8 BEST steps to take as a Beginner Pickpocket Trader (FREE calculator included below)

A. Welcome to Pickpocket Trader.

If you wish to follow the trade ideas from Trader X, you may absolutely do so at your own discretion.

I’ll happily guide you with certain steps to take as a Pickpocket Trader.

Step #1: Make sure you have a live account with a broker.

The first step will be to open a trading account with a broker.

We recommend Rand Swiss or ProTrade who use Velocity Trader as a charting platform. They not only offer a fantastic trading and charting platform, but they offer all the trading markets for both Red Hot Storm Trader and Pickpocket Trader.

Step #2:  Charting platform
Open your charting platform (Velocity Trader) and sign into your account with your given account name and chosen password.

Step #3: Search Gold
Go to the search button which a drop-down list will pop down and type in Gold and choose it.

Step #4: Order entry

At the top click Terminal and then press Order Entry

Step #5: Align the order entry with the chart

A window will pop up where you’ll choose the yellow flag to align the order window with the current chart. If you see the yellow dot above then choose the yellow dot.

Step #6: Type in your Order entries.

First, you’ll choose the limit price and choose the price you want, then type in your stop loss and take profit according to the trade idea…

Step #7: Calculate the No. CFDs

To Calculate how many CFDs you wish to buy, you’ll need to calculate this based on your risk appetite.

Some will risk 2% of their portfolio, others risk 3%...

We have a brand new Risk Calculator to help you calculate this. I will be explaining in more detail on how the calculator works next week Monday. So make sure you set a reminder.

Go to the second tab and type in the following information to calculate how many CFDs you’ll want to trade.

Then in the platform you’ll type in 1 CFD to buy (Based on a portfolio of R50,000 and risking only 2% of the portfolio (R1,000).  

But this will be up to you to decide…

You can download the new calculator by clicking here…

Step #8: Place order

Once all the info is filled in the order entry window, you’ll click place order and you’ll wait for the market’s price to move to your entry which will get you in automatically.

Trader X will then send you updates and even trade adjustments based on the trades he sends out.

But this is a good start. Please make sure you also read the Pickpocket Trader Guide again (login to www.fspconnect.co.za; go to the left of the screen under Your Subscriptions, Look for Pickpocket Trader and click on it.  A drop down menu will show and click on Free Reports) and slowly go through each step.

Over time this will become easier and easier.

Hope that helps.

READER REPLY: At first it seemed like a lot of steps, but as I was going through them with the charting platform it was very easy to follow.

I also like how the platform tells you how much you can make or lose depending on how many CFDs you buy and where you place your stop loss and take profit levels.

I’m going to save this email as it has saved me a ton of time trying to work out how this all works. I am eternally grateful. Thank you…

PS: Why not upgrade your Trading Tips membership and become a Pickpocket Trader? Click here to see how…