Euro Daily Trader

This is a discussion on Euro Daily Trader within the Trading Journals forums, part of the Reception category; Originally Posted by wiseambitions ----- I suppose there's limited functionality that can be built into these EAs, however an exta ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Feb 6, 2012, 12:58am   #121
Joined Sep 2011
Re: Euro Daily Trader

Quote:
Originally Posted by wiseambitions View Post
-----
I suppose there's limited functionality that can be built into these EAs, however an exta benefit that would be helpful for Thursday night would have been a 2nd SL reset after the +9, say +19 on achieving +30, because a lot of us were only 2 or 3 pips away from TP before being denied it. I remember 2 or 3 such occasions in the last couple of months.
Wise,

We have already tested this and there is no improvement to be made with any 2nd BE settings that we can find on a long term test.

We appreciate the ideas though!

Mike
The Forex Club
Mike Forex is offline Trading system vendor   Reply With Quote
Old Feb 7, 2012, 12:24pm   #122
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread OK, fair enough. However my observation is that it is the +9 reset which gives the system the biggest boost, and I suppose with a system like this there are 5 big variables to work on for a given pair

1) Best start time

2) entry indicator signals

3) TP

4) SL

5) Mid trade resetting

My thoughts on it all are that seeing as most trades go to SL then perhaps there's an opportunity to reduce from -19 to a lesser loss even if it had to be say -10 on having achieved let's say 10 pips of progress. The TP and TS upon it has been addressed (hope it demonstrates itself soon - it does already show in back tests). Then we come to the BE. +9 is much better than +1, however it is still agonising to miss TP with say 35 pips but only trap 9 of them.

Monday night, SL, after about 8 hours. It wanted to go up but kept dipping first. Never mind. Hope for better next time.
wiseambitions is offline   Reply With Quote
Old Feb 7, 2012, 9:29pm   #123
 
lukkana's Avatar
Joined Mar 2011
Re: Euro Daily Trader

I've been running this on demo for a little over a week. To say 'I'm not impressed' would be an understatement
lukkana is offline   Reply With Quote
Old Feb 11, 2012, 12:42pm   #124
Joined Sep 2011
Re: Euro Daily Trader

Most definitely a short signal tonight and we finished with +20 pips as the Early Friday Close activated at 9pm (London).

I don't think I would be on my own if I said I am glad to see the back of that week!

Have a good weekend all.

Mike
The Forex Club
Mike Forex is offline Trading system vendor   Reply With Quote
Old Feb 11, 2012, 1:09pm   #125
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread No, it was possibly the worst week I can remember. I don't know what went wrong, the markets seemed to be ranging at points where at starting times the indicators (whatever they are - and there are several which would be appropriate for the purpose) weren't aligned with the instant price movement.

2 wins would put us back to the start position for the month, and 3 or 4 would put us in profit and on target for average achievements of the past.

It's a full 2 weeks since I saw TP Please let our luck improve now as we need reassurance that nothing is irrepairably broken!

Last night's 21 pips at 9pm with forced closure were exactly on time, the price went the wrong way after.
wiseambitions is offline   Reply With Quote
Old Feb 12, 2012, 9:12pm   #126
Joined Feb 2011
Re: Euro Daily Trader

Quote:
Originally Posted by lukkana View Post
I've been running this on demo for a little over a week. To say 'I'm not impressed' would be an understatement
Lukkana:

I must agree with you. I have been running this on a live account for 4 months. In order for this system to make money, it needs to have more than one winning trade for every two losing trades. December is the only month this happened for me and just barely - with exactly 1 win for every 2 losses. Since Jan 30th I have had a run of 7 losses - not counting the Break Even trades.

I must be stubborn as I have kept trading this system even though I have lost over $300 on a $1500 account plus the cost of the system.

I am thinking about using a modified martingale system and increase the trading lots by 67% after each loss. If I reduce the risk to 0.25% I should have sufficient capital to keep trading through 6 losses in a row and still end with a profit. Looking at the data from back testing, the worst runs seem to be about 7 trades in a row.

Interestingly enough, this approach seem to have the same draw down as just risking 2% per trade and losing 6 trades in a row. And over the last 4 months, the average number of losing trades in a row is a little more than 3 while the average number of winning trades is about row is about 1.15. So it would appear that the only way to salvage this system is with a different money management approach.

One final note: When I purchased this system, the sales pitch discounted back testing as the market was always changing. So I was encouraged to sign up for the Club to make sure that the software keeps current with the market. Based on the poor performance I have been experiencing, it would appear that the market has changed but the software has not.

Last edited by ggjr61; Feb 12, 2012 at 9:14pm. Reason: correct typo's
ggjr61 is offline   Reply With Quote
Old Feb 12, 2012, 9:19pm   #127
Joined Feb 2011
Re: Euro Daily Trader

Quote:
Originally Posted by Mike Forex View Post
Most definitely a short signal tonight and we finished with +20 pips as the Early Friday Close activated at 9pm (London).

I don't think I would be on my own if I said I am glad to see the back of that week!

Have a good weekend all.

Mike
The Forex Club
Too bad the Early close does not work the same for my broker (FXDD)... In order to make the early close work, I needed to set the time to 1 hour before the end of trading. When I try to use the close at the end of session the trade does not get executed and I am stuck with a weekend trade. I only got 9 pips on Friday so this falls into the BE column.
ggjr61 is offline   Reply With Quote
Old Feb 13, 2012, 1:17am   #128
 
2 Posts
Joined Feb 2008
Re: Euro Daily Trader

Quote:
Originally Posted by ggjr61 View Post
Lukkana:

I must agree with you. I have been running this on a live account for 4 months. In order for this system to make money, it needs to have more than one winning trade for every two losing trades. December is the only month this happened for me and just barely - with exactly 1 win for every 2 losses. Since Jan 30th I have had a run of 7 losses - not counting the Break Even trades.

