Millionaire TradersQ: So you like to only trade the New York session, which is 7
a.m.to 12p.m. est. Do you ever place a trade afterwards?
A: I’m willing to place trades afterwards, based on the tested
results of the system that I use, but it is very rare that the
euro/Canadian dollar, for example, will create a New York ses-
sion box trade after 12 noon. So I’ll either miss that trade or take it
later in the very rare circumstances that it occurs outside of the 12
noon time, which is usually between one and two times a month at
the most, and that’s my main short-term trading time. I’m gener-
ally always available during that time to take trades. In the longer
term I’m opening trades anytime day or night because my setup
only happens two to three times a week at the very most and I can
see them setting up from a mile away. I publish the idea, I actually
plan ahead for it. I know that it’s coming. I set alarms and I’ve got
a PDA that can tell me when the price is getting close to the entry
and I make myself available. I make the sacrifice and I make sure
that two or three times a week. I’m available and it’s usually not
that inconvenient for me to be up an hour early, or wake up in the
middle of the night for a few moments to make sure that the entry
has triggered, and it’s what I expected it to look like. Then I just
let it sit and I don’t worry about it after that.
Q: On your shorter-term trades, do you ever use longer time-
frames for verification? Do you care about what’s happening on
the daily charts at all, or do you just focus primarily on your own
short-term signals?
A: I have a reputation for saying that confirmation is for Catholics
that are 12 years old. In seminars I like to ask why people look at
other indicators and they always say confirmation, cause that’s the
“c” word. I generally say that the difficulty in actually agreeing
to place a trade increases proportionally to the number of time-
frames that a trader will look at. Meaning the more timeframes
and currency pairs that a trader looks at in order to actually jus-
tify taking the trade, the more confused that trader generally be-
comes because there could be conflicting signals. There would be a