Fact Sheet

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WhichWayToday Live Trading Room

WhichWayToday is a live trading room. Every day we trade currencies and stock indices live in realtime. All our trades are called out instantly. There is no delay, not even a second.

Should you subscribe?

What is the purpose of WhichWayToday, and why should you subscribe?

The live trading room is the best place to follow 2 succesful traders and how they trade. There is simply no better place to learn how to succesfully trade the markets.

We have consistently made money in the live trading room since we began. When you subscribe you see in real-time exactly what we do, when we do it and why we do it. It means you can follow our performance in real-time and learn.

Explanation of Pips and Money Management

At the request of our subscribers we set up a model portfolio on the 16th January 2010. The purpose of the model portfolio is to make our service transparent. For example, if you hear a trader say "I made 30 pips", it is not 100% clear what that means, except that he or she has made 30 pips. You don't know how much money 30 pips is worth. You don't know how much he or she risked to make 30 pips. Did they risk 500 pips to make 30 pips? The Model Portfolio seeks to answer that.

The model portfolio started with £25,000. We risk no more than 1.5% on each trade, and even that is very rare. However, we do trade using our own version of money management. The example below is a real-life example of how we trade in the live trading room. For the sake of understanding our trading philosophy we have chosen an example, which lost us money. It will become clear why, once you have read through the example.

Example

The chart in Euro Dollar looked bearish, and we decided to sell it short at 1.3739. We announced in the live trading room that we were now going to sell Euro Dollar at 1.3739. As part of our money management plan we risk no more than 1.5% of our account. On a £25,000 account this equates to £375.

When we initiate a trade called a SWING trade, it means that we want to use a 120 point/pip stop. Please do not confuse our SWING trade classification with what you think you know about swing trades. Some traders think that a swing trade is a trade you hold for 2-3 days. We frankly don't care how long you hold the trade for. We still label it a SWING trade, because our subscribers then know we are using a 120 point/pip stop. (We also have another classification called INTRA-Day trade, where we use a 50 point stop).

If we risk £375 and risk 120 points, then it stands to reason that we are risking £3.125 per point. So on the surface of things, when the trade is initiated, we are risking 1.5% of our trading capital.

WRONG - we are not! We are risking much less.

The moment the trade is implemented we watch for signs that the trade will lose us money. Assume the trade is wrong, until proven otherwise. You may not agree with us, but it works for us. In this example the market failed to make a meaningful progress, and when a key level was breached, we decided to close the position.

The close was 1.3767. Our loss was 1.3939 minus 1.3767 = 28 pips = £87.50

It is only in very extreme cases that we have let a stop of 120 points get hit, most often when the market suddenly spiked due to unforseen news items. You can call the 120 point stop an emergency stop.

Is this approach succesful?

Answer: We have now traded (at the time of writing this) for 54 weeks. In this time period we have made money in 51 out of those 54 weeks. That is a level of consistency which very few can replicate. Of course past performance is not an indication of future performance, but we work very hard every day to ensure our longevity in the financial markets.

We are trading ourselves, and we are trading much bigger accounts ourselves. We are also sometimes risking more than 1.5% on our trades and sometimes less. The only reason why we set up the model portfolio was to create a level of transparency for our clients who follow what we do. Click here for Model Portfolio explanation.

PROFIT/LOSS

In £

Start Value 16th Jan 2010: £25,000 - Risk: 1.5% per trade MAXIMUM

Current Value as per 1st March 2010: £27,684.91

£28,048..31