DislikedHi Joe,
Just a comment on your belief surrounding this system.
I agree that the owner usually has the upper hand when it comes to the knowledge of there own system. However in this case Dans knowledge is not so much in his EA and his progression model - as in his skill at entering the market at a reasonable position to obtain enough volatility to ensure he gets a good level close out in profit on his progression. The EA merely gives him "room" to be wrong. He uses it as a tool not a system in itself!!!
So if you are suggesting to just trade with his progression don't think that you are acting in a safe manner - unless you get some teaching from Dan as to exactly how he enters the market.
Otherwise I would suggest you work out your own progression based on the associated risk that is relavant to YOUR entry technique.
Beginners beware with Martingale (Joe I am not suggesting you are a beginner). This is a first rate tool, but without understanding how to apply it - could be very dangerous to your bank balance.
See Dans private forum for more indepth mathematical analysis of the risks
TimIgnored
To follow what someone has already tested through a great deal of time and money deserves to be heeded. A lot of folks want to put their 'spin' on something that is already working very well.
Yes, this system lends itself to flexibility, and we are all able to change it accordingly.
My point is that for me, I will follow what has been laid out by the originator for the time being. As I get more familiar with the nuances of the strategy, maybe then I will venture out into the unknown realms.
Following blindly indeed soes not work, for example, I opened a GBP/JPY trade last night thinking that a 400:1 ratio would cover any contengencies, but much to my surprise when I looked at it this morning, the profit had vanished and my trading account had been reduced to a steaming pile of dog doo!
Fortunately, it is only a demo account! So the point being, a good entry at the proper time of day will make this strategy work, but it seems that poor timing is a bit risky. The good part about this system is that one doesn't have to be right about the direction of the first trade. It seems that often times it works out anyway.
Best of luck, and may the Forex be with you all!
Joe M.
"When it's Springtime in Alaska, it's 40 Below!"