0:00 [Music] of the pool aka. All right, everyone. How's everyone doing? Good. Good. Perfect. Awesome. Yes. Supporters. Beautiful. My name is Raja. I'm a trader first and then uh I'm this I I'm a founder of Perminion Markets leading innovation. Also, we launched a prop firm called Dominion Funding. We have an MT5 simulator with all platforms with this.
0:47 But um so what I'm going to do is I'm not going to tell you which indicators to trade. I'm not going to tell you which strategy to trade. But I'm just going to cut through all the and I'm going to show you exactly how I created a trading plan and something that you can use for yourself as well. Now, what's the first thing we hear when we learn about Forex trading? The first thing we hear is that it's a 5.26 trillion market. It's open 24 hours a day, 5 days a week. You can trade at any time in the day and make money. That's the first three four things we hear about when we start when we say okay like you know I'm going to start to learn forex trading but the reality is you have to choose what time suits you best like a lot of us what we do is we
1:32 get so amped up and we get so excited to trade that we're like okay you know what I'm going to take a trade first thing I wake up and then I'm going to go to the grocery store with my wife or whatever and then I'm going to be trading while at the grocery store. I'm going to be trading while at the gym. I've traded at the gym. Who else here has traded at the gym? Perfect. And most of the time they're all losing trades. We've never won a trade at the gym, right? Because the reason why is we don't know what time to trade because let's take a look at this, right? What time suits my lifestyle when I first started trading. I started trading back in Canada and I understood that the only time I have free of all distractions, distraction from my wife, my kids, parents and everything is the morning time. I knew that if I can dedicate my time from 5:00
2:20 a.m. to 8:00 a.m., that's the time I have to trade. I cannot trade in the afternoon because I'm busy with work. I can't trade in the evening time because I'm busy with family, right? Even though markets are moving at that time, even though my friends are trading at that time, but I have to respect the time I can trade. So, I chose the morning time, 5:00 a.m. to 8:00 a.m. So, that's something you have to do as well, right? When you go home, look at your life. And if you're losing, which is 90% is the fat we're all going to lose, right? But look at your life and ask yourself, what time do you have free, then look to see what session is that time? When I first started from 5:00 a.m. to 8:00 a.m., the session that fell um that fell during that time was the New York session. So,
3:05 I'm like, "Okay, bet. I'm only going to focus on the New York session because that's the only time I have." Right. Next you need to see that the time you're choosing is there enough volume in that time or not? Right? So let's say if you choose let's say London open you're choosing London open but let me tell you a very important thing about sessions right every session it moves the same way month over month over week. The reason why a lot of us we cannot identify patterns that repeat themselves is because we're so distracted by different sessions. Because when I first started, I was trading the New York session. I was like, "Okay, perfect. I was profitable." Then I started trading the London session. Then I started trading the Asian session. What happened
3:52 to my profitability? It took a nose dive because I was profitable during the New York session. Asian session, I was distracted. I was trading. I was losing. London session was in the middle of the night at 2:00 a.m. I was waking up and my wife is sitting right there and she would ask me, "What are you doing at 2:00 a.m.?" I'm like no I have to go trade and make money you know and then and then now when I look back it didn't make any sense you know because there was no rhyme or rhythm to that so I chose the New York session I knew that during the time I'm chosen there is a lot of volume at that time so I can trade and then have to understand okay what news events are at that time Asian session few news events London session whatever we know now when you have
4:38 chosen the time to trade And when you have chosen what session you're going to trade, next you have to take a look at what pairs are active in that session. Like so so we have a community of about like you know uh 5,000 members in our online education and sometimes guys say that hey man I'm going to trade the New York session but can I trade Australian dollar yen in the New York session? And then I asked them, okay, if you're going to trade AUD JPY in a New York session, is Australian dollar open in a New York session? Yes or no? No. Exactly. And then I asked, is yen open in New York session? They're like, no. Then why are you focusing on AUDPY in the New York session? Right? So you
5:23 have to choose that which pairs are open in New York session. Like let's say if you're going to choose London session, my favorite pair to trade in the London session is either gold or pound yen because I know in the London session pound has a lot of volume, a lot of volatility. So the pair pound yen is going to move. But if I make a mistake of trading AUD JPY in the London session, there's a very high probability I'm going to lose. And then someone's going to say, well, why are you trading AUDPY like a in London session when the whole pair is closed? Doesn't make any sense. Next, spreads. Obviously, anything below two pips is amazing. Next is if you're choosing a pair, have you spent enough time watching that pair? Right? Let's
