The Geek Account is a name I use loosely to refer to my trading demo account at NADEX. It includes my weekly Tips From The Geek, published at Communitraders on ThatSucks.com. The account encompasses the tools I use, the strategy I employ, my risk management, my technical and fundamental analysis. Following is a quick introduction to what The Geek Account is and where you can find my tips.
Trade Like The Geek!
I’ve broken it down into 6 categories that I will be building on into the future. Trading and social trading are a lifetime pursuit and I aim to pursue profits and trading perfection for a long long time. These categories are Tools, Strategies, Time Frame, Risk Management, Tips From The Geek and Communitraders. Any of these sources may be useful to you but all together make a solid example of a high-quality social trading network, whether you agree with my analysis or not.
- Tools – I use a number of tools in technical analysis. Technical analysis is the study of past price action through financial charts and is something I rely heavily on. Tools I use include 30 day exponential moving average, slow stochastic, MACD and support/resistance lines. I supplement these with Fibonacci Retracements, Bollinger Bands and 150 EMA from time to time. I get some signals from individual indicators but prefer to find signals that are confirmed by multiple indicators. As for the charts, I prefer to use Japanese Candlesticks over any other form of charting style because the view is unrivaled for market speculators and technical traders.
- Strategies – I tend to stick with trend following strategies but that may be a misleading statement. I begin with the trend and target the trend following entries but will also target swings, bounces from support or resistance, reversals and break outs. I recommend that newbies stick to trend following entries until they get a firm grip on the mechanics of the strategy, then they can move on to the more advanced techniques. That is the inherent beauty of The Geeks Simple Trend Following Strategy, it is a foundation upon which you can build and build.
- Time Frames – I know that most of you reading this are into 60 second trading and option scalping but I don’t recommend that unless you are very experienced, not unless you just want to lose all your money. The Geek Account uses three chart time frames and sticks to making near term swing and trend following trades and short term trend following trades. I do this with charts of weekly prices, daily prices and hourly prices though I will sometimes use charts of 30 minute prices. The amount of time will vary depending on what I am looking at but includes ranges of up to 10 years or more and down to only a day or two. Expiry is usually one week but sometimes as little as 3 days or as long as one month.
- Risk Management – Risk management, or should I say properly using risk management, is one the things I am most indebted to social trading for. Sure, risk management is for keeping your trades small and your account safe but what does that really mean? The gurus will tell you that this brings a level of mastery over fear and greed, words I had heard a thousand times but now I really know. Using risk management has allowed me to operate with no concern for winning or losing. I know I have a profitable success rate and I know that my rules say only trade 2% so that is what I do, 2% of each trade or the closest rounded number allowed by the broker. Using this rule also keeps my capital free in a way that allows me to make a trade whenever I want.
- Tips From The Geek – I write Tips From The Geek every Monday and publish them on the Communitraders forum at ThatSuck.com. I make five trades every week, regardless of holidays, expected events, news or market action. I primarily trade the S&P 500, Gold, Oil, the EUR/USD and Bitcoin. I stick to the basic trend following strategy but base my trades on where and what the market is doing Monday morning. The usual trade is for one week but sometimes I will trade shorter. Tips are based on technical and fundamental analysis and intended for educational and entertainment purposes only. The Tips From The Geek is not intended as investment advice and should not be construed as such. Click here to find out more about us.
- Communitraders – Communitraders is my top choice for social trading. It is a forum for any and all types of trading with sub-forums on brokers, strategies, tools and trading diaries. Any decision to trade real money is strictly at the discretion of the individual trader and not the responsibility of Michael Hodges or SocialTradingBinaryOptions.com.
Click here to find out how you can learn binary options trading with The Geek!