|
Which trading platform should I use ? You can use a broker software online trading platform to place your trades, or one of the Spread Betting platforms. There are many companies on the internet offering a wide choice of both demonstration and real trading platforms. The demo and real trading platforms are identical in operation to each other, but on the demo one you cannot win or lose any money at all. Most members use the demo platform initially to customise it to their personal requirements and get used to operating it before going on to the "live" trading platform.
All will require you to make a deposit (called "Margin"), the minimum is around US$250 (£125) up to around $5000 or more. One platform I can recommend, and which I use for my "Trend" and trading is the Visual Trade demo and live platforms at www.visualtradingsystems.com . You just simply register for free to download the demo platform. They require a minimum deposit of £150 for their "live" trading platform on which to place real trades. There is a learning curve for the platform, which will take a little time to work out how to navigate it, and in particular how to customise it to your own requirements i.e. various colours. They have an excellent manual and video tutorial to assist you, plus their support facility. The facilities for positioning automatic Entry, Target, and Stop points are really superb, and above all are simple to change with immediate effect.
Occasionally I also use the fixed odds market from time to time, Intra Day Up/Down, with www.betonmarkets.com so that in advance I know how much I will win, and how much I would lose if the trade went wrong. Again this platform has both real and demo platforms. The deposit required is very minimal.
For the "Hedge" trading I use the Meta 4 trading platform being the most suitable for this type of trade and easy to operate. Both demo and real platforms can be downloaded at www.interbankfx.com. I would suggest you use this platform only for the hedge trading.
You will be required to complete a simple, and free, registration form to be able to download the demo Meta 4 platform. On the registration form are certain choices - you will require a "Mini" account (not the "Standard" account) at 1:200 leverage.
Many members utilise a spread betting platform for trading, such as IGIndex, Capital Spreads, or Finspreads. All are very suitable for trading the Trend, Position, and US Stock trades, but not for the Hedge trade.
Can I lose money currency trading ? You certainly can - let nobody tell you otherwise ! However, I will do my best not to let this happen. In respect of my main "Trend" type day trading signal strategy so far this year, I presently have an average profit of around 2400 pips profit per month. There have been on average 4 different pairs to trade each trading day. Losing Trend type trades have been very few and far between. Yes, there have been possible trades, which never materialised, and therefore would not have been opened. When a trade does go in the wrong direction you will have been given a Stop with each trade, which will ensure the very minimum loss. If you have to exercise a Stop, you must do so. Too many traders feel that Divine intervention will retrace the trade back into the right direction, and it will be an "all right on the night" syndrome ! Initial trades should be made with low stakes, which means low profits of course, but at least you will be able to keep smiling if you take a small loss on a trade.
With the "Hedge" trade I have had no losses at all. There are 4 grades of "risk" for you to consider taking for your trades; Risky; Aggressive; Minimal; and Fantastic Safe. Any of these trades are quite safe unless there is a dramatic problem with the currency of the country being traded.
In such situations of a dramatic market price turndown i.e. the Dow dropping sharply down by 200 - 300 points, the Minimal, and in particular Fantastic Safe mode, will normally see you through to the other side of the turndown problem without loss. Almost as safe as money in a building society account. If you are in the Risky or Aggressive modes at a time of trouble, you just bale out asap with whatever profit has accumulated, then preferably wait until the market levels out from the dive.
Often the problem is a storm in a tea cup as a result of an adverse news announcement and returns to normal a day or so later. In times of trouble I will always advise members by email whether to bale out, or to hold tight in their open positions.
If your strategy leaves you with such high profits, and very minimum loss, why do you bother to offer a signals service to members ? Simple. Many of my members were in a similar position to me a few years ago, trying out just about every style of trading using just about every type of indicator - and still making a loss - and wondering if someone up there was trying to tell them something ! At one point I was using up to eight market direction indicators on a chart - and still found myself peering up my own fundamental orifice !! I no longer use indicators, they all lag the market price and it is no good looking at what has happened - you have to look forwards. I make a good living out of trading and I would like to assist those who are presently in a similar situation to mine a few years ago, and who just finally give up trading. Let’s be honest, I also make more money with my service, which in turn allows me to trade with higher stakes, and take higher risks, to make even more money.
