Im just testing concept with 2k, because that it what you require. I'm testing this system with 1k, because you can tarde risking much less using micro lots. If I do not test with money I lose interest within minutes. That's why.
So I am testing ProFX for year as well as concept.
I don't believe in testing a system for a month or two months. That's rubbish and a short term outlook. If concept holds up I will chuck more money in and the same with profx.
In reply to your other question/comment it's impossible for me to blow it all on one trade since I risk between 1-3% per trade, depending on which pair. It's like I said before. All you need is a half effective entry, but solid risk management and psychology. That's the holy grail in my opinion.
People looking for a set and forget EOD system might be interested in this one, which covers UK and US stocks:
SST SwingTrader Home
It does not require a rip-off big outlay up front, could cost as little as £50 per month, and payment can be stopped any time. There is no data cost. There is also a 14 day trial period.
I haven't used it, and I'm def not an agent!!
Will you be willing to test it for 14 days then and let us know? I would do it, but I'm going on holiday for three weeks in a few days. After that I will test it for myself. We should just rename this thread "Trading Systems" lol since thats basically what it is.
I couldnt log onto my Concept account last night did anyone have the same problem?
I don't use Concept, but for you I tried doing an update. The program just froze.
I will probably trial SST, but I don't want to start yet as I am rather focussed on the day trading (I don't want to risk my trading because of too much multitasking my stunted brain!), and the trial would probably expire before I had given it a proper go. And of course the trial would really only test the useability of the system, as obviously the profitability can't be checked out in only 2 weeks!
Here is another idea: Fx Winner
I have signed up to this on a trial as it won't need much concentration. Results look reasonable and gives EOD signals by email. Not the half-baked "trading software" of Concept, which only gives signals anyway! A joke the way they use terms like "analysis" and "data" to dress it up.
Many thanks. Don't worry was able to understand the first version with cumulative totals. Looks interesting, a great deal better than Concept have been achieving!
So far it is miles ahead of concept. We'll see which one comes out on top in about 10 months time
different subject, but I would like to say Galvan research are rubbish and they will lose your money in a matter of days. I don't think the traders are technical and personally I would rather give my money to a bank to trade (that's saying something)!!!
For interest, here are my trades since 15 Oct using the fractal break out element of the strategy in Bill Williams' book. You just have to put fractals and the Alligator indicator on the MT4 chart. I have been trading GBPJPY at 1p/pt on the 15 min chart. If you bear in mind that the majority of the losses were the result of my bad psychology (mostly setting stops much tighter than recommended and over trading - just look at 23 Oct) and would have been at least as profitable as the winning trades, the results are even more impressive. As I started with only £600 in the account I am still a bit tense and it is early days, I won't be increasing my stakes for some time yet so that I can trade in a more chilled frame of mind. I have yet to add the other elements of his strategy ie the Awesome indicator and use his trend reversal signal. From observation these would significantly enhance profitability ie more than double it.
15-Oct-08 -34
15-Oct-08 -25
15-Oct-08 146
16-Oct-08 -21
17-Oct-08 109
17-Oct-08 44
17-Oct-08 19
17-Oct-08 -6
17-Oct-08 60
20-Oct-08 100
20-Oct-08 100
21-Oct-08 154
21-Oct-08 43
22-Oct-08 300
22-Oct-08 -89
22-Oct-08 -61
22-Oct-08 -74
22-Oct-08 193
23-Oct-08
23-Oct-08 41
23-Oct-08 -77
23-Oct-08 36
23-Oct-08 -19
23-Oct-08 -74
23-Oct-08 -31
23-Oct-08 -73
24-Oct-08 -113
24-Oct-08 309
24-Oct-08 100
24-Oct-08 283
24-Oct-08 -98
24-Oct-08 -9
24-Oct-08 -98
27-Oct-08 300
So there you are, net 1435 pips in 9 trading days, and today so far has offered two other entries which I didn't take as I am trying to be content with 300 pips (Psychology - training myself not to overtrade).
As for ProFX which I bought, I just find the screen too full of stuff. I have given up on the Shark EA, not least because the FX brokers don't accept the scalping strategy. I still keep Sniper running, but frankly the Alligator indicator with fractals, which comes free with MetaTrader4 is far superior!
I am looking to get the fractal Breakout strategy coded as an EA for MT4!! I'll let you know if it works out. I now have a VPS running and a real FX account open with Alpari in anticipation, but would of course papertrade the EA to begin with.
who have you got your VPS with and how much was it?
ForexVPS at $35 a month. They also have MT4 pre-installed, but you can add other copies.
ForexVPS :: Forex VPS Hosting
Thank you sandy I have been looking for one
Very impressive. Bill Williams book now on order from Amazon! I will let you know how I get on.
There are various books by Bill Williams, with some overlap I think. The one I have is Trading Chaos - Second Edition. I think you need to get that edition. The cheapest I could find through Amazon was at http://www.aphrohead.co.uk
At least half the content is psychology, but there are three chapters which contain the real gen. Not all that easy reading, so you need to read and re-read. What makes me so comfortable with the fractal breakout is that I had come to the conclusion from looking at the FX53 videos that that was the way to go. Actually I think the fractal approach may be better than FX53. Of course you can make a start by just putting up a chart with the fractals and the Alligator. You may well find that you can trade intuitively. The Alligator is effectivey just a filter to ensure you only trade with the trend.
