Over the next few days I expect you’re going to get a bunch of emails about a new FX product just released on Friday called Platinum Forex Trader, and I thought I would get ahead of what I think is going to be an obvious question for most of you.
Platinum Forex Trader relies on a single indicator to determine trend, and that indicator looks suspiciously like a Slope Direction Line. Well, there is a perfectly good explanation for that.
It is a Slope Direction Line.
AKA My favorite Indicator and the cornerstone of my trading for more years than I care to remember.
The reason I am bringing this up is that the odds are at least 10-1 in favor of you already having this indicator on your platform somewhere. So if you get the sales letter and see the charts and start to get excited, let me ask you to cool your jets for a minute and let me lay this all out for you so you can decide if this is worth the money being charged by the seller.
I did have the opportunity to watch the indicator in action briefly on Friday and it does in fact perform as advertised. Comparing the visual back-testing I did with what I saw live on Friday, I can comfortably say that when you look back at the various entries and exits displayed on the charts, what you see now is what you would have seen at the time.
So no “repainting” that I could see on any of the indicators (entry arrows and exit targets).
So do you really need another Slope based trading tool?
It comes down to this question:
Have you been having trouble deciding when to get out of Slope based trades and find you are giving away too many pips on retraces or even worse, watching winning trades turn into losers as price retraces past your entry and into the red?
I know for a fact some of you have had these issues in the recent past, because this has become the number one topic I’ve been discussing in emails with many of you over the last year. And it all boils down to the same problem:
You watch price stall out in a winning trade and then throw up a reversal box or two (assuming you are using Renkos). Is this a short term reversal that will return to the original trend shortly? Or did price find a bottom and this is the beginning of a new trend in the opposite direction?
There are a lot of different tools you can use to help you decide which answer makes the most sense, but with nearly all of them you are forced to make a subjective decision and as often as not, you guess wrong.
You might as well flip a coin.
But the Platinum Trader removes all the indecision and subjectivity from the equation.
When you get a signal, you get take the trade and watch for the exit signal.
It will either be a Target (a circle) meaning you are exiting at a profit, or a reversal arrow (meaning get out because the trend has reversed on you).
But Platinum does more than just that.
It seems to get you out of a lot of trades in the +15 to +25 pip range.
And there is nothing wrong with that.
As my old friend Stu used to say, no one ever went broke taking profit.
But Platinum keeps monitoring the trade and when conditions are right, you can get a re-entry signal followed by another exit signal (that circle again, which kind of looks like what archers shoot arrows at...I know it has a name but for the life of me I cannot recall what it is).
So if you are one of those people who beats themselves up about getting out too soon and missing out on some easy pips (and I happen to be a lifetime member of that club) Platinum Trader fixes that problem by giving you multiple chances to re-enter trades that just keep moving in the same direction.
I think for many of you, this is the “boost” you’ve been looking for that takes away all the coin-toss decision making and puts you in a position to finally start closing those trades in profit.
And to answer in advance the second most obvious question, yes, this works very well with Renko charts and with the Indices (CFDs) as well.
If you think this sounds like a tool that can help solve your problem of staying in trades too long, then take a look at it here:
http://platinumforextrader.com 
