Are you tired looking for that “holy grail” strategy? Are you fed up writing one strategy after another? If yes maybe Tradency is what you have been looking for. Read further and judge yourself if it is what you are looking for.
Tradency is not new. It has been around from 2005. The idea behind Tradency is to mirror the buy and sell signals of real traders. Strategy developers all over the world can submit their strategy to the platform. All submitted strategies are checked and verified before they are added to the platform. For mirroring the buy and sell signals of those strategies you need to install the Tradency mirroring platform. Depending on the broker you are using the platform can have a different name.
Alpari UK calls it “Systematic V2”
AVAFX calls it the “AVA Auto Trader”
Other call it just mirror trading platform. And yes according to the Tradency website GFT will offer it soon.
If you want to try it you can open a demo account. After you have received your login and pasword you can open the platform. Lets see how fast i can burn 10.000 euro. (joke)
Once you have the platform running you need to find a strategy that fits your profile. The platform can show you the past trading result of a number of strategies. Depending of the time frame the platform shows you the past trading results of different strategies. Lets see what it suggest when asking for a EUR/USD strategy that made at least 1000 pips profit the last 24 months and a max draw down of 400 pips.
It gives 2 results. FX Stable and Auto-EuroOne. We can eliminate FX Stable right away cause you see on the graph it hardly made any trades so that can be lucky shots. I guess Auto-EuroOne looks promising. If you click on the strategy it shows you more details.
The details reveal that the strategy has a lot more loosing trades than winning trades but the winners are about 5 times bigger than the losers. For helping you find the right strategy the platform shows a T-score for every strategy. The T-score gives an indication of the quality of a strategy. The T-score can be very useful for traders with zero experience. Anyway this was just to show you how the platform lets you select strategies.
The spread is a bit higher than the average spread. So each time a strategy makes a trade the strategy developer and broker are making money. But that is normal, nothing is free is it? You can make manuel trades, semi automatic and you can let the platform trade fully automated for you. Of course this platform is not made for manuel trades because of the bigger spread. But why not, imagine you see a great trading opportunity when you are checking how your strategy is doing.
What are the result you can expect when using this platform? Is it a scam? Is this a sit back money making platform? OK first of all and anybody with a bit of trading experience will agree....their is no strategy that can guarantee profit. Trading performance of the past does not guarantee that the future trading results will be profitable. But of course it is better to buy and sell following a strategy that made profit in the past than to buy and sell following a strategy that made huge losses in the past.......You will find rookie traders talking about loosing all their money in no time with this platform. They will call it a total scam. But what most of them forgot to mention is that
1) they used a too big position size
2) they selected multiple strategies running together multiplying the risk
3) they just picked a strategy without doing their "home work"
4) they where searching for the strategy with the biggest profit and never considered looking at the max draw down
5) they thought to get filthy rich in no time
Anyway the platform is not a scam. If you take your time finding the right strategy this platform can make profit for you. Don't expect to make a fortune in no time. If that is your goal...you are taking a too big risk.
If you decide to try this platform....my personal advice:
- take a strategy with a smooth up curve
- avoid strategies with big profits and big draw downs
- all strategies have winning and loosing trades. So careful taking a strategy that made a large sequence of winning trades. Starting a strategy after it made a large series of winning trades isn't a good idea. The danger is real that it will have a series of losers after a series of winners.
- past results of strategies with few trades are less meaningful than past result of strategies with many trades
Watch and read my first week experience with Tradency !
Well i think most users have no patience at all. They add a strategy and if it doesn't start trading right away the loose their patience. So they add more strategies to make sure they have some trades running. Totally idiot of course like that they are taking a too big risk. A good strategy needs to find good entry points and....that can take some time....
ReplyDeleteThere is an exposure meter to check how much risk you are taking. If it isn't in the green area you better remove some strategies.
ReplyDeleteAnyway got demo account running. I will tell you how it performed in 1 month or so.