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Tuesday, 18 July 2017

How to Monitor Your Trading Progress




It is recommended to keep a record of your trading career to track your trading progress. This will also enable you to verify your track record when necessary if you decide to go public with your trading to attract customers/investors. There are a few ways you can track your trading journey which will be the highlight of this blog.

Manually

A good way for beginners to track their trading career is by doing it manually and keeping a trading journal. This will enable you to record information that surrounds your trades. Trading journals can either be done in soft copy using excel or a similar program or hard copy using ruled pages. Either way it is recommended that you keep a journal for all your trades.

   Pros
  • You can record psychological information such as reasons why you make the trade, reasons why you chose the stop loss or take profit you did.
  • You get the opportunity to record news events that affected your trade.

   Cons
  • Time consuming
  • Might miss some opportunities



Automatic Recording

There are also automatic ways to record your trades that frees up your time to trade some more or learn more. Automation is fast becoming the wave of trading today and automated tracking of trades is no different. Two system/tools are listed below that assist in automated recording of your trades.

   Myfxbook
Myfxbook is an excellent source to keep a track record of your trading journey. It can be connect to MT4 and MT5 as well as other proprietary trading platforms. It will record all your trades once you link your trading account to your Myfxbook account. It provides extensive analysis on your trades and and your overall trading career. Myfxbook is one of the premier sources for trade tracking and verification of your trading skills.


   fxblue
This another source for tracking and publishing trades to the internet community. It is similar in features to Myfxbook and also provides a number of tool to get you started. The service provided is free of charge to users and it allows you to either keep your statistics private or publish them for growth of your circle of followers. fxblue has been around since 2009 and is a trusted source by all types of traders ranging from regulated money managers and hedge funds through to private individuals scalping the markets from home.

Pros
  • Time efficient
  • Comprehensive display and analysis of your trades
  • Ability to share with a wide circle of people
  • Provides Daily, Weekly,Monthly and Yearly breakdown of your trades. As well as trade by trade analysis

Cons
  • Need to create an account with a broker as well as an account with the automatic tracking providers.



At the end of the day it is imperative, if you want to progress, that you track your trades and the statistics of your trading career.  Also the benefits of using an auto-tracking system is far more efficient than trying to do it manually. Do you track you trades?

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Tuesday, 4 July 2017

Social Trading

Earnably

What is Social Trading?


Social trading is essentially online networks where other traders display their profile, track record and trading strategy so you can copy all that they do and profit in similar manner as them. social trading allows you to trade in already established system without spending too much time re-inventing the wheel so to speak. With social trading the established traders gains, losses, and their entire trading history is displayed for you to view and make an informed decision on which trader you will decide to follow. Each traders strategy may be an automated system or mechanical system, either way everything they do as it concerns trading on the platform will be shown to you. One should be warned that social trading can be as risky as trading on your own if the person you are copying is not profitable or becomes unprofitable after you have subscribe to their channel.


Social Trading Platforms


There are a number of trading platforms that has been developed over the years and allow anyone, even persons without trading experience, to take part in the world of trading. Etoro is one of these major platforms that gives such exposure. With most of the trading platforms you can register and monitor the traders before taking part in trading.
ZuluTrade is one of, if not the largest social trading platforms in the world at the moment. There are persons making a fortune copying other traders successes. Take and look and evaluate.
There is Ayondo, Tradeo and a host of others out there that you can research more here. All these platforms offer multiple instruments to trade but you still have to remember your risk management.

Benefits of Social Trading


Social trading can provide you with a lot of benefits if you capitalize on this money making opportunity. Such benefits include reduced time spent around the computer trying to learn and implement a trading strategy as such you have more time to spent with your family or do other things do you love to do. You get the benefit of profiting from the effort of an entire network which ultimately increases your ROI. Social trading opens you up to Forex, Binary Options, CFDs, Commodities and a wide range of stocks. This ensures diversity in your trading portfolio and the ability to earn different kinds of income such as long term or short term and you get to participate in capital gain as it concerns growth of stocks. Social trading is speedily becoming the next preferred method to trade and it allows almost anyone to enter into the trading arena and earn an income. It would benefit you so take a look into today and follow us for more information.

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Wednesday, 21 June 2017

Enjoy Earnably



Earnably is a website where you can earn point and receive cash back completing simple tasks. These tasks range from playing games, following on social media and posting in forums. They also reward users by posting redeemable promo codes on their social media platforms.
There is also an offer wall where you accumulate points by completing offers from other services. There are a lot of offers presented on their offer wall that will surely be able to find one that is suitable for you. In addition to these offers there also daily survey to complete and videos to watch for you gain more points.
Once you have acquired a minimum about of point you can then convert the point to cash and withdraw via PayPal or convert the points to bitcoin and with draw to your bitcoin wallet. You can also convert your points to amazon gift cards and use them to purchase whatever you want to. They also provide ways for you to introduce people to their service and earn point while you introduce your friends and family to earn as well.

