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We're super excited to be hosting another Webinar, this time featuring Trade Leader Spencer Beezley along with Bill Schneider and Licheng Cai of Currensee.  It's this Sunday, September 22, at 7:00pm New York time (that's 4pm in California and 9am in Sydney)

Currensee's Trade Leader Spencer Beezley and Licheng Cai, Currensee Trade Leader Selection and Due Diligence Manager will discuss Spencer's common sense approach to Forex Trading and why he was selected and chose to join the Currensee Trade Leaders Investment Program. Currently Investors can follow two of Spencer's strategies, TCM and Harbor FX. Bill Schneider, Global Institutional Sales Manager will provide a quick overview of the Currensee Trade Leaders Investment Program.

What you’ll learn by joining us:

  • Insight into Forex trading from a professional money manager
  • How to manage risk
  • The four steps to building and managing a Forex Portfolio

Upon completion of the webinar, we hope we have aided you in deducing if Forex is right for you and key things you should consider before making an investment on your own or with Currensee.  We hope you can join us, please register now!

FXstreet.com is organizing a special webinar together with Currensee Trade Leader Taylor Growth, tomorrow Thursday at 15 GMT / 10 am EST!

Tom Dawson and Josh Colton

In this webinar Tom Dawson and Josh Colton from Taylor Growth will discuss how a high degree of leverage can work against you as well as for you. Josh and Tom will discuss the risk/reward tradeoff, the importance of establishing your investment objectives and balancing your objectives with your appetite for risk.

Gift for attendees!

A special limited-time webinar promotion will be offered to all attendees of this webinar by Liquid Markets!
Details regarding this promotion will be announced at the webinar including eligibility, enrollment and terms & conditions. Don’t miss out!

REGISTER NOW!

If you never attended a webinar before on FXstreet.com, make sure to read our instructions.

Taylor Growth Company is a privately held financial services firm that was founded in April 2007 to develop long term savings and investment programs as alternatives to the stock market. We specialize in spot foreign exchange (Forex) currency trading. Investors have a choice of investment strategies at Taylor Growth Company. Taylor Growth Company is a member of the National Futures Association (NFA), and adheres to NFA guidelines and ethics. NFA # 0405331

The Currensee Trade Leaders™ Investment Program is the unique autotrading service that delivers a select network of emerging foreign exchange managers, called Trade Leaders. Once you open and fund your account, you simply choose the Trade Leaders you want to follow by adding them to your portfolio. By joining the program, you leverage sophisticated technology that replicates the trades of a Trade Leader in your account in real-time, regardless of where you are in the
world.

REGISTER FOR TOMORROW’S WEBINAR ON FXSTREET.COM

In the webinar a couple weeks ago a question came up from one of the attendees as to when the best time of day is to trade. This is a question that comes up a lot among forex day traders, though obviously most folks who seek to operate in that arena are constrained by the time zone in which they live. I’m going to present two distinctly different answers to the question – ones that contradict each other.

First, conventional wisdom
When the question of best time of day comes up the answer often put forward is the London/New York overlap period. The reason here is a combination of volume and volatility. London is the center with the highest average forex market trading volume, and New York comes in second (see The Most Traded Currency Pairs for specifics on which pairs are the most active globally and across regions). As such, there is maximum liquidity during this time of day for the major traded currency pairs.

On the volatility side of things the London/NY overlap is also the period when many of the most significant data releases and news items are released. Obviously, the NY morning is when most US data headlines post. Most UK and European data hits before NY gets going, but central bank statements and press conferences do happen in the NY morning. Also, key speakers often have their comments crossing the wires during the overlap period. In other words, there is a lot of news and data to move the markets and create volatility.

Thus, the London/NY overlap period offers volatility and liquidity, which many folk see as keys for worthwhile day trading. But wait!

Performance reality
The folks at DailyFX did a study a few months back looking at the performance of FXCM clients based on the time of day they traded. The results they came up with were entirely contradictory to the conventional wisdom noted above. They argue that it’s the lower volume NY afternoon, Asian, and early-European sessions which see the best trader performance.

Why so?

The author’s argument is that most individual traders tend toward a range-trading approach. This style of trading is ill-suited to volatile markets. As such, the news and data induced volatility we see in the London/NY overlap period is actually a negative for trading in the major pairs. They include a graph which shows a clear trough in the success rates of trades in the NY morning and another that shows the relative volatility peaks at that time of day.

