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Sst's Superb Totally Free Trading Trainer! (updated)Ok you guys are gonna love this... As we all know nothing beats experience in the market right? Well based on an idea from a commercial product I saw (but wouldn't buy) I just worked out this brilliant totally free method of doing the exact same thing, for honing your skills and forward testing your strategies (great for those Sunday nights when the market is shut). Here's what you do:1) If you don't have it already, download Metatrader 4. Load it up and set up your chart how you like it and save it as a template. Use any indicators you like.2) Turn on Metatraders Strategy Tester and select the standard EA that comes with it called "MACD Sample". Edit this expert (via Expert Properties) and turn off all the options, we don't need it. (If you could really be bothered you could create a blank EA which does nothing, but its hardly worth the effort).3) Select your desired currency pair and time frame. Turn on Use Date and select your desired time period (the last month for example is a good one).4) Make sure Recalculate is turned ON, and Visual Mode is ON. (Click on above picture for help)5) Hit Start, and immediately pause the action when the chart pops up. Now you can load your template and you are ready to go. At any time you can pause the action, edit your trend-lines and pivots or what ever it is that you do. Then when you are ready, unpause and watch the market moving at about 50 times the speed of real time. When you are going to enter a trade, pause and use price labels to mark your entry, stop and target. Then you can unpause and log your results as you go. You can also use the slider next to Visual Mode to speed up and slow down (good for jumping to London open or going real time for news release).TIP: For extra training, use http://www.forexfactory.com/calendar.php and add the news events for the day (you know the results, so you can observe how the market reacted. AND go find out WHAT THEY MEAN). I highly recommend having Bernard Baumohls book The Secrets of Economic Indicators on your desk at all times. TIP: If you want to be extra hardcore in your news release training, then cut a strip of paper 1.5 cm wide and A4 long and hang it on your monitor over the column that shows the release number. Then you can know the previous and forecast, and keep the release number hidden until the news happens. (You need more than one screen for this). TIP: Record the day you ended on, and you can save your template so that all your trendlines etc will be in place when you continue.TIP: If you have a bad losing day, look at what went wrong, then trade that day again and do what you SHOULD have done (learn from your mistakes and reinforce good habits). (Send me feedback if you think this is cool or if you know how to make improvements). |
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