Objectives, Setups and Triggers, Beyond Charts+ & Metastock Introduction
This week we’ll cement your objectives for trading, and focus on the difference between setups and triggers when entering a position. (This will help you answer question 1 and 15 of the Trading Plan Template that you’ll need to fill out as you complete the Mentor Program).
We’ll also begin to discuss Metastock, one of the charting packages that professional traders use to engage the market. If you have Metastock, then you’ll need to follow Scott’s lessons. If you have Beyond Charts+, then follow along with the tutorials they provide as well as the videos Daniel Kornaat (2015 Mentoree) has created for you – so you can learn how to use the product step by step.
For Metastock – The broad overview this week contains all of the lessons, and each week, this will be broken into various lesson categories to focus on.
Generally, if you aim to learn the different aspects of the program as I present the individual lessons in the coming weeks, you’ll be up to speed enough to progress through Chris Tate’s 3 month section following my 3 month part of the Mentor Program.
All traders need data to give your charting packages something to read. You can get Metastock data from this link. Just choose one of the first 4 packages. You can upgrade on a pro-rata basis for the data at any time, so I usually suggest that people start with the basic pack called the Portfolio Trader pack and then see how they go.
If you haven’t got Metastock, you’ll need to buy Beyond Charts+ now if you haven’t already. It’s a pre-requisite for the Mentor Program. You can buy it from this link. The Beyond Charts+ team will call you after this to set you up with data.
Because these are professional charting packages, they can be a little complicated. You’ll need to give yourself time to learn.
Beyond Charts+ – Getting started
Daniel Kornaat, a past Mentoree, has kindly put together some videos about how to use Beyond Charts+ in conjunction with the Mentor Program.
Here is a video from Daniel that gives a quick intro to getting a chart up in BC+ and fine-tuning the appearance of the different elements of the chart. To see all of Daniels videos in the one place, click here.
An introduction to Beyond Charts+
9:22 minutes
The rest of the videos that I’ve prepared for you this week are quite large, so you may find you need to hit the play button, allow it to buffer and then come back after you’ve made a cuppa. If you’re planning to watch the full Metastock video, you may need to make it a stiffer drink than a cuppa…
Keep in mind that you don’t need to learn everything about Beyond Charts+ or Metastock in one hit. Best to know what you’re dealing with, and then break it down into bite sized chunks.
If you’re using Metastock, I’ll set out around 5 separate lessons during specific weeks from Scott’s video below for you. This will help you absorb the Program in a logical order, so you’ll be ready to use the product competently by the time you get to Chris Tate’s part of the Program. As questions arise, Scott Lowther, and the previous Mentorees will be available to assist.
As a Beyond Charts+ user, I suggest you break down the tutorials into 2 per week, until you’ve finished them all.
Interested in One-On-One Metastock Training?
Also, if you require one-on-one training, a past Mentoree – Jude Fowler is happy to do this with you over the phone, so no matter where you’re located, she’s just a phone call away. She’s fabulous, very caring, and extremely knowledgeable about Metastock, and her very reasonable hourly rate is worth paying for the advantage you’ll get. If you’re keen on pursuing this, email Jude directly: judy-fowler@outlook.com.
Here is what one trader has to say about Jude’s training:
“As a direct result of the training I’ve received from Jude Fowler I am now confident in my ability to use the main functions of the Metastock software. If you value your time, but don’t have enough of it, Jude’s coaching on Metastock can catapult you to higher levels of usage in a very short time. Her gentle professional approach makes it so easy to learn and apply Metastock skills and techniques, saving many hours of reading manuals and searching the internet for advice.”
Lyndal Drennan, Management Consultant, QLD
To see what other Mentorees have to say about Jude’s training, click here.
Forum Familiarity – How to Post Images
One of the key skills to be able to conquer is how to post images to the forum. Here is a video by Daniel Kornaat explaining how to get charts from Beyond Charts+ and post them on the Trading Game Forum.
