QUICK START GUIDE: THE WIZARD FOREXthewizard.com/wiznet/PDFs/TheWizard-QuickStartGuide-Forex.pdf ·...

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QUICK START GUIDE: THE WIZARD FOREX

QUICK START GUIDETHE WIZARD FOREX

In this guide, we’ll show you the four simple steps to trading forex with The Wizard.

It’s important to us that you understand what to do before you learn how to do it, because once you learn this simple process, everything else will make sense.

This guide is broken into 4 parts:

Part 1: Our 3-Step ProcessA diagram of the simple, 3-step process to trading forex with The Wizard.

Part 2: Run your ScanUse our custom scanning tool to find the best forex pairs to buy or sell.

Part 3: View & Select your Forex PairsViewing your results and selectng the best forex pairs to trade.

Part 4: Place your Orders with your BrokerSome resources for placing your orders.

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Part 1: Our 3-Step ProcessA diagram of the simple, 3-step process to trading Forex with The Wizard.

QUICK START GUIDETHE WIZARD FOREXWizard™The

The 3 Steps to Trade Forex with The Wizard

Step 1: CHECK FOR BUY OR SELL SIGNALS

Step 2: SELECT YOUR FOREX PAIRS

Step 3: PLACE YOUR ORDERS WITH YOUR BROKER


Part 2: Run Your ScanUse our custom scanning tool to find the best forex pairs to buy or sell.


* You do not to look at the Market’s trend when trading forex. The Market’s trend applies to stocks only.

The Wizard gives you two ways to find forex signals. For this tutorial, we’re only going to focus on “Create a Scan”.

To learn about our PowerScans tool, please see that tutorial.

Create a ScanOur flagship scanning tool. Unlimited options for finding forex pairs made amazingly simple.

PowerScansThe Wizard’s pre-built scans. Powerful scans with a single click.



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Your Scan Options:The Wizard’s Create a Scan tool has several options with which you can customize your scans.

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Select a categorySelect “Forex”

Select a timeframeYou have several options for forex timeframes:1. Intraday (15m, 60m, 120m,

240m, 480m) 2. Daily (every day)3. Weekly (every Friday) signals

Select a Scan TypeConservative (take profits along the way) or Aggressive (exit all at once)

Select the Trend

Search for a Symbol

Create your ScanSelect Pre-Buy (for buy signals only)Pre-Sell (for sell signals only)Or Scan All (for buys, sells and open signals)

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Option 1: Look for Pre-Buys or Pre-SellsIf you’re only looking for entry signals, we recommend choosing either Pre-Buy or Pre-Sell signals.

Option 2: Scan for all Forex PairsIf you want to see all forex pairs, including all Pre-Buys, Pre-Sells and open trade signals, just click the “Scan All” button.

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Part 3: View & Select Your Forex PairsViewing your results and selecting the best forex pairs to trade.


Scanning for Pre-Buys & Pre-SellsOnce you’ve scanned for Pre-Buys or Pre-Sells, The Wizard shows you a list of forex pairs. Here’s an overview of what you’ll see.

Step 2: VIEW & SELECT YOUR FOREX PAIRS


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Forex symbol & name

The trend for each forex contractJust like the market, The Wizard provides a trend signal for each forex pair.

The previous closing price.

The Pre-Buy (or Pre-Sell) PriceThe price at which you’ll buy (or sell) this forex pair.

The Wizard’s Stop Price

The Wizard’s Profit Targets

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Viewing your Scan ResultsWhen you scan for all Forex, you’ll see a few more options, including stats for open signals. Here’s an overview of what you’ll see.



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Forex symbol & name

The trend for each forex contractJust like the market, The Wizard provides a trend signal for each forex pair.

The previous closing price.

The Wizard’s Entry Date.

The Wizard’s Entry Price.

The Wizard’s Entry Price.

The Wizard’s Stop Price

The Wizard’s Profit Targets

Days in the trade

Profit per Contract

Profit Ratio

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Symbol / Company Name

The Wizard shows you the ticker symbol and the name for each forex pair in the list.