Now, as I wrote in Optimize trading performance by time of day selection, there are some issues with the DailyFX article in its focus on win % as its main metric. The authors did include some system performance figures which provide some more results to back up the overall premise, though. As a result, I think it’s worth at least taking a very hard look at how your trading would do in different time frames during the day.

Makes you have to start wondering about conventional wisdom, doesn’t it? It should also have you thinking about opportunities to diversify your trading time of day. This may not be something you can do yourself because of your available time and locale, but using an autotrading system might offer you an opportunity to do so.

Editor’s Note: Originally derived from the webinar, the question examining what time of day is best to trade Forex had been answered by Trade Leader Taylor Growth during the Q&A session. Since he is a range trader himself, his response was congruent with the second part of the above answer, which leans towards the lower volume NY afternoon, Asian, and early-European sessions as yielding the highest trading success rates.

Taylor Growth explained that the best time of day to trade really depends on the strategy the trader is using. Since his conservative strategy is very technical, he believes it fares better in Asian sessions when trading European pairs. Since it is nighttime in Europe while the Asian markets are most active, no European news releases are making their way out and influencing trades.

Last week’s webinar session featuring Currensee Trade Leader Taylor Growth delivered strong information on a “conservative” trading strategy and its pertinence to these current tempestuous market times. The concepts touched upon and insight provided could be quite useful to anyone involved in Forex, so I thought I would share some of what was revealed.

With a historical success rate in the high 90’s and currently up 1.5% this month, Taylor Growth seems to be doing something right. Tom Dawson, COO at Taylor Growth who spoke on the company’s behalf, attributes this success to a few key concepts: preparation is integral, you must consider multiple sources of influence like technology and the economy, and you need to have rules and systems you believe in.  Not long ago, the world of Forex was something new and uncharted – an environment he compared to the Wild West.

“There was a need for a conservative, careful, and productive company. One that was going to do a good job in producing real results that were accessible to people,” Dawson explained. He went on to say how it’s easy for someone with millions of dollars to achieve world-class results in Forex, but it’s a completely different story when you can only put 10K into the market, and that is why skilled traders are needed to help in attaining these results. Dawson finds solace in knowing that even though it may not seem it, there is in fact consistency in foreign exchange.

“One of the great things about Forex is that every month, companies all over the world have to move their money to do things like pay rent, etc. It’s the daily moving of this $4-5T that acts as a stabilizer bringing things back to equilibrium,” he explained.

By using range trading and understanding that over time, there will be various ebbs and flows in Forex, Dawson sees that no matter where a currency goes, it will usually always return back to its point of origin. This general paradigm of consistency is what inspired Taylor Growth’s goal of being able to achieve the highest risk adjusted return possible while producing smooth results – or, as Dawson put it, “taking the chop out”.

He explained how the use of Pattern Recognition when looking at what’s going on in the marketplace allows this consistency to actually be seen. It becomes apparent that there are repeatable, definitive patterns that occur, such as how the dollar is stronger and weaker at different times of the month. Taylor Growth has seen such a high success rate because they pay close attention to these patterns and base their decisions on them, which is something that’s hard for a computer to do.

Even with Taylor Growth’s scrupulous attention to macroeconomic detail, there will always be some degree of risk. Knowing this, he’s formulated a few ways he believes are the most secure for protecting investors from losses. Setting automated stops is not something Taylor Growth generally practices. Instead, when things start moving against them, they cut the trade themselves as a means of managing risk. By using a balanced combination of betting small, understanding which patterns are in confluence with them, and being comfortable with taking a loss when a trade moves within several hundred pips, Taylor Growth has achieved a historical success rate in the high 90’s. On larger trades, however, they do set hard stops to abstain from risking more than 1%.

One deterrent of automatic stop losses Dawson touched on was the way they can react to a Flash Crash.

“Problems can arise when a market is thinly traded at a particular time and if it moves up or down 200-300 pips, you run the risk of losing the trade because of the stop, even though you were correct. If the stop weren’t on, you would have eventually won the trade,” he explained.

