Do you want an Antsignals review? What is it and how can you use it to help your trading? We need all the help we can get right?
"Cat: Where are you going? Alice: Which way should I go? Cat: That depends on where you are going. Alice: I don't know. Cat: Then, it doesn't matter which way you go."
― Lewis Carroll, Alice in Wonderland
I want you to think of a trading journal as a roadmap. Without one, you wander aimlessly throughout the noise and confusion of the markets, just like Alice.
Sadly, many people think they're gimmicks, and sadly forgo the many benefits that they could attain if they kept these journals.
Today I am going to go through one of the latest and upcoming trading journals on the market, Antsignals. Not only is it cutting edge, it's affordable and pays dividends long after your initial investment.
Our Antsignals Review
- We're going to delve into this Antsignals review because we're big believers in journaling our trades. Trading is a great way to see what you did right and what you did wrong. Do tools like Flowtrade help? What setup gives you the best trades? If you journal, you'll know what works for you.
1. Five Reasons Why You Need to Journal Your Trades
Talk to any successful trader worldwide, and you'll find one common theme. They all journal their trades. From giving you the ability to track and monitor your progress, identifying areas of improvement, to nailing down winning trading strategies, the benefits of trading journals are plenty.
Apart from this, trading journals can even be used to test the waters before you dive into an unfamiliar market! And this is where our Antsignals review comes in.
2. Journaling Will Help You Master Your Strategy & Find Your Edge
One of the best pieces of advice I ever received when I started trading was to focus on mastering one set up. Mastering one setup is done by literally making it the only setup you think about or look for when trading. You essentially eat, breathe and sleep this one setup until you feel confident you know it inside and out.
Professional traders have a tried and tested strategy with strict criteria for when they will enter a stock.
Right now, for me, it's the Wolfe wave reversal. Since August, I've been focusing on swing trading this set up. Every angle and market condition, I trade it if the set up is right.
When I execute the trade, I write the market conditions in my journal and whether the setup excelled or underperformed. My primary purpose is to uncover all the information I can until I become consistently profitable.
With Antsignals review visual below, I can easily see that this set up is working. Since I like to keep things simple, I am going to focus only on this strategy going forward.
3. Finding Setups That Make Money
For those of you who have a few setups, how do you know which ones make you money? You don't unless you have a journal I can look back on.
With a journal, you can identify which patterns are costing you money so you can stop trading them. More importantly, it frees your mind to focus on the ones that are the most profitable. Once found, you'll find your edge in the markets.
4. A Trading Journal Helps You to Manage Risk More Efficiently
Did you know that your position size, or trade size, is more important than your entry and exit points when trading stocks? How you trade, your sizing, risk management, entries, and exits; determines your success.
Even if you have the best strategy on the planet, if your trade size is too big or too small, you'll find yourself taking on either too much or too little risk. The former scenario is more of a concern, as risking too much will quickly evaporate your trading account.
Your job as a trader is not to buy and sell stocks but to manage your risk. Where things go sideways for many in trading is when they don't have these criteria well defined.
Career day traders use a risk-management approach called the 1 percent risk rule or vary it slightly to fit their trading methods.
A trading journal will show you where you might be making mistakes in managing risk. Perhaps you're taking on too much risk for the rewards you get or, your average risk is too much for your account size. Your Antsignals trading journal can show you this using AverageR and Average Risk.
Lets take a look at this a little closer. If I risk $40 (1R), I expect to profit by at least $80 (2R). Put another way, my average should be at least more than one because if it's smaller, it means I'm risking more than I win.
As you can see in the image above, my R was -0.28 and this was not a smart trade. When you purchase Antsignals, you can easily track your risk to reward ratios and you can focus on improving this ratio.
5. Drilling Down on the Antsignals Review
You'll hit what you're aiming for. If you have a goal, write it down. How much do you want to make in profits each day? $200, $400, $600?
How many contracts do you need to trade to make your set amount? At what point will you cut your losses? If you do not write it down, you do not have a goal – you have a wish.
What you do in each area - from picking the right stocks to choosing the proper lot size, is most responsible for your success. Keeping a list of your trades, profits and losses in a daily/weekly scorecard will allow you to evaluate yourself in real-time.
