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Matt Poll, or Matthew Poll Indicators to Watch Around Precious Metals

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“Matthew Poll Indicators to Watch Around Precious Metals” Interview with DayTradeFEED.com

Matthew Poll recently say down with DayTradeFEED.com and its publishing partners (DayTradeWire.com, DayTradeForGood.com, TraderSuccessNetwork.com, Etc.) to discuss precious metals and the different indicators he watches around them. Click below to watch this interview:

“Matthew Poll Indicators to Watch Around Precious Metals” Interview Transcript:

“Gold and Silver are a unique market largely manipulated by the banks. I think people should know that First off.

I would say even specifically silver has been a market that’s been largely suppressed by the banking institutions and controlled by the banking institutions for years. The times that we’ll see gold and silver radically spike or catch up to, like, actual economic growth or economic decline or other markets like actually reacts, responsive to it the way it’s supposed to, is when it hits a breaking point.”

Back in 2008

“We saw that back in 2008, where the banks just couldn’t keep up with it. And we saw silver spike, I think it was over $60 an ounce even at that time. And so like what you if you’re looking for like a major opportunity, a major like climb or fall in those metals? You want to be looking for, not a correlation necessarily to the economy, but a massive decrease or increase that would break a boundary that the banks just couldn’t keep up with. They can’t keep up with manipulating it the way that they are.

Otherwise, I would say, gold and silver, it’s kind of a thing that people do for a long term investment. And the primary game is to hedge against inflation. So the other piece that I would add is inflation plays a big part in that.”

In Conclusion…

“If you have a sense that inflation is going to be something on the horizon, putting your money in gold and silver, at least watching the value of what you’ve earned, whether it’s through dollars yen’s euros, whatever, gold and silver, at least when we’re printing money, can print more of itself, right. It’s always going to have that tangible value.”

About Matthew Poll

Matthew Poll, AKA Matt Poll, is an entrepreneur, investor and life coach based out of Silicon Slopes in Lehi, Utah. Furthermore, he is the cofounder of GTF, a company which he helped co-found in September of 2008.

In addition to this blog, you can find Matt Poll on social media by clicking the links below:

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Matthew Poll Scam or Scams to Watch For When Trading Cryptocurrency (GUEST POST)

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Utah entrepreneur Matthew Poll was recently interviewed regarding cryptocurrency. More specifically, he was asked about cryptocurrency scams and what day traders should be watching for when trading it.

To watch the interview, click play on the video below titled Matthew Poll Scam or Scams to Watch For When Trading:

Matthew Poll Scam or Scams to Watch For When Trading Cryptocurrency TRANSCRIPT:

IS DAY TRADING CRYPTOCURRENCY A SCAM?

“It’s like yes and no, you know, it’s there’s not a direct answer to that. And what I mean by that is it cryptocurrency is so new. It’s this industry that some people are saying it’s gonna be the it’s the future, you know, and what’s happening right now isn’t like a once in a lifetime opportunity like this is a once in a existence opportunity that’s happening.

And so when you have something like that that’s got so much momentum, I mean we just hit, for example, we just hit over a $2 trillion market cap in crypto by itself, which is insane money.

So to say like, Is it a scam? Well, no $2 trillion coming from banks and investment firms and individuals wouldn’t be putting their money into something on that level if it was a scam. But are there people who because of all the hype, taking advantage of people that don’t know like, what’s going on? Absolutely, absolutely.

What to Look For

So there’s a lot of things that you want to look out for to avoid any scams. I don’t know if they’re particular to the state of Utah, or out in or outside of the state of Utah, but you mix day trading, and crypto. And you’re likely going to find someone out there who’s falsifying claims, taking money from individuals and trading it, maybe not getting registered properly. Or even running a Ponzi. Right, just an outright Ponzi.

And it’s not the industry, it’s the people. It’s not necessarily the vehicle. It’s if there’s money there, and there’s hype, there’s always going to be someone with a black cloak that comes in and abuses it. And unfortunately, you know, you’ve got to look out for that stuff. Because there’s a lot of good when it comes to cryptocurrency. And you just don’t want to get stuck in a teresa giudice diet scam, I mean, because they do exist for sure.”

WHAT OTHER SCAMS SHOULD CRYPTO TRADERS WATCH FOR?

