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FXTM

I like your comparison between trading and driving. Is this book designed to give traders a “licence” in forex trading?

JP

Thanks. I make a comparison throughout the book about learning to trade and learning to drive a vehicle. This is not a perfect comparison but there are a lot of similarities between the two. I use it because I and many people learn about new things by association, such as using familiar analogies. The book is meant to give traders the knowledge to first get a “trader’s permit” using demo accounts and with time and dedication a “trader’s licence” once they show competence with their permit.

FXTM

Who are the traders who should read this book?

JP

Definitely those who are at a new and intermediate level, but there are several chapters in the book (adding a pivot trading strategy to their arsenal, understanding risk management properly, building a full trading plan, and gaining new techniques of trader psychology) that I imagine are also valuable for experienced traders.

FXTM

Which kind of potential return can a disciplined trader expect on the forex, in your opinion?

JP

I teach traders to aim for 50 to 100 pips per week net of losses and transaction costs, while risking at any time 1% of their account (or 30 pips for any trade). I also believe in reinvesting gains for a period. This strategy translates to a monthly gain between 6.8% and 14%. 

FXTM

How did you develop the VT Pivot Roadmap strategy? And does it give traders precise entry and exit points?

JP

The VT Pivot Roadmap strategy came about as I measured the frequency with which the EURUSD crossed the pivot line any given day – i.e., 80% of the time. So I asked myself what are the patterns for positioning a trade in light of this statistic. I think the book gives fairly precise guidance in terms of: whether you should trade the strategy in a given day, whether to buy/sell, and how to find an entry point that allows the trader to have strong odds of earning 40 to 50 pips while risking up to 30 pips.  

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