I’m always looking for ways to improve my trading and I’m willing to try anything out. This was put to the test when I got an email from the folks at Hypnosis on the Run (HOTR) last week. They asked me to review their app that is supposed to help traders trade better in just 7 minutes a day.
I was a little skeptical, but I am skeptical about everything…especially in Forex. But I decided to give it a try. They sent me a link to the free copy of their iPhone app in the iTunes Store and here is what I thought:
First, a little background on HOTR. I checked out the Hypnosis on the Run website and it looked pretty standard. They have apps for iOS, Blackberry and Android. They make hypnosis apps for a variety of different things like:
- Weight loss
Right there, you are probably thinking what I was thinking. How can they make you good at so many different skills? That might mean that they are using some generic formula to target markets that people are likely to spend money in. Or maybe they are actually on to something.
I dug a little deeper and the parent company of HOTR is Subconscious Training Corporation. I checked out their website and it is pretty clunky but it does the job. It turns out that they are working with Jake Bernstein to develop the trading module of their business. I have bought a couple of Jake’s books in the past, but I do not know how legitimate he really is as a trader and educator.
Their business is based on the premise that hypnosis can help you get better results in these different areas.
After I downloaded the app, it gave me a bunch of different options: lose weight, be better at tennis, etc., but I went straight to the trading option. That is just how the demo copy is, it contains samples of all of the different apps. The apps on their own cost $4.99 each.
Then I started up the app and it gave me a splash screen. When I pushed play, a blue pinwheel started spinning and a woman started speaking. She has a very calm soothing voice and the pinwheel is hypnotic.
The first line says “By using this training session to strengthen yourself from within, you will develop better trading skills.” That turned me off immediately. You don’t develop better trading skill by listening to her talk, you will develop better trading skills by backtesting and actually trading!
Anyway, she asks you to watch the pinwheel, then close your eyes. She then goes through the things that you should remember to do while trading. Things like: setting stop losses, trading your plan, not getting greedy, etc.
I liked that part. Some of the wording was corny however, you could tell that a non-trader wrote the script. But overall, going through a list like this can be beneficial to go through before trading. It can get you grounded and help you concentrate on the screens.
As I mentioned in the beginning, the recording went on for 7 minutes. I thought that was a little too long. I don’t know anything about the hypnosis process, so may be it takes that long to get hypnotized.
But that was a little too long for me. I see this product as something that you listen to when you first sit down at your trading station and I would rather spend 3-5 minutes on a pregame routine.
But that’s just me.
All in all, it is a good idea. It may work for some people, but I wasn’t sold on it. In my opinion, if they shortened the recording time and reworked the script, it could have value. I liked the woman’s voice though, it was very calming.
Then there is the price…
$4.99 isn’t a lot, but it is a lot for a simple app like that. I don’t feel that the price is justified given that it is basically just a recording that calms you down. I can get something like that in iTunes for $0.99.
In addition, if you look at the HOTR website, there is no evidence that this specific product actually works! They mention that hypnosis works…yes, I know that.
But what is THIS product going to do for me? There are no case studies or verifiable proof.
Based on these reasons, I would NOT recommend this product as something that will improve your trading. However, I hope that they continue to work on it and do measurable studies on the results because it has potential.
Note: I was asked by the company to review the free version of their software. I received no other compensation for this review.
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