The argument for determining the trend in any market is always going to be that I am wrong, he does it better or this is the only way it should be determined. Well as any trader trend confirmation is really currency trading for dummies but which method do you apply to your favourite market.
The most simplest form of this is a moving average and if the price above the line the trend is up and below the line the trend is down. Easy, well not really you need to do proper back testing and figure out which setting you need to apply that delivers the results you want in your trading. An example of an aggressive would be a 50 day moving average, this will predict a reversal in the market sooner but be aware you will also create fake moves as well while the market is just in a deeper pullback with the overall trend remaining in tact.
In the image below I have applied a 50 simple moving average to the chart which is green in color and a 200 simple moving average which is red. As you can clearly see the aggressive 50 SMA reversed to a long market much quicker than the 200 SMA which is very popular and slower to react to changing market conditions.
As you can clearly see the trend no one method is correct but if you do your proper testing you will find a happy medium that delivers your required results no matter the market or your trading style.As I said currency trading for dummies.
Personally I believe the best way to learn to be successful at Foreign Exchange Trading is to find yourself a forexmentor. Now obviously people will disagree but this is how I became profitable in my forex trading.
Personally I went and done several courses that seem to be the best available but after attending these I found a key element missing in all of these and that was follow up training. These speakers I believe now actually make their money from selling the ticket to the seminar and then the $10,000 course and once you had finished once again you were left to still learn to trade, yes I learned the mechanics of system trading but lacked the live trading confidence.
I then stumbled onto to netpicks, firstly I went with the to there trading forex signal service and then went onto to trade both the UMT core and now solely the High Velocity Market Master, which I trade still on a daily basis, now their systems carry a very hefty price tag but the support and live trading is without a doubt the best in the business. Once you purchase a lifetime plan you get live trading sessions a couple of nights a week with a trainer who you can personally ask any questions about the systems or even test them with their signal service.
Do you have the complete package for Foreign exchange trading if not go and try netpicks. You could have taken a trade like this tonight??
If you’ve been around the Foreign exchange Trading circles for any period of time, you would have heard people talking about trading systems.
A forex trading system is just a set of rules that you follow to enter and exit a trades.
You might have one trading system or you might have five. It does ‘t matter how many you have, as long as they work.
Now, knowing which works, and more importantly which doesn’t, can be a difficult task to determine.
If you look at your brokerage statement all you’ll see is a bunch of numbers that relate to each trade you did.
What you need to do, is gather this muddled bunch of numbers into useful information.
This is were OTrader’s systems feature comes into play. By using the systems feature you can assign each trade to its own unique system.
When you enter a trade, OTrader will ask you to assign the trade to a system. This automatically groups the trade with every other trade from the same system.
Picture this, you have three systems:
- and one for option trading
Each time you enter a trade you assign it to the correct system. Now, when you use OTrader’s reports to view your performance, you can filter your results to each system.
Imagine being able to look at your trading history and pinpointing which strategy generates your best results.
At the end of the month, you may determine that the option trading system was the most profitable and the trending was the least profitable.
Having this information on hand, you may decide to reduce trading in the trending system and increase trading in the option system.
This will have a dramatic effect on your account balance… and even better you can view the results daily, weekly, monthly, quarterly and yearly. Always reviewing each system to find when each is working best.
You may even find one system is no longer profitable and stop trading it, or even paper trade it until it becomes profitable again.
OTrader allows you create an unlimited number of system so you can take your trading be it the foreign exchange trading market or any other market you trade to the scientific level.
| SOFTWARE REVIEW: If you’re a private trader, this product could save you HUNDREDS of hours — and make you thousands of dollars!
Review: OTrader 4.0 — Portfolio Management Software
Now that I’ve been using the new OTrader 4.0 software for a couple of weeks, I thought I should share some of my impressions with everyone about whether or not it lives up to the promises that OTrader makes on their webiste.
Could it really be that easy to use? Would it really simplify my trading business and save me time? Would it really help me make more money? I was determined to find out!
The first thing that impressed me was how easy the program was to install and set up. Since I’m no computer genius, I am always relieved when things work right the first time! And once I started actually using the program, I have to say that I was blown away at how simple everything is. (There are even about 9 different video tutorials that walk you setting up and using OTrader.)
The feature I was most excited about was the profit/loss reports, so I started to enter my trades to build up me trading history. Now, I always expect a few glitches as I’m learning to use a new program, but OTrader 4.0 made the whole process completely “goof-proof.” I was thrilled when I tested out my first profit/loss report… and saw exactly how I was performing as a trader!
I was equally amazed at how easily I could view my active trades and know exactly what trades I had open. And OTrader 4.0 lets you store up to 34 pieces of information about every trade in the custom built database, meaning that you can save an amazing level of information about each trade. I could go on and on, but…
Here’s the bottom line: This software does absolutely everything it claims to — and much more! It takes care of expiring/exercising of option trades, it automatically calculates your profit/loss, it lets you enter shares, option and warrant trades, and (best of all) it lets you set up unlimited portfolios for testing trading systems!
Since I started using OTrader 4.0, it has saved me hours calculating the profit and loss of each trade I complete. I give this product my absolute highest recommendation.
Click here to download your free trial version, and see how easy it can be to manage your portfolio! |
