Euro Daily Trader

[Mike Forex]

Interesting stuff that Wise! Thanks for your email on this, we are taking a good look at it.

As for today:

Just hit BE at +9 pips so a small loss of 8 pips for the week.

That gives us a result for this tough "Christmas month" (12th Dec to 12th January) of 145 pips profit which is a big gain on a system like EDT. At 2% risk, 145 pips gives a 15.2% gain and at 4% it is a surprising 30.5% gain.

A nice bonus for those of you that stayed with us over this period.

Have a good weekend!

Mike
The Forex Club

 

[wiseambitions]

oo woops 6:20pm

Doesn't look like it's a session to be in an a long trade......10pip quick slide happening
Maybe American holday, also speeches from top ECB and US bankers not helping the cause

 

[wiseambitions]

Wednesday.
v3.0 actually traded (v3.5 didn't), on Tuesday and made TP in the early hours of the morning.

I presume it was a borderline trade and they've put some kind of exclusion zone to filter out the gamble?

 

[Hooya]

I am not sure why people are always looking to modify working systems.

Why would you increase your risk by using a martingale system?

The benefit of a system like this ( I should know I designed an identical system 4+ years ago) is its simplicity. You know exactly what will happen with this system. The 2:1 ratio is the whole basis and in my opinion benefit of this system.

Strike rate will fluctuate between 40%-60% on the whole. It will go into periods of breakeven. Why try and force a profit?

Your best bet for making more money with this system is larger capital.

 

[wiseambitions]

I am not sure why people are always looking to modify working systems.

Why would you increase your risk by using a martingale system?

The benefit of a system like this ( I should know I designed an identical system 4+ years ago) is its simplicity. You know exactly what will happen with this system.
The 2:1 ratio is the whole basis and in my opinion benefit of this system.

Strike rate will fluctuate between 40%-60% on the whole. It will go into periods of breakeven. Why try and force a profit?

Your best bet for making more money with this system is larger capital.

It's an interesting argument however I have tested this system for many hours from many perspectives

1) Increasing capital and moderating risk

2) Increasing risk

3) Manually intervening when it is obvious the technical indicators don't make sense with the market on the day

4) The fact that some users get opposite signals on the same start time

5) The possibility that slippage or execution delays prevent TP, or cause SL, or fail to get the BE reset

Taking all these into consideration I then laboriously worked on the variable risk system, I don't really want to get drawn too far into the exact technicalities, other than to say it's worth running the numbers through spreadsheets, and questioning whether to go that route deviates from your comfort zone, because the final outcome does look promising, subject to applying the right discipline on a daily basis.

 

[Mike Forex]

Latest version of Euro Daily Trader is out today so if you are an EDT owner and/or member of The Forex Club, you should have received an email containing a download link.

There are small changes to the indicators and filters in order to keep up with changes in the market, but the main change is the introduction of a trailing stop which will increase the amount of the pips gained on some days.

We have also introduced sound and email alerts to aid those who cannot be at their computer screens during the trades.

In order to allow plenty of time for setting up and any queries, we shall not be going live with EDT v4.0 on our live account, from which results are posted on the website daily, until Monday next week.

Mike
The Forex Club

 

[wiseambitions]

Latest version of Euro Daily Trader is out today so if you are an EDT owner and/or member of The Forex Club, you should have received an email containing a download link.

There are small changes to the indicators and filters in order to keep up with changes in the market, but the main change is the introduction of a trailing stop which will increase the amount of the pips gained on some days.

We have also introduced sound and email alerts to aid those who cannot be at their computer screens during the trades.

In order to allow plenty of time for setting up and any queries, we shall not be going live with EDT v4.0 on our live account, from which results are posted on the website daily, until Monday next week.

Mike
The Forex Club

It sounds promising stuff

Concerning v3.5 (which I never properly utilised), the major boost by what I could see seemed to be the BE reset to +9 instead of -1. A few days like that (of which there have been about 4 so far this year) help the score considerably. I don't think there were many occasions if any where the higher fallback position precluded full TP being achieved, which is often a concern when using break even resetting.

I have better feelings about EDT now, particularly with my new method of money management, and believe it can like this be harnassed to better effect.

 

[Hooya]

wise

I am sure you are right in principle. But the point is..you can play with any system and 'test' different money management systems to give you 'maximum profit' but trading isn't about maximising profit it is about exchanging money for risk.





I never understand why anyone would want to deliberately increase the size of their losses. I am not sure you will find many processional traders who do either.

