I’m a bit of a self-improvement addict and I think you need to have a degree of interest in this to make trading work. I’m not talking weekend-long retreats doing yoga and eating wheatgrass; I mean the ability to reflect on your strengths and weaknesses and try to improve yourself and your trading.
A reader suggested I take a look at Leo Babauta’s The Power of Less, which is pretty good I have to say. Simple trading advice to help you become more productive – worth a read, though most of the tips are already on his popular blog: http://zenhabits.net/
In the latest edition of WRP I’ve written about eliminating bad trading habits. I’ve a fair few and it takes some discipline to not let them slip into my trading.
Other articles this month include quick reviews of Ivy bot and the London Sunrise EA. I’ve reviewed a superb market timing service called Market Sci and reveal a simple yet very effective trend following system for spotting stocks that could explode.
In a back to basics article I explain the difference between all the different ways of entering the market. If you confuse your limit orders with your buy stops, I hope this clears a few things up for you. Finally I lift the lid on the spread betting firm that lets you trade at 15p per point.
Trading advice abounds in these three free financial trading systems
There are a number of good commercial trading strategies out there, but if you do a little digging, you can also find some really useful free systems & methods floating around.
Whenever I come across something interesting I make a note of it in my favourites and was surprised the other day to find some much cool stuff on the list.
I thought you might be interested in these with my two pennies worth to add to the mix.
1. Strange currencies
This kind chap has put up some free articles and a couple of free trading systems (http://www.myforexdot.org.uk/).
The first one, strange currencies is a long-term trend following system. It trades just three times a year per pair on average and does require a big stop, but winners are substantially bigger than losses. The best results seem to come when going long when the pair reaches a 120 day high and closing when it fails to close even higher in 12 days. Stop loss set at 10%. Opposite settings for short trades. Worth a read for the full rules.
There’s also a simple breakout system for the GBP/USD with different results depending on the time frame used. Could be of interest for those looking for an end of day system.
2. The Super Trend Indicator
This site (http://theforexarticles.com/2009/07/21/forex-trading-templates-heres-a-simple-forex-template-you-can-use/) has a neat guide to using the forex super trend indicator which you can use for free within metatrader. This relatively simple indicator turns green to indicate an uptrend and vice versa.
You can get a free download of the Super Trend indicator here (http://codebase.mql4.com/3959)
3. The Gold Cross system
Simple system:
Buy then next open on the S&P 500 when the 50 day simple moving average closes above the 200 day moving average. Sell when the 50 day closes below the 200 day moving average.
Doesn’t happen much, but according to this website ( http://ibankcoin.com/woodshedderblog/2009/06/10/spx-golden-cross-coming-soon/) there have been 25 trades since 1960 and 21 winners with the average gain being 5 times the average loss. Worth keeping an eye out for it!
Free signals:
1. Free US stock picks
Woodshedder runs a cool blog where he updates the performance of a particular system called Power Dip. It’s done very well since May: http://ibankcoin.com/woodshedderblog/
2. Free stock market analysis
Danny runs a very interesting blog with lots of unique indicators here: http://ibankcoin.com/dannyblog/. I follow his thoughts most days and his analysis adds flavour to my own trades on the S&P 500.
Enjoy!
