You’d think a piece of software called SignalTrader Trading System would provide signals, it does but those signals are coupled with the way it manages the trades.
One of the common mistakes traders make is thinking that the only thing they have to worry about is the entry order on the trade and what price. However the markets continue to move. Reversal and congestion trading require being in the right place at the right time.
The parts of a trade:-
– Entry Price
– Risk (Stops)
The problem is we think we should enter NOW, when it’s convenient to us, but even though we might have a great trade set up the market is not ready yet, so what do we do, we put on our order, it gets taken and stops out and then the market does in fact go the way you planned, but you’re out, with a loss.
When you place an order the software manages the ORDER position in the market, for instance let’s say you short AUDJPY with an order, you put in st in the comments and set the market order somewhere below price, SignalTrader Trading System will move your entry price to a fixed area below the entrance and KEEP MOVING IT until it is in a good price and ready for the market to take the order, that deals with the entry.
Meanwhile the stops are also moved with price, thus minimising the losses should the market go against you.
Your TP stays at target, so either you will stop out – but because the stop moves with price that could be in profit, or you achieve target.
Thus – giving you a signal is a waste of time because SignalTrader manages those moves. Only a third of the trade is where you enter the rest is what happens when you are trading.
Providing Signals is, therefore, in my view not a good plan. It’s far better to teach a man to fish, than to give him a fish.
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