February is the month of hearts. It's the month of romance. Everywhere you go you see red. And my trading performance was no exception. Hahaha
Indeed. My portfolio scored negatively big time in February. There were moments when I drifted back to my impulsive self - trading recklessly just to try and recoup loses.
Regardless, February was also a month of maturity. I actually believe that I'm starting to take a grasp of the market and learn how to trade. I have more days earning now than losing, I think. The only problem now is controlling the loses on days that I'm losing. You'd think that 5 days of trading is more than enough, the thing though is Greed can still set in and you'd want to trade more and more just to try and earn more.
This is I think where position sizing and setting caps and limits to your losses and earnings will help. All one has to do is follow that system and have the discipline to stick to it.
In the meantime, Mark So has migrated his copy trading service into a new site. It's now called unlitrader.com. The idea was to separate the educational materials in the old site from this new site hoping that notifications for the copy service to work more efficiently (to be delivered on time). There's a slight improvement in the service but still notifications can arrive delayed.
While copying Mark So's trades still doesn't guarantee success in forex trading, there are a lot of other ways you can use the service. Aside from the basic fact of using it to copy his trades, you can also use it to confirm your analysis of the forex market. You can also use it as a tool for contratrian trading - entering trades opposite of what was recommended. The idea behind contrarian trading is that most Forex traders enter losing trades. Less than 5% of Forex traders make it in the market. So by entering trades opposite to that of what was recommended there's a good chance that you could be on the right side of the trade.
The value really with Mark So's unlitrader service, I think, is when you join the Unlitrader program. Using fundamental and technical data analysis, the service generates recommended trades for the week. I think I was able to replicate the service on my own - but it's highly dependent on the analysis so if you want Mark So's analysis with it, you'd have to subscribe to get his exact recommendations. What's good about Mark So though was the fact that he discussed how he arrived at this system during his Complete Forex Trading Seminar. While the program is expensive, it can still be worth your time. Just don't expect to be trading successfully right after the course. That's the sad part about all these, a lot are lured to taking the course thinking it would be that easy to make money in the Forex market. Mark So after all is a good marketer and businessman as well.