“The one I would look out for the most the ones I hear about the most often is your lack of transparency and what’s happening. Like I would say, that’s the biggest way people get scammed anything, is they go on trust, or they go on feelings, or they go on some intuition, you know, something that’s just not factual, and they’re just not seeing the picture.

So the things I would look out for around day trading, and scams would be like giving your money to someone blindly. And not actually seeing the transactions that are happening. Not actually being verified return statements. And just trusting that like something that handed you is actually real, when in fact, they could be falsified.

It could, I mean, I hear stories about people that come to us all the time, who they’d given 10s of 1000s of dollars to someone only to find out that they weren’t even trading it, they weren’t even day trading it the whole time. And so it’s like, yes, that’s gonna be a scam, that’s gonna leave you in a bad position. But ultimately, that person’s gonna get caught.

Violation of the Law

Also, they’re ultimately going to be in violation of the law, they’re gonna get caught at some point, a lot of times, we call these ponzis. And you just don’t want to get stuck in the middle of that. Because ultimately, you’re just, I want to call it donating. But you’re, you’re just, you’re just giving your money away at that point.

So transparency would be the biggest thing I look for in anything that has to do with day trading. Transparency, testing, the more control you have, like, if it’s you day trading, obviously, that’s gonna be safer than someone else do trading for you.

Just because you eliminate that risk, you eliminate the risk of them running off with your money. Or not trading it at all and never have the trading it. But if at least you’re doing it, you know that risk is gone. And then it’s like, Okay, got it. Well, I’m gonna do my own trading. How do I eliminate any scams that might have been there? Well, the only type of scam that would be happening would probably be one to yourself. But you didn’t take enough time to test your system. You didn’t take enough time to like back tradee. Or actually verify that like what you’re doing was going to make sense.

Don’t Call It a Scam

Or I don’t even know if you’d call it a scam, but it’s just really just a bad practice. Like you just go in too hard, too heavy on intuition or a whim, rather than starting light, you know. And just doing a little amount you know, $1,000 versus 100,000 to test it. And to see if it’s actually going to work.

Whereas so many people, I want to say scam themselves by just going in too hard, too heavy in the in specifically with day trading. And a lot of the factors that motivate those decisions are class. Like they get too heavy in their investment in costs. Or they get, you know, maybe they spend a bunch of money in education. And they feel this force, like, oh, I’ve got to make that back every day. Or I’ve got to like, cover this old thing that happened in the past.

And it’s like, that motivation, will scam yourself into breaking your own rules, breaking things that are high, much higher and risk than something that you could easily have tested for $10. The now you invested 100,000. And why? Only they experienced more risk, right?”

How to Avoid Day Trading Scams w/ Utah Entrepreneur Matthew Poll

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Matthew Poll on Identifying a
Day Trading Scam

“The primary thing I would look for in avoiding day trade scams is going to be around control. There’s this association that if you’re a day trader, somehow, that some scam’s going on. I found that’s completely not true.

If someone’s classifying themselves as a day trader, they’re the ones in control. It’s usually their own money. Or it’s their own retirement or some money that they raised or earned from something else. And so they are in it with their own funds. Where I start to see the most day trading scams is where the people don’t have control.

Furthermore, the trading scams happen when people are trying to take other people’s money, or they have a “fund” people are trading. Or they have some promised delivery system. You know, some thing they were trading that was making a bunch of money, and it really didn’t.

Then it ends up turning out to be a Ponzi scheme. Raising money from other people. And in return, they’re actually not even trading. They’re just living off of the money that people gave them and never actually went out and traded in the first place.

I hear stories, probably a couple each year, of people losing millions of dollars to these types of day trading scams. It’s a real thing. So control is a big piece.

If the money’s not in your bank account, it’s a lot harder to control what’s going on with it.”

How do I know if I’m currently involved in a day trading scam?

“So if you are already giving your money to someone else, you might be hearing this for the first time and going “am I a victim already?” And that’s a great question to ask yourself.

If you’re giving your money to someone else who’s classifying themselves as a day trader, they have a system and they’re supposedly trading it. I’m not saying there aren’t legitimate people that are out there doing this, but a lot are doing it in an illegal way.

You might ask some questions. I would look at the language that was used to enroll you and getting your money. And one of the words that I would look for is “guarantee.” If any type of day trader makes a promise that they can guarantee some future result. That is a enormous red flag to me. Because one, this is a highly regulated industry, and you just can’t do that. You can’t use words like “guarantees” in the day trading world where there’s risks. It just, it’s not possible. It’s not possible to have a guarantee in a world filled with non guarantees.

