published-date Published: May 15, 2024
update-date Last Update: June 28, 2024

Ty Quit His 9-5 And Makes a Monthly Salary Within Days by Trading Forex – Astronaut Auditorium #13

In this article, we delve into the essential trading strategies discussed in the IamTP podcast. This podcast, a valuable resource for traders, offers unique insights and practical tips from experienced trader Ty. We’ll summarize the key points and strategies shared, aiming to provide new learning opportunities for traders at all levels.

From $1,147 to $226,000 in a Week

Ty’s journey to becoming a full-time trader is nothing short of remarkable. Starting with just $1,147 in his trading account, he managed to grow his funds to $226,000 within a week. This was achieved through a series of strategic trades in Ethereum and other assets. His success was fueled by his understanding of market swings and liquidity targets, allowing him to make significant gains in a short period.

Strategies and Lessons Learned

The key to Ty’s success lies in his disciplined approach and strategic use of lot sizes. He emphasizes not to push his strategy as a one-size-fits-all but instead stresses the importance of understanding market direction and liquidity targets. His ability to pivot quickly and stack positions effectively played a crucial role in his impressive gains.

The Art of Top-Down Analysis

One of the key tips to locate a successful trade is Top-down analysis which entails examining the forex trade market from micro and macro perspective, such as daily, weekly, monthly, and intraday charts.

Ty explains that weekly top-down analysis is his strategy to identify the good trades because it provides the idea of market moves and previous price action. It helps you predominantly identify where the market is most likely to go towards.

There are two types of traders in Forex; Retail traders and Institutional traders. The retail traders sell and buy the financial assets, called securities, for individual or personal accounts and focus on the wicks. On the other side, the institutional traders sell and buy the financial assets for the institutes and groups, concerning where the liquidity resides and orders are filled.

Ty shared another crucial tip to find a good market trade, stating that you should know your range and the discount when buying, as the discount occurs when the forward exchange rate is less than the spot rate and you will be above the premium.

You should be buying drawdown and selling drawdown, meaning you will buy the down candle when the market is going down and you strategically move to the smaller time frame, breaking the failure structure.

The same goes for the selling, as you should buy the up candle when the market is moving up. Every candle, every space, and every peak and trough has a meaning and purpose on the FIB chart.

Furthermore, some other pinpoints to locate a successful market trade include thorough fundamental and technical market analysis, most actively traded currency pairs, successful risk management, and understanding and updates on economic fundamentals.

Handling Losses and Recoveries

Even experienced traders face losses, and Ty is no exception. He shares his experience of taking his first losses since March, attributing them to trading on smaller time frames and not aligning with his usual strategies. His transparency about losses provides valuable lessons for traders on the importance of sticking to their trading plan.

Strategies and bounce backs

Ty’s ability to recover from losses is a testament to his resilience and strategy. By reverting to his tried-and-true methods and focusing on higher time frames, he quickly regained his footing. His approach to losses is practical: analyze what went wrong, adjust, and move forward.

Liquidity Pools

Ty emphasizes the significance of liquidity pools in trading. These areas, where large orders are filled, often act as magnets for price. By identifying and understanding these pools, traders can better predict where the market might move next. Ty’s focus on liquidity pools helps him set realistic targets and avoid common pitfalls.

The Role of Institutional Traders

Understanding the behavior of institutional traders is crucial in Ty’s strategy. Institutions often set the market’s direction, and by aligning with their movements, retail traders can improve their success rates. Ty explains how he uses this knowledge to position his trades advantageously.

Risk Management Techniques

Stop Losses and Take Profits

Effective risk management is at the core of Ty’s trading strategy. He sets strict stop losses and take profit levels to manage risk and protect his capital. His approach ensures that even when trades don’t go as planned, the impact on his overall portfolio is minimized.

Managing Lot Sizes and Leverage

Ty’s use of lot sizes and leverage is strategic and calculated. He advises against over-leveraging and stresses the importance of using appropriate lot sizes based on account balance and market conditions. This disciplined approach helps in managing risk and maximizing returns.

Ty’s practical tips on buying and selling are rooted in his extensive market experience. He advises buying during drawdowns and selling during drawups, ensuring that trades are made in alignment with market movements. This strategy helps in capturing the best entry and exit points.

Timing is everything in trading, and Ty’s insights on market timing are invaluable. He emphasizes the importance of understanding market cycles and liquidity points to make well-timed trades. His experience in reading market movements allows him to anticipate shifts and act accordingly.