Another Psyquation Review. I must say this software is intriguing me and I'm keen to see the full extent of the alerts that are getting triggered.
As a trader, I'm also keen to see how I can use this intelligence to help me become a more consistent and profitable trader.
I was keen to place a number of new trades again tonight and see what triggers I'd receive via Psyquation. My strategy this time around was to go in with small contracts to reduce the VaR alerts and see what difference that made.
So I hit a number of Forex pairs including AUDUSD, EURUSD, GBPUSD, USDCAD and I also traded GOLD. My contract size on Gold was a very large relative to my other smaller positions, but it all worked out ok in the end.
My initial setups suggested the USD was weakening and a few of the majors were sitting on a potential breakout. So I decided to trade the likes of AUDUSD long, only to see it retrace back into the ascending triangle consolidation.
Given my short time frame and small initial position, it allowed me to add in or average into my losing trades. This is what Psyquation refers to as Dollar Cost Averaging, which is not a winning strategy.
But considering the market was range bound and lacking volatility, I was happy to pursue this strategy.
In addition, I averaged in so much I triggered a Martingale alert, which is when you add to a losing position at least 4 times. I was certainly doing this as my initial positions were just mini contracts.
It was good to see a new alert and for many new traders this would be quite an eye opener to be put on the right track going forward.
Martingale strategies are one of the fastest ways to backrupt your trading account, especially when trading leveraged instruments like Forex, CFDs or Gold Commodities.
What you want to do is use anti-martingale strategies which means you continually reduce the size of your position as you are losing. This makes for smart money management.
So my account continues to push forward, albeit incredibly slowly. Having said that, my goal to start wasn't to make high amounts of money, but instead just to test the Psyquation system and review it.
Hopefully this provides some helpful feedback for those looking at Psyquation and how it might be able to help you with your trading.
Good luck and may the trade wins flow.
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Psyquation Review - New Trading Alert with 30 Forex Trades Completed | |
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| Education | Upload TimePublished on 1 Jun 2016 |
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