I don't know why you would even think about "Manually intervening when it is obvious the technical indicators don't make sense with the market on the day" etc etc.

If the system does not work then trade a different system. if it does trade it as is. If it is not enough income, increase capital, or add other systems.

 

[wiseambitions]

I don't normally agree with interfering with the workings of a system, but seeing as it makes me up by more, since January 1, than the conventional method, I'm happy to deviate

Monday, I think signals must have been a bit borderline as regards safety boundaries, so some might have signals(using v3.5 and 4.0) and others not (prior to v3.5). Euro shot up somewhat in the day.

Outcome - generally +9, the market didn't have enough inertia to go a lot higher than 20 before it came back to this stop.

The improved settings and improved performance is doing good things to the cumulative pip count, for example last 25 trades average +6.3 daily. That might not sound a lot, but annualised it would make 1500, and they have to be quite good strategies to get more than 100 pips regularly every month, so let's hope that's the way it stays.

 

[wiseambitions]

Wednesday
That was a bit of fast action! In the minutes before starting time I was watching charts upon news and wondering whether it would trigger a long or a short trade. In the event it was a long and it closed in TP after only about 15/20 minutes. I don't think the trailing stop loss had chance to kick in really, it all happened quickly and if anything there might have been a pip of slippage, but that was a good result.

A lot of EAs have had an awful start to the year, some have been utter disasters, but this one has done better than its average and the new improvements have moved it up a level. But I think I'm talking to myself and Mike on here and we can do that directly!

 

[Hauoli2]

It's an interesting argument however I have tested this system for many hours from many perspectives

1) Increasing capital and moderating risk

2) Increasing risk

3) Manually intervening when it is obvious the technical indicators don't make sense with the market on the day

4) The fact that some users get opposite signals on the same start time

5) The possibility that slippage or execution delays prevent TP, or cause SL, or fail to get the BE reset

Taking all these into consideration I then laboriously worked on the variable risk system, I don't really want to get drawn too far into the exact technicalities, other than to say it's worth running the numbers through spreadsheets, and questioning whether to go that route deviates from your comfort zone, because the final outcome does look promising, subject to applying the right discipline on a daily basis.

You may want to review work by Bruce Babcock and consider using an Anti-Martingale approach where you increase on wins and decrease on losses. You can vary the amount of increases or decreases. I would be interested in an EA that uses that system, properly teste of course.

 

[wiseambitions]

You may want to review work by Bruce Babcock and consider using an Anti-Martingale approach where you increase on wins and decrease on losses. You can vary the amount of increases or decreases. I would be interested in an EA that uses that system, properly teste of course.

OK I will look it up when I get chance

The thing about increasing on wins makes no sense to me actually because that would rely on consecutive wins being a regular feature, which is not the nature of this system. I say do the opposite. Tuesday was a nice win, Wednesday was equally a quick loss, nothing abnormal about that, so long as there's a reasonable supply of wins, sufficient to get the cumulative pip count to move upwards.
Ingenious money management could well give this system an edge.

 

[Mike Forex]

Nice result tonight. 39 pip win in less than 40 minutes. That's a nice finish to a pretty decent week, what is looking like a good month and an excellent start to 2012.

For those of you who haven't noticed, we broke the 1000 pip barrier this week (see results on the website). That is taking results from when EDT went live on June 1st 2011.

For those of you that haven't realised it yet, the win/loss ratio of EDT makes those pips worth a hell of a lot more than pips on other systems at the same risk. Those 1000 pips, even trading at a flat 4% risk, represent a gain to the account of 210% so more than tripling your money in the 8 months. If you used EDT's built in Money Management system and traded at 4% compounded, those 1000 pips represent a gain of over 550%, turning $1000 into $6,500 or $10,000 into $65,000.

Food for thought?

Have a good weekend!


Mike
The Forex Club

 

[wiseambitions]

Yes 1000 pips since 1/June is admirable, the only trouble is maybe at least half of them were bagged before the system came to the public, so most people would perhaps be lucky to get over 500. Nevertheless January has been a great month, those who didn't trade the first Monday (bank holiday) will have done even better.

If the average of the last 8 months (eg June to end January) could be repeated as the annual score then that would be very satisfactory and enrich a lot of people. If there has been a multiplication of 6.5 in capital in 8 months this could potentially more double again before 31st May, with around 15 times as a possibility, however it does show a need for great discipline - making sure the system is always loaded, and on a reliable VPS with a reliable broker......

