The last few days of trading were really overshadowed by some market rocking news today. Did it affect the way we trade? Absolutely not. One of the keys to making a solid run at this career is being consistent in everything you do. That is the huge bonus with mechanical/rule based strategies. 99% of the guesswork is gone (have to leave that 1% for human nature). Having rules will keep you afloat during the peaks and valleys that rule the market. Almost every successful trader I know or have read about, use rules. Gut feel is non existent. Lets look at a quick summary of the last two days. You can always view the training video for strategy owners below.
The HVMM strategy did a pretty good job adding up the pip in what was a slow and at times choppy market. Your job as a trader is to trade you plan 100%. That is what we did in the following videos.
As well, logging your trades with a comprehensive system is super important to your success. Check out this post to find out more
Wow! If you attended the ULTIMATE TRADE ANALYZER webinar today, you saw the workings of some powerful software! Heck, I use a spreadsheet to log my trades and access statistics. The UTA takes it to a whole new level!
I’m a pretty basic guy and the information this tool supplies made my head spin. Great thing is, I don’t need to know how it works….I can simply see that it does. If I can find in greater detail the time, days and even trades to take, I can see my own trading becoming two things. 1. More profitable2. Less time consuming (not that I spend hours at the screen as it is!) Toss in clues on better trade management and position sizing…..success is only limited by my account size!
As a person who works with the Netpicks team (I have the owner on speed dial actually), I had a sneak peak at the training videos for the UTA. It’s laid out quite well actually….even the developer gets a word or two in. Everything from top to bottom is covered.
So…it is available to the public now. I know for a FACT there is a 41% discount in effect at this time as well, the UTA is on limited release (Netpicks does not want to overload support).
You may have heard about the Ultimate Trade Analyzer. If not, make sure you check out the webinar on Wed April 21!
• Not just a trade log, it will back test and forward test your trade results
• It will calculate important details like your winning percentage, profit factor, best times to trade, the best day of the week, the best trade set ups and many other meaningful statistics
• The tool will automatically populate visual graphs that help you understand the data on a deeper level, at a glance
• It can reveal the ‘personality’ of your trade system giving you new insights into your actual trade results and what you can expect going forward
• With a touch of a button it will account for your trade costs, commission and slippage
I really love little tools to help you improve your trading. Love it even more when they cost nothing.
Take this for example: http://www.atradingplan.com/bestdays
This will ensure you know that best times and days to put your trade plan into action.
How about knowing if long or short positions hold the most juice? Be good to know, right? You bet it is. Click here: http://www.atradingplan.com/longorshort
The EURJPY is one of those pairs that can be a pleasure to trade. You could argue that it may be the only pair you have to trade. Remember, the relationship between FX pairs is pretty deep. Don’t make the mistake many many make by looking at every single pair. Many do for one reason…not wanting to miss a move. This past week, including re-entry trades and poq…..handed out 11 trades. It is not and never has been all about the pips. Account size, risk % and total pips will be the factor is how much you make.
Knowing that many forex traders overextend themselves with too many pairs, I want to focus on one. GBPUSD. I am looking at the 20 range and every visible setup that occurs in the month of march. To keep it real, I am assuming that many use alerts to notify of trades and targets. I am also assuming adjusting only when targets are hit. It is a more accurate way of walking through the charts instead of thinking you happened to check the charts at opportune times.
I am also going to show two types of directional bounces although they are not counted in the overall stats.
