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What will the chat room be about?
In the chat room we will be focusing on mastering a day trading strategy called VT (Virginal Touch) that tries to replicate the day trading methods of interbank dealers.
What is VT?
VT is a discretionary strategy that trades EUR/USD USD/JPY EUR/JPY GBP/USD and to a lesser extent AUD/USD and NZD/USD on a day trading basis from 2200 GMT Sunday to 1700 GMT Friday. The strategy is designed to sell rallies and to buy dips at predetermined interval basis and capture up 10 pips of “retrace profit” on each move.
What is NVT?
NVT -- simply stands for non-VT and is a strategy that uses VT principles of trade on other pairs (such as exotic crosses like EUR/AUD, GBP/NZD etc). The NVT strategy can be also applied to the regular VT pairs but at more aggressive intervals.
NVT orders are “unofficial” -- meaning that these are not trade signals given by the BK Trading chat room, but by individual members (including Boris occasionally). NVT trades are always prefaced term NVT and must always be disclosed before the fact (i.e. NVT buying EUR/AUD at xxx stop xxx target xxx)
NVT trades can only be done on super tight spread brokers like FXCM or Interactive Brokers
What are the exact rules of VT?
The strategy has general rules, but they are not sacrosanct and can be adjusted on the fly in response to changing market conditions, but the foundational thesis behind the strategy is that there must be at least 50 points of movement in a given currency before any trade can take place. A basic summary is in this video
What is the most important thing I need to know about VT?
Spread. Any day trading strategy is very sensitive to spread. In order for VT to work well it need to see spreads of 0.2 pips to no more than 0.5 pips on the pairs traded. If you are trading on spreads of 1 to 2 pips your experience will be much more challenging.
What broker should I use for tight spreads?
We do not recommend brokers. We are US based and now use a mixture of Oanda, FXCM as well as FX Futures on CME where the speed of execution is best. For VT trades the official rates and trades are done on Oanda spot platform which is inferior to FXCM and therefore assures that most traders can match its experience. In US the other possibilities for tight spreads are MB Trading and Interactive Brokers. Interactive Brokers are available globally but their FX offering has minimum trade size of 25,000 units or more.
Globally, other possibilities include LMAX in London. Here is a list to review https://www.100forexbrokers.com/stp-ecn-brokers
What is the second most important thing to know about VT?
Size. The success of the VT trade depends on varying the size of the trade as probabilities change. The standard opening trade for a hypothetical account of $10,000 is 10,000 units. The MAXIMUM trade for such an account is 100,000 units.
What are the two ways to make money with VT Trade?
Leverage can be achieved two ways when you are trading. The standard way is to use credit from your broker to size up your position. The non standard way to achieve leverage is through turnover. For example the same 10K of capital traded 10 times during the course of the day is the same as using 100K of capital.
Using standard leverage model to trade VT we recommend between 5X to 10X leverage. In other words on a 10K account each VT trade can be between 50,000 but no more than 100,000 units in size. In that case VT trades should only be taken once, with no additional trades taken in the specific currency pair at “repair” levels. The trader is simply looking to achieve a win ratio of 80% (8 out 10 trades).
In non standard leverage model we use progressively higher size to “repair” some of the losing trades. This is what we trade in the BK Chat room and in order to do this properly trader must make their opening trade size unlevered. That means that on a 10K account the opening size of the trade will be 10,000 units. We do this because we will enter many more trades and may occasionally increase size to as much 7X or 10X lever factor on the third repair trade. That is why starting the trade at small size is key to both survival and success.
How many trades does VT do per day?
Between 5 and 20 trades depending on how volatile the markets are.
How many pips does VT make?
Wrong question. Only amateurs look at pips. Professionals looks at returns. VT is targeted to make between 1-2% returns per per month with no more than 5% -7% drawdown The more aggressive you make your targets the bigger your drawdowns will be. So if you choose to target 10% -20% per month prepare to lose half your money.
Will we trade anything else in the chat room?
In the chat room we will disclose our BIG TRADE signals as well as our daily NEWS TRADE ideas but we will not discuss them in detail. The focus in the room will be on day trading and mastering VT in order to acquire the skills to extract consistent returns from the forex market. To that end any discussion of other strategies takes away from that goal. If you want to get the full BK experience please join here. www.bkforex.com/jointoday
What will happen to the chat room after 30 days are done?
I am not sure. We really like the technology and may incorporate it into BK at some point.
Will you ever make an EA from from VT
Most likely no. VT is just too fluid to be traded systematically
How do I see the past chats in Telegram?
The best way is scroll up in Windows or Mac application for desktop rather than using the mobile version for the task
What is the Time Frame for VT Charts
It doesn’t matter since we dont use indicators but I usually 5 minute charts, but 15 minute would do fine as well
Where can I contact you for help?