I must be stubborn as I have kept trading this system even though I have lost over $300 on a $1500 account plus the cost of the system.

I am thinking about using a modified martingale system and increase the trading lots by 67% after each loss. If I reduce the risk to 0.25% I should have sufficient capital to keep trading through 6 losses in a row and still end with a profit. Looking at the data from back testing, the worst runs seem to be about 7 trades in a row.

Interestingly enough, this approach seem to have the same draw down as just risking 2% per trade and losing 6 trades in a row. And over the last 4 months, the average number of losing trades in a row is a little more than 3 while the average number of winning trades is about row is about 1.15. So it would appear that the only way to salvage this system is with a different money management approach.

One final note: When I purchased this system, the sales pitch discounted back testing as the market was always changing. So I was encouraged to sign up for the Club to make sure that the software keeps current with the market. Based on the poor performance I have been experiencing, it would appear that the market has changed but the software has not.
Using and Anti-Martengale approach might be a better bet. It seems that this system takes the exact opposite trade that my manual system would take. I have tested this for a month now and while I do not get 40 pip winners, I do get 25-30 before the market turns around.
Hauoli2 is offline   Reply With Quote
Old Feb 13, 2012, 5:28am   #129
Joined Feb 2011
Re: Euro Daily Trader

Quote:
Originally Posted by Hauoli2 View Post
Using and Anti-Martengale approach might be a better bet. It seems that this system takes the exact opposite trade that my manual system would take. I have tested this for a month now and while I do not get 40 pip winners, I do get 25-30 before the market turns around.
I thought about increasing lot sizes after wins and decreasing after losses. But since the average win streak is 1 while the average loss streak is 3, I don't think this would work. In 2010, the average streaks were both 2 and with the 1:2 ratio of Risk/Reward, the system was profitable. But clearly, the market if behaving differently.

I also considered exiting trades sooner. Unfortunately I am at work when the trades are in progress and they don't allow remote control of any PC's through the firewalls.

Here is hoping that this week will be better.
ggjr61 is offline   Reply With Quote
Old Feb 14, 2012, 10:58am   #130
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Nice to eventually get a win Monday night.
Trailing stop very nearly kicked in. But I gather to do so the price has to go no lower than 39 before reaching about 45 ...... Every pip helps if it can somehow be squeezed out of the market.....
wiseambitions is offline   Reply With Quote
Old Feb 17, 2012, 3:32pm   #131
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Friday morning. Back in profit on February in spite of 6 full stop losses and only 2 full tp wins.
wiseambitions is offline   Reply With Quote
Old Feb 20, 2012, 4:51pm   #132
Joined Sep 2011
Re: Euro Daily Trader

For those of you that were getting a little nervous earlier in the month, as you can see, one decent week last week pulled back all the losses for the month and put us back in the "green". On any run of losses, it pays to remember that we only need one win to balance out two losses.

I know some of you keep a close eye on the Friday Early Close, and you will have noticed that this last weekend would have ended in a full win had the trade been left open and may have even got us a few extra pips if the TS had kicked in. Just remember though, it can easily go the other way (like the previous week!) but the point of this function is to avoid a large loss or even an account wipe out should a drastic gap go against us.

We are still down 34 pips from our previous high on 27th January, but hopefully this high can be passed again in February's remaining trades.

Mike
The Forex Club
Mike Forex is offline Trading system vendor   Reply With Quote
Old Feb 21, 2012, 8:50pm   #133
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Tuesday. These market conditions are awful. The Greek situation etc, not exactly a cause for euphoria in spite of agreements being reached. It was a close thing whether the trade actually went short or long, We just have to live in the hope that systems like this which rely on technical indicators rather than the fundamentals will still hold good. And a couple good days with TP and preferably with TS kicking in to add a bit more to the gain could soon take this one to new heights.
wiseambitions is offline   Reply With Quote
Old Feb 22, 2012, 2:36pm   #134
Joined Sep 2011
Re: Euro Daily Trader

Really bad luck on Tuesday's trade. It appears the EA called the direction right but two retracing candles, one at 18:30 and the other at 19:15 (London) just touched the SL line before the price continued steadily south. We survived the first one by 0.4 of a pip but the second one just went over the SL by 0.7 of a pip!

Its times like these that you have to remember other trades that missed SL or hit TP by similar amounts. I suppose things balance out in the end?

Not sure what has happened to MyFxBook. The trades have run fine on our computers and as far as we can tell the information is still passing to MFB but it isn't updating.

This happened once before in November and it suddenly updated everything 3/4 days later. We can only wait and see if that is the case again. For your info, results are the same as the website.

Mike
The Forex Club
Mike Forex is offline Trading system vendor   Reply With Quote
Old Feb 23, 2012, 12:23pm   #135
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Fortunately my own results for February now after a win Thursday morning are about 15 pips up on the month. This involved just 3 full wins, 8 full losses and a few other in-between trades.

It has been an awful month really, with markets doing their own thing, either going opposite to signals or ranging and whipsawing. The way I would back this up is to say that another system I watch which used to do quite well would actually be 400 pips down on the month to date!
wiseambitions is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Euro-Bobl, Euro-Schatz, Euro-Bund or Euro-Stoxx 50? Maximus Tradius General Trading Chat 2 Sep 14, 2011 10:45pm
My thoughts on the Euro on daily chart homeforex Forex 10 May 21, 2010 8:48am
daily euro/usd sarathbabu First Steps 0 Jan 27, 2009 8:43am
EURO/USD daily chart. Neurobroker Forex 6 Apr 6, 2005 11:06am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)