DislikedCGRey do you have your backtest result.
I tried to do 2 years back test but no luck so far...
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DislikedCGRey do you have your backtest result.
I tried to do 2 years back test but no luck so far...
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DislikedYou should read some of the books mentioned in Razorjacks thread. The book be Ashraf Laidl (proper spelling ) is very good at explaining how most of the different markets interact.Ignored
DislikedAs for my trading I'm at the point of not losing much and having runs of consistency. A while to go yet, but I'm in no rush. I want to take my time and do it properly.Ignored
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Before I go, another reason I posted here on this thread for the first time, was because I thought you might be Razorjack because of what you were saying about the big picture.Ignored
DislikedKeep up the good work and I wish all the best in your trading. You said you were made redundant, sometimes I think that would give me the push that I need. Not for now though.Ignored
DislikedCheck out some of these books. They will help your study, and also be another distraction.Ignored
Dislikedgoogle 'oanda forums', then there is a thread on this MT4.
you can get link to download MT4 and instructions to install, link to your practice account.
you need either practice/game account or trade/live account to login to mt4. right now practice account is fine.
good thing is they allow units. min lotsize is 1000 units.Ignored
Dislikedeven though its addressed to cgrey, i will try to add my 2 cents...
how you tested this ? using EA or manually ?
this is what i would suggest.
first downlaod GBPUSD 1 min historical data for last 3 years.
manually check each day. create a indicator to put 2 vertical lines of diff colors at 0 GMT and 8 GMT. now each day manually check the entry, exit prices and log to a excel, let excel do the math. stop that month if u reach 10% profit
this is timetaking, but accurateIgnored
DislikedAs roundrock before said, I'll add my 2 cents before cgrey answers. cgrey said he looked back to about 2007 and that he noticed a pattern between the candles at certain times (0 and 8 GMT). He also said that on average, the 20 pips stop loss was hit about 5 times a month and most times the trade was still open at the 9 GMT close time. Did you actually check the price at 9 GMT on every trade? Then did you take the result and calculate the next days profit target based on a 2.5% 20 pip stop? Seems like a lot of number crunching and time consumption...Ignored
DislikedJust to add to daylight saving time in uk come march, it seems to me the reason this candle does what it does is because it is the open of uk session. Now when daylight saving starts london market will open at 8am but that is really 7am GMT.So if cgrey uses his 8am candle on his broker market in london will already have been open for an hour.
GeoffIgnored
DislikedJust got on board.
Looks like you hit the monthly goal today!
If I'm doing it right 3 hrs after the 8 hr candle it was up about 60 an hour later it spiked up about 90 from the 8 hr candle
Too bad shutting down the thread. I will follow your journal. You also make some very intelligent comments about the market. I'm many steps behind where you are but I agree about reacting to the market and look for potential moves based on financial conditions globally
I'm going to see if I can play around and get a spread sheet to do the calcs although not...Ignored
DislikedJust got on board.
Looks like you hit the monthly goal today!
If I'm doing it right 3 hrs after the 8 hr candle it was up about 60 an hour later it spiked up about 90 from the 8 hr candleIgnored
DislikedI'm going to see if I can play around and get a spread sheet to do the calcs although not that hard to figure manuallyIgnored
DislikedThanks again roundrock for making me aware of Oanda's MT4.
I managed to get a practice account set up today, so I can run this parallel with them in Februrary to be sure it is doing the same thing as the IBFX demo I ran this month.
This also got me thinking more about starting the journal thread.... The point of my posting results in this thread has been to make sure people can see how I'm doing the math every day. I think there are enough examples that it should be pretty clear by now. The link I've posted in the first post to the myfxbook...Ignored
DislikedHi cgrey,
Sorry if this question has already been asked but if we set monthly target wouldn't it be reasonable to set monthly stop-loss as well?
Roundrock mentioned there was at least 2 losing month in 2010. One of them is more then 10% drowdawn, so it will be more than a month to recoverIgnored
DislikedHello cgrey. Hello all. Let us hope for a good week of profits.
One thing I like about Oanda's regular platform (not metatrader) is you can set SL to 2.5% and then adjust units so that you can make it 20 pips = 2.5%. All the calculations are done in the order window before you place the order. Same goes for TP. Makes it easy.Ignored
DislikedWe took 27-pips today, for a gain of a little over 2.85%
When all is said and done for January, we closed with a net gain of 6% since I started recording trades. This is on top of hitting the +10% target earlier in the month before I started logging.
Some stats:
Opening balance: $3000
Closing balance: $3180.11
ROI: +6%
Our lowest point of the month was 18-January, where we were at -4.59%.
I'm still on the fence about a journal thread, again because the myfxbook link serves as a nice journal already.Ignored