Additions And Changes To Forex Investing Live
As subscribers who have been with me for a while know… I am always looking for ways to improve the service and provide more value for my subscribers. In light of this years performance so far, and some conversations I’ve had with subscribers, I have decided to make some additions and changes to the service.
Before I explain the additions and changes, I want to tell you a little about the thought process…
In light of the signals not performing well over the past couple of months, I want to say that I DON’T believe the strategies have “stopped working”. Every time we hit a rough patch, I get emails or cancellations with the declaration that the strategies we use to participate in the Forex market have stopped working. I do not believe that well-thought out and executed trading strategies stop working.
However, trading strategies do work better under certain market conditions than they do in others.
If you have gone through my training I provide in the site, this belief should come as no surprise. I take a long term view of trading. I fully understand trading my strategies over the long term will provide times of growth (and even extreme growth which I call Profit Geysers), times of consolidation where we neither make or lose a lot and times of drawdown where we have to weather some losing months.
A drawdown period does not mean the strategy has stopped working. A drawdown period only means the strategy is not in-tune with the market at this particular time. Instead of trying to “predict” the upcoming market behavior and trying to change the strategy to one that best performs in the upcoming market… we just need to stick to our strategy and weather the storm.
A lot of novice traders think they can predict upcoming market behavior, and then use the perfect trading strategy to get the most profits out of the market. If the market is going to be trending… use a trending strategy. If the market is going to be ranging… use a ranging strategy. If there is an upcoming breakout… use a breakout strategy.
Well, that sounds nice. But unless you have a crystal ball or can see into the future somehow, this idea of using the perfect strategy for upcoming market behavior just doesn’t work. In practice, traders that try to switch strategies all the time end up showing up late to trending markets or ranging markets and miss out on most of the profits.
OK, so what are we to do?
Stick to trading the strategy according to the rules
with proper money management
But there is also something else we can do…
Diversify the trading strategies we use
Here is an example of what I mean…
Both Forex End Of Day Signals and Set & Forget Forex Signals work well in ranging or “swinging” markets… but they do not work well in STRONG trending markets, or markets that do not provide marked swings we can collect profits from.
On the other hand, the UBOAT FX Strategy, which I provide in the member’s area, works extremely well in Strong Trending Markets… but struggles in ranging markets.
I personally trade EOD, S&F AND UBOAT on live accounts. For example, I was able to collect +510 pips on the EURJPY using UBOAT. I manually closed out a USDCAD trade with +526 pips. The GBPUSD trade is up +174 pips… where it took a loss on both EOD and S&F.
Basically, UBOAT seems to perform quite well when EOD and S&F are struggling. The opposite is also true (UBOAT can struggle when EOD and S&F are doing well). So, trading all the strategies (on separate accounts of course), lets me offset some of the losses is see using one strategy by simultaneously using a strategy that works better under different market conditions.
But here is the real question… are all my subscribers trading the UBOAT strategy? Even though the strategy is available to them… I would dare say no. And since this might be due to hesitation on making trading decisions on their own, I have decided to ADD UBOAT 2.0 Forex Signals to the service.
UBOAT 2.0 Forex Signals
I have made some slight changes to the UBOAT strategy I teach in the member’s area to make it easier for me to provide signals and have strict rules. (For example, in the original version, there is an aggressive and conservative option for placing the stop loss. For the signals, I must have a strict rule, and therefore have modified the rule for it to be uniform throughout). I also made some changes to the trailing stop method to make it easier for me to make decisions without having to use my discretion. Since this is not the exact strategy as the UBOAT… I am calling it UBOAT 2.0.
It is my hope that by providing the UBOAT 2.0 Forex Signals, more subscribers will actually trade the strategy (on a separate account, of course), and be able to collect some profits in strong trending markets like we are seeing now.
This bring me to the next change…
Equalizing The Currency Pairs Traded
As you probably know by now, both EOD and S&F signals packages are very similar. In fact, a lot of times we are getting into trades at the same time on both packages. (Thinking about it now, I should have probably only offered one signals package instead of the two. But what is done is done, and I don’t feel it fair to take away from the service).
One of the main difference is the EOD trades the EURGBP and not the EURJPY and the S&F trades the EURJPY and not the EURGBP.
Now, with the addition of the UBOAT 2.0 Forex Signals, some subscribers might not have enough capital to just open another account and trade another signals package. In order to take advantage of the diversification factor, they might be forced to pick between EOD and S&F and only trade ONE of those strategies along with the UBOAT 2.0. (These kinds of choices, of course, are up to each of the individual traders).
To make everything more equal, I have decided to provide signals for THE SAME currency pairs for all the signals packages (EOD, S&F and UBOAT 2.0). There will now be 6 currency pairs traded, instead of the 5. This will make any decision process of which signals package to follow easier… since you will be comparing apples to apples.
ALL 3 signals packages will provide signals for
EURUSD, GBPUSD, USDCAD, USDCHF, EURGBP and EURJPY currency pairs.
If you decide to trade all 6 pairs… make sure to take this into consideration when calculating your risk. It might be necessary to take another look at your money management strategy.
I know this has gotten long winded, so here are the additions and changes in a nutshell…
- We are adding UBOAT 2.0 Forex Signals
- EOD, S&F and UBOAT 2.0 will provide signals for 6 currency pairs (EURUSD, GBPUSD, USDCAD, USDCHF, EURGBP and EURJPY)
I hope you can see the logic behind these additions and changes and take the time to see how to best use them in your trading plan.