This Gold Trade PRO Gold Breakout Trading System is different. It does not depend on any fancy indicators. It just uses plain and simple price action to trade Gold Breakout that takes place almost daily. If you have been following the financial markets, you might be aware of the fact that the gold prices are breaking new historical records. Gold prices can reach as high as $5,000 per troy ounce in the medium term future. Some market analysts are saying that by the end of 2011, gold prices will most probably hovering around $2500 per ounce.
Whatever, if you have been trading forex than adding gold to your trading portfolio can be a very good addition using this simple yet effective system developed by John Campbell. John Campbell has been trading for a number of years now. He loves to call himself the Rich Lazy Trader. He used to own an small IT firm in UK when he completely switched to forex, gold and oil trading. Now, he lives in the Canary Island and is enjoying the lifestyle of a rich and a lazy trader. This is how you can get rich with gold trading!
Gold Trade PRO Gold Breakout
As long as you can spare a few minutes around the US market close, you can trade with this Gold Breakout System. You don’t need to trade this system at the exact US close, it can be a few hours later as well. Now, unlike most other trading systems that require you to enter the market with the hope that the market will cooperate and move in your direction, this system just uses one pending order that will not get triggered until and unless the market does move to the breakout level.
This is how you are going to trade this breakout trading system. You open the charts at the close of each day and with just two mouse clicks to the chart, determine the breakout level for the next day. This breakout can be up or down. With just two simple mouse clicks, you can determine this breakout level for tomorrow. Now, enter the pending order for tomorrow with the stop loss and the take profit. That’s it! You are done in just 5 minutes each day.
Now, this breakout level is usually tens of pips away from the current market prices. So, the pending order may not get triggered. If it doesn’t get triggered, you lose nothing. But usually it does get triggered and can make between 30-60 pips per trade. Expect to make around 10-15 breakout trades per month. But what about the changed market conditions that are inevitable. This system adapts beautifully to the changing market conditions. It does this by reducing the maximum tradable candle size and by using the fibonacci levels in setting the stop loss and take profit targets. The winning trades ratio is 60%. Compare this to the Turtle Trading System that had a winning ratio of 40%. By trading only one contract that requires $5K, you can live comfortably with this simple Gold Trade PRO Gold Breakout Trading System!