Make Success a Habit!
Manage your risks better and try to find your new strengths with unique risk management tools from Purple Trading and FTMO apps
Bad discipline, insufficient self-reflection of your own trading and emotions represent the main enemy of number of traders. Missing control of emotions represents often the only burden making the difference between a successful and unsuccessful trader. And that’s what we have decided to tame with our partners in Ftmo.com. We have three new applications for our clients for free so then can move one more, crucial step forward to tame the psychology of trading, with the aim to become potentially successful.
New Purple Trading & FTMO apps
Mentor app to improve your discipline
Trading is often an individual activity, requiring strong discipline from the trader. Without a partner, emotionally charged situations are hard to control, when the trader has the tendency to breach the rules he has already set for himself, act in hurry and make mistakes, as often there is big chunk of money included.
Right for these situations, we have developed the Mentor app, running in the MetaTrader 4 trading platform. This app monitors trading activity and discipline of the trader in real time, warning him of breaching his own rules directly in the platform. Therefore, it may help to starting or experienced traders to manage risks effectively, keep emotions under control, improve their self-confidence and, in particular, to form right trading habits.
How the Mentor app works
This application works in a way that it’s necessary to select your own rules in a special client section, then the exported file is uploaded into your platform and the platform is started. From that moment, you’ll be under the supervision of your new personal Mentor. If you breach the criteria from that moment, Mentor will send you a notification directly to the platform. This notification will be also stored in the system so you can check which rule was breached even retrospectively. You can use this app on more trading accounts with the possibility to turn it off whenever you want.
What can Mentor keep under control?
- Daily and total loss on your account
- Daily and total profit target
- Daily volume of trades and the number of positions
- Prohibited instruments
- Minimum profit, maximum loss for position, etc.
Why to use it?
- Avoiding the breach of rules set at your trading system
- Prevention of overtrading and greedy behaviour
- Strengthening of trading discipline
- All information directly in the platform
- Easy setting or changes to the limits in client section
Account Overview application for simple analyses
Data and statistics about your own trading and their reflection by trader represent one of the prerequisites for a step forward in trading. And right this is the issue, the Account Overview may assist with.
Functionalities of the Account Overview
This application allows you to find strengths and weaknesses of your strategies, highlighting the first one, while eliminating the second one. At the same time, it brings you couple of non-traditional statistic views of your trading results (e.g., which day or time, at which instrument, during which session etc. the trader was most or least successful), thus helping you to reveal the facts or relations you may never be thinking about.
For this, it’s sufficient if you log into the same client section and match your trading account at Purple Trading with it. You’ll use your investor password for that.
The investor password is used for logging into the MT4 trading account but without the possibility to open, close, or modify any trading positions, i.e. it is a read-only mode password.
Investor password for real trading account can be set or changed via PurpleZone by logging in, clicking on the “Accounts” button, then on the specific account and then on a cogwheel symbol next to “Deposit” and “Withdraw” buttons. Once the account settings menu pops-up, click on “Investor Password”, fill in your new investor password twice and click on “Save Changes”.
You can also change the investor password via MT4 through the keyboard shortcut "Ctrl + o" (Options) and by clicking on the "Server" tab. Afterwards, choose the "Change" button and check the "Change investor (read only) password" box. First fill in your current master password, then fill in the new investor password twice below and confirm with "OK".
In the entire Account Overview, you can then simply filter different time periods and analyse your trading over time. Moreover, everything is connected to the Mentor app and there are all the notification for discipline breach displayed in respective interval. Therefore, it’s not a problem to compare the results for period when Mentor was not used with a period of its use. You’ll see the relation between discipline and the results immediately. In an ideal case, you can adopt successful behaviour and habits by the use of these tools.
Moreover, besides the Account Overview, VIP clients will get the possibility to let an Individual analysis of their own trading to be prepared by an expert and professional trader from Ftmo.com for them. Besides the statistical data, it’ll contain also a comment in words for respective statistics, consideration about their impacts on trading results and the suggestions what such trader should work on in the future.
What more you could find in the Account Overview app?
- Sentiment analysis
- Analysis of trading time in relation to the result
- Analysis of respective instruments
- Results on the basis of time when you trade
- Summary of rules and loads of others
What can such data evaluation bring you?
- You’ll find out your weaknesses and strengths
- You’ll get another view on your trading
- You’ll receive suggestions for the optimisation of your system
- You’ll find out, which instrument you’re successful at
Account Overview application for simple analyses
Statistical application, providing information about the market development
The last tool is the Statistical application, providing you a reasonable and numerically supported probable development of the DAX market. Index of 30 most important companies at the Frankfurt stock exchange, or the DAX 30, became very popular among traders over the last period while number of traders are also successful when speculating with this index.
If you belong to them, Statistical application will provide you data you can rely on and you can use for the improvement of you own trading sessions, to avoid useless and wrong business decisions and to improve your discipline even more.
For example, if the market trades below the peak of previous session and you know, thanks to the Statistical app, that under such circumstances the market broke over the peak from previous session from 92 %, you won’t open short trades by the time of a break through the peak as, with regard to the probability, you’ll try to go long in the direction towards the peak break.
Therefore, with this app, you don’t have to waste time by long analyses of previous trading session as the statistical application will do this for you. Besides this, it can make estimates, belonging to the most valuable information you can get.
Therefore, we prepare also the extension of the Statistical application by the most traded currency pair – EURUSD. We’ll soon inform you thereabout.
What statistics, regarding the DAX market, may be used by you to achieve better trading results?
- Gap analyses
- Analysis of previous session and breaking through extremes
- Analysis of range and reaction activity
- Analysis of similar days
- Analysis of first hours of trading session
- Forecast of range for trading session
- And many other…
In Purple Trading, we thrive to achieve that our clients are successful. The assistance with regular evaluation of trading results, related to the improvement of strategies and improvement of discipline as well as the limitation of emotions while trading is the way leading to success.
At the end, we will be glad to hear what was the benefit of this application. We appreciate any feedback.
How to get access to these applications?
- If you have a real trading account open with Purple Trading, fill the registration form below, please, including your new password for the access to such apps. If you have no real account with us, you can open it here.
- You will receive a welcome mail to your email address, containing also a link to the main section of application for the Purple Trading clients.
- After subsequent login, you will get to the guidepost, where you can try each single application and use it even for a long time.
- To turn on the Mentor and Account Overview apps, you have to activate these apps by matching them with your trading account. You have to enter the number of your account, investor password, name of the account and select the Purple-Trading-04Live server.
- Do not forget that you can match even more trading accounts with these applications and to take advantage of their potential to maximum.
Register and get the application for free