I would love to have reported that this week saw another good performance from the system ending with a return of 30% on risk capital (dividing it by 4 would give us the actual return on capital being 7.5%). HOWEVER, some yet undiscovered bug saw to eat through all the hard-earned paper profits made on the demo account and end the week slightly behind.
Details and analysis of the trades during the week are shown in the current video below:
The file with all the transactions can still be located here.
Saturday, January 21, 2012
Saturday, January 14, 2012
New Spread Comparison Resource
As forex brokers one of our chief aims is to minimise costs. One way we do this is by looking for forex brokers that offer cheaper spreads and lower costs on our trades.
MyFXBook have provided an excellent spread analysis resource allowing forex traders to monitor forex brokers' spreads and give an accurate, unbiased view of the average (as well as the highest and lowest) spreads provided to LIVE accounts! It certainly is a great resource for us to have in keeping with our pursuit of increasing our profits whilst minimising expenses.
A few thoughts and guide on how to use the resource have been made in this video here:
Please note that the MyFXBook Forex Spread site is in BETA - could be buggy. However, it's looking much better than other similar sites such as FXIntel which look a little cluttered.
MyFXBook have provided an excellent spread analysis resource allowing forex traders to monitor forex brokers' spreads and give an accurate, unbiased view of the average (as well as the highest and lowest) spreads provided to LIVE accounts! It certainly is a great resource for us to have in keeping with our pursuit of increasing our profits whilst minimising expenses.
A few thoughts and guide on how to use the resource have been made in this video here:
Please note that the MyFXBook Forex Spread site is in BETA - could be buggy. However, it's looking much better than other similar sites such as FXIntel which look a little cluttered.
Account Up 15.4% Two Weeks In
This week saw a very active week on the automated forex system. By the end of the week the system saw further gains propelling the risk capital to a gain of 15.4%.
While there were a couple of good trades (mostly reversals!) there were some that were still problematic from a few bugs in the Expert Advisor's script, but even with the minor setbacks the account still held up strong.
In this video I detail the trades the system generated and detail some further thoughts as I continue to refine the automated method:
If you'd like to see a spreadsheet of the data I've copied the MetaTrader data to this spreadsheet here. I've added a couple of columns for clarity, such as my initial stop. As my entry and exits are "hidden" stops I still use the stop loss feature provided by the broker (just in case my VPS goes on the fritz!), however, the stop loss used is an ultimate stop and not the actual stop.
While there were a couple of good trades (mostly reversals!) there were some that were still problematic from a few bugs in the Expert Advisor's script, but even with the minor setbacks the account still held up strong.
In this video I detail the trades the system generated and detail some further thoughts as I continue to refine the automated method:
If you'd like to see a spreadsheet of the data I've copied the MetaTrader data to this spreadsheet here. I've added a couple of columns for clarity, such as my initial stop. As my entry and exits are "hidden" stops I still use the stop loss feature provided by the broker (just in case my VPS goes on the fritz!), however, the stop loss used is an ultimate stop and not the actual stop.
Saturday, January 7, 2012
First week of 2012 - Up 110 pips
This first week of 2012 only sparked one trade, although there was another looming! This means my strike rate for 2012 is 100% (woohoo)! =)
The risk-to-reward ratio was a tad over 1.5 - the initial stop was placed at the previous swing high being 70 pips away and the profit made was a tad over 110 pips.
Also there has been a slight adjustment to my exiting all open trades on Friday's close in that I now close my positions an hour before the close of the market. This enables me to still get out while there is a reasonable spread being offered. A good way to determine the "general" spread of a currency is to look at Oanda's historical spreads. Determine by looking at the various currencies when a currency's spread balloons on Friday and exit an hour or half-an-hour before that time.
Details about the trade and thoughts on the Friday exit are described in this short video:
The risk-to-reward ratio was a tad over 1.5 - the initial stop was placed at the previous swing high being 70 pips away and the profit made was a tad over 110 pips.
Also there has been a slight adjustment to my exiting all open trades on Friday's close in that I now close my positions an hour before the close of the market. This enables me to still get out while there is a reasonable spread being offered. A good way to determine the "general" spread of a currency is to look at Oanda's historical spreads. Determine by looking at the various currencies when a currency's spread balloons on Friday and exit an hour or half-an-hour before that time.
Details about the trade and thoughts on the Friday exit are described in this short video:
Saturday, December 31, 2011
The Last Week of 2011
Well this week certainly had its dramas! It started off with me being cheeky and thinking that I had everything correctly coded only to realise I didn't and that my little testing account was wiped out. It was really dumb and stupid of me to implement, what I thought was, a minor change, without testing. And this is the perils of moving to an automated approach: you need to be doubly careful!!
Anyway, after the adjustment to the EA the system had 4 trades albeit still with some more minor tweaks that need to be had. You can see all this in the following video:
Lastly I just want to thank you all for your time, patience and contributions. I look forward to a profitable 2012 using this method and I'll continue to keep you all updated on its progress. Here's to forex trading success!
God bless you all and happy new year!!
Anyway, after the adjustment to the EA the system had 4 trades albeit still with some more minor tweaks that need to be had. You can see all this in the following video:
Lastly I just want to thank you all for your time, patience and contributions. I look forward to a profitable 2012 using this method and I'll continue to keep you all updated on its progress. Here's to forex trading success!
God bless you all and happy new year!!
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