Euro Daily Trader

[wiseambitions]

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.

 

[Mike Forex]

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

 

[wiseambitions]

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

 

[Mike Forex]

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

 

[wiseambitions]

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.

 

[Euro_d]

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.

 

[wiseambitions]

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.

 

[Mike Forex]

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

 

[Big Hec]

Hi MF & WA

Does this have a manual option like Forex Morning Trade or is it just an EA?

I have never liked the idea of an EA because I prefer to know what is going on and also because I am a bit of a dinosaur and not IT savvy. Also being in the UK I prefer to spreadbet.

Thanks

 

[Mike Forex]

Hi MF & WA

Does this have a manual option like Forex Morning Trade or is it just an EA?

I have never liked the idea of an EA because I prefer to know what is going on and also because I am a bit of a dinosaur and not IT savvy. Also being in the UK I prefer to spreadbet.

Thanks

Hi Big Hec,

Usually this question comes the other way around - "Does this system have an EA option or is it just manual?"

EDT does not have a manual option but as for being IT savvy, if you can place a trade on a Forex platform, and you have downloaded and set up FMT files even manually, you certainly know enough to operate this.

Our fully illustrated manual is written assuming that you have never traded before and starts right at the beginning using "proper" English.

As for prefering spreadbetting, we are in the UK also and we prefer spreadbetting. We run Euro Daily Trader on our spreadbetting MT4 platform at GKFX.com (used to be Smart Live Markets).

Cheers,

Mike
Euro Daily Trader

 

[wiseambitions]

Monday : No trade. There's a filter!

Tuesday: Bad trade (SL)

Better luck today please!

Average of the last 10 days up to Tuesday : 7.9 pips a day (79 pips in 9 actual trades)

I could live with that

 

[wiseambitions]

Wednesday no trade

Thursday SL. The 3rd in a row !!!!!!!!

 

[Mike Forex]

Wednesday no trade

Thursday SL. The 3rd in a row !!!!!!!!

I think the most important thing about Forex Trading is being comfortable with what you are trading and that is 95% of the battle.

So let me try and move you all into a more comfortable zone. Up to yesterday, we have had 86 live trades since our website stats began on June 1st 2011. Of those 86 trades:

33 - 38% were winners (+39 pips)
28 - 33% were losers (-19 pips)
25 - 29% broke even (-1 pip)

How much more boring can you get? For those of you who haven't figured it out yet, out of every 4 trades (that's almost a week! ), we could have 2 losers, 1 BE and only 1 winner and we still wouldn’t be losing.

What is most interesting is that the live trades are now coming into line with the back testing, where figures go back to the beginning of 2010. Would you like those stats? Is anyone still awake? There were 336 trades:

135 - 40.18% were winners (+39 pips)
137 - 40.77% were losers (-19 pips)
64 - 19.05% broke even (-1 pip)

So what are we expecting from EDT? I can tell you precisely. We are expecting 4/10 trades to win, 4/10 trades to lose and 2/10 trades to break even. Now, does that mean that in the next 10 trades we are going to have 4 wins / 4 losses / 2 BE's? Probably not. We might have 5 or 6 wins in a row, which will have some of you inviting me for dinner and telling everyone this is the best thing since sliced bread. We might have 5 or 6 losses in a row (really???), by which time there will be some broken keyboards and a fatwa issued.

So now you know what's expected, get yourself into a comfort zone. Don't trade with money you can't afford to lose. If you’re grinding your teeth after two losses, your lot size is probably too high. If you get three wins in a row, don't order that new car just yet.

Piece of advice? Don't stress yourself out by watching the trades on screen and update your stats once a week instead of every day. Sit back, chill out and let EDT will do its thing.

Mike
The Forex Club

 

[wiseambitions]

Yes of course what I said was a bit tongue in cheek

Normally I'd give an EA about 4 chances but in the case of something with this R/R I suppose it has to be more like 8!

And the long term of course is what matters i.e. the rolling production over say 28 days, and the only sticky patch would have been the last week or two of August, which was known to be abnormal in any market

Of course every one is a bit worried that market conditions change, and change permanently and that therefore some methods might cease to work as well as they did. So long as this one produces shall we say on average 120 pips a month, that's 30 a week then it is capable of delivering real riches.


And if the last 19 months could be repeated (135w/137l) then it is possible that at just 2pc risk per trade you could turn £1000 into £13000, and at 4pc into rather more than £100,000. Now that would be so nice!


Comment from fellow trader to Mike's reply: "I find that, sensible, restrained, informative and confidence inspiring"


10 pm: After 4 hours, on a long trade, which generally went the right direction, I manually shut down the trade with approx 30 pips of profit. It might have been within 4 or 5 of TP at one stage, but never quite had enough push to get there, and bearing in mind the weekend shut down, G20 meeting in Paris, and possibility of all sorts of other things going on before the Asian opening (Sunday night in the western world) I decided to pull the trigger on that deal in the last few minutes before metatrader went offline. (And the spreads were getting rather wide!) I think that subsequent to a case 3 weeks ago when there was a Friday night trade which did not close (but which shot to tremendous profit 48 hours later) an option was written into the EA (upgraded version issued) in order to automatically close trades before Friday night session finishes, however I have not yet invoked that option


2 losses and 1 win this week. Technically about 10 pips down. Not bad in the circumstances. Just over 100 real pips - allowing for a bit of slippage - gained in 3 weeks (15 potential trades -- but not every day saw action) since installing the system. Quite an acceptable outcome. Hope it keeps on like so because it would indicate about 1500 pips per annum which is steady progress by any accounts.

 

[Mike Forex]

Yes of course what I said was a bit tongue in cheek

Actually Wiseambitions, that was a general comment and not aimed at you.

But thank you for your (and your fellow trader's) comments.

FRIDAY'S TRADE!

Lots of different results Friday. The reason being that some have you have set the Friday Early Close function on the EA and some of you haven't. In addition, there was a big flicker on the opening candle, which meant that between us there seems to be up to 5 pips difference on the entry price.

If you had the Friday Early Close function set to "true" and the correct figure in your offset, the trade would have closed Friday night with a gain around 25 - 29 pips. This was the result I got on the live account (+25) and recorded on the website.

If you didn't, and you let the trade run over the weekend, the results were even wider. The highest candle after the reopening on Sunday night came very close to the tp of +39 and I know of at least two that hit the tp (you must have got a very good entry price) but for others (Donna for instance on her MT4i stats) this wasn't hit and the end result as the price fell back was a -1 pip BE result.

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

 

[wiseambitions]

Monday night

An emphatic win. After more than 3 hours. It very nearly closed out much sooner if it had moved a pip more

Since 3 weeks ago Monday (16 days including non-events), up by nearly 150 pips

The pattern in that timeframe included 6 losses and 7 wins which does not seem far adrift from the long term average Mike illuded to earlier

Keep it like this and we'll do fine :clap:

 

[wiseambitions]

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?

 

[humbyhumb]

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.

 

[ggjr61]

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".

 

[ggjr61]

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...