They provide a number of resources to help you promote and earn more points and thus more money. Learn point by even installing apps to your phone and using them. Play games and earn point, enter contest and win points and if you have any issues you can contact them and they will be able to assist readily. The more contest you enter and win the more points you get and thus more money. Overall the idea behind what is done at Earnably is a good one and i would recommend it to persons looking to get a few extra bucks in their spare time.

Wednesday, 7 June 2017

Britain Elections and its effect on the GBP

The British pound went through a huge dive when the UK decided to exit the European Union (EU). Since then it has been trying to rally and regain some ground. Another highly volatile event now exist for the British Pound, this being the UK general elections that will take place tomorrow. Before attempting to trade this event there are a few things to consider.

London Terror Attack

This event took place over the past weekend and was a horrific attack in the UK capital. Although the event didn't affect the GBP greatly against its USD counterpart it may play a significant roll when combined with the UK general elections that is slated to happen on Thursday June 9.
The attack left 7 people killed with 48 injured and distributing an air or fear over the city of London. This attack delivered a blow to businesses and a lot of precautions will be taken in order to prevent such an attack from reoccurring. It is reported that the attackers were killed  shortly after committing the heinous act.
This event may also cause voters to lose confidence in the present government's ability to keep them secure and could drive the voters to vote otherwise. Although political campaigns were cancelled Monday due to the attack, the Labour party has gained significantly on the Conservatives who are still leading however.

Current Prime Minister


The current prime minister of the UK is 60 yrs old Theresa Mary May a British politician who also serves as Leader of the Conservative Party since July 2016, the second female to hold both positions.
Within Theresa May's tenure it can be recorded the UK exited the European Union and as such removed themselves from whatever benefit that union provided. It also prevents residence of the other members of the EU from getting any direct benefits from the United Kingdom.

Since May announced the Election on April 18 her and her Party's lead has been declining. Although they are still in the lead it may be of great concern to the party headquarters that their lead has moved from 17.8 points to just under 10 points. This could lead to a change in power in the government which could affect investor confidence, business growth, economic strategies and the GBP.

Considering that a switch in governance may happen here are a few things to evaluate before you trade GBP pairs:
1. How volatile will the GBP behave.
2. Have i set my stop losses and take profit on all GBP pairs.
3. It may be better to stay away from GBP pairs till the election noise settles.
4. How will my ope trades be affected.

Even if the Conservatives remain in power the GBP may still be volatile on the day and the day following the election.

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Monday, 5 June 2017

Automation of trades

Automating some aspects of your life would be good as you wouldn't have to worry about the everyday tasks of getting certain things done. One important part of life that every should aim to put on autopilot is your income and there a few ways to use Forex to put income on full auto or semi-auto. A couple of these ways are talked about in this article and how they will benefit you.

EA


EA or Expert Advisor is a program coded to trade on its own once you start it. It is also referred to as a trading robot because it trades on basic rules that you set in it before you let it start trade. You can create an EA if you like but you would need to learn a coding language which make take months or years to get it right and trading profitably.
On the other hand there are other ways that you can get an EA without doing any coding. One way is to get one made based on your trading strategy. You can get this done by coders on fiverr.com or any other such site. Another way is to purchase one directly in MT4. Keep in mind that there are thousands of EAs in the MT4 platform so be sure to evaluate and test first before putting one on your live account.
EAs work well for someone with a busy schedule or when you just want to put your income on Auto-Pilot. The EA that you choose to use should incorporate properly money and risk management in it, these include but not limited to risk per trade, take profit and stop loss.

Signal Services

VPS Hosting


Within the trading arena, whether Forex, stocks or futures, there are a lot of instruments being traded. Within the Forex industry alone there are numerous currency pairs on the market that you can make a profit (or loss) from. However, if you follow all the signals that will pop daily it will consume all your time and energy. To solve this and maximize on your time, energy and profits signals service was created to assist other users in their trading endeavours.
Signal services are systems, either automated or manual, that provide you with trading setups, strategies and insights on different currency pairs. Before getting subscribed to a signal service you should evaluate their performance, trading ideals and also their longevity.
Automated signal services will provide an EA that gets signals directly from them and executes trades accordingly. The setup will include entry and exit points but in addition to that you can also close or open trades for yourself. The best way to utilize the automated signals is to setup a VPS server and then install your MT4 there so that the EA can run even while you sleep.
Manual trading signals means that when the providers send the signals you will have to open and close the trades yourself for all signals provided. Manual trading signals can be sent via email, text messages or through an indicator provided by the service provider. The upside of this is that you get a chance to see if these signals coincide with your trading ideals before executing. The down side is that you will need to be around your computer when these signals come in so that you don't enter the trade too late or miss the trade opportunity all together. Two examples of such signal service is Signal Forge (Auto) and BKForex (Manual). Will provide more on these services in a later post.
 

