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London close trading system for currencies

  • #3,101
  • Mar 23, 2020 10:21pm Mar 23, 2020 10:21pm
40% up for the month trading 25 pairs with just 3 out of 25 showing appreciable losses, the rest all profitable. So... the 10% basket SL TP appears to be showing promise - still very early stages though and a few days losses could turn it all around ( icmarkets demo 20TP 250 SL; SL basket 10% SL&TP)
  • #3,102
  • Mar 24, 2020 11:10am Mar 24, 2020 11:10am
Quoting marketace
( icmarkets demo 20TP 250 SL; SL basket 10% SL&TP)
Hi! Sounds good... but ask Jeff and me, we had some real bad days, without chance of recoup losses. SL is always a gamble...
Just one question: on your Demo account, what leverage do you use and what is the account size (5000 USD?)

I think I will join the LC again soon, but with tight settings and few lots...
  • #3,103
  • Mar 25, 2020 12:47am Mar 25, 2020 12:47am
Quoting ursinho4711
{quote} Hi! Sounds good... but ask Jeff and me, we had some real bad days, without chance of recoup losses. SL is always a gamble... Just one question: on your Demo account, what leverage do you use and what is the account size (5000 USD?) I think I will join the LC again soon, but with tight settings and few lots...

Account size is irrelevant as I am using %; so a 1K account would still trade at 0.1 lot per 1K account size, 10% SL/TP 20 TP and 250 SL.

You need a 500:1 leverage account to trade @ higher leverage, and it very hit a margin call on one occasion with over 20 open trades but the 10% still kicks in to prevent anything catastrophic.

The crucial thing with this system is allowing the winners to run - if you try and grab a few pips here and there the losers will eventually wipe you out.

I manually intervened last night for approx 7%. Interesting how this is behaving during one of the biggest global financial meltdowns!

Reminder I am demo-ing only until I have a few months data to play with and how it performs under more normal conditions
  • #3,104
  • Mar 25, 2020 10:29am Mar 25, 2020 10:29am
Quoting marketace
{quote} Account size is irrelevant as I am using
Please correct me if I am wrong, but I thought that the basket take profit is the quotient of tradewins/balance (*100%)
Then account size would matter.
Anyway, today 8 trades. Closed with 0.22% basket TP. Would have been cool on a 100000€ account...
  • #3,105
  • Mar 26, 2020 10:23am Mar 26, 2020 10:23am
Basket TP is % increase from the previous close balance; so if my previous balance was 10K a 10% basket TP would be 1K, taking it to 11K. Basket 10% loss would reduce it to 9K.

Nice end to the week with 10% in 13 minutes with 12 pairs, but yesterday was 10% loss so no change in total from last update.
  • #3,106
  • Mar 26, 2020 10:24am Mar 26, 2020 10:24am
Quoting marketace
Basket TP is % increase from the previous close balance; so if my previous balance was 10K a 10% basket TP would be 1K, taking it to 11K. Basket 10% loss would reduce it to 9K. Nice end to the week with 10% in 13 minutes with 12 pairs, but yesterday was 10% loss so no change in total from last update.
You recovered a losst that in itself is a success
Our AWESOME IMAGINATION is the true holy grail!
  • #3,107
  • Mar 26, 2020 1:29pm Mar 26, 2020 1:29pm
Quoting marketace
but yesterday was 10% loss so no change in total from last update.
Maybe you should be less greedy ;-)
I had a win yesterday, just as today. Strong settings and 0.22%TP... was a matter of seconds today ;-)
  • #3,108
  • Mar 27, 2020 2:44pm Mar 27, 2020 2:44pm
I will test my London close EA on other times from monday on
and will printing here the dates
  • #3,109
  • Mar 30, 2020 9:08am Mar 30, 2020 9:08am
Looks like it's back to normal: 4 trades with strong settings, basket TP with 0.4% after 7 minutes
  • #3,110
  • Mar 30, 2020 9:14pm Mar 30, 2020 9:14pm
Quoting ursinho4711
Looks like it's back to normal: 4 trades with strong settings, basket TP with 0.4% after 7 minutes

Nice - what % risk are you using?