Uploading BC+ charts onto the Forum
9:24 minutes
Most Mentorees find that they need to focus for a minimum of 2 hours in order to work out how to use the forum. Given this is the basis of the Mentor Program, it’s essential that you do this. Also, it’s essential to check out every part of the forum including the ‘Study Tasks’ and the ‘Discussions’ areas – as there is a wealth of information in each of these sections. Aim to read every new message posted so you won’t get left behind.
Metastock Video Resource for this Week
If you already have Metastock, you’ll need to learn how to use this program effectively. We’ve compiled a list of FAQs about Metastock data, so you should start by browsing through this page.
Our Very Own Metastock Wizard!
Scott Lowther, our resident Metastock expert and past Mentoree, will be there to assist you as we move through the Program. Questions can be addressed to Scott via the Metastock thread in the forum.Scott completed the Mentor Program in 2007. As well as being a successful private trader, he runs his own Supply Chain business and has an MBA, a Diploma of Financial Services, plus a Bachelor of Science and a Graduate Certificate of Computing. As our Metastock guru, Scott helps people on the Mentor Forum learn about Metastock and assists them when they get stuck. We’re very lucky to have Scott along to help everyone make the transition from Metastock beginner to being incredibly effective with this charting package.
To help you know what need to know before getting to Chris Tate’s section of the program, click on the ‘listen here’ box to hear me interview Scott in this revealing interview:
10:31 mins
Over the coming weeks I’ll be giving you each of the 24 lessons that are presented in the following video as individual videos so you can refer back to any specific subject and cement your burgeoning knowledge about Metastock.
Keep in mind that the video resources I’m providing here are just a guide and not meant to be a full and complete Metastock training course. The onus for learning Metastock rests squarely on your shoulders as a trader. If you need more specific help than the videos provide, I strongly suggest you refer to the Metastock manual and contact Jude Fowler for one-on-one Metastock training. Scott’s videos will just prompt you to understand which areas you will need to investigate in order to become a proficient trader.
The Beyond Charts+ videos by Daniel Kornaat are brilliant, but if you need further training on this product, then ask the Beyond Charts team – as they offer a full support package.
Another Viewpoint
If you’d like to watch some other Metastock videos, so you can get an alternative viewpoint, you can click here. This will connect you to the Equis website.
Also, be aware that depending on your download limits via your ISP, you may need to consider upgrading to the next plan if you’re not used to watching a lot of videos online prior to the Mentor Program. Due to security limitations, we are unable to provide these videos and podcasts on DVD. It might be a good idea to see how long the video will take, and then set aside this amount of time prior to watching it. This will make the best use of your download allowance.
Before You Ask a Metastock Question on the Forum
Make sure you’ve looked through our extensive ‘Metastock Made Simple’ Frequently Asked Questions page at this link.
The simplest way to become familiar with Metastock is to watch the full video below which presents a series of lessons created especially for Mentorees by our Metastock expert Scott Lowther.
This video breaks the program down into bite-sized chunks and will give you an idea about the scope of the product. Once you’ve watched the whole video, this will no doubt confuse you, but take a deep breath… help is on it’s way. Remember, each of the lessons will be supplied in individual videos over the coming weeks.
Hint from a Past Mentoree
David Cook – a Mentoree class of 2009 says: “if you can run two PCs- one with Metastock running and the other with Scott’s video running-it will help to take it all in. It helped me no end”. This advice also holds true if you’re watching the Beyond Charts+ videos as well.
Also, if anyone is having any trouble seeing the video because it’s too small, you can enlarge it to full screen.
Scott Lowther – Metastock – all tutorials in one video
78 minutes
If you are having trouble viewing this video, try this link
To see all of the codes that go into the Metastock videos, download the document at this link.
