MENTORS

WELCOME

WHAT’S NEW IN YOUR DRIVE

- @Wicksdontlie webinars are uploaded

- New member contribution files are added to the drives
- Sections 3 and 4 of @Uncle_Ted_ drive is now updated
Remember if you want to add your own content to the drive get in touch with your mentor so you can have your
own personal folder to add and put items in. Sharing new items allows the community to grow and others to learn
off of you.

DID YOU KNOW?

By expanding your google drive on your desktop and using the right column you can keep up to date with all the
latest activity in the drive. In other words, you don’t need to ask when or if the webinar is uploaded you can check
for yourself.

QUESTIONS FROM THE FOREX FAMILY

How could I join the whatsapp group of forex family mentors? I saw it in IG. Is there a fee for it? Thanks

No, you can’t join the mentor chat….it is a mentor chat. You are in your own chat with other members of the
Forex Family. The mentor chat is for mentors only. When you are a mentor we will invite you in. Think of that
chat like the lunch room at school. Teachers only.

I had a few questions, I understand these questions are basic but I want to get clarification on them to make
sure I know my basics thoroughly. First question being, when exactly do the 4 major markets (New York,
Tokyo, Sydney, London) open and close in EST (Toronto)? I've googled it and I got varying timings for Tokyo and
Sydney so I want to confirm all four market timings.
Given that many countries including Canada observe daylight saving time does this impact the market open and
close timings or do they remain the same? On the Babypips page it says during DST/EDT Tokyo opens and closes
two hours later and Sydney opens and closes one hour later, is this correct?

On Babypips (Tokyo timings are: 6pm-3am EST & Sydney timings are: 3am-12pm EST -
> https://www.babypips.com/learn/forex/forex-trading-sessions

On Investopedia (Tokyo timings are: 7pm-4am EST & Sydney timings are: 5pm-2am EST -
> http://www.investopedia.com/terms/forex/f/forex-market-trading-hours.asp

On Dailyfx it shows the same market open & close timings as Investopedia -
> https://www.dailyfx.com/forex/education/learn_forex/the_basics/making_a_forex_trade/5/2009-10-14-
0111-Forex_Market_Hours.html

One accounts for daylight savings time and one does not. Currently after this weekend we lose an hour sleep so
you would have received a message from your brokerage related to market opens. I would stick with the
Investopedia information as 5pm eastern time is the new market day.

How do you calculate the pip difference between USDJPY? For example, if price was at 114.145 and went down
to 113.797 how many pips would that be?

On MT4 it shows its 348 pips how exactly was that calculated? To confirm the 348 means, 34 standard pips and 8
micro pips?

I know if price was at 114.150 and drops to 114.140 that would mean the price dropped by 10 pips but I don't
understand how to calculate the price if it drops from 114 to 113.

So, you pretty much answered your question. Originally pips were calculated by 2 decimal places because originally
when Forex started because there was lower leverage no retail accounts. When price moves from 114.145 to
113.797 you are looking at 34 pips (yes MT4 uses 3 decimal places) but depending on your account type and leverage
and the brokerage set up that can adjust. But most retail accounts use 3 decimal places so you would say that you
have achieve 34 pips. If you were in a mini account (which most are because of a retail trading brokerage) you can
say you achieve 348 pips. This gets confusing so that is why we use the term micro pips so people realize it is not the
“standard forex account”. You are correct 34 pips (standard account) or 348 micro pips. Now no one really uses
these terms in the industry like this but it is technically correct.

If price goes from 114 to 113 price has dropped 100 standard pips or 1000 micro pips.

I've heard you talk a lot about standard pips and mini pips. What's the difference between them? Does it have
to do with the account type? Also, talking about accounts, will the Forex Family Brokerage have standard
accounts and mini accounts or just one type?

See above answer. As for the brokerage all that info will be announced when the brokerage opens. No worries
you all will be first to know.

Regarding ranges... I usually find myself taking trades with an inverse risk: reward ratio (i.e.: risk being bigger
than reward). I map the supply and demand zones, I'm aware of rejection wicks, I even plan my trades putting
pending orders as I see price developing. I don't want to put a big TP (I don't usually get so many pips), so I use
10-15 pips max. The problem is when I set that TP, considering my zones and everything, I always find that a safe
SL is way bigger (in pips) than my TP. When I set a trade that way (small TP and bigger SL), I usually get my
reward, but I'm always afraid price goes the other way ending up in a big loss because of the SL.

Drop to a smaller time frame and be aware of your timing. So here is an example of a trade I took on the 1min chart
with gold. The overall 1d and 4h was bearish at the time of the trade and I was looking for a particular wick fill. You
can see the 1min charts provided almost a small mini resistance so my SL would be above that resistance level on
the 1min. In the shorter time frames you will find your SL can be a little tighter but also be aware your range will be
tight as well. As I always say try to give your trades room to breathe. If you want 10 pips make sure your range is
40-50 pips wide minimum so you know the trade can move around. Also, be aware of the time you are trading.
Close to the new hourly candle or major 4hr you will always find big volatility so if you can time your entries on the
shorter time frame to match up with those candles opening and closing you may find a higher success rate. Once
again, higher time frames for overall trend and smaller time frames for entries. Just be aware of how the market is
moving and look left to see if you have any price levels that we could return to and ensure your SL is above those
levels when we have momentum.

