Are traders aware of what types of trades they are best at, or when they are destined to fail? A new trading analysis program from startup FxTickr is aiming to provide these questions.
Created by Forex trader Bobby Richards, after uploading historical trades to the system, FxTickr reviews trader performance to provide insights into what conditions were present when they achieved successful traders. With that information, traders are better equipped to set themselves up to succeed by focusing on trading situations which they are best at.
Speaking with Richards, he explained that the idea behind FxTickr began as he created a system to analyze his own trades. After sharing the results, with other traders, Richards realized there was a market for such a service of analyzing trades. This led him to create FxTickr.
In its current iteration, users are required to upload trading statements to FxTickr which are digitally read by the platform. Richards explained that his team is currently evaluating different methods to connect the service directly to trading platforms such as MetaTrader 4 for automatic review of traders.
Platform + Risk service
In the future, Richards stated that the “ultimate goal is that FxTickr is a risk service”. He described that for his own trading, he has developed FxTickr to automatically evaluate his trading and analyze the best conditions for entering new positions. With this information, his personal system operates as a pre-trade Risk Management platform and will alert him before orders are processed if he is trading during poor conditions.
Ultimately, Richards explained that the goal is to integrate these same features to FxTickr, but it requires further integration with platform developers and brokers. As such, Richards stated that FxTickr is currently being distributed directly to traders as a trade analysis product, but that he is in discussions with various industry professionals about potential partnerships for the product.
