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Forex Training: Building A Rules Based Trading Strategy

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FREE Forex Workshops, Training & More - https://tieronetrading.com ----------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- FOREX TRADING: Do you have a solid trading strategy? That’s the question I attack in this week’s FOREX TRADING video. Along with explaining the importance of having a rules based system, I walk you through how to set up one using the IF/THEN thought process. In the example given I looked at a trend continuation opportunity using simple New Structure High & Outside Return principles. If you’re unfamiliar with these make sure you check out our FREE training lessons over at http://tradeempowered.com/learn-to-trade/ ----------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- 0:50 – Inside the Warroom with Jason Stapleton 3:30 – The Importance of Having a System 9:00 – Building a Rules Based Strategy 17:24 – What it takes to be a Professional trader Akil Stokes Chief Currency Analyst at Trade Empowered Click here for 20+ hours of FREE Training http://tradeempowered.com/learn-to-trade/ Facebook: https://www.facebook.com/AkilStokesTrader Twitter: https://twitter.com/AkilStokesRTM Click the link below to subscribe for more FOREX TRADING videos https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1
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Text Comments (133)
SAMBHAV JAIN (3 months ago)
A really simple explanation of the step by step process of entering the market and thinking clearly with logic ,also when in doubt stay out advice can be practiced here Jason Stapleton also shares a very good helpful tips .
Cody Houck (9 months ago)
I'm starting to build a solid plan and this helped out a lot, thanks! Also almost 3 years old but still good.
Akil Stokes (9 months ago)
That's awesome Cody!!
Muhammad wajahat (1 year ago)
Bro every video of yours is knowledgeable. I learnt alot if you have beef with som1 you got my back.
Akil Stokes (1 year ago)
+Muhammad wajahat Thanks!!
Litto 33 (1 year ago)
Hi Akil...is Trader Assessment still available cuz I can't find it :/ Thanks !
Litto 33 (1 year ago)
Thank youuuu :D
Akil Stokes (1 year ago)
Yes, but you'd have to email [email protected] to request it.
joey86bu1 (1 year ago)
Great Vid!!!! Congrats on the little guy!
Akil Stokes (1 year ago)
+joey86bu1 Thanks
OutdoorsProStore (1 year ago)
This is the video I needed after loosing a couple hundred in the last few days. #newtradermistakes
Akil Stokes (1 year ago)
Great to hear Vic.
Howard Smith (2 years ago)
Great video. This video seam to come more from the heart than your other videos. great content
Akil Stokes (2 years ago)
Thanks Howard
Mickael Burguet (2 years ago)
Great video ! When you are talking about backtesting a strategy, do you go back in time and simulate trades manually ? Or do you use something to automate that process ? Also, what do you consider a big enough sample size ?
Akil Stokes (2 years ago)
I do all of my backtesting manually, and I would say 100 trades per pair per strategy or 5 years is a good sample size to have
Jose Makol Abi-Saab (2 years ago)
Each time I watch a video of you guys it´s like, please don´t end yet, keep talking keep talking!! It has been a while now following you and I hope each trader at least once in his trading life will have the opportunity to watch your videos or came across TE and stop bleeding their accounts. Great video, great information and great people.
Akil Stokes (2 years ago)
Thank you!!
Jonas S (2 years ago)
Is this how you "make" an formation? What did i do wrong? https://gyazo.com/b67c705f422143c2fde5ab15cfaf41f5
arul thespecialone (2 years ago)
A-kill-zone,, supeeerrrr vid you bring It on..😇
Akil Stokes (2 years ago)
Thanks!!
Todd Lavigne (2 years ago)
Hey Akil....Mark Douglas's book is amazing.....he is really gets to all the issues that aside from having an excellent system, which is a assumed, you still have to master all the emotional problems that can be detrimental to your trading. Probably the best book out there on this subject.....thanks again for your amazing videos
Akil Stokes (2 years ago)
I'm glad you enjoyed it Todd. I wish I would have read it much earlier than when I did
Prince Agu (2 years ago)
everytime i watch that rant at the end always gets me fired up lol
Akil Stokes (2 years ago)
+prince lechero Thanks!
Clemens Voghera (3 years ago)
your idea got across - confirmed!
Hallo Kitty (3 years ago)
good advice
Steven Lawrence (3 years ago)
Roger that +Akil Stokes...but indirectly I'm sure your managin spondulicks. Come on man hook a brotha up 😂😂 There's exceptions to every rule sir... Nah I'm guessing I'm in need of a broker? I'm just trying to cure my ignorance lol... Thanks for the videos!