So it’s just it’s a paradox. Really, it’s like this is that reality, there are risks. So you can’t make guarantees. If they use that language, you’re you’re probably at a higher risk. They’re running some type of Ponzi scheme.

Other words or language that I would look for is disclaimers. If they didn’t hand you something that had disclaimers. If you didn’t see federal state disclaimers on stuff that you signed, or if they’re not registered. That’s a big red flag for me. Because, again, this is a very highly regulated industry. And if they’re not in compliance with those things, it’s like what else? What other rules are they breaking? What other things are they doing with your money that doesn’t fall into this? This is a regulated industry and so I would immediately see that as a sign like, hey, something could be going. I’m not saying it is, but could be going wrong here, and would be worth investigating.

Now, if you’re being approached at the moment, those are the type of questions I would ask. I think “you just made a guarantee, I know you’re not supposed to be doing that… what’s going on? Why am I not seeing any disclaimers? Also, why am I not seeing anything about how this is a highly high risk type of environment or you’re not giving me my federal and state disclosures? Why am I not seeing that?”

Those type of questions will very quickly percolate whatever nastiness or gross things that are actually lying underneath. That will start to kind of rise to that surface.”

What is the safest way to avoid day trading scams?

“The safest way to avoid scammers is to be responsible and the most responsible way to be interacting with day trading is to be doing it yourself.

Now, there are places or systems that people promise certain types of things. And immediately, that’s a red flag to me. You’re not going to get into day trading with a promise again, or a guarantee that you’re going to get some result. But ultimately, the lowest risk way. And the the highest way to get the result that you’re looking for is to do it yourself, get educated.

You know, it may seem like a long road, but the end result is way more worth it because handing it to someone else and your money to someone else with the possibility of it completely disappearing. And they never even traded in the first place. That’s a way higher risk and you learning how to do it with the risk of losing at something.

And so I would say take the path of learning how to learn how to do this on your own, learn how to day trade, and give yourself time. Give yourself at least a year, the same. I’m going to give myself a year to learn how to do this, because it’s not a get rich, quick thing either.

I mean, sure, there’s some people that trade like Vegas, and they get lucky. But ultimately, if you want to have the success of a successful day trader, it’s gonna take time, and you just got to go into it knowing “I’m competing with the world around this. And ultimately, I only have to be 51% better than everyone else, right?”

Which is grade school, that was an F, right? So it’s like, you do have those advantages. However, it’s like this. This is going to take some time and patience. And ultimately, the end of the day, it’s about your returns. It’s about your percentage returns not how much how many dollars do they take into my account? And if you could stick with that attitude, you could be a very successful day trader.”

About Matthew Poll

Matthew Poll is the Co-Founder of General Trader Fulfillment, a company designed to help provide tools and education for investing in the financial markets. Founded during the 2008 recession, GTF has grown to become a national company with over 30 brands and offices.

As an entrepreneur, Matt loves new projects and is a partner in multiple other business ventures nationwide specifically in the real estate, hospitality, and the food and beverage market. He is a father of two boys which drives his passion for education, specifically in the area of entrepreneurship for children. “Live to give” is one of his mottos and he specifically looks for organizations that have high impact in the local community when donating. Matt also gives back to his community by providing personal coaching to business owners and entrepreneurs.

Learn more about day trading and Utah Entrepreneur Matthew Poll at DayTradeForGood.com and/or MatthewPoll.com!

Have a Plan, Work Your Plan

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The following article posted to DayTradeFEED.com was written by guest-author Matthew Poll via MatthewPoll.com.

Having a plan is crucial. In addition, how and if you work it is imperative. A plan by itself does nothing. There are millions of books and videos with plans in them that people never apply or have actual results around. What do we do around the plans we have and how we work them.

How to Plan for Success

I have 40 partners. I constantly see nothing being done without a plan. In addition, it’s always necessary to continually refocus efforts toward working what’s already in place. Some get lost in the noise of activity and time-fillers. These distractions can leave us puzzled as to why we’re not getting the results we’re seeking.