Still around 40% for the month - a lot of yoyo ing with the last 4 days - so the worst case will be 30% for the month....
  • #3,111
  • Mar 31, 2020 7:08am Mar 31, 2020 7:08am
Quoting ghostbiker
I will test my London close EA on other times from monday on and will printing here the dates
I thought this had been used for 3 yrs with good results....so why now are we changing it ?
  • #3,112
  • Mar 31, 2020 8:17am Mar 31, 2020 8:17am
I personally had some good results (randomly) using different start times. Sometimes it was coincidence as I forgot about time settings when restarting the EA. Sometimes I played with 15 minutes earlier/later. Did not have time yet to analyze the results deeply enough...
But I remember well that Ghosty said again and again, that using different times is like russian roulette ;-)
  • #3,113
  • Mar 31, 2020 10:37am Mar 31, 2020 10:37am
hehehe no changing London close is OK
  • #3,114
  • Mar 31, 2020 8:49pm Mar 31, 2020 8:49pm
30% for the month using 10% basket R:R - max DD was about the same. Some manual intervention but mainly just set and forget. ( icm demo 0.1 lot per 1K 20 TP 250SL Basket 10% TP and SL)
  • #3,115
  • Apr 1, 2020 11:13am Apr 1, 2020 11:13am
5 trades with strong settings (ADR 70, 6.0 max spread) ended up in 1% basket TP after 2 hours. Could have been more, the EURUSD made a jump just after basket close...
(Tickmill training-real account)
  • #3,116
  • Apr 1, 2020 11:55am Apr 1, 2020 11:55am
8% after a very nice eurusd rebound on limit entry...good start to the month) usual settings but closed manually this time due to fewer trades.
  • #3,117
  • Apr 2, 2020 9:29am Apr 2, 2020 9:29am
6 trades, 1% basket TP
thanks ;-)
  • #3,118
  • Apr 2, 2020 10:04am Apr 2, 2020 10:04am
Hey folks:

If you can average 0.5-1% per week then you are FINE.. EVEN 0.1% is fine.
You need to think big, cause when u are handling 6-7 digit figures then those % are more than amazing... in terms of the $$ you see .

So for those of u with smaller accounts do not get discouraged by the low $$ you see. I know you all know this but you gotta think in terms of % and consistency.

For those of doing 30% or more GREAT now do it live and be the TRILLIONAIRE you are supposed to be . LOL I am serious though... the key is to keep your MAX DD below say 2% per week. Then you are going to be the silent traders that no one talks about... yea you know who you are ... LOL.

Peace and have alot of fun and take advantage of this market cause once it is back to normal we wont see this again for perhaps another 50 to 100 yrs..


JESS
PS: if there are any issues with the xm7 Londonclose EA, let me know and I Will get on it to fix it.
Our AWESOME IMAGINATION is the true holy grail!
  • #3,119
  • Apr 2, 2020 10:29am Apr 2, 2020 10:29am
Well written, Jess. Being too greedy has already killed some accounts (yes, I know what I am talking about...)

Imagine, constant 1% per week would make 52% a year! If someone would offer that to me, I would call him a cheater..

Quoting xmess7
if there are any issues with the xm7 Londonclose EA, let me know and I Will get on it to fix it.
No issues, just a wish: basket TP depending on number of initial trades
For example: 0.1% per trade would close the basket on 0.6% with six pairs

At the moment I do this manually, but it is a waste of time ;-)
  • #3,120
  • Apr 3, 2020 10:56am Apr 3, 2020 10:56am
Its all about R:R - no good aiming for 0.2% per day if you are risking 10%+. With a balanced risk-reward this system appears to be able to hit a few net winners per month; whether you use 10% or 1%..whatever you feel comfortable with....
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