Akil Stokes (3 years ago)
+Steven Lawrence No problem, thanks for subscribing. Maybe one day I'll get back into the money management game as there's a lot to be made there, but right now I don't need the stress and I'm really enjoying the educational stuff
Steven Lawrence (3 years ago)
Yo can i Just give you the money and "forget about it" lol
Akil Stokes (3 years ago)
+Steven Lawrence No, i don't currently manage money
Robertczeko (3 years ago)
Great video Akil, I found myself in this video topic..and you gave me clear answer, how to compose the plan and how to think about other aspects in trading. And Jason, thanks for pointing how serious is this business.
Akil Stokes (3 years ago)
+Robertczeko No problem, hopefully others were able to pick up on the message as well
Karim Carvalho (3 years ago)
No words need to be said! Wonderful
Balazs Toth (3 years ago)
Always great videos! Thank you for all your help!
Akil Stokes (3 years ago)
+Balazs Toth You're welcome
john clarke (3 years ago)
Great video guys! And very timely. I went to trading real money on December 1st last year and have been doing OK. However, I have recognized that the trading plan I devised (in my head) was never written down and lately I find myself second guessing my entries and exits. What I really need is to write down the plan and to follow it - every time! So, I'll be doing this starting today and following it throughout the remainder of the year and I'm sure that I'll be seeing better performance. Thanks again for taking the time to do these videos. There are a big help.
Akil Stokes (3 years ago)
+john clarke You're welcome John, good luck on your Trading Restart
elizabeth zeller (3 years ago)
Great video akil. Love the reminder that I need a plan. backtesting one now. OMG can you believe all that tedium is paying off. Of course you can cause you've been there and you guys are so right. Hope the heir and apple of your eye is feeling much better soon. All the best to you and the family. Elizabeth
Colby Krahn (3 years ago)
Hey Guys, Super green here...What type of setup should I use? Metatrader4?...Is Nadex a wise choice for a broker?Whats the best way to set this up? Hope to here from ya...Good Luck to all!
Colby Krahn (3 years ago)
Wow. What a site. One day I will come shake your hand.
Colby Krahn (3 years ago)
Thanks a whole lot. There so many choices out there it's hard to know where to properly start, I personally choose to duplicate success, thanks again. Any more foundational advice would be most appreciated.
Akil Stokes (3 years ago)
+Colby Krahn Also here are some great videos to watch if you're just starting out. https://www.youtube.com/playlist?list=PLF_1rk7gn2QIC9O9nG_alWp8C6nDZRXcD
Akil Stokes (3 years ago)
+Colby Krahn If you can i would avoid Meta, I honestly don't think it's a good platform to use. Obviously all that matters is that you can do what you need to do as far as analysis and execution but it's just really subpar in my opinion. Check out tradingview.com if you're looking for something free to do your charting with
Umut Dincer (3 years ago)
Hi akil, very good video, I have 1 question, think that graphic is like yours at 1 hour TF, But at 4 hour graphic it is making correction. what will we do, which way will we trade. way for 1 hour, or 4 hour ? thanks alot again this video
Akil Stokes (3 years ago)
+Umut Dincer You should have a dedicated tradign timeframe and higher timeframe. those will allow you to detremine the trading opportunity
Sergio Tinoco (3 years ago)
Thank you for this video Akil, you got my attention when you mentioned about the filters on trading ABCD patterns, would love to hear more about that (I guess RSI convergence, S&R levels, etc.) Thanks again for sharing this knowledge.
Akil Stokes (3 years ago)
+Sergio Tinoco When it comes to the AB=CD I'd use something more like our CTS system (Combined Technical Score) where the ABCD pattern is just a single part of building a case for entry rather than the entry itself
Akil Stokes (3 years ago)
+Sergio Tinoco No problem, glad you enjoyed the video
brian Clark (3 years ago)
I enjoy all videos, very entertaining and knowledgeable. When is your next video? I'm sitting here waiting. lol
Akil Stokes (3 years ago)
Nice, did you get the email about spending a free week in my live trading room?
brian Clark (3 years ago)
I already have. Just love your style of trading. Been following you for a month now. Learning more of the market every video
Akil Stokes (3 years ago)
+brian Clark They typically come out every Thursday, however this week may be a little different. Just hit that subscribe button and you won't miss a single one
renato alves (3 years ago)
Excellent video Akil, very true what you said about being profitable (having strict rules and a plan) and not being profitable (jumping in a trade having no rules or a plan). That's exactly what separate winners and losers.