I have a question on why GBPJPY is so active during 8:30 pm est? It's not an open time and there isn't news.

Asian market is open and any JPY pairs will be active at this time. Also understand that we are coming to a 4hr candle
close (9pm eastern time) so there will be movement. GJ is also a very active pair to begin with so be aware it moves
almost 24hrs a day.

What’s up Ted?

First of all, just want to thank you for what you do for us. I am super grateful for finding you and the Forex
Family. I can honestly say it has helped my trading immensely.

Most days I am able to scalp the NY session which is great but there are other days in which I will have to get to
work early and have to leave my computer around 8-9am. I have tried to leave pending orders meant to be
intraday/swing trades in which I'll leave a bigger stop-loss and TP. Obviously, I look left and at wicks seeing what
is the best area to put my pending order, SL and TP. However, I always seem to get burned somehow. Whether
it’s the spread triggering me into a trade to early, missing my TP by 2 pips, getting triggered into trade but then
going back into previous zone.
I guess what I am asking is how can I work on my precision when it comes to pending orders. The idea would be
if I don’t see an opportunity while I’m on the computer maybe I can leave pending orders that I can manage on
my phone while at work. I am making my way through the vault and will also be looking there on this topic.

There are a couple of points you need to address with pending orders, some of which you have addressed. The first
is looking left and understanding where various price levels are. You always want to set pending orders above or
below those price levels. Essentially above a consolidation point so we have a break out to the upside or the down
side. Now placing TP is equally as important. You should be placing your TP point just before the next price level
because exactly what you said could happen. Your 1-2 pips are just before that price level and you have placed your
TP in the price level so it will pull back and not go entirely through that zone. I have provided an example which you
can use on higher time frames as well. Hopefully this illustrates my point a little better.

I want to learn a swing trading approach. I'm still on a 9-5 right now and can't really check my charts like I
would like. How do I go about this? Should I take Ted's approach and just apply it to the higher time frames as
far as wick fills and support and resistance? Or is a completely different approach to swing trading...

You have answered your own question here, just be aware that higher time frames take longer to fill wicks and you
need wider SL and TP points. If you review the registry as well for The Forex Family in my vault you will see who
swings and who scalps. There are quite a few swing traders. Here is a list of a few that put out weekly content as
well:

Kelvin
Halley legendforex Short Term Swing
Juan
Espinosa pipfeign UJ Short Term Swings
Lucas
Wong l_ukasi Previously: swinger of 20+ currency pairs. Now learning to scalp UJ/GJ
Aleksei yimcfxjourney Gold + UJ swing/Open Scalps when easy set up/news scalps
Hopefully this helps a bit as well.

I know some out there have market maker strategies, I was wondering if there was any validity to these
methods? Is it truly possible to trade in line with the big institutions by looking for the moves they fake retail
traders out with?

As you become more efficient as a trader you will start to recognize when these opportunities exist. It is important
to understand exactly what the market is doing during a fake out. Institutions have the volume and the size to move
the market any which way they want. In most cases they want the best price level. So, what a fake out is, is the
institutions moving the market to a new price level to ensure they get the best price only to pull the market again in
the current trending direction. If you go through your charts and look at these fake outs you will always see a
pattern, in other words, the price has moved to a previous level which was used in the past. As a trader we must
always follow the coat tails of the institutions and be aware when we see a bearish trend that is very obvious,
everyone else sees it too. So, you have to expect the market to pull back for the big players to get better prices.

Okay Ted, that’s not a question but I need some answers. I’m working hard, I’m not complaining, that's a fact
and I love what I do. I have a slow progression because of one important thing that I think is the most common
problem for newbies. I change my strategy every single day. It may be a lack of confidence or something. Even if
my day is a win I look at something else. I see many strategies in the forex family and I don't know which one is
the best for me, maybe I have to find my own.

I’m overthinking, I don't care about the money I care about the process. If I can't win many trades in a row then
my strategy is not good enough and I’m going back testing. I trade a live account, sure I’m not consistent, but I’m
not losing money actually, I’m flat. So yeah, if you have already encountered that type of problem, I would love
to solve that.

