Ep 54 - Pivot Point Trading with Kym Watson
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In this episode:
Backtesting. Why you should do it, how thorough you should be, and how it can make you more money!
Kym Watson of Ezeetrader tells us about using statistical evidence to turn Pivot Points into Pips!
We only slightly hyperbolically announce the Best Webinar in the World Ever! 5 Easy Steps to Get Into Forex. Friday 9th June, 7pm GMT+1 (London Time). www.twoblokestrading.com/
Trader Interview - Kym Watson - The Best Strategies for Pivot Point Trading
Kym Watson of Ezeetrader is one of the most accessible traders currently in the educational space. The beauty of his trading style is that it is entirely ‘retail trader’ based. He doesn’t use any fancy indicators you haven’t heard of, or access to inside information or ‘institutional strategies’. As well as some fundamentals and sentiment analysis, Kym uses moving averages, overbought/oversold indicators, support and resistance lines and, of course, Pivot Points.
His trading is informed by the indicators, oscillators and methods that form the bread and butter of retail traders everywhere. But, crucially, he trades them solidly, scientifically and with a plan.
Kym has spent the time putting together data for all of his trading strategies and his Pivot Point trading, as well as his work with support and resistance, is informed by the statistical proof that he has gathered.
Kym tells us how he has put together this data and how he uses it. He tells us about his layering approach to building trading systems and the way he places Pivot Point trading at the heart of many of these systems.
Kym’s long experience in the markets and consistent profitability is a result of taking a professional, solid approach to this trading. He uses technical, fundamental and sentiment analysis to drive his trading, and always keeps one eye on the basics of price - Pivot Points!
Backtesting - Spreadsheet vs Cigarette Packet
One of the topics covered by Kym was backtesting. Like all good traders he believes that unless you believe in your system you aren’t going to make money trading it, and backtesting is key to this.
However, unlike our friends at Traders Support Club, he believes that you can backtest from ‘the back of a fag packet’. (That’s a cigarette packet, for our American readers!). What he means is that he thinks that grabbing a pen and paper and rudimentarily recording winners and losers will achieve a lot of what you can achieve with hugely detailed spreadsheets.
Clearly for a data driven guy like Kym, however, he has done the hard work and if you really want to be successful then maybe that needs to be an option for you too! Our latest webinar with Traders Support Club ended with some homework - to backtest a chunk of our own data and submit it for approval! Watch this space.
5 Easy Steps To Start Trading Forex - Live Webinar - Friday 9th June at 7pm GMT+1 (London Time)
The first ever Two Blokes Trading Webinar is almost upon us! This webinar is perfect if you are new to trading Forex and want to know:
How to avoid scams
Where to learn to trade Forex for free
How to setup your first trading account
Sign up at www.twoblokestrading.com/
Only 100 places are available on this webinar so be sure to sign up now!
PIVOT POINTS EXPLAINED