Steps for Creating Your Plan

The above training includes multiple steps…

#1: Write down everything you need to do in the same place. Great time managers always keep a to do list handy for jotting down action items, work tasks, project activities and other ideas. If you always keep adding to this list, you’ll know what needs are to be prioritized.

#2: Review tasks and prioritize at the same time each day. This is going to require a good calendar. Furthermore, this can be done any time of the day!

#3: Look at your list of appointments for the day and determine which are most important. Plan what you need for the important appointments so that you will have everything ready BEFORE the appointment starts. Be sure to implement step #1 (see above).

#4: Schedule your plan efficiently…..

To learn more about these steps, watch the training above!

About Matthew Poll

Matthew Poll, AKA Matt Poll, is an entrepreneur, investor and life coach based out of Silicon Slopes in Lehi, Utah. Furthermore, he is the CEO of GTF Day Trading, a company which he helped co-found in September of 2008.

Kevin Jones, Matt Poll Donate to Sub-For-Santa

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Kevin Jones and Matt Poll are Utah business owners. The two pooled proceeds from a 30-day trial of their day trading program.

Matt Poll and Kevin Jones began their day trading education and coaching program back in 2008. The company has grown substantially since then. which put the Utah entrepreneurs in a position to help others less fortunate than themselves during this holiday season.

The two day trading educators recently pledged to donate all earnings from the $10 Trader Lite signup fee to Sub For Santa. That pledge was recently fulfilled as part of a holiday party held at The Melting Pot in downtown Salt Lake City.

You can find pictures from that event below:

“As always, we’re thankful for the chance to help others less fortunate than ourselves and look forward to any and all future opportunities to help,” Kevin Jones said.

“We’ve been given a great opportunity to help others and we couldn’t let that opportunity pass,” Matthew Poll said. “We look forward to doing this again in the near future with other charitable organizations.”

Future Endeavors

Success is something that Kevin and Matt have definitely had to work for. The two have been adapting and modifying their business over more than a decade. This is to ensure it can include all who want to see if day trading is right for them.

Furthermore, one big way they’ve helped get day trading into the world is by offering the Trader Lite Trial. This trial costs just $10 and allows students to experience their program for up to 30 days.

Some have asked why the program isn’t just free. Well, the answer to that is the personal investment required to help students take the program more seriously. In addition, Matt and Kevin don’t make any money from the $10, as all of it is donated to a different charity each quarter.

Future charities will include Operation Underground Railroad, Global Giving, Feeding America and more!

Huge Mistakes Made When Choosing a Day Trading System | Part Four

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Mistake: Paying for Trading Seminars, Books & Videos

Day Trading Seminars Can Be Misleading

Above all, if you learn nothing else from reading this chapter, please remember the following fact:

In most cases, day trading seminars are the equivalent to really expensive (albeit live-action) YouTube videos.

What this means for traders is that the same information and strategies being used and taught in most of these seminars can be found, for free, on common sites like YouTube.

In a recent experience, I came across a seminar which charged $3,600 for a six-hour introduction class. Further research showed the class’ curriculum covering general market facts alone.

Students attending class received really fancy-looking binders, a catered lunch and the smug feeling that only comes from knowing “the secret.”

What these students did not receive was any information whatsoever on how to trade.

There’s a reason these seminars have the negative reputation that they do. The entire seminar model itself is basically ideal for scammers and should immediately trigger multiple red flags.

This model includes three basic steps:

  1. Show up in a town for a couple days.

  2. Collect lots and lots of money.

  3. High-tail it out of town with no real way for unhappy customers to contact you.

Can you think of a better scam?

A good way to sniff out these scams is to remember the following:

A company’s pricing model directly reflects how it intends on maintaining its future relationship with you.

For example, if a company charges you everything up front, chances are there’s a high amount of risk involved in the product. If the charges are incurred on a monthly basis, chances are the company is banking on you being satisfied with the product.

Trading educators that charge monthly fees generally offer a higher level of support and concern for your success. To put it simply, if you’re not successful, they stop making money.

Tip: Be cautious of large up-front costs.

You’re Clear on Day Trading Seminars, But What About Books?

Books remain a great, inexpensive educational resource for those looking to learn about the markets.

Unfortunately, if a trader wants to actually make money in the market, it requires a lot more (even for the most avid readers) than simply reading some material to get started.

Another issue with these books is how quickly they become outdated. With trading platforms and software evolving so rapidly in recent years, books on a specific subject become useless if more than two years old.