6:09 say, for example, someone looks at someone making, you know, hundreds and thousands of dollars in gold and they've never traded gold. Now, they're going to say, okay, like, you know what, that person made money on Instagram on gold and now I'm going to start trading gold. And when you start trading gold, what happens? You start losing it again. You're like, man, what the hell's happening over here? Right? So, the thing is, have you spent enough time watching that period? Because let me break this down to you. If you're choosing gold, gold will have a different personality the way it moves in the London session versus in New York session and versus in the Asian session, different instruments, right? Across different sess. It's like the same thing. When you make a new friend in the gym, right? When you make a new friend in the gym, you known that this person is going to come in the morning to the
6:54 gym. He has a different personality, right? But if you want to say to him, "Hey man, let's hang out in the evening time." He's going to say, "No, I'm bidding in the evening time. I can't hang out." You know? So that's the thing. Just like us people, every currency pair has a different personality in every session, which is why it's very important. Have you watched that currency pair enough? So I say like the best way to do that is to watch a pair for about I'd say like 2 months 2 to 3 months and then you're going to start to understand the patterns you know like what we're watching at gold right now is something I've seen back in 2018 and 2017 when this trade wars were happening at that time too. So now when I see that I'm like oh this is deja vu I've seen this
7:40 happen. I spent 8 years watching gold. So now whatever happened on gold I can understand that okay you know what I understand what's happening I know where the volatility is I know where the volume is what risk to use. So these things help and man please stop looking at more than two pairs. You don't have to look at more than two pairs. Doesn't make any sense. I know you guys sometime feel that oh you know what if I look at six pairs I'll make a lot of money and it's good. Life's going to be great. I'll uh retire my family and all this. But those dreams are true but dreams are always dreams. Let's stick to reality. The reality is one or two pairs with discipline. That's it. Next, we're looking at risk management, right? Who sucks at risk management? If you're t like come on,
8:27 let's get real. Like, you know, we're all not making millions at the same time. So, risk management, risk management is not about knowing what your riskreward is, right? When I first started trading, I was told that to have a profitable riskreward, it has to be one 123 or one 125 or one to 10. And I'm like, "Oh, wow. So, if I can risk $2, then I can make $10 with a 1 to5 risk reward." But you know what happened in the beginning? I'll tell you what happened. I started to trade 1 23 1 to4 risk reward. And what I realized was that 90% of the time my position is going to go in profit to about 1:1. then it will retrace go in draw down then I'm going to remove my stop-loss and then my account is going to be
9:14 jeopardized you know that's what I'm so so so if you guys look at your trading history what you're going to find out is exactly the same thing what I tell my guys is this like look at the last 40 trades or 50 trades you have taken and I can 100% guarantee you you will find out that most of the time it will always go in one to one profit risk reward one to one and that's your point to secure something and leave the rest running because it's not every day you're going to get 1 to5 or 1 to 10. 1 to 10 is like a unicorn move like let's say with gold if you took a buy last night in Asian session you got like what 1 to 40 you know but that does not happen every day dynamic or static risk this is something very very important and the reason why this is important is it it's
10:00 it goes in so much detail but I don't have enough time dynamic risk is so let's say for example I'm trading a $1,000 account right and I'm going to say okay you know what Roger I'm going to use a 50cent lot if I'm going to use a 50cent plot I'm I can cut that down into five different positions on 10 cents 10 cents 10 cents and so on. So that's dynamic risk where you are uh managing your risk before you even enter the trade. How many trades will you take in a day? Me personally when I was losing consistently I wasn't proud of that but I wanted to make my family rich. I was taking more than five trades a day. I was taking 10 trades 10 11 12 trades. And you know when they say that, oh, you know, whatever trade you take, you have to journal your trade. When
