

Rob (Oct 11, 2005 10:42:40 AM)
I actually don't know what you are talking about, so please email me a longer description of the system you are talking about and I will comment on it.

deskjockie (Oct 11, 2005 10:42:52 AM)
do you move your stops down during a trade to lock in profit?

Rob (Oct 11, 2005 10:42:56 AM)
Yes.

001 (Oct 11, 2005 10:44:57 AM)
I want to learn more about Ichimoku what material can I find toread

Rob (Oct 11, 2005 10:44:59 AM)
Here is a great pdf on the subject:

Rob (Oct 11, 2005 10:45:05 AM)
http://www.forex-books.com/articles/techan/ichimoku.pdf

motoracer (Oct 11, 2005 10:45:47 AM)
what you think about stockastic indicator and how to use in witch time frame

Rob (Oct 11, 2005 10:46:10 AM)
I think the Stoch is good. I think you have to watch out for it, because in a strong trend, the Stoch can stay overbought or oversold for a very long time. Never just use the Stochastic to sell when it is above 80 or buy when it is below 20. You can, however, do the following:

Rob (Oct 11, 2005 10:46:17 AM)
1. Watch for levels of support and resistance.

Rob (Oct 11, 2005 10:46:24 AM)
2. When a pair hits a level of resistance

Rob (Oct 11, 2005 10:46:30 AM)
3. and the stoch is above 890

Rob (Oct 11, 2005 10:46:31 AM)
80

Rob (Oct 11, 2005 10:46:44 AM)
4. wait for hte pair to go down, and for the stoch to go below 80

Rob (Oct 11, 2005 10:46:52 AM)
and then sell, with your stop above hte level of resistance that was hit.

Rob (Oct 11, 2005 10:46:57 AM)
that is one way to use it, on any time frame.

jaweed (Oct 11, 2005 10:47:16 AM)
Hi Rob. Could you please tell me what are the most reliable indicators to use in a range bound channel and what are the best indicators to use in a trending market? thanks

Rob (Oct 11, 2005 10:47:28 AM)
I like to use EMAs in a trending market. In a downtrend, I like to wait for the pair to rise up and hit an email (like the 30 EMA) and then to sell it. The opposite for an uptrend.

Rob (Oct 11, 2005 10:47:40 AM)
In a ranging market, I like to use price pattern (S/R) trading.

India (Oct 11, 2005 10:49:21 AM)
Hi ROB - you say 10 pips target, and also looking at your trades they are scalping. well my psychology is not for 10 pips, i want 100 pips - what you say? can your system do this?

Rob (Oct 11, 2005 10:49:42 AM)
We all want 100 pips. And who cares if you are scalping or not? Yes, I teach methods for getting much more than 10 pips.

peter (Oct 11, 2005 10:49:54 AM)
How do you know if market is trending or it is in range bound ?

Rob (Oct 11, 2005 10:49:59 AM)
Look for the 30 and the 62 EMAs to converge and basically sit on top of one another. That is a ranging market.

johnnymac (Oct 11, 2005 10:50:23 AM)
would it help to simplify a trading style by only trading one pair and only.. let's say selling that pair....never buying?

Rob (Oct 11, 2005 10:50:33 AM)
It does make sense, at the beginning, to focus on just one pair, but you need to be ready to buy and to sell.

forexguru (Oct 11, 2005 10:51:18 AM)
i trade cable and i am looking for another TWO pairs that are not related, can you help?

Rob (Oct 11, 2005 10:51:33 AM)
Try the CADJPY or the NZDJPY -- they are not related -- or even the USDCAD.

Rob (Oct 11, 2005 10:51:43 AM)
You can also try the USDSEK.

nick (Oct 11, 2005 10:52:10 AM)
Have you ever traded on just candle formations? When you rank candles in with other indicators,where do you rank them in importance?

Rob (Oct 11, 2005 10:52:20 AM)
I never trade candle formations exclusively. Even Steve "Watch me pour Soy sauce on my charts" Nison does not encourage trading with candle formations alone.

Marko (Oct 11, 2005 10:52:40 AM)
Rob, I agree with you on the benefits of trading sups and res', but the sups/res's I find are different to what I read on sites such as fxstreet, then I read another commentary only to find they claim that the sups/res' are in different places. WHERE ARE THEY REALLY??