These will feature in the coming weeks. Here is a list of the timing of the content in this master video:
Week 3
Lesson 1: Data Setup 5:36 mins
Lesson 2: Updating Your Data & Custom Folders (From 5:34) 4:29 mins
Lesson 3: Opening Charts (From 9:59) 4:15 mins
Lesson 4: Adding Indicators (From 14:15) 8:11 mins
Lesson 5: Drawing Lines (From 22:24) 3:28 mins
Week 4
Lesson 6: Adding Text & Symbols (From 25:51) 1:04 mins
Lesson 7: Chart Appearance (From 26:53) 1:53 mins
Lesson 8: Scrolling Through an Index (From 28:44) 2:55 mins
Lesson 9: Indicator Drop-Down List (From 31:37) 1:09 mins
Lesson 10: Candlestick Charts (From 32:44) 1:45 mins
Week 6
Lesson 11: Default Template (From 34:28) 2:56 mins
Lesson 12: Change Default Template (From 37:23) 2:42 mins
Lesson 13: Favourites (From 40:03) 2:48 mins
Lesson 14: Layouts (From 42.50) 2:52 mins
Lesson 15: Buttons (From 45:41) 4:06 mins
Week 9
Lesson 16: Indicator Builder 1 (From 49:46) 2:32 mins
Lesson 17: Indicator Builder 2 (From 52.19) 2:21 mins
Lesson 18: Trailing Stop (From 54:42) 4:17 mins
Lesson 19: Expert Advisor 1 (From 59:00) 2:35 mins
Lesson 20: Expert Advisor 2 (From 61:37) 2:12 mins
Week 10
Lesson 21: Expert Advisor 3 (From 63.51) 3:33 mins
Lesson 22: Explorer 1 (From 67.25) 5:00 mins
Lesson 23: Explorer 2 (From 72:27) 2:41 mins
Lesson 24: Explorer 3 (From 75.10) 3:05 mins
Trading Videos for this week
This week, we will be focussing on entry setups and triggers. Depending on your background with trading, this may be revision for you, or be completely new information.
Watch these 4 videos in order, download and print the accompanying pdf notes and fill them in as you go, and you’ll be up to speed in no time (ignore the page numbering in the notes as they are taken from my The Secret of Candlestick Charting DVD program).
There are several sections that you’ll need to write down answers in the pdf notes, and this will reinforce the lessons I’m seeking to convey. So, make sure you’re really diligent and focus on these videos as they’ll give you an edge like no other.
(And yes… I get to talk a lot about Candlesticks, as this is one of my favourite topics of all time!)
I suggest you repeat watching the final video several times as this consolidates the information and provides you with specific strategies to guide your entry into new positions.
Clinch this, and you’ll feel much more comfortable about entering trades, and begin to develop the confidence that will help you hone your trading skills.
1-line Candle Patterns
52 minutes
If you are having trouble viewing this video, try this link
Remember to: Download your pdf for this video by clicking here.
(24 pages)
2-line & 3-line Candle Patterns
67 minutes
If you are having trouble viewing this video, try this link
Remember to: Download your pdf for this video by clicking here.
(25 pages)
Macro Patterns
71 minutes
If you are having trouble viewing this video, try this link
Remember to: Download your pdf for this video by clicking here.
(13 pages)
Trading Strategies
26 minutes
If you are having trouble viewing this video, try this link
Remember to: Download your pdf for this video by clicking here.
(10 pages)
The Next Step
These videos provide you with a core skill – defining a high probability trade that is likely to lead to a profitable position. There are no guarantees, but as traders, we just want to stack the odds in our favour so we can come out on top. We’ll discuss the implications of these videos further in the Study Tasks section of the Mentor forum.
Also, by popular demand, if you’d like to repeat any part of the first meeting, we captured it on video, just for you. Click here to watch, if you’d like to review our initiation.
Don’t you dare let the intricacies of what I’ve been saying this week blind you and make you drift away from taking action that can seriously enhance your trading future. Stick with me, focus and complete the foundation steps, and I’ll be here to support you every step of the way.
