PMTW Trade Signals Quick Start Guide: Get Up To Speed As Quickly As Possible
PMTW Trade Signals consist of PMTW Forex Signals covering specific currency pairs and PMTW Crypto Signals covering specific Cryptocurrency pairs. Any currency pairs, Crypto or trade signals for other markets added to the service in the future will be available to all subscribers for no extra cost.
New for 2nd Quarter 2022: The original signals package is traded with a partial profits trade management strategy. I've added a single target strategy as well as a separate income stream. Basically, it is the same as trading the original signals as explained below, but you are only placing one trade with one target.
Here is how to get up to speed on trading the signals as quickly as possible.
Your Trading Infrastructure
There are only a few things you need to trade PMTW Trade Signals:
Forex Broker: You’ll need a broker. And if you are planning to trade the Crypto pairs, you’ll need a broker that offers these pairs for trading. I use RoboForex.
You can learn more about Forex brokers here: What To Look For In A Forex Broker To Keep Your Money Safe, Get The Most Popular Trading Platform & Create The Best Trading Environment
Trading Platform: You need a trading platform to perform the trading activities. I use the Metatrader4 platform which is the most popular trading platform and available free from most brokers.
If you are going to use The Forex Trading Troll to manage your Forex trades, you’ll need the Metatrader4 platform.
You can learn more about the Metatrader4 platform here: How to Install The Metatrader4 Platform The Way I Do In Preparation For Multiple Account Trading At The Same Broker
Optional: Virtual Private Server (VPS)
I have all my trading platforms on a VPS. This allows me to keep my platforms running and connected to the Internet at all times (without having to have my computer running 24 hours a day). It also keeps all my trading accounts organized and in one place.
The main reason I use a VPS is because I use The Forex Trading Troll to manage my Forex trades. The Troll is an Expert Advisor for Metatrader4 that requires the platform to be running and connected to the Internet in order to work.
By using the Troll to manage my trades, a lot of the trade management is done on autopilot. While this is not 100% necessary to get similar results, it is recommended to use the Troll, and that is why it is provided for you.
Recommended VPS: Accu Web Hosting
Trading Time & Days
I trade on the Daily time frame, and therefore make trading decisions around the close of one daily candle and the open of the next daily candle. Since this happens at 5 PM New York Time on most brokers, this is when I look for trades.
However, at the close of one candle and the open of the next candle, the spread becomes an issue. The spread widens and therefore it is not a good time to place the trade. Basically, if you place the trade when the spread is wide, you end up paying the broker a lot more money and your entry is not as precise.
As a result, I am performing the Forex trading activities around 6 PM New York Time.Expect to get the signal email between 6 PM New York Time and 6:20 PM New York Time.
IMPORTANT: Crypto Signals still come out between 5 PM and 5:20 PM New York Time.You’ll need to figure out when this is compared to your local time: Time In New York
Keep in mind that when clocks move back or forward in your local area, or New York, the trading time can change for you.
PMTW Forex Signals come out Sunday, Monday, Tuesday, Wednesday and Thursday. (Any trading activity triggered by Friday’s candle will be performed on Sunday when the markets reopen).
PMTW Crypto Signals come out 7 days a week because the Crypto market never closes.
Placing Trades & Trade Management
Market analysis, entry rules and trade management rules have been created to put the odds in our favor. The trading approach has been strategically designed to be profitable over the long term.
For more about the trading approach go to: The Trading Approach Behind PMTW Trade
Signals Is Strategically Designed To Be Profitable Over The Long Term
When there is a trading activity to perform, you will be given instructions. To get similar results as the service, try to perform the trading activities as instructed.
Trading activities include:
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- Placing a BUY or SELL trade with the proper stop loss and take profit levels.
- Move the stop loss to around breakeven to eliminate risk on the trade.
- Take partial profits.
- Move the stop loss to a specific level to lock in profits.
- Manually close the trade.
To learn more, go to: How To Trade PMTW Trade Signals
Since we are employing a partial profits strategy for the PMTW Forex Signals, there are two ways you can trade the signals:
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- You can place 2 trades and manage each manually. Learn more
- Or, you can place one trade and have The Forex Trading Troll manage the trade for you. Learn More
PMTW Crypto Signals only have one target and we are not taking partial profits, so you only need to place one trade. SCRIPTS and instructions are provided.