How much money should I place on any trade ? This is a tricky one to answer. Each person has different amounts of money at their disposal. However if you are just starting out trading I would suggest using say £1 per pip, or even less, for the "Trend" and the "Position" trades. If you are using Betonmarkets then they have a minimum bet of £5. With a £5 bet on fixed odds you will win £10, so make a net profit of £5. Not a big win by any means, but after a run of wins you can use your profits for larger stakes and slowly work up. If you then hit a loss it will have only come out of your profits - not your own money.
Why are you charging a monthly subscription of only £30 ? Well I could say I was following superstore’s Mr. Tesco who once so famously said “Pile it high and sell it cheap !” – and look where he finished up. But seriously, I have seen the some of the profit/loss performance sheets offered by some companies for monthly fees between $100 to $200 – absolutely disgraceful.
Which payment system do you use to accept monthly subscriptions ? I use PayPal only which automatically accepts a monthly subscription, and places customers immediately on to my database ready to send out the next trades by email. This allows me to concentrate fully on searching for trades.
Can I cancel my monthly subscription with you at any time ? Yes. At any time during the current month you merely log into your PayPal account where they have a specific section allowing you to cancel your subscription with immediate effect. PayPal will not take up a further subscription for the subsequent month. Please note I regret that no refunds are given for any part of a month already paid for.
What type of signals will I receive ? There are four types of trading signals sent by email to members every morning, Monday through to Friday, at 0900 UK time (GMT).
The first signal covers the “Trend” type of day trading signal, which in theory lasts for about 9 hours (but on average about 6 hours), together with a trade Entry point; an Exit point (target reached). A Stop is not normally given as everyone has their own attitude to safety. However, a 15 or 20 pip Stop would be satisfactory. On average it is envisaged that each signal should generate at least 50 pips profit. These signals can be traded on any broker trading platform or on a spread betting platform.
The second signal is a “Hedge” type of trade. This can last between 1 to 5 days on average, but can sometimes last a week or two. The market can go either up or down for a profit, but it must move as such. Once the trade has been placed it is only necessary to check on it about every 12 hours or so, in the meantime keeping a weather eye open for any financial adverse news announcements in respect of the currency being traded, and which could cause trouble by a period of currency instability for a few days. By this I do not include, say, an unsatisfactory USA financial news announcement of gloom and doom as to various retail prices etc., given at certain days of a month, which could cause a large drop in the market price just for that day. Such a news announcement is welcomed for the extra profits to be made during the usual upturn again the following day. With hedge trading it is important to realise that patience is required, often a lot of patience, especially if the market price consolidates in a narrow sideways band.
The third type of signal is the "Position" trade which is a longer term trade averaging between 1 - 6 days duration and produces profits from 75 to 300 pips with the very occasional trade producing around 700 pips profit. These trades do not require you to be infront of the computer all day, and progress of the trades need only to be checked once per day in the evening after work.
Finally there is a signal for trading US stocks. This is a new departure from currency trading but already is producing excellent results with profits ofup to +40% and any losses kept to around -1.06%. During September a total of 324 trade arose, with 278 winning trades and 46 losing trades.
What action will I be required to take to place a trade ? You may wish to place initial trades on the demo platforms to get the hang of the procedure before going for real trading. To place a trade for both the “Trend”, “Position”, and "US Stock" type signals I would suggest using the Visual Trader platform, or any spread betting platform you may prefer, but not on the Meta 4 platform. Keep the Meta 4 platform solely for the “Hedge” trades. For the “Trend” and “Position” trades you will be given an Entry market price, an Exit market price (target reached), and a Stop market price just for the Position trade. For the “Hedge” trades you will receive full details as to how to trade these by email.
Whom can I turn to for any support or advice ? Me. Email me at the email address you will be given on subscribing to the service. Even with the manuals and videos you may get stuck over a point setting up a trading platform, particularly the Visual Trader platform. This platform appears difficult to navigate but when set up to your liking with the trade, stop, and target limits in place, and with the ease of moving everything around, you will see my point. If I am at my computer you will receive a reply immediately, otherwise within 24 hours.
|