Valerie Fox graduated from college and started climbing the corporate ladder. She was thriving, being promoted, and getting raises. She was doing well, but she hit a point where she didn’t feel fulfilled. As she looked to the future, she realized she didn’t want 50–60 hour weeks. She wanted more time freedom. So she explored different ways to make money.
Valerie had always been intrigued by investing and decided it was the perfect time to forge ahead. She landed on Forex and partnered with several professional traders and spent over 3 years trying to figure it out. She knew she was capable but was missing something that would make her successful. Since then, she’s found and built a trading strategy that gave her the time flexibility and consistent income that she wanted—with a 70% win rate on her trades.
Valerie founded Consistent FX Profits with the goal to help other people shorten their learning curves and avoid the mistakes that she made. Learn more about her strategy by listening to this episode of How To Trade It!How does Valerie Fox hit a 70% annual win-rate in Forex? Listen to this episode of How To Trade It to find out! #stocks #stock #trading #StockMarket #Investing #DayTrading #StockPicks #forex #fx Click To Tweet
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- [1:27] Valerie’s journey into trading
- [6:39] The biggest challenge Valerie faced
- [7:52] Valerie’s turning point
- [10:50] When Valerie became profitable
- [13:02] Valerie’s four-section trading plan
- [18:30] Valerie’s trading system
- [21:39] How much time she spends trading
- [24:00] How to learn more from Valerie
The biggest challenge Valerie faced
Valerie admits that she lost tens of thousands of dollars trading irresponsibly. She didn’t have a risk mitigation process in place to protect her when her strategy wasn't performing. Early on—when her mind wasn’t in the right place—she didn’t adjust her position sizes the way she should have when she was dealing with major drawdowns. She traded for 3 years without experiencing profitable results. It was a major defeat for her.
She attributes her turning point to focusing on and mastering one strategy. She was listening to a podcast one day where a coach was saying “Just focus on one strategy for a year.” A full year shifts your perspective and makes you commit to it. Valerie states that “You should give yourself an appropriate amount of time to learn a strategy, to master your execution of it, and to refine it.” It’s hard to be patient early on as a trader but it’s a muscle you need to build. How did Valerie become profitable? How did she find consistent results? How does she make trading more objective? Listen to learn more!
Valerie’s four-section trading plan
Valerie has a four-section trade plan that includes logistics, qualifications, trade management, and visuals. What do they encompass?
- Logistics: What style of trading are you? Are you a day trader, swing trader, or position trader? What are you trading? What time of day are you trading? What are your exclusions? What risk will you take? You need to know all of this in advance.
- Qualifications: What are you looking for when you’re looking for a trade? What things need to be present on which charts? Valerie looks for 7 things on each of her charts for a qualified trade setup.
- Trade management: What entry are you using? How do you determine your entry price? How do you set a stop-loss?
- Visuals: She believes it’s really important to pencil out or draw out what you want to see. Trading is such a visual thing. Documenting what you’re looking for on the charts is half the battle.
Valerie emphasizes that you must always use a stop-loss. It’s the only way to manage your risk. Trading is a probability game. Losses are a part of trading that you have to accept. You will never win 100%. But when you have an objective and straightforward plan, the outcome is irrelevant.
If you follow your trade plan you should be celebrating no matter the outcome. If you didn’t follow your rules, reflect on what you did wrong. Make a note and reflect on it and avoid making the mistake again. Hold yourself accountable.Valerie fox has a successful four-section #forex trading plan. She shares what it is in this episode of How To Trade It! #stocks #stock #trading #StockMarket #Investing #DayTrading #StockPicks #fx Click To Tweet
Valerie’s trading system
Valerie is a technical price-action trader that solely uses candle-stick formations that tracks support and resistance and price movements. Everything she teaches is black and white and objective. She looks at the four-hour and the daily chart for the big picture. Then she looks at the 15-minute chart to find her entry and exit.
There are 5 candlestick formations that she looks for on the 4-hour charts. They’re either there or they’re not. Valerie teaches traders how to find support and resistance and hone in on it. Then in the 15-minute chart, you look for a series of highs or lows with wicks.
Valerie spends less than an hour a day at her charts. She has a list of 28 currency pairs and her trade plan. She comes to the computer twice a day and flips through each currency pair. There is either a setup or there is not. When there is a qualified setup she sets a pending order with an entry, a stop loss, and a time to take profit. She sets it and forgets it. How many trades does she take a week? Does she switch up her strategy? Listen to learn more!Why is setting a stop-loss so important to successful trading? How do you embrace risk management? Valerie Fox shares her thoughts in this episode of How To Trade It. Don’t miss it! How To Trade It! #stocks #stock #trading #StockMarket #Investing… Click To Tweet
Connect with Valerie Fox
- Free FX training!
- Consistent FX Profits Online
- Consistent FX Profits Facebook Group
- Valerie on Facebook
- Foundations of Forex Summit
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Disclaimer: Trading carries a high level of risk, and may not be suitable for all investors. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment. Therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.