Tip: Avoid books surrounding a specific trade strategy that are more than two years old.

In my experience, I’ve found the most beneficial reading material for traders often has nothing to do with the actual act of making trades. Instead, books dealing with psychology and mental readiness in trading have made the most difference in my trading.

Many traders believe this aspect of trading to be irrelevant. In contrast, I believe it to the driving factor behind 75% of your trading success.

Tip: Not a big reader? Listen to the audio version in the car or at the office.

We’ve Covered Day Trading Seminars and Books. What About Video?

It’s easy to see technological advances in education, television and digital media becoming more and more interactive by the day. Due to this, videos are becoming a faster, more efficient way to consume trading education material.

However, prior warnings in this chapter still apply.

This may seem obvious, but if you come across a system that doesn’t include education videos in its curriculum, it’s likely outdated and faulty. This is clear indication of the system as a whole.

As we previously discussed, there’s more free trading education videos on YouTube and other streaming sites than you can imagine. But know the information in these locations can be repetitive, and even incorrect at times.

If you’re diligent in your research, it will quickly become clear to you which video sources are reliable.

Day Trade FEED’s Picks for Day Trading Seminars

Here at Day Trade FEED, we have a specific way of choosing which seminars have the correct information to incorporate into our day trading system. After years of research and trial/error, we’ve found some really great seminars that provided information that would fit perfectly into our trading system. We determine this by making sure the information is a good fit for traders using Kevin Jones Day Trading Indicators.

Traders have been using these indicators for more than 20 years, and so far they’ve worked perfectly for us in our trading.

If you’d like to learn more about Kevin Jones Day Trading Indicators or how they work in our trading system, contact us!

We were also careful to make sure these seminars were safe, reliable and properly vetted prior to receiving our endorsement. To receive a list of Day Trade FEED’s picks for Quality Day Trading Seminars, contact us or fill out the form below.

This article is only part two in a series aimed at helping day traders understand what mistakes to avoid.

First Mistake: No Ongoing Support/Education

Second Mistake: No Specific Way To Replicate Results

Third Mistake: Repeating Key Entry and Exit Strategies

Subscribe below to be notified of future editions.

    DISCLOSURE: While these methods may have worked in the past, past results are not necessarily indicative of future results. While there is a potential for profits, there is also a risk of loss. A loss incurred in connection with trading foreign exchange currency contracts can be significant. Carefully consider whether such trading is suitable for you in light of your financial condition since all speculative trading is inherently risky and should only be undertaken by individuals with adequate risk capital.

    Huge Mistakes Made When Choosing a Day Trading System | Part Three

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    Mistake: Repeating Day Trading Entry and Exit Strategy Mistakes

    Three Questions to Remember When Choosing a Day Trading Entry and Exit Strategy

    While researching trading systems, many traders run into different strategies that are obviously going to fail.

    I recently had an experience with an education company claiming to have made hundreds of thousands of dollar with it’s own proprietary trading system. For a fee, the company was willing to teach me this strategy via their own education system.

    While looking into this company, I made sure to remember the following questions:

    1. If someone decides to make a trade, what do they stand to gain?

    2. What do they stand to lose?

    3. If a company was fishing for a good testimonial, but couldn’t actually deliver on its low-risk guarantees, could it inflate results to mislead consumers?

    A Bad Day Trading Entry and Exit Strategy Can Mislead You

    One of the main ways a company can inflate results is through what is called a hedge. A hedge is an opposing trade of equal value that offsets any profits or losses accrued by a previous trade.

    So, if a trader sets up two accounts, places a buying trade with one and a selling trade of equal value with the other, they are hedging. The profits of the first account will even out the losses of the other and only the winning trades are displayed.

    This is only one of the many ways these “educators” are enticing customers to use their programs.

    How to Spot a Faulty Day Trading Entry and Exit Strategy

    Remember that if you only see a couple of trades on a statement, it’s likely faulty information.

    Now, let’s say you see a statement with over 100 profitable trades. Your first instinct may be to trust the system. However, it’s important to make sure a stop loss was in place before going with this instinct.

    Traders with millions in their account are able to trade the market on the smallest level with no stop loss. This means they are able to hold onto their trade regardless of which way the market swings.

