Q&A with Ryan Ruscett/CTO

Earlier this summer, we announced our new Chief Technology Officer, Ryan Ruscett. In between his busy schedule, we were able to catch up with Ryan and chat about what he wants to accomplish at SmartTrader, oh, and horror movies too. Q: Understanding you just joined...

3 Charting Tricks Every Trader Should Know

3 Charting Tricks Everyone Should Know. Trading is rewarding, there’s no question about it. The satisfaction you’ll find from making a good trade, watching your investments grow and learning to trust your decision-making skills is enormous. But the technical...

Can Anyone Become a Trader

Can Anyone Be a Trader? The short answer: Yes, anyone can be a trader. But that doesn’t mean everyone should be a trader, or that everyone has the strengths it takes to stay in the game for the long haul. It’s important to do some introspection before making your...

Trading Room Community Rules

SmartTrader Trading Rooms are designed to provide an interactive outlet for traders to connect with others around the globe, share ideas, and learn trading strategies, market opportunities and more. It’s important to us that a safe space is maintained for you and...

SmartTrader Announces New CTO

SmartTrader announced today that Ryan Ruscett has joined the company as Chief Technology Officer (CTO). As CTO, Ruscett will lead efforts to strengthen SmartTrader’s technology focus and accelerate the cloud-enabled SaaS charting platform and trading solutions....

Trading Your Way

In honor of 26 years changing the lives of traders around the world, your favorite trading experts are sharing unique techniques and strategies for every type of trader at this incredible virtual event! This year's rapid market action has provided a nearly endless...

SmartTrader to Perform Broker Name Service Maintenance

As part of continuing efforts to provide users with a reliable, streamlined experience, SmartTrader will be performing maintenance on the broker name service list starting June 16.

10 Ways to Learn Patience in Trading

We all know that “patience is a virtue,” but that goes double when money’s involved. The market can be a fickle and frustrating place without a long-term vision and strategy, both of which are essential building blocks for patience. The markets may seem like a...

Sharing Trading Ideas

Do you have a new trading idea you want to share with your fellow traders? What if you see an idea that you like and wish you could use it on your charts? You can easily do both!

How Smart Fibs Work in SmartTrader

Did you know that with a click of a mouse, the Smart Fibonacci Tool can provide insight into the current market direction and market swings?

Currency Comparison: Quickly Finding Correlations for Forex Trading

Many Forex traders use currency comparison to look for repeatable wins. One of the inner-circle secrets is, you can sometimes find these “repeatable” wins happening at the same time.

When you see a currency pair that’s making a move with the potential for a win, it’s often smart to look to the news. This can tell you which currency in the pair is driving the movement. And that’s the first step to knowing which comparisons to look at.

The best charting platforms will allow you to place an overlay of another instrument on your charts. One of the first things to look at is other pairs that involve the currency driving the movement of your first pair.

For instance: Let’s say USD/JPY is moving, and that news around the U.S. dollar is pushing the movement. You’ll want to do a currency comparison. Go into your chart showing the USD/JPY movement, and overlay other dollar pairs such as USD/CHF, USD/CAD, and so on. You’ll want to assign a different color to each overlay, so you can keep track of which pair is moving in which direction. Let’s say USD/CHF matches the movement of USD/JPY, but USD/CAD does not. In that case, you could set similar trading setups for both USD/JPY and USD/CHF at the same time, because you expect them to have similar movement in correlation. But in that scenario, you would not expect USD/CAD to align with the other two moving forward, right?

Many traders also will check a currency pair against a currency’s index. This can provide clues on whether or not to expect multiple currency pairs to correlate with one pair’s movement.

You don’t need to limit your comparisons within currencies. In some instances, another instrument class might carry a correlation to a currency pair’s movement. For instance, oil is a big driver of the Canadian dollar’s movement. So, to use the above example again, you might overlay oil prices on a USD/CAD chart and see if they are moving similarly.

The SmartTrader Pro charting platform will let you overlay up to 6 instruments within the same chart. Right now, you can try it for 30 days for just $27. Click here to see how the right software can simplify your charts so you can grow your portfolio. For a boost in speed, accuracy and automated functions, begin your path with SmartTrader Pro.