Akil Stokes (3 years ago)
Thanks, wish more traders accepted that reality
Raphael (3 years ago)
Very Informative ,I've Learned a lot from you guys , keep up the good work
Akil Stokes (3 years ago)
thank you
Colin Hagan (3 years ago)
Hey Akil, Great Video, So did you just pop that out from the top of your head with no pre script. I am tring to put together a short welcome video for the webstie for the Automated system, not as easy as it looks. You make it look so easy.
Colin Hagan (3 years ago)
Ok,,will do,, Thanks For That
Akil Stokes (3 years ago)
+Colin Hagan Yes, I never use a script for any of my videos, but I usually have an idea of where I want to go. I had a meeting lined up shortly after the live room so i just put the camera on and let it roll. If you need help with some advice for your welcome message just shoot me a message and I can lend you some advice if needed
Aiko Nade (3 years ago)
Says he's fired up but has more calm and poise then I would ever have to save my life XD lol. Thanks for this lesson Akil, I just purchased Market Wizards and will be reading all day.
Akil Stokes (3 years ago)
+Albert Trevino Thanks...You should see me when I'm calm lol
Geert Willem Daniels (3 years ago)
Thanks Akil for the great video, always love to watch it and learn from you.
Akil Stokes (3 years ago)
Thanks
Y M (3 years ago)
Very helpful Akil.
Akil Stokes (3 years ago)
+Y M Thank you
Jack Dunford (3 years ago)
This was one of your best videos if anything, very refreshing and gives off a great motivational vibe. Thanks for this I really do appreciate this video
Akil Stokes (3 years ago)
+Jack Dunford Thank you Jack
vardmans (3 years ago)
Akil, you said you was a beast on demo account but once you opened your live account you lost money. What was that thing that helped you get past that? Im asking because it is something thats happening to me right now and as I review my trades I realise that im getting greedy once im in the money. Or in other words Im outcome based trader. Any suggestions how to fix that?
Akil Stokes (3 years ago)
+vardmans At the time I didn't have a plan so everything I did was based off of emotions. I would do this over and over again until I took a training course which allowed me to see my flaws and helped me work on them
drunkenfr (3 years ago)
Akil, could you make a video about back testing? How exactly back test a system in a mt4 platform? I know algorithm trading need to be back tested and it is feasible, but the strategy system you mentioned on this video seems impossible to be computerized.
Akil Stokes (3 years ago)
+drunkenfr I say follow your passion and chase your dreams. When I first started my journey almost everyone doubted as well. Most people are just too afraid to leave their comfort zones and go after what they want
drunkenfr (3 years ago)
+Akil Stokes Thanks for clarifying my doubts, btw, no one in my family support me changing my career from stable good salary job to Forex trading as it seems unstable, I really love Forex trading even though I am losing money now, I was wondering if you can provide your opinion regarding whether this is a career to chase assuming I have what is takes (enough money , good IQ, strong determination, good education such as following your courses). Meanwhile, It would be great if you can give us a Forex trading outlook from your perspective, as this is a very new career following the development of internet over the last 2 decades, where this retail Forex is going to? this is not regulated so far (e.g. I can't get a international certified Forex trader certificate and find a job as a technical Forex analyst in the bank), what would be the Forex trading future looks like in your opinion? would it be possible some like-minded retail traders get together and trade as a team/firm ?  Thanks for the great videos, your contribution for newbies like me is tremendously encouraging and helpful!
Akil Stokes (3 years ago)
+drunkenfr I don't think backtesting should be computerized at all. You learn the most about your system and yourself from manual testing. So scrolling through historical data one bar at a time
Menilik1 (3 years ago)
Good reinforcement, thanks.
Akil Stokes (3 years ago)
+Menilik1 You're welcome
Solomon Spydro (3 years ago)
One good trade is a cracking book. Funny and has plenty of knowledge on every page
Solomon Spydro (3 years ago)
+Akil Stokes I love golf, and I am amazed about the guy mike said who made $200 million in 2008 then built his own 9 hole golf course!
Akil Stokes (3 years ago)
+Solomon Spydro I agree, even better if you're a sports junkie like myself
Sunni P (3 years ago)
good video. reminder of the basics which need telling over and again. human nature to deviate from the path with so much noise around! don't trade more than 1% of account on any trade. you will never blow up your account. basics! get market wizards for free on audible. amazon company listen to it over and over again whilst Multitasking. happy trading to all!