I believe it is important to know what to expect after the trade is placed. Therefore I have gone into detail the trade management rules here: PMTW Trade Signals Trade Management Rules
The Finer Points Of Trading The Signals
Trading PMTW Trade Signals is very easy. But there are some things I want to bring to your attention because they are finer details of trading the signals that might get overlooked.
“The devil is in the details”, and I want to give you all the knowledge you need to trade the signals as close to perfect as possible.
Pay Attention To The SPREAD
The spread is a small cost built into the buy and sell price of any currency pair, and is paid to the broker. Around 5 PM New York time, when we are trading, the spread usually widens.
So, when you get instructions to buy or sell, you need to pay attention to the spread. The template I’ve provided you has an indicator that shows the current spread price so you can easily keep track of this.
Since I am sending out the signals email between 6 PM and 6:20 PM New York time, the spread at your broker should have returned back to a normal range. Therefore, it should be ok to place the trade immediately.
However, before placing a new trade, heck to make sure the spread is in a normal range.
In order to get the snapshot photo for the signals, I’ll be placing my trades around 6 PM New York Time. This way you can see on the charts where I entered the market. As a result, on days when I have to place trades, the signals email won't be delivered exactly at 6 PM.
Using The SCRIPTS To Place Trade
I wanted to make placing trades with the proper lot size, stop loss and take profit as simple as possible. Therefore, I’ve provided SCRIPTS you can use to place the trades.
Since most brokers use 5 decimal points, you need to take this into consideration when placing the trades with the scripts.
For PMTW Forex Signals: The stop loss and take profit values are given in pips. But when trading on a 5 decimal broker, you need to add a zero in order for the stop loss and take profit to be placed at the correct levels.
For example, if the signal says 100 pip stop loss and 300 pip take profit, you need to use 1000 and 3000 in the settings of the script.
For PMTW Crypto Signals: The stop loss and take profit numbers I provide in the signal is the EXACT number you should use in the scripts.
I recommend practicing using the scripts on a DEMO account to make sure you know how to use the proper settings.
Using The Forex Trading Troll
I highly recommend using the Troll to manage your Forex trades. It just makes things easier and ensures the trades are managed strictly according to the rules.
To make things even easier, I’ve provided PRESETS for the different stop loss levels.
Once the trade has been placed, add the Troll to your charts and choose the correct preset for the stop loss value.
IMPORTANT: The Presets have all the settings you need to manage the trade according to my trade management rules EXCEPT the Partial_Close_Lot_1 and Partial_Close_Lot_2 settings. You need to fill those in according to the lot size of your trade each time.
Since the lot size of each trade is different, you need to calculate and fill in these inputs depending on your lot size in order for the Troll to work properly.
Simply take the lot size of the trade and divide it in half. But take note, both the lot size values need to equal the full lot size of the trade.
For example, if you place a trade with 0.02 lots, you would put 0.01 lots in each of the input fields. (0.01 + 0.01 = 0.02).
However, if the lot size was 0.25 lots, this does not divide evenly. Therefore you need to manipulate the numbers to make sure they equal the full lot size of the trade. (0.13 + 0.12 = 0.25 OR 0.12 + 0.13 = 0.25).
If you don't change the settings for each trade, the default is 0.1. If your lot size is smaller than this, it will close the ENTIRE trade at the Partial Close Lot 1 level.
So, once you add the Troll and select the correct PRESET… don’t forget to change the Partial_Close_Lot_1 and Partial_Close_Lot_2 settings to match the lot size of the trade.
Reminder: In order for the Troll to work, the platform needs to be running and connected to the Internet. You can accomplish this by leaving your platform and computer running. However, I recommend using a Virtual Private Server.
Quick Start Guide Conclusion
Every effort has been made to make using PMTW Trade Signals as simple as possible. Following the signals shouldn’t take more than a few minutes a day.
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- Get the signal email between 6 PM and 6:20 PM New York Time
- Links to chart snapshots are provided with instructions written directly on the chart
- Follow the instructions and complete the trading activities on your trading platform
- SCRIPTS are provided for making the placement of the trades simple and error free
- The Forex Trading Troll (if using) can automate many of the trade management activities for you
Getting extraordinary results with profit potential that can outperform other investment opportunities does not have to be difficult or time consuming. Just follow the easy instructions and use the tools provided.
That being said, the more you know about the trading approach and why we do what we do the better. Therefore, I have done lots of free training you should go over to build your confidence: Free Forex Training
To Your Wealth, Edward Lomax