    This isn’t how a typical trader attacks the market, so why would you want a system that isn’t tailored to fit realistic trading parameters? In these systems that don’t use a stop loss, one bad trade can outweigh more than the 100 good ones and wipe out an entire account.

    The typical trader would have a stop loss set and an exit strategy in place. Make sure these are part of your trading system if you haven’t already.

    Day Trading Entry and Exit Strategy Red Flag

    There is no such thing as a perfect trading system. It is impossible to trade without taking at least a few losses here and there.

    Another issue that has been seen is the lack of continuing education surrounding margin. Some education systems even purposely leave margin curriculum all together. This allows the company to show flexibility in their system when a trader is margined out and is looking for someone to blame.

    Margin requirements should be clearly and thoroughly taught before the trader experiences it with a loss.

    A good way to spot margin issues with a trading system is to make sure margin requirements match up with stop loss positions. If the margin would kick a trader out far before the stop loss, it  may simply just be an oversight by the educator. However, if they get this basic step wrong, what other compromising practices will they teach you?

    What to Look for When Choosing a Day Trading Entry and Exit Strategy

    The final topic to be discussed relating to entries and exits is how long or short to make them.

    When identifying an exit strategy, remember that almost every strategy has many variables going into the equation. This can make it hard to plan ahead, which is why some educators determine their exit strategy at random.

    For new traders, it’s important to focus on the winner-to-loser ratio instead of the length. If this ratio is profitable, it shows the system works regardless of its exit strategy.

    Day Trading Entry and Exit Strategy: The X Factor

    At a certain point during their day trading education, each beginning trader finds themselves at a crossroads.The choice facing them? Whether to choose a scalping method (short exits and stops) or a long term strategy (long exits and stops).

    The main thing to consider when making this decision is whether you’re financially capable of practicing this method in your trading. Many think scalping involves less financial commitment than long term trading. However, the truth is the exact opposite!

    Personally, we suggest trading short term systems. The uncertainty of world economics, along with unsteady market conditions in recent years make scalping the safer choice between the two. This is due to the limited amount of time spent in the market as opposed to long term trading.

    Day Trade FEED’s Day Trading Entry and Exit Strategy

    Here at Day Trade FEED, we have a specific way of choosing which entry and exit strategy to use in our day trading system. After years of research and trial/error, we’ve come up with a great way of determining this and adopted it into our trading system. We determine this using Kevin Jones Day Trading Indicators.

    Traders have been using these indicators for more than 20 years, and so far they’ve worked perfectly for us in our trading.

    If you’d like to learn more about Kevin Jones Day Trading Indicators or how they work in our trading system, contact us!

    This article is only part two in a series aimed at helping day traders understand what mistakes to avoid.

    CLICK HERE TO READ PART ONE

    CLICK HERE TO READ PART TWO

    Subscribe below to be notified of future editions.

      Huge Mistakes Made When Choosing a Day Trading System | Part Two

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      .Mistake: No Specific Way to Replicate Results

      The Begging Trader’s Day Trading Indicators

      If you’ve been exposed to trading for less than two years, most still consider you a “begging trader.” Every trader has made their way through this awkward phase. It can almost be considered a right-of-passage.

      But while each trader has to go through it, each trader also has to overcome it.

      Success by Day Trading Indicators

      If you currently fall into this “begging” category, please understand that merely signing up to use trading software is not what will help you find success moving forward. Simply knowing basic indicators and how to buy and sell does not make you a professional trader. While this software can be a vital part of trading strategies, it should never make up the entire strategy on its own.

      What type of returns do you expect to see if you’re only using free indicators and trading tips? Instead, these resources are best used in addition to other resources that make up a trader’s personal strategy as a whole.

      Different Types of Day Trading Indicators

      As you begin your search to find the best set of trading indicators, you’ll likely find only a few reputable companies offering proficient systems compatible with modern, updated charting software. Some of these companies even customize their indicator software for individual customers.

      It’s important to remember that while this sounds like a perfect scenario, success can never be guaranteed. That being said, these companies can at least help you come closer to finding a way to replicate results.

      Free or “Lagging” Day Trading Indicators

      There are countless trading companies offering basic indicators that have been around for a long time. These include Moving Average, MACD, Bollinger Bands and Fibonacci Retracements.

      However, advanced traders consider these to be “lagging” indicators due to how easily it is to take advantage of traders who use them.

