Follow my new eod system

[Fruity]

I will start trading the mini dow using my new devised strategy(which I will not be revealing for now). Trades are executed on average once a month.
There's a 100pt profit target once a trade is executed, there is no stop loss. If target is not reached then current trade ends on the next trigger. Please just paper trade until i have backtested the strategy more thorougly

Past Peformance-

Date of Points made
entry

13/08/03 100
01/09/03 100
07/10/03 100
18/11/03 100
05/12/03 100
14/01/04 -115
16/01/04 100

I know its not much of a back test but I only have EOD futures data for the current Q`H and Q`Z on seirra charts.
I would appreciate if some one could email me some more futures data.

For the first trade i have put a sell limit at 10582. If hit target would be 10482.
If the limit order is not triggered it will be ajusted according to tomorrows price action.

 

[jslee]

You're not related to the Stockmarket King are you ?

Jane

 

[ColinRiche]

Jane

Sure you dont mean IndexKing
.

 

[jslee]

Might be the Spread King ! Still lets not be cynical at this stage and give the guy a chance.

Jane

 

[Salty Gibbon]

King Kong more like !

 

[qaza]

Mug's back in town

 

[Salty Gibbon]

Sure as hell sounds like it.

Rumour has it that his trading company is called " Chameleon Trading Inc."

 

[damianoakley]

A 100 point target with "no stop loss" (????)

That should set alarm bells ringing for everyone straight away in my opinion.

Sorry to be instantly negative, but no stop loss spells disaster in the long term. (in my opinion of course).

 

[TheBramble]

[...] there is no stop loss. If target is not reached then current trade ends on the next trigger.

I'm glad you suggested paper trading. Personally, I'd feel a little exposed with no stop-loss and waiting a full month to be able to get out of my trade on the next trigger if the target isn't met.

Out of interest (and I wouldn't want you to reveal your system) just how would we know WHEN to trade your system and the DIRECTION. A clue would be useful.

 

[FetteredChinos]

Guys, give the bloke/chapess a break will you..you guys are NOT moderators, not the T2W police. The evidence of public stonings is probably deterring numerous posters from posting their trades/strategies.

any input onto this BB is valuable. Experiences can be drawn from anything. at least fruity is trying to offer something positive here.

Even if my faith does prove to be misplaced in the future, innocent til proven guilty etc holds sway in my book. and it takes courage to post live trades on here for all and sundry to see. (viz my 120 point pasting yesterday lol!!)

lets just see how this system works out, and then perhaps constructive criticism can be used to refine it, and not let destructive criticism prevent us from learning more about trading.

over and out

FC

 

[FetteredChinos]

Damian/Bramble,

apologies, i didn't see your posts when i was composing my post. my previous comments were not directed at you.

FC

 

[Fruity]

I am not related to Index King or Stock Market King ,but browsing through their posts they seemed like very generous people who where willing to share their trades and ideas to some of you hard off traders out there. They contributed a lot of good stuff to these boards. It’s a great loss they don’t post anymore.

I’ve been in this game for about a year and a half now. Since I started I have lost a great deal of money. Why? Because I was trading recklessly, I did not have a proper game plan. Well now I have, I have a few strategies under my sleeve that I hope I can follow with discipline. They have all been back tested to an extent that I am satisfied and confident to trade them.

The trades I am sharing are from a very simple strategy. Through my endless search of a good strategy. I have come to a conclusion that some strategies are better off with no stop loss; these tend to be longer term strategies that produce good signals for market turns. My strategy falls in this category.

My strategy is simple to follow; all I do is place a limit order once a signal is triggered. If the order is not activated then it will be adjusted according to that day’s price action.

 

[TheBramble]

But what exactly is your strategy? Not the detail, but how would we know when you have a signal and which direction etc.?

What is it you're asking us to take a look at?

 

[rglenn]

Go for it Fruity- don't let anyone put you off.

If there is money to be made - then get your share.

Make sure your strategies are rigourously tested though as the markets do not take prisoners as you have already found out.

 

[options]

Yeah, but no stop loss! Not even one 300 points away.

Have you ever had a margin call?

No stop loss over a month = absolutely raving m8

 

[Salty Gibbon]

No stop loss over a month = absolutely raving m8

Barking... lol

 

[damianoakley]

I don't want to shoot anyone down in flames - I'm not here to judge, but I can't quite get over this "no stop loss" situation.

By setting a relatively small profit target (100 points) and not having a stop loss, you will ensure that most of your trades will end up winners. But, believe me, one day the market will move 500 points against you and not come back, leaving you with a very damaging loss, wiping out your previous winners.

I cannot stress enough the need for a stop loss to be in place.

Having the guts to take a loss is the first rule of trading, closely followed by letting your profits run. In effect, if you have a small profit target and no stop loss, then YOU ARE CUTTING YOUR PROFITS SHORT AND LETTING YOUR LOSSES RUN.


Many Thanks

Damian

 

[Fruity]

Tony,
My strategy is a swing trading strategy that identifies a reversal, once a reversal is confirmed, a limit order is sent out to enter at a pull back.

You will know when I have a signal by checking this thread. I will post the entries and targets after the market closes on the reversal day.

All I want to do is prove that this strategy works. Help you new and poor traders out there with some ideas and to make some money from the trades while you pursue your long journey of finding that perfect strategy/methodology.

What I would also like see from all of this is to see other traders doing the same thing. Post the signals from your strategies so that we all can follow and benefit from.


Rglenn,
The markets are forever changing and there is always room for improvement.
Thank you for kind comments.

Options, Salty, Damian,
No I have no stop loss, so far the worst drawdown has only been about 250pts.
Still need to further back test the system.

I am only trading 1 contract on a £5000 account so I could afford to lose about 1000pts. This system has a good win rate which means it has a good recovery rate, so I’m not worried about loosing all my money.

The 100pts profit target is small considering the length of time between the trades, but hey it works.
The system is not perfect but it makes money.

CT

 

[options]

Well, good luck to you. But I think a lot of new traders would be put off a system like this where you could lose that amount of money very quickly considering the risk/ reward, which doesn't seem to figure a great deal in your strategy. It actually scares the hell out of me, and this is coming from a person that doesn't use stops all the time, but I certainly do when I have no control over the situation. i.e overnight/weekend. At £10per point you would wipe out a great deal of your account.
Very hard to come back from.

You haven't traded this for real with your own money have you?

You say you have more backtesting to do. Well you can do as much as you like, it is of no use at all to any trades you do from this moment in time going forward.

Use your own money and post those real results for people to see.

Everything else is academic and you can talk about trading until you are blue in the face. Putting real money in your pocket is the proof of the pudding. How good a cook are you?

This isn't meant to be dismissive. You might have a system that works, and I hope you do. But back testing doesn't work for real time. Technically, you can have an foolproof system. Trading it is another matter.

Good luck.

 

[qaza]

I don't want to shoot anyone down in flames - I'm not here to judge, but I can't quite get over this "no stop loss" situation.

By setting a relatively small profit target (100 points) and not having a stop loss, you will ensure that most of your trades will end up winners. But, believe me, one day the market will move 500 points against you and not come back, leaving you with a very damaging loss, wiping out your previous winners.

Damian

But if your objective is to sell your "services" then it does'nt matter. As long as it works for long enough to catch a few subscribers then its OK.