Your next step



With the information provided above there are a few things you should do depending on where you are in your trading business. If you are a beginning trader then you should research more and gather additional information that will enhance your trading strategy. After your research is completed then you can test out a signal service on a demo account to see how it functions. If it performs to your satisfaction then you can go ahead and put it on a live account. Keeping in mind that live and demo accounts may be slightly different, don't put it to work on all of your money at once.
If you are an experienced trader then you can check out the various signal services that exists and use one that you are satisfied with.

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Monday, 3 April 2017

Live PAMM Account report 2

As a refresher on what PAMM is all about go ahead and read the previous Article on How to invest while you are busy before reading my report so you can get an understanding of what is going on. Also read my first PAMM account report to see how this investment is progressing.

Current statistics for the PAMM account manager i'm invested in listed below. This is for you to have an idea of how the account manager has performed.

General Info and overall Summary

Trading statistics


Daily Profit and Loss

Now that the background info is out of the way lets get into the reporting.

At the moment of typing this my account is up 2.08%. Between the last report and this one the account went down as far as 6.4% but climb back up over the past 2 weeks. This is possibly because the account manager trades mostly EURUSD and the USD has been climbing over the past two weeks based good economic reports coming out of the USA.

There will be more updates in another month so remember to check back then to see how everything is going. If you're willing to take this journey also you can do so by clicking the link below to create and account and get started.

Invest in a PAMM account to earn while you work.

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Monday, 27 March 2017

Trading Plan: From Formulation to Implementation


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Lets say you have been working on a trading plan and you finally have a workable one put together. The next step is to put your market strategy to a test on historical data to see how it would perform under certain conditions. The aim is to ensure that your strategy can perform profitably so you can go ahead and use it on a live market. This article will take you through the steps from formulating your plan you implementing it live.



Formulating the plan

First up is actually getting the plan put together and ensure that it is workable and doesn't take over your entire life. So, you will want to look into a few things such as;

  • Your trading goal
This will set out a SMART goal that you wish to accomplish from trading. SMART is an acronym for the guideline of setting goals. Your goal must be Specific, Measurable, Attainable, Realistic and Timebound. Your goal will be the steering for your strategy.
  • Timeframes you want to trade
It will be extremely time consuming and somewhat chaotic if you attempt to trade on all timeframes. As such it is advisable to use at most 3 time frames when trading. One high time frame such as daily or weekly to indicate you the overall trend, One lower one such as 30 mins to give you and entry signal and the other one will be your main timeframe such as the one hour time frame. depending on your strategy you can use just one timeframe.
  • Trading Strategy
Your strategy will involve your trading instruments whether currencies only or currencies and commodities or whatever you choose to trade. It will also outline your entry and exit rules, your pre and post-market routines, what you will do during volatile economic events and also what your trading week will be. It will also involve your money management rules and risk management.
  • Behavioural Rules

Your behavioural rules will include certain controls that limit your emotional trading, revenge trading and anything that will take you away from following your strategy.

How to test the strategy

Testing a strategy might take some work and time if you attempt to do it manually. There are softwares available that can help in testing your strategy on historical data. The testing technique is called Backtesting. It is accomplished by reconstructing, with historical data, trades that would have occurred in the past using rules defined by a given strategy. The result offers statistics that can be used to gauge the effectiveness of the strategy. Using this data, traders can optimize and improve their strategies, find any technical or theoretical flaws, and gain confidence in their strategy before applying it to the real markets. The underlying theory is that any strategy that worked well in the past is likely to work well in the future, and conversely, any strategy that performed poorly in the past is likely to perform poorly in the future.

Read more on Backtesting


Is the Strategy successful

A strategy is considered successful when is at or above a 75% success rate. This can be determined when you backtest your strategy. After testing the strategy and seeing its success rate if it doesn't meet the benchmark then you should look at the test results and see what tweaks can be made to get it to higher success levels. Once a high success rate is achieved then you can go ahead can implement it on the live market.

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