I DON'T SEE MONEY IN MY TRADES, ONLY PIPS. PIPS ARE LIKE MY FOOD FOR THE DAY, IF I DON'T GET THEM, IM
HUNGRY FOR THE REST OF THE DAY, but I had a good London Session today, I feel great :)

This is a common question among a lot of people. When you are looking for a strategy you have to take into account
how you are going to work in the markets. Once again, figure out what type of trader you want to be. Do you want
to swing, scalp or combo of both? When are you available? What type of risk can you handle. You will find that for
the first 2-6 months as a trader you may be back testing strategies to figure out which one works for you. As you
grow as a trader your ability to see things in the market will change to. You will end up adjusting your plan and
refining it to make it work for you. Myself personally, used to work off exclusively the 4hr charts. I wanted to see
nice slow movements but my risk to reward was horrible but trading with the trend I could take positions and hold
them as they moved through the trend. As my eyes got better I was able to go into the smaller time frames and
recognize those same movements but on a faster level. So, you as a trader have to develop that same instinct. There
is no substitute for time in front of the charts. It is why a lot of mentors like to stress one pair and one session so
you learn how both work together. This makes trading easier. Now you may not get a trade every single day but
the trades you do get will be profitable.

In addition, as you journal make sure you are very detailed in your approach. Mark down as any things as possible
in your journal to guide you into fixing your plan and strategy. As you get more comfortable you don’t have to be as
detailed because you will have corrected the majority of errors. But when you are first starting out it is important
to mark a lot of things down so you can do comparisons to what worked and what didn’t.

Time of day?
Pair?
Entry candle?
News?
Why did you enter?
Why did you exit?
What happened after you exited?

Remember the more details you can account for in your journal at the beginning of the process the better off you
will be in the long term.

Hi Ted,
Just saw the title on facebook and was wondering what happened?

I saw Thepipkeeper in the chat saying people got caught selling stuff outside the Family.
Seriously why would people do that to ruin it for everyone... I hope this won't happen again for all of us.

This explains why the Forex Family drive is not accessible at the moment.

This has been resolved. I will address this again. We all work hard together as a community and if your sole intention
is to join The Forex Family to just rip off content and pass it off to make money or to pass it off as your own, you
won’t have to deal with me but you will have to deal with over 1500 people in these groups who work hard each day
to better themselves. The mentors have no problems trying to help you become a mentor and also if you feel you
want to start a business outside of Forex I am the first to guide you. Just respect the community that is all anyone
ever asks. There is more than enough money to be made in the markets, in mentoring, in any Forex business.

I started the Forex Family on my own with no one. It was something I thought would be helpful for everyone and I
always wanted to ensure people felt safe and secure and it was a good learning environment. I truly enjoy the fact
that we all work together every day and that there are really great traders here who help all the new traders and we
grow as a group. For whatever reasons you have as a human for being a bad person or whatever ill intent you have
joining The Forex Family eventually it gets out. In the end you just hurt yourself. As we grow as a group you will lose
access to all the content, to the new ideas and more importantly you will have disrespected the people who honestly
wanted to see you succeed. That is not only a slap in the face to the mentors but to the people in the chat groups
working everyday with you.

I will repeat this constantly, if you feel there is a problem with any mentor, any part of the education, anything at
all. Speak up privately to the mentor directly. We aren’t going to get upset. We as a group only grow when we get
feedback. Don’t be a child about things. There have been 100s of people who message me upset with one thing or
another and it is your right to ask questions. The Forex Family will always work hard to make you successful and
give you the answers and if there are not answers readily available we will go seek them out. We are all humans we
all just want to succeed. So, let’s do it as a group.

Ted, from one of the recent Rakee's webinar, you said you will create a brokerage firm. What broker is it? And
when is it going to be ready. I am in US and want to sign up with brokerage I can trust with no problem
depositing and withdrawing issues. Currently with tradersway but want more reliable brokerage firm for US
clients. Your answer will be very appreciated. Thanks Ted!

Yes, all details will be provided in the coming weeks. No need to worry the brokerage will be open to all.
On which timeframes should support and resistance be inputted On?

Support and resistance or any lines/indicators for that matter are training wheels for your charts. They are used to
guide you in where price may have issues continuing or potential reversal points based on candle patterns. Honestly,
you can place support and resistance on any time frame but be aware that the higher the time frame the harder it
is to break those key levels so that gives you better confluence then say putting support or resistance on a 5min time
frame. Now this may help you to determine a smaller move or breakout for a small gain but in the end, may not
give you enough confluence to move forward with the trade. I use smaller time frames and I will sometimes put a
resistance or support line on my chart just to guide my eyes so I know where possible price levels of interest may
be.

What is the best way to detect early stages of a consolidation and it's range to maximize scalping opportunities.

This question is very loaded. Most consolidation periods come before news events or major candle changes
(4hr/daily). You will find consolidation is the way for the market to gain fuel to move in a continued direction. So
when observing the charts if you watch smaller time frames just before major news events or even before session
opens you will see the market collecting orders getting ready to break out.

You can start to detect this as you see 1 or 2 candles start to finish in the same length as each other, you know based
on that there is a reason why price is stalling and basically consolidating.

THANK YOU FOR YOUR Q UESTIONS