Posts Tagged ‘ SNW ’

End Of Week

Another early finish with trading today and pleased to have got out with a few pips profit, certainly not an easy day with GBPUSD being very up/down/up/down. It has been a successful week in terms of % gain and whilst a few areas need tightening up still, I am pleased with how this month has turned out. I said at the start of the month that it would be a make or break month and so far its been okay. I need another solid month next month to get my confidence fully back so I’ll continue to tread carefully and try to minimise the mistakes I’m making. Looking at myfxbook stats, I’ve clawed back a good amount on GBPUSD this month but still a lot of work to be done before it’s respectable.

Racing wise it has been a very tough week so far going into the weekend. Last week ended with an 8% gain but so far this week has been miserable. Down 12% with 3 days to go. If I can manage a good day today I might be able to squeeze a breakeven week but with the run I’ve had this week I’m not overly sure. However, like Forex, racing can be extremely tough and bad weeks often happen when laying horses to lose. You need an incredibly high strike rate and lay at respectable odds to make it profitable. Anyway, racing isn’t far away so I best get set up and ready to rumble.

Dubai World Cup tomorrow evening and a massive $10 million World Cup race, it does however make me wonder why they can’t afford to pay the contractors who helped build Meydan though?!

Secret News Weapon

An early finish for me today as I’m on babysitting duties for the rest of the day. A pretty decent morning so probably a good idea that I’m finishing as I don’t really want to risk any more pips. I might if I can look at the news releases a little later.

The software I’ve been trying out the last few weeks is called ‘Secret News Weapon’. It claims it can enter you in a trade pre spike and be able to ride the spike as a result of the news. I’ve always been interested in trading news releases as the idea of quick gains appeals to me as I’m sure it does to most people. After receiving my login details I was able to download the software needed to trade news items. I watched the videos necessary to get familiar with the software and it seemed pretty straight forward. The main area of focus is the trigger. This is the deviation from the forecast news item. Using NFP as an example as it always produces a mammoth spike, let’s say it’s forecasted at -30k. I set a trigger of 15. This means if it comes out at -15 or -45 I get entered into a trade. You set up the software so it knows whether to buy or sell depending on the actual number released. So far, so good. You can set your own triggers and be safe in the knowledge that if it deviates enough from the forecasted number, you’ll get entered in the correct direction. Except it never enters. I’ve had 4 news items that have hit my trigger and every time I’ve been requoted by my broker. The news is delivered in 100 milliseconds but this appears to be not quick enough. I will persevere for now though as I’m following a full-time news trader who has also struggled to get filled of late on exactly the same releases. Obviously the key with this software is to find a broker who doesn’t massively widen their spreads pre news and who will offer genuine fills when getting the required trigger.

The support team suggest trying various brokers on demo but that really isn’t going to prove anything as the difference between demo and live is like night and day. You don’t experience requotes or bad fills on demo accounts so until you try it live, you just won’t know if the broker is worthwhile or not.

It’s certainly not cheap either at $299 a month after the initial $69 30 day trial. I’ve got 10 days left before the $299 kicks or I can cancel it. If I can get a decent fill on a trigger then it will pay for it in one trade but so far the first trade has proved illusive. I’ll report back after the trial is over and hopefully I’ll have got a decent trade in!

Finally, to whoever the sad person is who keeps voting each post as very poor.. just how sad are you? If you really don’t enjoy reading the blog then it’s pretty easy to just stop reading, don’t you think? Or do you think it’s clever to keep doing it? Bravo.