- User Case Study:Week 6 of using Financial Source - March 19, 2020
- User Case Study: My Daily Routine using Financial Source - March 13, 2020
- User Case Study: Week Four Of Using Financial Source - March 6, 2020
Hi guys. My name is Stephen Solares and I want to say for the better part of a year I have been trying to teach myself the art of Forex.
Eventually, I stumbled upon this program called Financial Source Terminal. It’s a terminal that takes into account just the major currencies and they pride themselves in listing every single event and possible catalyst that could cause a change in sentiment.
I started following their YouTube channel, where once a week they would post tradeable sentiment shifts and I started having significant consistency just following their weekly YouTube video. Fast forward maybe a week later and now I actually have access to the Financial Source Terminal. I’m really happy with my results so far, so I wanted to share with you, exactly what my process is, how it works and exactly how it has made my trades, just better. I don’t make trades because I’m bored anymore, which is a problem I used to have and now I know exactly what kind of events are moving the currencies in which I’m invested and I know exactly what to look out for.
Today is Friday and I have just gone through a full five days of trading, using the terminal. So I want to share with you exactly what my week was like Monday to Friday and where and how I managed to secure some relatively consistent and profitable trades.
Now, the main event on Monday was the inflation expectations for the Bank of New Zealand. According to the Terminal, this particular piece of data would solidify the market on whether or not the Bank of New Zealand was going to cut rates or hold rates, later this week. There was a lot of optimism leading into the event, so taking advantage of this I placed a couple of long trades on the New Zealand dollar, which I would then cut loose right before the decision, which ended up in some like profits.
Now on Tuesday the main focus was Trump’s speech in New York, which presumably was going to mention things about the trade war with China. Knowing this, I tuned into the live analysis webinar in the morning, where they told me the markets’ general expectations were for Trump to say something good about the trade deal with China which essentially means that the high beta currencies would be pushed up, leading into the event. Then when the moment of the speech actually came, I tuned in, I had to listen to Trump speak. He did mention China in a slight negative tone, which again soured the markets for the coming days regardless of perhaps not having immediate effect.
Now, during Wednesday, the predominant sentiment was a risk-off tone because now people were afraid that Trump and China were not going to come to an agreement. Taking advantage of this and knowing what was posted in the Terminal, I took a short position on some high beta currencies in favour of some safe haven assets, which again led me into some profitable trades, however that was pretty much it.
Thursday resulted being a relatively quiet day in terms of macroeconomic catalysts that could potentially move the markets and the only thing that happened was, there was an Australian jobs report coming in the afternoon and leading up to it, we were briefed through the Terminal of what exactly were the expectations and what could be seen as a possible deviation of that particular shift. Unfortunately, I still had a position that was short, the Euro/Aussie, at the time so the moment the news came out, it came out really quite bad for the Australian dollar. Well, first thing I did was immediately I placed a short order on the Aussie dollar, I placed it short and then I went into my orders and I closed one that was trading the opposite direction.
Then on Friday, one final thing that happened is, I was still holding on to a short position on USD/NOK ever since, maybe over a week ago and it was very, very negative for a very long time, but then on Friday the risk-on tone persisted, this strengthened the high beta currencies, the Norwegian krone being kind of one of them, so I could have taken short position, but I prefer to close out on Fridays of all my positions, but I was lucky and this was brought down, right down to my take profit, which was pretty much at breakeven.
Now, highlighted here on my trades of the week, in total I took about 26 positions, even though taking into account that this does include the financing which comes from the interest rate differentials. The return on each of the trades, my week resulted in a 3.19% return which was quite good.
In conclusion, I just wanted to share with you exactly, how it is that I used this terminal to better my trading and how it actually has improved my game. I’m looking forward to making more in-depth videos about my use of this particular terminal to how it has been bettering my trade on pretty much every single day.
Next time, I want to go more in-depth into exactly the moments I’m making the trades. I want to record my screen the moment to see exactly how it all is playing out. I want to increase my risk factor, just a bit. May get a bit more exciting, especially now that I have found some more confidence and I look forward to sharing it with you in the next video. We’ll see you then.