      Another issue with these “lagging” indicators is a slower response time to the signal. This is because many advanced, savvy traders have built upon them to create and innovate modern methods to stay ahead in the game.

      This can be frustrating for “begging traders,” but the truth is that even with custom-designed indicators, replication is still a distance off. Traders may see consistent success, but it’s near impossible to develop indicators that can replicate specific trades based on specific market conditions.

      The true success of a trading system can be measured and replicated only to the point that others are willing to test its validity.

      Fibonacci and Retracement Day Trading Indicators

      Fibonacci’s retracement principles are now common among traders. These principles have been rebranded often for sales, but the main function remains the same.

      Some of these attempts to rebrand include Pivot Point, Prediction Points, Sing Marks, Buy/Sell Levels, Trade Levels, etc. Watch out for these old and free techniques rebranded as modern when developing your own system.

      All warnings aside, Fibonacci’s tools can greatly benefit traders if used correctly and in addition to other resources.

      There are enough uneducated traders willing to “donate” their money to the market. Let them.

      Other Enticing, Potentially Destructive Trade Tools

      Some traders use trading announcements as the deciding factor on each trade. Making trades based on the assumed market reaction to currently unfolding events is likely the oldest trading strategy there is. However, it may also be the most dangerous.

      The issue with trading announcements is inconsistency and unpredictability. Many have witnessed announcements with similar context to past announcements, but significantly different results.

      Some of these announcements can be traded on their own (slam dunks). But remember that it can take years before a trader is experienced enough to differentiate between market reactions.

      Just like other tools, announcements can be beneficial when used in addition to their other indicators. Making trades based solely on these announcements can pay off, but the numbers are against anyone making the attempt.

      Trade Systems Based on Results

      It is perhaps most difficult to find a trading system based on actual results. You may find systems that work with announcements and others that work with indicators. The question to ask yourself is if they are making money.

      This question may be harder for you to answer than you realize. It is best to take testimonials with a grain of salt. There are some outlying trading companies that even claim to base their trades on the moon’s gravitational pull. Even these companies will have testimonials from “clients” who claim the system works for everyone.

      It is likely you’ll experience at least some success in each system you encounter. This success is common and hard to take with a grain of salt. But to truly avoid the scams, make sure to do your research. Give each system you experience the time and preparation necessary to determine actual credibility.

      Day Trade FEED’s Day Trading Indicators

      Here at Day Trade FEED, we use a specific set of indicators in our day trading system. After years of research and trial/error, we’ve incorporated Kevin Jones Day Trading Indicators into our trading system.

      Traders have been using these indicators for more than 20 years, and so far they’ve worked perfectly for us in our trading.

      If you’d like to learn more about Kevin Jones Day Trading Indicators or how they work in our trading system, contact us!

      This article is only part two in a series aimed at helping day traders understand what mistakes to avoid. Subscribe for future editions.

        Huge Mistakes Made When Choosing a Day Trading System | Part 1

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        Mistake: No Ongoing Support/Education

        To begin, think about what is going on in our current day. We live in an era where technology is advancing exponentially, and it seems, at times, as though computers are taking over the world.

        But are computers REALLY taking over the world?

        Foreign exchange (forex) markets recently saw a spike which caused the greatest change in the history of the Yen. Experts attributed this failure to robotic trading, which lost millions in the market due to faulty code.

        This, along with countless other examples, show us that the human brain is more capable than even the most advanced computer in existence. And even when computers become more advanced than the brain (experts believe this to be only years from now), humankind still possesses something computers do not: the ability to evolve, adapt and change.

        Day Trading System vs Robot Trading

        Perhaps Charles Darwin said it best:

        “It is not the strongest species that survive, nor the most intelligent, but the ones most responsive to change.”

        Fortunately, the computer is not a living species, nor does it respond well to change.

        A human mind would have stopped the execution of the trade or the continuation of losses. And just as the world witnessed during the aforementioned fall of the Yen, a robot could not.

        What good is developing a trading tool or system if there is no continued education or support to follow? How does this help you increase your advantage by responding to change?

        Adapting Your Day Trading System

        When the market first began, certain candlestick patterns began to emerge. We know these patterns as Dojis, Hammers, Hangmans, etc. Traders that were able to recognize these patterns and understand how they’d affect the market moving forward were able to adapt and innovate old techniques to make millions.

