Dmitri Chavkerov | Gain the Trading Edge with Diamonds Forex Trading System – As Seen in The Wall Street Journal – MarketWatch
Dmitri Chavkerov of Forex Peace Army Shares With Traders the Diamonds Forex Trading System That Helps Gain a Trading Edge in the Forex Trading Space
NORTH PORT, Fla., Jan. 30, 2013 /PRNewswire/ — Dmitri Chavkerov, CEO of Forex Peace Army has come up with a successful trading system called the Diamonds Forex Trading System that helps traders with gaining an edge in the forex trading space. Forex Peace Army is a reputed and reliable forex trading information platform that educates traders all over the world with latest and advanced techniques related to trading. Dmitri Chavkerov of Forex Peace Army is a well-known name in the forex trading industry.
“Diamonds Forex Trading System is the trading system that I was using when running the very successful ForexDiamonds.com room. In Forex Diamonds room, we traded about 50 different economic indicators every month, so it’s about 10 to 15 per week. We traded most important economic reports from 8 major countries (US, Canada, UK, Euro Zone, Switzerland, Japan, Australia, and New Zealand). I call the 50 most important economic news reports as diamonds,” says Forex Peace Army Chief Dmitri Chavkerov.
Dmitri Chavkerov believes that the most important requirement of this trading system is discipline and consistency.
“With Diamonds Forex Trading System, you may be sitting in front of your computer, waiting for a report to come out, and it comes out very close to expectations, and there is no move. You can go through quite a few of such useless reports, and thus waste a lot of your time, but when one of the reports comes out significantly different than expected, there will most likely be a big spike, which you will obviously miss, because it happens so quickly, but you can use this system to make money by trading after the spike,” says Forex Peace Army President Dmitri Chavkerov.
According to Dmitri Chavkerov, traders need to follow certain rules of the system in order to see success. By following these rules, one can derive maximum benefit out of the system.
“Come to your computer a little before the time of the report, and open up the official online clock for New York Time. Here is a link: http://www.time.gov/timezone.cgi?Eastern/d/-5/java
About 5 seconds before the report comes out, watch very closely the price for the currency on your trading platform. The price that you see is the pre-release price. Make a mental note of what that price is. If you have bad memory, then quickly write that price down. Don’t worry about watching charts, just look at the price. As soon as the news comes out, you should see this price starting to move, especially if the actual number is much more different than expected number.
If you see the price move by 15 pips or more in one direction, within the first 30 seconds of the report, you will trade this report. This initial move is called “the spike”. Wait for the spike to complete, it may take 5 to 30 seconds, and then the price will start retracing. Wait for the retrace to complete, and once it’s complete, and the price reverses and starts moving in the direction of the spike, place a trade with a 15 pips stop/loss and 25 pips take/profit. Then simply walk away or watch, and let happen whatever is meant to happen”, says Dmitri Chavkerov of Forex Peace Army.
Dmitri Chavkerov says that once a trader understands the principles behind this system, some tweaking can be made to suit trader’s individual requirements.
“As you trade more and more of these reports, you will see many scenarios that are simply impossible to discuss through writing. You will see that certain currencies have lower ranges than others, so you will slightly reduce your stop/loss and take/profit targets. You will also see that certain reports and certain currencies cause much bigger moves, so you may increase the stop/loss and take/profit points. You will also see sometimes very strong price point, and your take/profit level is falling right at that price point or even a bit above, so you will lower your take/profit points to slightly below these levels. Use this system in the exact way it’s taught, and if you see logical ways of tweaking it to your advantage, then do it,” says Forex Peace Army CEO Dmitri Chavkerov.
Forex Peace Army is a prominent forex trading news and reviews website that has caught the attention of traders all over the world. Forex Peace Army posts reviews about various forex trading services.
“I have traded variations of Diamonds Forex Trading System on hundreds of news reports, so I know that if you approach this very systematically, and you simply follow the simple rules above, you will certainly overall profit,” says Forex Peace Army CEO Dmitri Chavkerov.
SOURCE: Forex Peace Army