Rollover any forex symbol and you’ll see options to:

• Add that forex pair to a Portfolio• Add it to a Watchlist• View a detailed quote• View a chart showing the price levels for The Wizard’s current signal for that forex pair

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Buy Price / Sell Price

Buy PriceWhen you look for Buy Signals, The Wizard will show you the exact price - down to the penny - at which to buy each forex pair.

Sell PriceWhen you look for Sell Signals, The Wizard will show you the exact price at which to sell short each forex pair.

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Stop Price

The Stop Price is the price at which you will get out - exit your trade.

The Wizard’s Stop Price acts like an insurance policy. In the event that your trade loses money, the Stop Price is where you will exit in order to avoid a large loss.

Because some of your trades will inevitably lose money, it is critical that any losses you do have are kept to a minimum.

The Wizard’s Stop is known as a trailing stop. This means that if you buy a forex pair and its price goes up, the Stop Price will follow up behind it, locking in your profit along the way. This way, if your position does reverse and go back down, you will not give back your profit.

Exit your entire position at the Stop Price: Whether you have taken profits or not, you will exit your entire position at the Stop Price. For Buy Signals, if the forex pair’s price drops to the Stop Price or below, you will exit immediately. For Sell Signals, if the forex pair’s price rises to the Stop Price or above, you will also exit immediately.

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Buy Signal Profit Targets

Buy TargetsFor each Buy Signal, the Wizard provides two prices at which to take profits. When your forex position reaches one of The Wizard’s profit targets, you will sell a certain number of lots.

50% Target: At this profit target, you will sell 50% of your position. If you had bought 8 lots, you will sell 50% - 4 lots - at this price.

75% Target: At this profit target, you will sell 25% of your original position size. Again, if you had bought 8 lots, you will sell 2 lots at this price. At this point, you will have on 2 lots remaining. You will have sold 75% of your position, which is why it’s called the 75% target.

At this point, you will exit the remainder of your position at the Stop Price.

The Wizard’s Profit Targets allow you to take profits as you go along. As the old saying goes, “You can never go broke taking profits.”

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Sell Signal Profit Targets

Sell TargetsFor each Sell Signal, the Wizard also provides two prices at which to take profits. When your position reaches one of The Wizard’s profit targets, you will buy back a certain number of lots.

50% Target: At this profit target, you will buy back 50% of your lots. If you had sold short 8 lots, you will buy back 4 lots at this price.

75% Target: At this profit target, you will buy back 25% of your original position size. Again, if you had sold short 8 lots, you will buy back 2 lots at this price. At this point, you will have on 2 lots remaining. At this point, you will exit the remainder of your position at the Stop Price.”

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Aggressive Scan: No Profit Targets


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When selecting your scan criteria, if you select “Aggressive” under “Scan Type”, you will not see any profit targets.

Instead, you’ll only see The Wizard’s Stop Price and will exit your entire position at that price.

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We realize that you’re not going to buy every forex pair for which there is a buy or sell signal. So how do you decide which forex pair to buy or sell?

We’ve made it easy. Whenever you run a scan, The Wizard automatically ranks your list of results by their Trend Strength. The forex pairs at the top of the list are the strongest ones. The forex pairs at the bottom of the list are the weakest ones. To reverse the order of the list, just click on the Trend column and the list will automatically re-sort.

Your highest probability trades are to buy forex pairs whose trend is Buy (double green arrows) and sell forex pairs whose trend is Sell (double red arrows)

Which Forex Pairs Should You Select?


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Part 4: Place Your Orders with Your BrokerSome resources for placing your orders.


Your final step is to place your orders with your broker.

In order to buy and sell forex, you’ll need a broker to place orders with.

Step 3: PLACE YOUR ORDERS WITH YOUR BROKER

While The Wizard is not a broker and does not offer brokerage services, we do have alliances with certain brokers. You can find them by clicking on the “Brokers” button on the top right of the site.


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