Euro Daily Trader

This is a discussion on Euro Daily Trader within the Trading Journals forums, part of the Reception category; Originally Posted by ggjr61 Attached is the data in an Excel workbook with my simple analysis. It would appear very ...

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Old Nov 23, 2011, 8:38pm   #61
Joined Feb 2011
Re: Euro Daily Trader

Quote:
Originally Posted by ggjr61 View Post
Attached is the data in an Excel workbook with my simple analysis. It would appear very different from my original analysis. When looking at 2010 Fridays are the best day to trade.. And the variation from month to month and quarter to quarter seem to say that there is no correlation to the day of the week.

I don't know how much longer I can hold on to this. After more BE's and losses I am beginning to think that the market has changed and the system no longer works. It would appear that August was a bad month, October was a bad month, and we are more than half way through Nov and another bad month.

Is anyone going to let this trade on Wednesday, Thursday, and Friday this week given the US holidays?
Hurray! Another Wednesday win. Too bad I was anxious and left my risk at 1%. Still it's nice to see the strategy pick up a few pips!
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Old Nov 23, 2011, 10:15pm   #62
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread
Quote:
Originally Posted by ggjr61 View Post
Hurray! Another Wednesday win. Too bad I was anxious and left my risk at 1%. Still it's nice to see the strategy pick up a few pips!

My biggest account missed TP by 0.2 pips 0.00002 so went to BE (-1)

Understandably I'm not a happy bunny. I thought I deserved better for all the positive aspects I've tried to find with the system! Wins have been a bit scarce lately. I think a fair amount of luck was involved in tonight's trade as there wasn't a lot of spare room in the price action eg if there was delay in execution or the spread widened at the wrong moment. Hopefully someone in the inner sanctums of the forex fair trade centre will make it back up to me soon LOL

Last edited by wiseambitions; Nov 23, 2011 at 10:45pm.
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Old Nov 24, 2011, 12:30am   #63
Joined Sep 2011
Re: Euro Daily Trader

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Originally Posted by wiseambitions View Post
My biggest account missed TP by 0.2 pips 0.00002 so went to BE (-1)

Understandably I'm not a happy bunny. I thought I deserved better for all the positive aspects I've tried to find with the system! Wins have been a bit scarce lately. I think a fair amount of luck was involved in tonight's trade as there wasn't a lot of spare room in the price action eg if there was delay in execution or the spread widened at the wrong moment. Hopefully someone in the inner sanctums of the forex fair trade centre will make it back up to me soon LOL
That really sucks Wise. Actually there was not a lot of room but our live account hit the TP pretty decisively on SLM. I think it was down to the entry price rather than spread. Screenshot attached.

Mike
The Forex Club
Attached Thumbnails
23rd-nov-trade.jpg  
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Old Nov 24, 2011, 8:39am   #64
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread
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Originally Posted by Mike Forex View Post
That really sucks Wise. Actually there was not a lot of room but our live account hit the TP pretty decisively on SLM. I think it was down to the entry price rather than spread. Screenshot attached.

Mike
The Forex Club
Yes Mike, I was actually watching the trade happen on my laptop at the time and thought tempted to close out manually when I could see lovely profit there, however I decided I would be breaking my own rules to do so. It was so close!

I expect EDT gave TP to perhaps half of its users, however whilst 43.7 pips existed in theory on Alpari UK (prior to bid offer spread, assuming no slippage delays) 39 pips were barely there in reality, and where there was a wider spread or delay in execution at the start the others missed it by a slim difference

One guy on donna forex has had such bad luck too, it seems such is life


I think EDT gives more divergence in the personal experience compared with FMT because not only of this (which you can still get with FMT) but also due to our suspicion that the signals are x with conditions y, instead of z as well, and when things are on a knife edge some people get signalled into a trade of the opposite direction rather than NT, so the final outcome can be 58 pips apart

One would hope these differences would be self cancelling in the long run, however due to the way markets move I don't think you could label one broker as better than another, you could of course have 2 accounts on the same broker and same VPS which get executed at different prices.

Using a combination of your figures June to mid September and mine thereafter it makes the rolling 50 day MA 4.1 per day, against a longer term trend IRO 5.3

Better luck is needed today and tomorrow

Last edited by wiseambitions; Nov 24, 2011 at 3:38pm.
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Old Nov 24, 2011, 10:36pm   #65
Joined Oct 2010
Re: Euro Daily Trader

Hi Mike,

Rather than having your settings break even at -1 why not change it to +1 when you hit 20 pips.

It would make more sense to take +1 than lose it for the sake of a couple of pips. I trade a manual system that does this. Once you hit first target you move to BE +1. Let the trade run or take a small profit.