Armed with this information, you can quickly identify areas for improvement, set goals, and take corrective actions. This is exactly what Antsignals will help you with.
Their easy to read chart layout, shows you the winning set ups and give you space to note your mistakes. Hence our Antsignals review.
Stop Following the Heard
- You need to learn from others, but you need to learn from yourself as well. Unsuccessful traders spend little time pondering their losing trades. They don't bother to ask specific questions like what if I choose a different moving average or reduce my risk.
The time you spend trading is not the same as time spent practicing. You need to have a structured process for reviewing your trading that allows you to systematically identify what you've done right and what you've done wrong.
Keeping a trading journal will help you navigate times when you fall off the rails. Just look at the image above. I can note where I made mistakes such as trading a stock not in my plan or entering because of FOMO.
1. Practice With Our Antsignals Review of Their Trading Journal
Practice begins with breaking your performance down into individual parts and keeping score of each area. Keep in mind, if you are not continuously keeping track of your gains and losses, you won't be improving as a trader.
Writing in a journal is a great first step, but if those journal entries don't guide concrete goal setting and efforts at improvement.
Have you honestly maintained your trading strategy long enough to have the ability to analyze which small tweaks might help? For me, reviewing my individual trades is critical, but even more important is the review of my equity curve.
Doing so allows you to take a bird's eye view of your trading performance. I promise that you will see some of the same patterns you see in price charts if you plot your equity curve.
Sometimes, I am so worried that I will lose I end up trading too small a lot size that I slowly erode any gains and end up losing money with all the commissions. The real shift for me came when I adjusted my strategy to trade only Wolfe reversals.
Before you go into each trade, it's better if you review your equity curve first. When you review your equity curve first, you can see clear as day psychologically how you are processing market information.
This will let you know if it's you unintentionally sabotaging yourself or your system. And our Antsignals review will help you know of they're right for you.
2. A Journal Will Help You to Identify Your Peak Performance Time
Our greatest strengths--what make us successful as people, as spouses, as traders--are dependent upon our energy levels.
Our cognitive strengths, ability to detect patterns in real-time and our ability to dig beneath the surface to identify themes require a high degree of clarity and alertness. Energy is vitally important to anyone operating in a high-performance field such as trading.
We all know people who do their best work from 8 pm on. Others like me prefer to have their most challenging task of the day (i.e. trading), done by 11 am. Personally, I am the sharpest early morning, and I fade afternoon.
Sometimes I will slip into the day trading room or look at charts late in the day, but I'm tired and not focused. This is a dangerous situation for any trader to be in.
3. Why I Love Antsignals
I love AntSignals because it tells you the time of day you perform the best trading. I already know I have Rockstar concentration and energy early in the day; AntSignals only confirms this. Take a peek of a snapshot from their trading journal grouped not only by the day but by the hour!
Friday is not a good day to trade for this trader, which makes sense when you dig a little deeper. Friday represents the end of a three, 12-hour night shift stretch.
I wouldn't be making any money either if I had to trade on no sleep. However, Monday is their best day, at 4:00 pm to be exact. Let's just say it is likely because they've had a whole weekend at home to rest and they are focused.
Without a doubt, keeping track of all your trades can reveal some great insights. Not only can Antsignals nail down your peak performance hour but also your best chart time frame to trade. To that end, I encourage you to identify your peak times and stick with them.
4. How Much Will Antsignals Cost You?
Not much compared to what else is on the market. Your first 400 trades are free! The Plus version will only set you back $9.90 a month, while the Pro version is $18.50 a month.
Antsignals Review Final Thoughts
Hopefully our Antsignals review helped you. Journaling your trades is an integral part of long-term success; it's not a one-time-only endeavor.
Without proper analysis, simple mistakes can be incredibly costly and deadly for traders who risk thousands of dollars each day. Antsignals gives beautiful charts with detailed reports that will help any trader improve their performance.
You don't want to find yourself in a position like Alice. Luckily Antsignals will provide you with the roadmap so you can excel in your trading journey.
Like I mentioned above, you'll hit what you're aiming for, so make sure you know exactly what you want and where you're going.