10:45 you're taking 10 trades, you're not journaling 10 trades. By the third and the fourth trade, you're getting so embarrassed looking all your losses, you're like, "Ah, screw this. Let's move on to the next day." Right? But when you're focusing on one or two trades, it's extremely easy to journal those trades. Really easy. And that's one change you guys have to make. What's your monthly or weekly goal? And what do I cut my loss of insecurity in? Okay, having monthly, weekly, and daily goals, I'm highly against it. And I'm going to tell you why. Because in the beginning when you come into trading, you're like, "Okay, you know what? My monthly goal is 10% or five or whatever." But if your goal is, let's say, 10% a month. And you're sitting at 9%, and you got 2 3 days left for the month to end. Now, you're going to be pressurized to meet
11:32 that goal. As a new trader, as a new trader, when you're pressurized to meet that goal, there's a 100% probability you're never going to reach that goal. How there? Okay. So, there was a time when my account was at $9,980, you know. So, I wanted a cool $10,000 number over there. You know how many times you've seen that? A cool 10,000. For me to chase that $20 to get to 10,000, I ended my day at 8,500 and something like I lost more than what what I wanted to win because I had a goal in my mind, right? So I say this like instead of having a set percentage goal, aim to have a winning trade. That's it. Aim to have a winning. If you can have a winning trade, you can
12:18 replicate that trade the next day or the next week or the next month. But if you have this goal that oh have to reach 10%, 15%, 5%, whatever, you're going to exhaust yourself. You know how many times you sit down to train and you're reaching for your goal and and by the time the training day has ended, you're like, "Man, I'm so tired because I've exerted mentally so much on the chart." This happens to us, right? This happens to us. I remember used to happen to me, too. I used to look at 10 pairs and I used to look at three sessions. I would overexhaust myself and I would make no money at all. Even though my wife thought we were making money, but we were actually losing money. But now it's a different story. All right. risk management. What time frames will I focus on? This is the most important
13:03 thing. You know, a lot of time guys say, "Oh, you know what? I scout the one minute chart. I scout the 5-minute chart." But then you have to ask yourself that how many times have you really consistently won on the one minute chart or on the 5-minut chart. What I do is I cannot tell you what to do, but I I can only tell you what I do. You know, I focus on the 1 hour and the 30 minute. That's it. I look at confirmations on the 30-inut chart, the 30-inut candles, 15 minutes. Sometimes, mostly it's the 30 minute and the 1 hour. And the amount of pips I focus on is like 10 to 15 pips. That's it. 10 15 pips. I'm done. I don't care where the market goes after that. I call it a day. Technical analysis. Is there a valid support or resistance formed? Do
13:50 you have enough range for price to move? This is another good one, right? A lot of times we see a potential buy happening and we want to execute that buy position. But then when we realize that okay the resistance is right there four five pips away and then you're so lost in your analysis like okay if I take a buy I hope that this resistance gets broken or I hope the support breaks you know hope doesn't hope is not going to work you know. So if I had I could show you the charts but since time is of the essence has the candle closed in my direction. This is a really number one right? So let's say for example you're looking at the chart and you have a bullish candle printed and now you want to take a sell. A
14:35 candle has closed bullish. You take a sell and now you're hoping that the candle goes bearish. I've done that a lot of times because if I think if I'm going to take a sell, I hope the sell comes on a wick and I can have a nice clean entry. But the thing is my mentor told me back then maybe like 7 8 years ago. He's like, "Raja, listen. If you can just have one candle closing in your favor on the 30 minute time frame, that will justify your entire trading idea." You know, it's the same thing as if all the buses are going left, right, and you want to go right. Are you going to jump on the bus that goes left and well, I hope we turn right one day. No, you're going to wait for the bus that goes right. So when I looked at the analogy, I'm like, okay, this makes perfect sense. If I'm looking for a buy, at least I have to wait for a candle to
15:21 close bullish. So someone can ask me, Raja, why do you take this losing trade? Oh, I took this because the candle closed in my favor, right? But if a candle closes against me and I'm hoping it goes in my favor, there's no justification to that. You know they be like, "Well, why'd you take the trade when the candle wasn't in your favor?" Right? So, you got to approach trading in that manner. Trade management. Am I comfortable with my gains? This is the biggest thing. Did you guys know that? Okay. So, so I run a brokerage Dominion Markets. We also fund traders with Dominion Funding. We've seen that 90% of our traders, they actually their first and the second trade, they're winning trades. Winning trades. Whether that's a $10,000 win or
