Euro Daily Trader

This is a discussion on Euro Daily Trader within the Trading Journals forums, part of the Reception category; [QUOTE=wiseambitions;1701610]Yes of course what I said was a bit tongue in cheek Actually Wiseambitions, that was a general comment and ...

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Old Oct 17, 2011, 5:42pm   #15
Joined Sep 2011
Re: Euro Daily Trader

[QUOTE=wiseambitions;1701610]Yes of course what I said was a bit tongue in cheek

Actually Wiseambitions, that was a general comment and not aimed at you.

But thank you for your (and your fellow trader's) comments.

FRIDAY'S TRADE!

Lots of different results Friday. The reason being that some have you have set the Friday Early Close function on the EA and some of you haven't. In addition, there was a big flicker on the opening candle, which meant that between us there seems to be up to 5 pips difference on the entry price.

If you had the Friday Early Close function set to "true" and the correct figure in your offset, the trade would have closed Friday night with a gain around 25 - 29 pips. This was the result I got on the live account (+25) and recorded on the website.

If you didn't, and you let the trade run over the weekend, the results were even wider. The highest candle after the reopening on Sunday night came very close to the tp of +39 and I know of at least two that hit the tp (you must have got a very good entry price) but for others (Donna for instance on her MT4i stats) this wasn't hit and the end result as the price fell back was a -1 pip BE result.

All members currently have EDT v2.0 with the Friday function available and we strongly recommend that you set this function. Full details are in the manual.

Cheers,

Mike
The Forex Club
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Old Oct 18, 2011, 7:33am   #16
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Monday night

An emphatic win. After more than 3 hours. It very nearly closed out much sooner if it had moved a pip more

Since 3 weeks ago Monday (16 days including non-events), up by nearly 150 pips

The pattern in that timeframe included 6 losses and 7 wins which does not seem far adrift from the long term average Mike illuded to earlier

Keep it like this and we'll do fine
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Old Oct 19, 2011, 8:03pm   #17
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Wednesday: Sadly we've had 2 losses after 1 win.

I can't say I liked the look of today''s before it started. Yesterday's either. Most of the proprietary indicators I am familiar with pointed the opposite direction.

13 pips of profit in the last 10 trades. Slightly below longer term averages.

Surely we'll get another win before the week end?
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Old Oct 19, 2011, 11:15pm   #18
 
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Joined Oct 2011
Re: Euro Daily Trader

Have been following this for a while now and I have an unease in that we're in some kind of heads or tails - 39 pips if you win, 19 pips if you lose kind of set up. I'd like to have more confidence that the EA is reading some kind of of trend analysis before making a trade. Mike, can you provide some background detail of how the EA makes its trades and under what circumstances? The Forex Club website isn't overly forthcoming as to how it works and what lies behind its trading decisions. The track record of 4/10 wins, 4/10 losses 2/10 no trades isn't far removed from a 50:50 heads you win tails you lose result. If the EA is truly doing it's job and reading the market, it should surely be doing better than these odds? Not being critical, just trying to understand the EA better and how it works.
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Old Oct 20, 2011, 12:54pm   #19
Joined Feb 2011
Re: Euro Daily Trader

[QUOTE=Mike Forex;1703746]
Quote:
Originally Posted by wiseambitions View Post
All members currently have EDT v2.0 with the Friday function available and we strongly recommend that you set this function. Full details are in the manual.

Cheers,

Mike
The Forex Club
Mike:

If you strongly recommend this setting, you might consider changing the default to "True".
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Old Oct 20, 2011, 1:00pm   #20
Joined Feb 2011
Re: Euro Daily Trader

Quote:
Originally Posted by humbyhumb View Post
Have been following this for a while now and I have an unease in that we're in some kind of heads or tails - 39 pips if you win, 19 pips if you lose kind of set up. I'd like to have more confidence that the EA is reading some kind of of trend analysis before making a trade. Mike, can you provide some background detail of how the EA makes its trades and under what circumstances? The Forex Club website isn't overly forthcoming as to how it works and what lies behind its trading decisions. The track record of 4/10 wins, 4/10 losses 2/10 no trades isn't far removed from a 50:50 heads you win tails you lose result. If the EA is truly doing it's job and reading the market, it should surely be doing better than these odds? Not being critical, just trying to understand the EA better and how it works.
I tend to agree. If the indicators are worthwhile, then we should see better than 50% winning trades. Preferably better than 60%... It seems like the 50/50 win/loss rate with a 2:1 profit/loss ratio will barely break even and even lose when commissions, slippage, etc. are taken into consideration...
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Old Oct 20, 2011, 4:50pm   #21
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread
Quote:
Originally Posted by ggjr61 View Post
I tend to agree. If the indicators are worthwhile, then we should see better than 50% winning trades. Preferably better than 60%... It seems like the 50/50 win/loss rate with a 2:1 profit/loss ratio will barely break even and even lose when commissions, slippage, etc. are taken into consideration...
It's not my system, I only use it, but I detect a little bit of ignorance here in what you say, so I'll tell you where your concerns may be wrong.

In the example of trading at 4 per cent risk per trade.

After 10 moves, where there were 5 wins and 5 losses (that's a 50pc win rate, and I'm ignoring days when the thing only breaks even as they make no significant difference).


BUT: 3 more losses in a row between 2 wins preceded by 3 more losses. It's not doing so well right now

If you'd traded with £1000 or $1000 you would in theory have grown your account by 20.9pc

If there had been slippage of 1 every time, in other words instead of getting 39 TP you only achieved 38, and instead of stopping out with a loss of 19 you suffered 20, then you'd still have grown your account 18.4 pc

If there was slippage of 2 every time, then with 37tp and 21sl, you'd still have made 16.0 pc

Commission shouldn't come into it if you have a half decent broker. And the bid-offer spread is contained in the TP and the SL anyway.

At 50pc win rate the system is capable of giving you fantastic roll up of your account.

Even if you didn't compound your growth you'd still do very well, and the people who sell the system show their results both with and without "money management" and at 2 and 4 pc risk.

I do agree however that it would be lovely if the thing got more than 50% wins. I guess it would if the TP was reduced, but if Mike happens to read this he might share his thoughts with us on the total number of pips the method would produce with a lower TP and higher win rate. He might for example say that testing showed it was worth losing the occasional day a week in order to get 39 on an optimum number of trading sessions


Shame however again that it has lost 3 in a row, after 2 wins, preceded by 3 more losses. 2 wins in 8 goes is only 25% win rate! Does not inspire me with great confidence, and it will go into quarantine if it doesnt do better Friday, trading conditions are just too choppy

Last edited by wiseambitions; Oct 21, 2011 at 7:40am.
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