Akil Stokes (3 years ago)
+Sunni P I might check that out. I haven't read it in a while & wanted a refresher but am also a very slow reader
Jose Babo (3 years ago)
Thanks, great work. they guys who leave bad coments, theylove your videos because they keep coming back. keep it up ...............
Jose Babo (3 years ago)
+Akil Stokes TRUE
Akil Stokes (3 years ago)
+Jose Babo My exact mindset. Hate is just as powerful as love as an emotion
BRIAN KATAATE (3 years ago)
Trading without a set of rules that have been back tested over time is like gambling, eventually you will drown in the shallow waters. Blow your account, When I got to know that without a belief system, I was not going any where with my trading , rather than praying for the trade to come out my way. Which was not the case always. I stopped trading....Thanks to Akil, I stopped the bleeding (STOLEN), and right now am doing my back testing and trying to create a portfolio for my rules and belief system.
Akil Stokes (3 years ago)
+BRIAN KATAATE Thanks Brian, best of luck in your backtesting journey as well
Deli Gábor (3 years ago)
Hey Akil, this is an another great video! Thank You! :-)
Akil Stokes (3 years ago)
+Gábor Deli Hey Gabor! thanks!!
Juverdeanu Adrian (3 years ago)
Hello Akil! May I ask you a question? If I share my entire trading system to someone, do you think that person could do the same thing as I am?
Akil Stokes (3 years ago)
+Juverdeanu Adrian I doubt it. yes they would have the same rules, but it would still come down to the ability to execute the consistently execute the orders and we're all built different when it comes to that. Not sure if you ever heard of Richard Dennis and the Turtle traders but that's the experiment that he conducted. He even published his trading rules in a newspaper if I remember correctly.
Daniel P (3 years ago)
Loved this video, watched it twice!
Akil Stokes (3 years ago)
+daniel pickin Thanks Dan!
F Gerald (3 years ago)
Another great video Akil, do you have any plan to write a trading book?
Akil Stokes (3 years ago)
+F Gerald Thanks. And know, i thought about writing a book about my personal journey before, but I don't have the attention span to do so. Maybe down the road if my schedule ever free's up, but it would be about my journey and what I've learned not about anything technical
Daniel P (3 years ago)
One dislike? What a tool.
Akil Stokes (3 years ago)
+daniel pickin A video isn't a good video until you get that first dislike! I did call someone out as well so it doesn't surprise me. Either way i'm glad they took the time to press the button, it means they care
Thu Win (3 years ago)
Great great topic Akil! On fire! Real talk to kind refresh our minds.
Akil Stokes (3 years ago)
+ThuWin Internall Thanks!!!
John R (3 years ago)
WoW Akil, you never give a poor presentation. This one came from your heart and it certainly made an impact on me. Thanks for also including comments from Jason.
Akil Stokes (3 years ago)
+John R No problem, Jason drops so many gems on a regular basis in our War room that it was hard to edit it down to a short video, so I said why not just put it at the end. Maybe I'll do that more often if people like it.
Melinda (3 years ago)
Excellent...Thank you
Akil Stokes (3 years ago)
+Melinda Black Thanks Melinda
Yeah Thats A Name (3 years ago)
Hey Akil it was another awesome video and it also seemed like a good one to ask one of my questions on. I have a plan that has everything I think a trading plan should have, and its a strategy trading a slightly altered gartlys bats and cyphers on the USDJPY on the hourly. From my back testing results it has about a 4:5 win loss ratio and i have gone back and verified it 3 times now and it seems way to good to be true and I just want to know if you think that I'm making a mistake with it or do you think that its actually possible for it to be that successful. Thanks for the videos man I've been following you and Jason for over a year now and y'all both seem to keep putting out just as good information every single time.
Akil Stokes (3 years ago)
+Turner Pickard Hey Tucker, if you did your backtesting correctly and that stats aren't altered in anyway I see no reason not to expect someone similar results. Especially if your forward tested yielded the same thing.
Rodg dat (3 years ago)
Hey Akil. Thanks for the videos. They keep me motivated. I have chosen to jump all in to learn to trade the forex. Could you make a video, where you share your perspective on how the different time frames in the chart correlate to one another? Like for example if the market is in a down trend on a 15 min chart but on a 1hr chart the market is in a up trend.
Akil Stokes (3 years ago)
+Rodg Pri I'll add it to the topic list and see what i can do. if not I'm sure I have a few videos on here where I talk about the IPDE Process of trading.
Philip Stewart (3 years ago)
Really one of the best videos you've done explaining the thought process with ROE for a trade.
