The TenKei Trading Techniques
I have been given The TenKei Trading Techniques to review. I must be a glutton for punishment, as the footy blogs are still going. I am not new to financial trading, so it will be interesting to see where this takes me.
Pronounced ‘Ten’ ‘Kei’ or ‘Kay’, obviously to sound like 10K. What you get is an 102 page manual, some spreadsheets and a Q&A and Update manual. The first half of the manual it given to where to trade and an explanation that indicates that a low profit target per day, compounded, will soon turn in to a significant second income. As Wilson, the author, says in the manual, “I always aim for xx points a day … and stopping for the day, it will help to build your Discipline and Methodology. And more importantly, it will help you to dispel the emotion of Greed.” Greed is a killer to new and seasoned traders so I really like the approach taken here.
When we get down to the nitty-gritty there is a simple to use system here. People new to trading financials will have to carefully read several times. People not new to trading will need to read it even more carefully, several times! This is the trap I nearly fell in to, because as I am not new to trading I was glossing over important information.
I have seen the core of this system in several guises. It is an idea that tends to crop up from time-to-time. The new slant, for me at least, is the trade management aspects. Again, I have seen these before, but I havent seen all these elements packaged in this way.
The logic behind the system appears to be sound. At 13:30 today I setup one of my demo accounts as described, and by 14:00 I would have made todays target. This achieved by not following one of the rules! So it does seem that the author may be on to something here.
The system recommends FTSE and DAX indices. As these trade early morning to mid-afternoon Monday to Friday, it might not be possible to fit this around your day jobs. The author suggests it is possible to make you target before going to work, but I think this is unlikely in practice.
Reproducing part of an email I have received about this system.
The prime time to trade is in the morning. However you can trade any time in the day… yes, and even hold positions overnight. The techniques are transferrable. However it will take a little bit of testing and adaptation on your part. One of the best ways to know for sure is to take up a trial and see how it fit’s your lifestyle.
I cannot see any reason why the technique cannot be applied to the Dow, S&P or Nasdaq during the early evening.
The system comes with a full 30-day money back guarantee, so I will run this for 30 days to see whether you would be clambering for your money back, or whether you would keep going with it. I will start with the suggested £100, this means taking risk at 1% as most brokers/spread betting organisation have a £1 per point minimum.
So, time to read the manual again. Then check the many examples, very carefully. Finally check that I have set up my charts correctly. Should start blogging this from next week to give me a few days of practice.
Filed under FTSE 100,Spread Betting by Arthur
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