The webinar was concluded with a Q&A session that touched on topics such as stop hunting, among others. Our next webinar will be taking place Wednesday, May 9th 2012, 12:00pm ET / 6:00pm CET where CEO Dave Lemont will reveal five secrets of investing in the growing Forex market - sign up here.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Last week the gentlemen from the Trade Leader Adantia did a webinar in which they talked about their approach to the markets. Chances are, most of the folks who were listening in realized that the Adantia strategy isn't one that can be replicated by the vast majority of investors. It requires considerable amounts of research and technical ability in the area of things like genetic algorithms and massive computing power to run all the modeling calculations. Even still, to my mind there were a couple of different things listeners could take away from the discussion.

Diversification of Approach
I have written before of what I call diversification of approach or methodology. This is the process by which a portion of ones trading or investment funds are traded in one or more different ways than one's primary funds. I don't mean stocks vs. bonds, or anything like that, which is diversification across markets or sectors. I mean the system or strategy underlying the trading process is totally different. This is something that can be done within the context of a single market, or across multiple markets for multi-dimensional diversification.

One of the major benefits of the Trade Leader system is the ability to diversify across trading approaches. Since the Trade Leaders use different methods and systems for their trading, many of which are not well correlated with each other (never mind other markets like stocks), there exists the ability to develop a well-diversified portfolio within the group so as to avoid having exposure to just one approach which may suffer from poor performance under certain market conditions.

Diversifying Your Approach
I noted that Adantia's specific approach to trading is well beyond the ability of most traders and investors to replicate. Their basic philosophy is relatively easy to understand, though. Adantia uses a mean-reversion strategy in which it plays for reversals of market moves rather than continuation of them. It can be thought of as being an over-bought/over-sold strategy as opposed to a trend following one.

Understanding the basic approach of each Trade Leader presents the opportunity for you to exploit the markets in ways that your trading does not. If you are primarily a trend following type of trader, then a Trade Leader like Adantia can add a dimension to your portfolio by taking advantage of non-trending markets. Similarly, if you are a US time frame day trader, then an Asian time frame based Trade Leader would give you exposure to part of the day you can't trade yourself.

This is the whole point of multi-dimensional diversification and it's something that could benefit a lot of different types of traders and investors.

Last Wednesday, Currensee hosted a live webinar with new Trade Leader, Andantia. BarclayHedge ranked Adantia the #1 currency trader managing under $10 million. During this webinar you will learn that Adantia managers are not “swinging for the fences,” but instead they are looking for “a quality steady return over a long period of time.” Also, Adantia’s propriety, automated trading algorithm has been through years of testing and live trading.  Adantia speaks to how their model has worked exceptionally well through volatile market events including the flash crash, Japan tsunami, and the recession of 2008. Find out how Adantia is searching for uncorrelated returns in every market situation.

Please check out the recorded webinar with Adantia LLC. Below are some questions from the presentation. Feel free to jump directly to the answers:

How will current and future market conditions drive strategy adjustments? (25:27)
How did your strategy do during the times of intense market uncertainty? (27:45)
What do you look for in your back testing? (42:55)
What is your risk per trade? (47:05)

 

Live Webinar with Currensee Trade Leader, Adantia from Team Currensee on Vimeo.


Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Last week, Forex analyst John Forman hosted a live webinar about autotrading. John provided his perspective on what should raise some red flags for investors when they’re leveraging automated tools and strategies.

In a nutshell, John talked about the seven perils this type of service. While you can hear the entire webinar here, I wanted to give my thoughts on how relying on automated systems can affect your outlook as a trader and what you want to consider as a potential customer of one of these systems.

My interest lies in how these risks relate to currency investment programs such as the Trade Leaders™ Investment Program. The moves of the Trade Leaders, some of the top currency traders in the world, provide trade signals that appear in your portfolio. But, being prudent in your decision-making requires that you understand the process and why some methods can help you succeed, while others warrant more examination.