        The rule of supply and demand in economics is very clear: if something is profitable, demand for it will increase. If demand increases, supply decreases.

        So, what does a trader do with their old, outdated system when it becomes less profitable? Some began their search for the next “golden goose,” while others refine their system with updated data and adapt to the circumstances now before them.

        This is why continued education is critical to the success of traders. Today, there are still traders who use candlestick patterns when determining the best trades to make. The difference is this is not all that goes into their decision. The data from these patterns is combined with current market conditions and other trading strategies to form a more consistent, reliable system.

        Is Your Day Trading System (Support/Education) Affordable?

        Now, what if a trader uses an updated, elite system, but the infrastructure behind support and continuing education within that system is not affordable?

        Unfortunately, this is a common trick of the trade. Many traders lose their first trade without even trading. How? By paying too much for the initial education and education materials to continue through the growing pains that come from learning to trade.

        If a trader pays $3,500 for trade coaching, but their trading system only yields $4,000 per month, chances are the remaining $500 will be used to pay their broker.

        Issue #2 With Some Day Trading Systems

        Another issue many traders see is that they’ll lose money while they learn how to handle losing money.

        There are a lot of trading businesses that shirk all accountability immediately following a student’s graduation from the program. So when a beginner starts to see a trade go upside down, they have nowhere to turn for assistance.

        This lack of support causes many to panic and make rash, emotion-filled decisions while trading. Making these decisions can cause bad habits and practices to form.

        This is why it is absolutely critical to make sure a trading program offers sufficient support and continued education before taking the plunge and joining.

        Pulling the Trigger on a Day Trading System

        In conclusion, ensuring these first two items (support system and continued education options) are integrated into the core of your trading system is absolutely essential. You may find a program that lacks in these areas, and it may be a challenge to walk away. But being confident in these areas will help you find success throughout your trading career.

        In order to determine whether support and education moving forward will be sufficient, ask yourself if the education is actually education and not just information from past market trends.  Many teachers and coaches will claim their continuing education to be worthwhile, when really it merely consists of ancient information from a past generation of traders.

        To truly grow as a trader, continued education needs to be current, driven by live data, state-of-the-art and relevant to today’s markets. This means live webinars, online meetings, etc. While older strategy and information can still be relevant, updating their trading system is necessary to stay profitable as market conditions shift and evolve.

        How to Know if You Have a Good Day Trading System

        This article is only part one in a series aimed at helping day traders understand what mistakes to avoid. If you’d like to be notified when future articles like this are published, subscribe below.

          Until future parts are released, check out our Should I Day Trade? and Introduction pages.

          Have a question about choosing a day trading system, continued support/education or just day trading in general? Contact us!

          Man Mistakenly Makes $11.6 Million | DayTradeFEED.com

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          Man Thinks He’s Day Trading Futures Demo Account

          Makes $11.6 Million Real Profit

          Above all, the following story shows us how emotion can affect us when we’re day trading futures. Please take this with a grain of salt as not all results are created equal…

          Harouna Traore was learning everything about day trading futures. Part of his training included practice trading a demo account using real market data. He opened a $23,000 account with British brokerage firm Valbury Capital, and began “practicing.”

          Day Trading Futures Without Fear

          Later that night, Traore went home to continue learning about what it’s like to day trade futures on a demo account. Like many beginners do, he went on to push the limits of the trading software.

          After all was said and done, he had lost more than a million dollars.

          Reality Sets In

          After finding himself more than one million dollars in the hole, Traore realized he wasn’t using a day trading futures demo account. In contrast, his account was very real, and he was in a pickle.

          “I could only think of my family,” Traore said. “I was stressed.”

          But instead of alerting the authorities or the company he was trading with, Traore decided to continue trading to see what he could do.

          (Dis)Advantages of Day Trading Futures

          Traore began day trading futures, and eventually found himself building up a $5 billion position in U.S. stock futures. He went on to turn his loss into a profit of about $11.6 million.

          At this point, he called Valbury Capital, who immediately claimed breach of contract. His winnings were declared void immediately.

          Traore is currently suing Valbury Capital for the $11.6 million. The case is ongoing and may move to France in the coming months.

          Learn More About Day Trade FEED

          Interested in learning more about day trading? CLICK HERE!

          Want to know if you have what it takes to day trade? CLICK HERE!

          Find out how much we make day trading by checking out our day trading results!

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