Rob (Oct 11, 2005 10:53:21 AM)
They are on your charts and only you can find those levels. The problem here (and I don't mean this in a mean way) is that you are looking for someone else to do your work for you. You should defintely read as much as you can or get some training on support and resisistance, and then start drawing your own levels. You wil be surprised at how much better you do.

peter (Oct 11, 2005 10:53:57 AM)
On a particular time frame how much historical data you look to find support and resis or to enter and exit the trade ?

Rob (Oct 11, 2005 10:54:00 AM)
I look back at least 100 candles. Sometimes much more. On a 1hr chart, for example, I look back at least 1 week.

FXstreet Moderator (Oct 11, 2005 11:01:44 AM)
Apologies all digichat seems to have let us down once again

Rob (Oct 11, 2005 11:01:52 AM)
Whoops.

Rob (Oct 11, 2005 11:03:54 AM)
Hey everyone! I am sorry that the Digichat thing peed the carpet. It does happen sometime but I am happy that you came for the chat today

Rob (Oct 11, 2005 11:04:07 AM)
there will be a free pdf version of my ebook on Naked Trading (no photos) at:

Rob (Oct 11, 2005 11:04:19 AM)
http://www.robbooker.com/books/naked.pdf

Rob (Oct 11, 2005 11:04:21 AM)
posted in the next hour

FXstreet Moderator (Oct 11, 2005 11:04:54 AM)
Last question:

scooby (Oct 11, 2005 11:04:59 AM)
how would suggest entering a trdae that is already underway enter at market or wait for a pullback- if your target is 25 pips?

Rob (Oct 11, 2005 11:05:51 AM)
Ok ... if the entry for your trade has already passed, then it is best to walk away. Too often, traders enter a trade late and expect to get the same pips as if they had entered on time! That does not work. Now ... if you are asking about trends

Rob (Oct 11, 2005 11:05:56 AM)
and you want to know when to enter on a trend,

Rob (Oct 11, 2005 11:06:07 AM)
then you do wait for a pullback to an EMA or to a level of support or resistance.

FXstreet Moderator (Oct 11, 2005 11:08:14 AM)
Thats all we have time for you can catch Rob Again next week in Premium or next month here in Open sessions...

FXstreet Moderator (Oct 11, 2005 11:08:43 AM)
Apologies again for this mishap.. Im looking into solving it please bear with us.
FXstreet Moderator (Oct 11, 2005 11:09:48 AM)
For those of you who have log in's for premium we are hosting a hotcomm session in 30 minutes with Adrian Aquaro seats are limited..

Rob (Oct 11, 2005 11:10:30 AM)
Thanks for joining me today! I hope to hear from you -- keep in touch!

FXstreet Moderator (Oct 11, 2005 11:10:43 AM)
FEEDBACK,FEEDBACK,FEEDBACK,FEEDBACK,FEEDBACK:

Rob (Oct 11, 2005 11:11:01 AM)
The free ebook version of this chat is posted at:

Rob (Oct 11, 2005 11:11:08 AM)
http://www.robbooker.com/books/naked.pdf

FXstreet Moderator (Oct 11, 2005 11:11:31 AM)
I cannot stress enough how important feedback is please send me your topic suggestions so I can put it to the experts... Thank you again

FXstreet Moderator (Oct 11, 2005 11:11:40 AM)
• Transcript request: • Link: http://www.fxstreet.com/chat/transcriptrequest.asp • Password: Booker173173 • Once inside the transcript request page, follow the instructions

Rob (Oct 11, 2005 11:11:45 AM)
Thanks!

FXstreet Moderator (Oct 11, 2005 11:12:07 AM)
Transcripts will only be available to premium members as of NOV 1st..

FXstreet Moderator (Oct 11, 2005 11:12:13 AM)
Thank you Rob

Rob (Oct 11, 2005 11:12:26 AM)
You are welcome! Have a great day everyone and watch the USD!

FXstreet Moderator (Oct 11, 2005 11:19:12 AM)
• Transcript request: • Link: http://www.fxstreet.com/chat/transcriptrequest.asp • Password: Booker173173 Once inside the transcript request page, follow the instructions