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Timon, can you help me turn my money into millions?

by , 23 November 2016
Timon, can you help me turn my money into millions?
I must say… I'm very impressed with the level of questions I'm getting from you lately.

It's taking Trading Tips to a whole new level of trading professionalism.

And I couldn't be prouder of having you on board.

Just two years ago, I received very easy trading questions that you could find the answers on Google. But lately they have been in-depth questions that has required me to apply my mind to every day trading.

Questions about investigating brokers, individuals and possible trades lining up.

Here are the questions and answers you've asked recently.

Q. Can you help me turn my money into millions?

 
"I am struggling with entry and exit points and also with the analysis of my trades.
 
I am losing money almost every hour. I read your story that you started trading with R7,000, can you please help me turn my money into millions just as you are doing."
 
Answer by Timon Rossolimos:
 
I've been trading for the last 13 years not a few months...The money I’ve made, has been based on a huge amount of dedication, discipline, patience and strategy.
 
To grow your portfolio takes a lot of time and dedication... This is not a get rich quick career unfortunately...
 
If you want to get your entry and exit levels correct, I'd suggest you use what's called a limit order.
 
A limit order is a specified level that you can put into the markets.
 
Only if the market trades at that price, will it get you in.
 
You should also always specify your risk level using a stop loss and your gain level using a take profit.
 
If you're struggling to put these levels in, I’d suggest you phone your broker who'll happily assist how to do it...
 
The reason is, each broker and platform have their own special ways of putting in entry and exit levels.
 

Q. Do You think Famous Brands will turn from here?

 
“I got in on FBR long (buy) at R158.53. Currently, I see it is now trading at R149.69. Do you think it will turn from here?”
 
Answer by Timon Rossolimos:
 
I can't tell you what to do with your position as I am not a financial advisor...
 
However, I can give you a little analysis on what I see with Famous Brands (FBR)...
 
Since the beginning of August, FBR has been forming what looks like a Head and Shoulders.
 
This is a pattern that has a left shoulder a head and a right shoulder...
 
At the moment the price is testing a strong support at R149.50, which could form the right shoulder to R160,00.
 
If it turns down and breaks below the R149.50, we could see FBR going to its target of R125.00...
 
But until then we still need to wait for the right shoulder to form...
 
Here’s the analysis on what I see with Famous Brands.

 

 

Q. The 6 Forex Profit Patterns book shows 4 digit currencies and this platform shows 5 why?

 
“In your book 6 Forex Profit Patterns you use 4 digits after the comma with currency pairs, in your example.
 
I don't want to make mistakes when calculating my pips I am willing to risk.
 
Please give an example where you calculate pips as the trade appears in Pro Trader Platform:
 
Here’s an example:
 
Price for AUD/USD is: 0.75699
Tick size is 0.00001
Lot size is 1000.00”
 
Answer by Timon Rossolimos:
 
On your platform you're looking at what's called a pipette...
 
A pipette is basically, a fraction of the pip...
 
You can think of a pipette the same way you think of milliseconds versus seconds.
 
They are both almost negligible to us and with your trading.
 
I would ignore the 5th digit and work on your trades using the first four digits after the comma.
 

Q. I don’t even get one trade a week!

 
"I attended the Advanced Forex Seminar you held in June 2016 and I am trading on my own.
 
My problem is that I do not even get 1 trade a week. Normally its one trade every three weeks!
 
Can you advise which time frames are best to use or any tips you might have for me to get at least two trades a week."
 
Answer by Timon Rossolimos:
 
If you find that you’re only getting one trade every three weeks, there are two things you can do.
 
You can look at dropping your time frame from hourly to say 15 or 30 minutes.This means, there’ll be more candles forming which will eventually help bring on more trade setups for your portfolio.
 
And second, maybe look at expanding the currency watch list. The more currency pairs you have, the more trade opportunities will reveal themselves to you.
 
However, you must back test and forward test these currency pairs before you trade them with real money.
 
You can see my currency watch list below.
 


“Wisdom yields Wealth"
Timon Rossolimos



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Comments
3 comments


charles 2017-01-02 16:04:58

How to check your details if you are member

zweli beshu 2016-11-27 14:34:28

Hi good day I am so in to start trading forex trading the challenge is that I don't have the hard cash, can I fund my portfolio and start trading after some time .

thabiso 2016-11-27 12:16:53

I truly looking up to be a millionaire please help me