Euro Daily Trader

This is a discussion on Euro Daily Trader within the Trading Journals forums, part of the Reception category; Wednesday: Sadly we've had 2 losses after 1 win. I can't say I liked the look of today''s before it ...

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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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Old Oct 21, 2011, 10:19am   #22
 
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Joined Oct 2011
Re: Euro Daily Trader

So where is Mike? Would like a response to my initial mail (Wise Ambitions - thanks, but would like to hear a response from Mike) but I'm guessing now we'd all like to know what logic behind the EA made it punt the wrong way three times in succession. 50:50 success rates at the moment are starting to seem like a pipe dream. Even if it had punted the right way three times in succession, I'd personally like to know why it had worked - maybe I'm just kinky that way. For the most part I'm guessing the consensus on this forum will be mostly wanting to know why it didn't. Mike? This is your cue....
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Old Oct 21, 2011, 6:39pm   #23
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Friday night
4th SL in a row, 2 wins in 2 weeks. (1 was forced early close not at full TP either). 6 losses. 2 no trades.

While preservation of capital is the main thing when trading forex, there is no compelling reason for me to go down the plug hole with the euro either and blow away 5 pips every day by doing this and following a method which I don't understand (Megadroid and FapTurbo have done enough of that to me!). I have a pretty good idea now what indicators it uses all the same

Time to give this a system a miss, conditions just don't favour it at the moment

Why do new EAs often go down in flames soon after coming onto the market?????

Shame really because the claims were modest and the service good, but the experience is more scary than riding a tiger, the moment of truth comes very quickly, you can tell very quickly if you're liable to bite the dust, things happen in the first few minutes after the trade opens to indicate that.

Last edited by wiseambitions; Oct 22, 2011 at 10:03am.
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Old Oct 25, 2011, 8:56pm   #24
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread TUESDAY UPDATE
As is unfortunately the pattern lately this system produced BE-1 on Monday, and SL (-19) Tuesday

October is just below break even due to slippage

Impossible to endorse as a good system when this is the way it treats you.

It's had 9 SLs this month which is worse than in any other month in the statistics declared for June to September if they are what we would have all experienced with our different brokers


Wednesday

It's getting too predictable. Another losing trade. Impossible to say anything nice about the performance, although the risk-reward ratio is good (if only there were wins!). Like most of the other EAs it goes wrong within a short while of being published. Great pity really

Last edited by wiseambitions; Oct 26, 2011 at 6:55pm.
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