An obvious way to increase winners or make that setting configurable to the user.

I tried running a back tester the other day and got a "zero divide" error on a demo account (?)

Anyway good luck with it.
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Old Nov 25, 2011, 1:55pm   #66
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Friday. Last night's result was a long time coming and worth the wait. Americans tucking into turkey or whatever else of course....

50d MA 4.88
100d MA 4.14

When the 50day MA is higher than 100 it suggests there was a sticky patch more than 10 weeks ago (i.e. August) and recent improvement. Hope it will be sustained.
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Old Nov 25, 2011, 2:15pm   #67
Joined Sep 2011
Re: Euro Daily Trader

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Originally Posted by StealthTrading View Post
Hi Mike,

Rather than having your settings break even at -1 why not change it to +1 when you hit 20 pips.

It would make more sense to take +1 than lose it for the sake of a couple of pips. I trade a manual system that does this. Once you hit first target you move to BE +1. Let the trade run or take a small profit.

An obvious way to increase winners or make that setting configurable to the user.

I tried running a back tester the other day and got a "zero divide" error on a demo account (?)

Anyway good luck with it.
Hi Stealth,

Thanks for the advice, but we didn't just pluck the value of -1 from mid-air! There is a very good reason why the BE is set to -1 rather than +1. In fact, why stop at +1? Why not +2 or +5 or +10? Wouldn't that be even better?

The fact is that BE set at -1 was the optimum setting on all our tests (and there were many!) so will give the maximum profit over an extended period. It is the same reason why the SL is set at 19 (why not a nice round figure like 20?) and the TP is set at 39 instead of a round 40.

On a more general note, yesterday's trade (or rather this morning's trade as it went overnight and hit TP at 06:15) means that November must now be a profitable month. Even if the last 4 trades left in the month were all losers (heaven forbid!) then the month would still end positive.

Mike
The Forex Club
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Old Nov 25, 2011, 11:18pm   #68
 
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Re: Euro Daily Trader

Hi All. Thanks for all the posts - I've been following this for a while and have recently started using the EA. I think the biggest "problem" with the EA is the 2:1 profit/loss ratio. Which of course isn't a problem at all. But our emotions get the better of us and tells us that 2 consecutive losses followed by a BE is really bad. Admittedly it's not good, but it only takes one win to equal the above in terms of pips. If you look at the results (The Forex Club - EURO DAILY TRADER) from 10 Nov up to and including 23 Nov for example - in 10 days there were only 2 wins but the net result is only 1 pip down. Add the win from 24 Nov and you're in profit by 38 pips with only 3 wins in 11 days. August - only 4 wins in total but only 4 pips down for the month. I'll take that any day as far as a bad month goes.

I guess the trick is to not look at daily results (emotionally), but weekly, preferably monthly, to give the system a chance to make full use of the 2:1 ratio. And any profitable month is a good month.
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Old Nov 26, 2011, 2:15pm   #69
Joined Sep 2011
Re: Euro Daily Trader

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Originally Posted by jvdw View Post
Hi All. Thanks for all the posts - I've been following this for a while and have recently started using the EA. I think the biggest "problem" with the EA is the 2:1 profit/loss ratio. Which of course isn't a problem at all. But our emotions get the better of us and tells us that 2 consecutive losses followed by a BE is really bad. Admittedly it's not good, but it only takes one win to equal the above in terms of pips. If you look at the results (The Forex Club - EURO DAILY TRADER) from 10 Nov up to and including 23 Nov for example - in 10 days there were only 2 wins but the net result is only 1 pip down. Add the win from 24 Nov and you're in profit by 38 pips with only 3 wins in 11 days. August - only 4 wins in total but only 4 pips down for the month. I'll take that any day as far as a bad month goes.

I guess the trick is to not look at daily results (emotionally), but weekly, preferably monthly, to give the system a chance to make full use of the 2:1 ratio. And any profitable month is a good month.
I have to say congratulations on this post JVDW.

Of all the posts I've read on our Euro Daily Trader system, I have got to say that you really hit the nail on the head here. It is a point I have tried to get across quite a few times but I have been absolutely slated by customers, as it seems that coming from me it sounds like a poor excuse.


Mike
The Forex Club
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Old Nov 26, 2011, 2:24pm   #70
Joined Sep 2011
Re: Euro Daily Trader

The Forex Club is now offering Euro Daily Trader in a free trial version.

This allows you to load and run the system on your Broker MT4 demo platform to familiarise yourself with the system and try it out. There are no limitations on the trial period; you can try it for as long as you wish.

The EA, along with all the necessary software and user's manual, can be downloaded from the website. Go to The Forex Club - WELCOME! and follow the "Free Demo" link.

Mike
The Forex Club
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