Ep. 93 - Understanding what the “Big Boys” do; Target Trading with Scott Barkley
This week on episode 93 of the Two Blokes Trading podcast:
- Scott Barkley of Pro Act Traders http://proacttraders.com/ joins us for an epic interview where we he nails us with a constant stream of actionable information from target trading to specific trade strategies.
- Brandon describes a couple trades he won this week called the Tokyo Drift setup which is eerily similar to Scott’s Pole Trade described in the podcast.
- Tom battles with the Beast from East who froze his pipes and forced him to go without a shower for a week (so gross).
Trader interview with Scott Barkley:
Scott Barkley is an award winning “Target” trader and trainer mentoring students from all over the world since 2003. He is the co-founder of Pro Act Traders http://proacttraders.com with his partner Jerry Rankin (the man behind Pro Acts Proprietary software).
Some of Scott’s students have gone on to win FXCM’s “King of the Mini” contest, become professional fund managers, and become analysts at some very well respected organizations.
Scott is currently and analysts on Invest.com, MarketFly.com, and FXstreet.com. You can check out the Scott and Pro Act’s story here: http://proacttraders.com/our-story
Scott digs deep into understand the motivations of the “Big Boys”, the professional bankers and institutional traders. What are they doing today and WHY?
The bankers move the market for 2 reasons: to fill orders and to create a structure that all other professional traders know.
Price action is not random at all…the market structure is created by the Big Boys in order to get all professional traders moving price together. This is why you can consistently see certain patterns over and over again in the Forex market.
Strategies: Learn how to use the “Pole Trade” to trade what we call “Consolidation Breakouts” and combine that with the “Break Hook and Go” to enter at a time where the odds are in your favor. These trades happen almost every day and you can add these to your trading tools tomorrow!
Bankers love sideways markets because it’s easy to fill orders!
Scott talks about how you can use options contracts in the Forex market to gauge your expectations of where price might move in today’s trading session.
15 of the biggest banks in the world control 70% of the volume each and every day in the Forex market.
Those points were like the first 5 minutes….Scott really over delivers with excellent, actionable, and thought provoking content. This is a must listen to podcast if you are serious about really understanding how the Forex market works!