Euro Daily Trader

This is a discussion on Euro Daily Trader within the Trading Journals forums, part of the Reception category; Hi Mike, Rather than having your settings break even at -1 why not change it to +1 when you hit ...

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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

Quote:
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
 
2 Posts
Joined May 2008
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

Quote:
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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Old Nov 28, 2011, 9:41am   #71
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread I wish to say it was a useful development that the EA now offers forced closure on Fridays. I only got 4 or 5 pips on the short trade after perhaps the low point being towards 20, however that was far better than waiting until Sunday night and getting stopped out possibly with as many as 70 pips of loss (more than 3 times SL) as the market opened significantly higher after 48 hours.

The second thing to say, and I think Mike and his friend need to make more of this in their defence when people grumble about the guarantee is that the EDT EA is self standing. What I am trying to say is the key code they give you which enables the thing to work without being cloned all over the place does not need to log into any central server. One popular EA is failing today to authenticate because the owners' server is down and people are starting to wonder whether all is well. (Discussion on another blog) EDT is immune from this difficulty.
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Old Nov 28, 2011, 12:57pm   #72
Joined Sep 2011
Re: Euro Daily Trader

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Originally Posted by wiseambitions View Post
....The second thing to say, and I think Mike and his friend need to make more of this in their defence when people grumble.....
This is an interesting subject, and one to which I have given much thought. I touched on this in an earlier post in saying that whatever I post as a vendor, seems to be taken as an excuse, or in other cases, posts are often read with "suspicious eyes" as I "obviously have something to gain". I found therefore, that in many instances it is better to bite your lip and remain silent.

But of course this is the problem with the Internet as we all know. Anyone can say anything they like with impunity, and the damage they do, even if done out of ignorance rather than malice can be considerable. Here are a couple of examples:

One customer placed his order at 6am in the morning. Having failed to read the part where EDT was not a download and would be sent by email, just one hour later, he wrote a post on a forum saying that he had purchased and received nothing!!! !!! *&%***!! .....and therefore the whole thing was obviously a scam and he was cancelling his payment!! !!. By the time I opened the order at 9am, he had made a claim for fraud to PayPal and also posted this information on the forum. We eventually sorted it out and the customer later apologised, but the posts remain there to this day.

Another customer purchased and two days later actually started a thread for EDT on a well know Forex forum. His first post (which he has never mentioned to us and which we didn't see till a month later) said that on his second trade, he had recorded a loss when our website results showed a winning trade. This, he said in the post, was very suspicious and he would be "keeping an close eye" on the venders from now on. In fact we had received an email from this customer the same day, complaining of this. After some investigations, we discovered that he had set the EA trading time incorrectly and was trading one hour early. He thanked us very much for the excellent and quick customer service but said nothing more. As I said, we didn't see the post till one month later and again, it is still there.

There are many more instances I could give similar to these. But it is a sad fact that many are very quick to make negative comments and yet unwilling to make a correction when they find the error is theirs.

Much more dangerous however, is the individual with an ulterior motive. Some of the most persistent and vindictive posts have been written by someone who is determined to get his EA for free and will stop at nothing to get his way.

I too am a trader, and read with interest several forums in an effort to see what is available in the market. I have a great respect for forums like this one and others and in the past I have made decisions to purchase (or not) based on other traders comments. It is a shame that you have no way of knowing that many times you are actually reading an opinion written by someone with a personal axe to grind.

Ah well. C'est la Internet!

Mike
The Forex Club
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