Briefly, the seven perils John shared were:

1.     Trading types (actual versus hypothetical)

2.     Knowing your skills and vetting traders/systems

3.     Managing risk

4.     Identifying fees and expenses

5.     Understanding presented performance and returns

6.     Accepting transparency and measurement

7.     Leveraging investor controls

In my opinion, the three most important of these are 2, 3 and 4. Ultimately, if you are comfortable in your abilities as an investor, are aware of the risks present in trades that might be executed automatically and can accurately understand how your returns and performance are measured, you’ll be well poised to take part in a system that offers you the benefits of autotrading. The biggest caution as you look to take advantage of an autotrading system is to know how the fees work. Are you paying on every roundturn? Is the “expert trader” getting paid on volume? Are you paying additional pips to add to the autotrading company’s bottom line? Buyer beware. Do your homework and know how much the service will cost you. Transparency is one of our key cornerstones of the Trade Leaders program. We made a conscious decision to keep our fee structure simple and straightforward and it’s clearly communicated in our marketing materials, on our website and by our team members who talk to new clients every day. You can see it for yourself here.

I welcome your thoughts on autotrading and the perils - or successes - you’ve experienced. What do you see as the most important consideration as you decide to try an autotrading system? I look forward to hearing from you.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

2 Comments

Last week, Currensee announced the launch of the Trade Leaders program, and has been presenting it as a kind of alternative investment class. This introduces an interesting discussion point because up to now the idea of "investing" in Forex was anathema to most market participants. Forex is a market you trade, not a market you invest in, most folks would tell you. Currency ETFs have certainly forced a rethinking of what it means to play the Forex market, and the type of opportunities it presents, but it is still mainly a trader's market rather than an investor's arena.

Is it investing?

So is the Trade Leaders program way to "invest" in the Forex market? I think it depends on how you want to look at it.

In the commodities market there have long been CTAs (Commodity Trading Advisors) who provided ways for those who wanted exposure that market to get it without having to take part directly themselves. Many asset management programs, like pension plans and endowments, have used CTAs in that fashion as an alternative investment vehicle which was not correlated with the stock market. In many ways, hedge funds have supplanted CTAs in terms of the public consciousness, but the idea is the same.

Are CTAs and hedge funds investments? Strictly speaking, maybe not - at least in terms of putting money to work in a specific instrument or something like that. You could, however, call them investments in terms of investing in a person or group – the CTA or fund manager(s).

By my way of thinking, the Trade Leaders program is like investing in a CTA or hedge fund. You are investing in the person and her/his ability to generate profits rather than in some kind of asset. More specifically, it's like putting money into a CTA or hedge fund where you know the person making the decision has their money at work there too – meaning they feel the same pain or gain you do. It makes the whole process that much more honest.

Considerations

Just like when a pension fund decides to put part of its money with a hedge fund, though, if you're thinking about taking part in the Trade Leaders program there are some things to think about. The pension fund is looking to diversify its portfolio. Trade Leaders could let you do the same thing.

What I'm driving at here is that the different Leaders have different approaches to the market. Some take more risk, some take less. Some trade only specific pairs, while others are more diverse. Some trade short-term and some are more position oriented. And of course their specific systems and strategies are varied. That means you can mix and match to come up with your own "diversified" solution by combining different Leaders with each other, or with your own trading.

For example, if you're primarily a position trader you may want to select a short-term Trade Leader. That would give you the opportunity to benefit from the short-term swings in the market, moves that you may not have been able to take part in otherwise.

Then There's Education

Even if you don't really think you want to have someone else trading your money, there's another potential benefit to be had by taking part in the Trade Leaders program. That's using it as a way to learn from successful traders, in an indirect fashion, of course. It's a bit like using a subscription trading service where you can follow along with the trade ideas of someone experienced.

Now of course you won't be seeing the trade-by-trade analysis and strategizing from a Trade Leader in the same way you would via a subscription service, but you will still get to follow all the trades as they happen. If you select a Leader whose approach is similar to the way you want to trade, you could definitely learn quite a lot in seeing where and when they place their trades.

Learn more

Give the Trade Leaders program a look. This week, Currensee is hosting two webinars where you can come and see CEO Dave Lemont's personal Trade Leaders portfolio and he'll tell you more about the program.

The webinar dates/times are:

If you want to learn more about the program before the webinar, you can click on the "Trade Leaders" tab in the blue bar at the top of your dashboard. There, you can watch a short video about the program, review the Trade Leaders profiles and sign-up.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

Last week's webinar is now live. Click below to watch Mike Baghdady trade the New York Session.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

Hi Pips - We apologize for the delay in getting this webinar live. We've had a couple of crazy weeks here at Currensee HQ in Boston. If you missed the webinar or want to watch it again we've got it for you below. Happy Trading!

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.