16:07 a $1 win, it's a winning trade. It's what they do after the winning trade is what matters, right? A lot of time you're going to have guys that they will have a $2 win and for them the $2 win is not going to be enough. But you guys forget that if you have a $2 win, you are doing better than the 90% people who are losing even with that $2 win. So you got to be happy with those $2 win. I I am so so okay. So I trade on a $600,000 account, right? Some days I end my days with a $20 win or a $100 win. And you and when we do live streams, guys tell me, "Hey, like you know, like you only made $20 on your six figure account." I'm like, "That's fine. tomorrow we can make 2,000 or 5,000. But that's the
16:53 thing. Are you comfortable with what you're making? And what I say what you're making is are you comfortable with the positive you have in your account? That's the most important thing. So if you can end your day with like a $10 win, be grateful. Be like, "Okay, you know what? I came to the markets. I fought the markets. I fought other traders. I fought institutions and algorithms. And I'm profitable." Even if that's a $2 profit, I'm profitable. I came, I fought, and I won. But if you keep on fighting for that extra $2, $3 more, you're going to end up losing the profits and you're going to end up losing some of your balance, too. You know, we've all been through that. And sometimes we're so embarrassed to even accept our losses, we just start a new account. You know, we're going to have this one account with with losses and losses and then we're going, okay, yeah,
17:39 let's start a fresh account, fresh beginnings, but the same with discipline. It doesn't help, you know. So, we have to change our mindset. Should I close partials and the loss? The number one thing that helped me to make sure my losses were smaller is because I knew that if I can close my loss before it hits stop-loss, that's way better. Because a lot of time what happens is when our trades go in losses, what's the first thing that comes to our mind? I hope it's going to turn around. And the second thing what we do is either we extend our stop-loss or we remove the stop-loss. Right? Right? I used to do that and then my losses got bigger and bigger. But what I found out was that okay intuitively intuitively whenever price comes for a stop-loss can
18:26 you feel it's going to hit your stop loss? Sometimes I can feel it's going to hit my stop loss. Like a lot of we can feel it's going to hit the stop loss. So when I feel it's going to hit the stop loss, I close that trade by 50%. So, if I'm risking $100, I'm closing 50% at the time where it's going to hit my stop loss. If I do take a loss, I'm losing $70 or $80. Now, I've lost less than what I planned on losing. And the more you practice, better you get with this. Um, do I have a runner break even? How do I journal? Journaling trades is so easy. You take screenshots before the analysis and after the analysis and just see what happens. That's it. That's the best way to journal the trades. There's no other way. I don't use any fancy
19:13 software. I don't use any fancy uh uh like, you know, indicators or nothing. It's just simple, clean price action, right? So, a lot of you guys didn't take notes, but let's do a revision. How to make a trading plan is to choose the time that you're going to trade. What time are you going to trade? Are you trade Asian session, London session, and New York session? Choose your time. Next, choose which session falls in that time. Let's say, for example, if you got the Asian session that falls in that time, bet you're like, "Okay, I'm an Asian session trader because Asian session falls in a time when I have free time." Don't let the market dictate when you should trade. You should dictate when you should trade. You know, a lot of time guys say, "Hey, Raja, we're
19:59 going to have FOMC later on in the night. Are you going to trade FOMC?" I'm like, "No, I'm having family time." You know, I trade in the morning, you know. Next, you have to choose the pair. What pair are you going to trade? Don't choose pairs that are not active in the market. Choose a pair that's actively open in that market. Asian session, pound yen, amazing. Australian dollar yen, amazing. USD yen, euroyen, amazing pairs. USD CAD in the Asian session, I don't think so. I don't think so. Pound USD, no idea. Not at all. You got the time, you got the session, you got the pairs, and then you have to decide what sort of a risk are you going to use. Are you going to use static risk, dynamic risk, technical analysis, trade management, I only use candlesticks,
20:44 simple, clean price action? I don't complicate anything because here's the thing. When I first started, when I first came into trading, I came from a university background. I dropped out later on anyway. But what I realized is that okay to make money in the markets it has to be very very complicated. You have to read all these indicators and these books and all this stuff and then you're going to be able to make money from the markets. But what I realiz is if you keep it stupid simple it will work in the end. It's not rocket science. You know we're all we're all very simple human beings and we understand concepts when they are delivered to us in a very simplified manner. You know, everything that I've totally understood has been explained to me like how you would explain a concept to a 5-year-old. If you complicate that, it's going to be an uphill battle, you
21:32 know. So, I thank you everyone for coming down and thank you Faso for giving me the opportunity. Give yourselves a round of applause and hopefully we all can make a trading plan and hopefully see some profitable days. [Music]