 

[ggjr61]

Yes 1000 pips since 1/June is admirable, the only trouble is maybe at least half of them were bagged before the system came to the public, so most people would perhaps be lucky to get over 500.

I must agree. Attached is a copy of my results. I have been in negative territory until recently. I still like the system and I think the idea of a small risk to a large reward is something that all systems should use. So I continue to trade it. But my personal experience has not been as good as the advertised because I started trading the system at the beginning of a down trend.

 

[wiseambitions]

I seem to have done better than the 'official' statistics for the first time in months, chiefly through having not traded on Bank Holidays 26 December and 2 January where the trades would have been losers.

v4.0 potentially improves the system because of the trailing stop near the TP, which might sometimes get you a few more pips than 39 or 40. However I notice my total win is largely comprised of the bonus which the BE trades gives, and to get +9 instead of -1 makes a useful difference over time (so long as it doesn't knock out trades too often which might otherwise go to full TP).

I hope they can find other little ways of adding to the returns as profits are rather illusive from many systems at the moment. All the time this can give me about 100 pips a month it is a useful strategy to use.

 

[ggjr61]

I seem to have done better than the 'official' statistics for the first time in months, chiefly through having not traded on Bank Holidays 26 December and 2 January where the trades would have been losers.

v4.0 potentially improves the system because of the trailing stop near the TP, which might sometimes get you a few more pips than 39 or 40. However I notice my total win is largely comprised of the bonus which the BE trades gives, and to get +9 instead of -1 makes a useful difference over time (so long as it doesn't knock out trades too often which might otherwise go to full TP).

I hope they can find other little ways of adding to the returns as profits are rather illusive from many systems at the moment. All the time this can give me about 100 pips a month it is a useful strategy to use.

Three losing trades this week.... I am back in negative territory. I m really having second thoughts about continuing with this system. I started with 4% risk and lost several hundred dollars. Then I changed the risk to 1% through December and the first half of Janurary. Then as soon as I change to 2% risk, I get a string of losing trades.

Ugh!

 

[wiseambitions]

Yes, this week so far has been as bad to the same extent as last week might have been good...

We are due a win or two by now....

Also I see Mike your risk @ 2% log seems to have stopped operating on 30th January, I tended to like it showing alongside the @4% situation, even if only to prove that sometimes both don't trade together or even the same direction, this system is prone to days when two charts act quite opposite.


Friday: Missed TP Thursday night by less than 5 it's happened like that before a couple times. Slid back to +9 which was a bit disappointing but better than the -1 which applied prior to v3.5

 

[Mike Forex]

Yes, this week so far has been as bad to the same extent as last week might have been good...

We are due a win or two by now....

Also I see Mike your risk @ 2% log seems to have stopped operating on 30th January, I tended to like it showing alongside the @4% situation, even if only to prove that sometimes both don't trade together or even the same direction, this system is prone to days when two charts act quite opposite.


Friday: Missed TP Thursday night by less than 5 it's happened like that before a couple times. Slid back to +9 which was a bit disappointing but better than the -1 which applied prior to v3.5

I took the 2% log off the forums as I was getting questions almost daily about why the results sometimes differed from the 4% log (despite posting the info on forums several times). But it's still running and is available as a link on the website.

Unlucky with that near miss last night but of course that's what the BE +9 is for, and your right, it did get a fair number of pips in January. Would be nice to see the TS kick in soon to show its worth.

We keep trying!

Mike
The Forex Club

 

[wiseambitions]

I took the 2% log off the forums as I was getting questions almost daily about why the results sometimes differed from the 4% log (despite posting the info on forums several times). But it's still running and is available as a link on the website.

Unlucky with that near miss last night but of course that's what the BE +9 is for, and your right, it did get a fair number of pips in January. Would be nice to see the TS kick in soon to show its worth.

We keep trying!

Mike
The Forex Club

Thanks, I see it again now.
Showing that @2% there were about 190 pips and a growth of nigh on 20%

And @4%, maybe a couple more winning trades on that chart, and a growth of nearly 60%

Since early October.

-----
Friday night, another +9. I had 3 x SL, and 2 X +9 this week. About 40 pips down.

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.

I still think most of the monthly pips growth is coming from the +9s. Re-run December and January results through a version earlier than v3.5 and they would have only been half as good, and would have been nearer to the sluggish production of November, October etc. So it's an improvement.

Looking forward to a +50 with the new TS too