Make better trading decisions and increase your profits with help from PsyQuation, a robo coach for forex traders.
Trading forex is a risky but potentially rewarding way to build for your financial future, and PsyQuation is an Australian company with a vision to help forex traders make smarter trading decisions. Launched in March 2016, PsyQuation uses behavioural profiling and complex algorithms to help users analyse and improve their trading performance. This allows traders to take a closer look at their trading behaviour, eliminate mistakes and hopefully enjoy larger profits.
How does PsyQuation work?
PsyQuation is a robo trading coach designed to help forex traders increase their profits. The system uses a set of algorithms developed from a database of more than 3,500 traders. These algorithms identify positive and negative trades from each trader and then identify behavioural patterns to determine the trader’s ability to trade profitably based on their appetite for risk.
PsyQuation users are then provided with an in-depth analysis of their strengths and weaknesses as a trader, as well as how they can improve their trading habits. The aim is to help forex traders make fewer mistakes and therefore increase their chances of making a profit.
The PsyQuation app is offered as a web browser dashboard through PsyQuation’s 13 partner brokers. It can be accessed by any trader using the MT4 online trading platform.
What fees does PsyQuation charge?
There is no cost to traders for using the PsyQuation software. Instead, your forex broker bears the cost of using the PsyQuation software and pays a commission to PsyQuation.
In addition, there are no extra brokerage costs when you open an account with PsyQuation. You will continue to pay the same brokerage amount as you did before you started using the software.
What are the benefits of using PsyQuation?
PsyQuation offers a long list of benefits for forex traders, including:
Customised trading advice
PsyQuation is a machine-learning robo coach that analyses your forex trading performance and identifies your habits and weaknesses. It then offers expert advice on how you can become a more profitable trader.
The PsyQuation app offers a range of unique behavioural profiling insights to help you identify patterns in your trading behaviour and how they affect your ability to turn a profit.
PsyQuation provides an alert system to help you recognise trading mistakes before you make them and make better decisions. For example, you may be alerted if the duration of a trade is too short to be able to turn a profit. Alerts can be calibrated to different levels of sensitivity based on your risk profile.
Tools to help you achieve your goal
The app features a visual display to help you track your progress towards your trading goal, while a scoring algorithm reflects your willingness to accept recommendations.
PsyQuation offers a range of other tools to help you track your trading progress, including an equity curve calculator, informative statistics, intraday VaR (value at risk) calculator and more.
This robo coaching service also provides a number of benefits for brokers. Because PsyQuation is designed to increase the profitability of traders, this means those traders will keep their broker account open for longer. This will in turn mean more commissions for the broker on every trade, resulting in increased profitability for the broker.
How do I get started with PsyQuation?
To get started with PsyQuation you will first need to sign up for a trading account with one of PsyQuation’s broker partners. You can see a full list of these partners in the FAQ section below. These brokers add the PsyQuation app to their website, resulting in a unique page that they have the freedom to customise to suit their needs.
The next step is to request access to the PsyQuation app from your broker. The app is a web browser dashboard and can be accessed by anyone with an MT4 trading platform.
The PsyQuation app will then access your trading data from the broker, analyse it and provide a range of recommendations on how you can improve your trading habits.
Can I sample the PsyQuation app for free?
Yes, the company offers the option for you to set up a free demo account through the PsyQuation website.
Which brokers is PsyQuation partnered with?
At time of writing, the PsyQuation app was available through the following forex brokers:
- Global Prime
- Think Markets
- Gerchik & Co
- BlackBull Markets
- FP Markets
- Vantage FX
What sort of information do I need to provide to access the PsyQuation app?
Once you’ve been granted access to the app through your broker, you will need to put in your target trading goal and the maximum loss you are willing to tolerate. You will also be provided with a suggested goal that is more realistic if you are being overconfident.
I don’t yet have an account with a broker partner, can I still sign up?
Yes, you simply need to select the “New Broker Account” option during the signup process.
Can I access the PsyQuation app without having a PsyQuation account?
No, you will need to have a PsyQuation account before you can access the app.
What details do I need to provide to open a PsyQuation account?
All you need to provide is your name, email address and password.
Is it possible to add multiple trading accounts to the PsyQuation app?
Yes, you can add as many accounts to the app as you wish.