Akil Stokes (3 years ago)
+Philip Stewart Thanks
Jose Gomez (3 years ago)
hey Akil use my name (Jose) in your explanation next time!!!! ;), great video mentor, as always.
Akil Stokes (3 years ago)
lol Gotcha, I'll make sure it's a positive example
vincent duquenne (3 years ago)
great ! straight to the point ! ;)
Vrushabh Chotalia (3 years ago)
hey i am a new trader and i have done my bit of research on leverage.. and i wanted to know what leverage should i use if i am investing 500$ in forex market to grow my account significantly i am gonna use 1:50 so that i dont blow up my account quickly .is there any literature on leverage you would recommend for me to use it?
Akil Stokes (3 years ago)
Honestly speaking, leverage shouldn't be a concern of yours being new. In my opinion 100% of your energy should be spend on learning the markets. Also if you're US based 1:50 is all we can get
Akil Stokes (3 years ago)
Thanks for all of the kind feedback on this week's video. I thought it came out rushed but you guys seemed to love it. Please do me a favor and give it a share if you liked today's lesson. Let's affect as many traders as possible!
جو جو (10 months ago)
Great video
Axalis Suintoyr (1 year ago)
+Akil Stokes Just wonderful, I been tryin to find out about "technical analysis with professional trading techniques" for a while now, and I think this has helped. You ever tried - Anokeen Trading Tetaniformula - (search on google ) ? Ive heard some super things about it and my brother in law got excellent success with it.
Karma Senge (3 years ago)
Akil, if I may, this is hands down, one of my top favorite videos you have done. It is clear and concise and gets to the meat of what many traders need to do. I loved it. I was actually telling one of my friends this exact thing earlier today. Now, I can show him this video of you saying the same thing. Thanks buddy, and keep the videos coming. We all love watching them. ;)
Akil Stokes (3 years ago)
Thanks a lot!!
My Name Is Jeff (3 years ago)
Great rant from Jason
Akil Stokes (3 years ago)
I look forward to them each day
MissFavitta (3 years ago)
Thanks for making the video; It wasn't rushed or unclear it all. On the contrary, I feel really inspired to put more work into my trading strategy. Will definitely pick up a copy of the books you and Jason recommended. x
Akil Stokes (3 years ago)
+MissFavitta Thanks, could be just because I was so tired, but glad it came out well and was informative
Ryan Peters (3 years ago)
Actually Akil, I thought this was a great video. Very helpful to hear about the importance of the trading plan. Don't overthink your videos, just let them flow. Good stuff!!
Akil Stokes (3 years ago)
+Ryan Peters Thanks Ryan, and that's some great advice "Don't over think...let it flow"
worrior451 (3 years ago)
Another astonising video from you Akil.What a great job you do. It's very special what you present and that's why it is so much appreciated. You 're really something! It's quite clear what you offer from within you! I took one page of notes.Thank you! Keep up the awsome work! You affect many others to be more generous on their kinds.So keep affecting as well! :D
Akil Stokes (3 years ago)
+worrior451 Thank you
Gerard M (3 years ago)
On the contrary Akil this might be one of your very best videos yet. A trading plan is something I have never had nor would I have much idea up to now at least how to design one. As you might expect I have been a losing trader, for about 15 years, my losses to date have amounted to a six figure sum. A proven plan or strategy is essential in order to have any chance of success. I would say it is even more important then having discipline alone or having a good understanding of chart analysis. It seems to me at least that it is the very first thing that one needs before embarking on a trading career as it takes the emotion out of trading. Many thanks for taking the time and trouble to share your knowledge, hopefully some day it will pay off as I would like nothing more then to be able to make a living from trading.
Akil Stokes (3 years ago)
+Francisco D'anconia Thanks man!
Akil Stokes (3 years ago)
+Gerard M Thanks Gerard!!
Francisco D'anconia (3 years ago)
+Gerard M I have to agree with you on the best video yet comment. The reason I think so is because I just really have more appreciation for open, honest and less scripted videos that feel one on one. We've grown up in a society that is so full of script that people seem to think that's what is genuine and real. No. This, is genuine and real, to me anyways.
Prince Agu (3 years ago)
You ll probably think this is a personal question akil. I'm one of your 12 week students and I follow u diligently but I always had a question that's been nagging me- are you a millionaire ?
Akil Stokes (3 years ago)
+prince lechero working on it ;-)
My Name Is Jeff (3 years ago)
I think he is, but it's none of our buiness lol

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