Euro Daily Trader

I hope a discussion area here for Euro Daily Trader could be started.

Several of us know the guys who designed and launched a new EA (Euro Daily Trader), which does what its name suggests and looks for a signal every evening after the London close while NY is still running.

We all originally met on the forum during the last 12 months when Forex Morning Trade was enjoying better success. We use various brokers, not necessarily ECN, and the experience is similar across the board, as this is not one of those scalping systems which relies on super fast IT. It is easy to install and I'm using it on Metatrader 4.

I've had the EA for a week, and it was profitable. Week ending 30 September +39 pips, week ending 23 September would have been +79. Interestingly the Risk/Reward Ratio is 1:2 and there is a mid-trade break even reset to reduce some of the stop losses.

Hardly a day goes by without a new EA from somewhere, most of which are probably fairly useless, however I sincerely think this one is worth closer investigation.

Hi, I'm Mike from Euro Daily Trader. Here to help with any questions you may have and keep anyone thats interested up to date on the progress and results.

A profit yesterday to end the month and that result means that September has been the best month so far of 2011.

Those of you using the system will know that the Money Management option built into the EA gives you the choice of being as conservative or aggressive as you choose to be.

Without using the auto setting on the EA, and using a manual setting of 2% flat risk, your profit this month is 37.5%.

At each of the three EA settings set out in the systems Money Management programme:

At the "conservative" EA setting of 2%, profit is 43.3%; At the "moderate" setting of 3%, profit is 69.8%; and at the "aggressive" setting of 4% profit for September is a tiny fraction short of doubling your money at 99.85%.

Let's see what October brings.

Mike
Euro Daily Trader

39 TP Monday. nice way to start the week.

My experience since starting the system mirrors most others,

3 wins, 2 losses, 1 break even, net +78pips in theory
but +76 after a bit of slippage which is not uncommon with any system in live trading.

But sometimes slippage can be positive


All in 6 consecutive days

October has got off to the same flying start as September did, with 2 wins out of 3 in the first trades of the month.

You can now follow the results on myfxbook where there are two lots of results shown, one at 2% risk, and the other at 4%:

Myfxbook: EDT 2%: Euro Daily Trader at 2% System | Myfxbook
Myfxbook: EDT 4%: Euro Daily Trader at 4% System | Myfxbook

Mike
Euro Daily Trader

Yes, until Wednesday 2wins and 1 loss this week. In theory plus 59 pips so far without allowing for any slippage.

+98 in theory since I went live 8 days ago, which if compounded at 4pc risk per trade would have given about 20pc capital gain.

I too have bought this system having also known the guys from this and other forums.

The system is somewhat of a "black box" with very few settings to fiddle with.

Apart from knowing the developers, the thing I really like about the system is the risk reward ratio, being effectively 1 win will sustain 2 losses.

I trialled for a week on demo with good results and started with a small live account on 26 Sept with the following results:
1 BE
3 W
4 SL
giving a net gain of some 40 pips.
Actually the gain should be 79 pips as one of the losing trades was due to broker re-quotes, 6 to be exact!

So far, I am happy with the results, I am not a great fan of backtesting in any complex way as I have seen far too many skewed results and also the simple fact is that a great backtest does not mean that the system is going to work.
That said, the results on the website look convincing.

Will post results from time to time.

Thursday night anotherTP

Yes as with our friend in Europe who posted yesterday, interested in this system as users. And we both seem to like the R/R ratio, it makes us feel more comfortable with money management and compounding. The trouble with FMT which we both are familiar with is that it can need 3 wins to compensate for 2 losses there due to the TP being 10 higher than the SL. This is the other way round entirely, i.e. 2 wins will more than compensate for 3 losses, and the current winning rate is running well. Hope it stays like that as it depends on the behaviour of the market at the regular trading time

Friday: Unfortunately a losing trade. Theoretical gain for the week still comes to 79 pips. I achieved slightly less due to slippage, but it was a good week on the whole. 3 wins of 39 and 2 losses of 19 for most people.

Start of a new week and a bit of a damp squid today.

We don't get many of these but the EA signalled No Trade as the Euro had been rising all day on the French / German news earlier. Looking at the platform since the 18:00 trade time it looks as if the EA kept us out of trouble whilst the market decides again which way it wants to move.

There ia always tomorrow!

Mike
Euro Daily Trader