Thanks Glenn and great work everyone. Congrats to all! Nothing succeeds like success. And your continued success enhances everyone's success.
- #1,482
- Nov 8, 2006 2:06pm Nov 8, 2006 2:06pm
- Joined Feb 2006 | Status: Pips Pod... | 1,611 Posts
dswk,
Page 92, post 1378 of this thread, has the settings, no need to post the same settings over and over again
On a great note! those settings are working pretty well, 8 trades closed today for profit. I'll post results for this week later today.
Rusty
Thanks and Regards.
Hopefully I can learn as FB grows my account, and maybe I can teach FB a few new tricks!
- #1,494
- Nov 10, 2006 7:49am Nov 10, 2006 7:49am
- | Joined Dec 2005 | Status: It's only money | 1,413 Posts
TRADE FOR SWAP
- #1,496
- Edited 11:02am Nov 10, 2006 10:34am | Edited 11:02am
- | Joined May 2006 | Status: Trader | 1,043 Posts
- #1,497
- Nov 10, 2006 2:10pm Nov 10, 2006 2:10pm
MoneyMa$ter
I see your trailing stop is set at 10 pips. how do you find that?
I am thinking that it would take you out at every little retrament and stop you from reaching your 20 TP....
Also dont you find that with a trailing stop that short that when it takes you out your profit less pip spread would reduce your profits to only a few pips???
I would have thought a better range would be more like 30 to 40 TP and a trailing stop of at the min 15.
your risk reward would be high to with a take profit of 20 pips and a stop loss of 150 pips...
Just a thought..
Glenn
I see your trailing stop is set at 10 pips. how do you find that?
I am thinking that it would take you out at every little retrament and stop you from reaching your 20 TP....
Also dont you find that with a trailing stop that short that when it takes you out your profit less pip spread would reduce your profits to only a few pips???
I would have thought a better range would be more like 30 to 40 TP and a trailing stop of at the min 15.
your risk reward would be high to with a take profit of 20 pips and a stop loss of 150 pips...
Just a thought..
Glenn
- #1,498
- Nov 10, 2006 2:32pm Nov 10, 2006 2:32pm
well another week has come and gone.....
I started the week by changing the pipstep to 35. I did this to see if it would increase the return without risking the account to much.
In all it was very successfull..
last night we saw in the London session the sell off the dollar. this of course put pressure on the float. So I disabled Fire Bird for the rest of the night, counting on the NY session to bring strength back to the dollar..
I will now wait till monday/tuesday trading to see if the market will return to the pervious range or if the GBPUSD has moved to its next range...
I will then abled Fire Bird again when this is established...I think the GBP will move to a trending range for a while if so then the fire bird will be off untill this move ends...
results for the week: balance $999.18......Float-$364.08
have a good weekend..God Bless
Glenn
I started the week by changing the pipstep to 35. I did this to see if it would increase the return without risking the account to much.
In all it was very successfull..
last night we saw in the London session the sell off the dollar. this of course put pressure on the float. So I disabled Fire Bird for the rest of the night, counting on the NY session to bring strength back to the dollar..
I will now wait till monday/tuesday trading to see if the market will return to the pervious range or if the GBPUSD has moved to its next range...
I will then abled Fire Bird again when this is established...I think the GBP will move to a trending range for a while if so then the fire bird will be off untill this move ends...
results for the week: balance $999.18......Float-$364.08
have a good weekend..God Bless
Glenn
- #1,499
- Nov 10, 2006 10:04pm Nov 10, 2006 10:04pm
well another week has come and gone.....
I started the week by changing the pipstep to 35. I did this to see if it would increase the return without risking the account to much.
In all it was very successfull..
last night we saw in the London session the sell off the dollar. this of course put pressure on the float. So I disabled Fire Bird for the rest of the night, counting on the NY session to bring strength back to the dollar..
I will now wait till monday/tuesday trading to see if the market will return to the pervious range or if the GBPUSD has moved to its next range...
I will then abled Fire Bird again when this is established...I think the GBP will move to a trending range for a while if so then the fire bird will be off untill this move ends...
results for the week: balance $999.18......Float-$364.08
have a good weekend..God Bless
Glenn
I have been testing FB for about 8 months. Went through a period in August and pretty much blew out a real account. I have been experimenting with different methods of money management, closing trades manually earlier, etc. I've tried being more conservative entering trades also. I've decided to revisit my thinking somewhat and let the EA do most of the work. I believe that the key is money management. My most recent experiment started at the beginning of this week. I took my trades from the past 8 months and analyzed them. The data pretty much agreed with Trader 7 statement in the beginning of the EA: 50% of the trades last a day. 45% 2-6 days 5% longer or just fail. So the way I figured it was to close all trades that have gone longer than 120 hours. My data shows that the majority of those that go to the SL of 200-300 pips are those that go longer than 5 days. I am using FB 63HO4_TS_MM. I have a close trades feature in it that closes the trades after x hours. I believe that this was added to version 2.0. I just pasted it into this version as I believe it (63H04) is the most profitable version. My object is to open a fair amount of trades using the Major 4. I have set the envelope % to 0.05, pipstep to 30 and TP & SL to settings in version 1.0c as set up by Mono. It is posted in the first post of this thread. My theory is that if FB runs into a trend that the losing trades will exit earlier before hitting their full SL, and that the float will be lower because the trades open will only be 5 days old. We will see. I will post my results over the next couple months.
1 Trader2
- #1,500
- Nov 10, 2006 11:21pm Nov 10, 2006 11:21pm
- | Joined May 2006 | Status: Trader | 1,043 Posts
MoneyMa$ter
I see your trailing stop is set at 10 pips. how do you find that?
I am thinking that it would take you out at every little retrament and stop you from reaching your 20 TP....
Also dont you find that with a trailing stop that short that when it takes you out your profit less pip spread would reduce your profits to only a few pips???
I would have thought a better range would be more like 30 to 40 TP and a trailing stop of at the min 15.
your risk reward would be high to with a take profit of 20 pips and a stop loss of 150 pips...
Just a thought..
Glenn
Thanks for taking the time to give some thought to my setup. Let me say I agree with you....I'm just taking a conservative approach as described below.
TS 10 can take me out at every little retracement and sometimes it prevents moving to the full TP, but it also produces a profit (albeit small at 7-8 pips). I believe pigs get fat...hogs get slaughtered. My little piggy approach is conservative and though the trade closes, it closes at a profit. FireBird can open another trade for that pair at the appropriate time.
During demo testing I had set TP at 18 (not a Fib number). Why? Because I noticed currencies seemed to often move to 18 pips profit, then reversed considerably to the down side creating a terribly high negative float. That's cool for demo testing and mini accounts but remember I'm trading standard lots live. So it made sense to me to take the smaller profit, close the trade and live to fight another day with a new trade. If anything, I may revert to TP 18.
As to the SL 150, that was increased from 55 I think it was, because 55 was too close, came too quick and didn't allow room to breathe. That's getting stopped out at $550. I'm definitely not going to SL 300 for standard lots!
Also, if a trade is losing 80 or more pips for 36 hours, FireBird will liquidate the position. I don't know if anyone else tested or traded standard lots so I was seeking a number acceptable to me and for now its SL 150. Could reduce it to the 100-125 range. Mathematically, there's a SL for standard lots that's the equivalent of SL300 successfully used for mini/micro trading and it seems to be in the 85-150 range. But it's really not a factor, unless the market enters a trend in which case I would manually halt trading.
The risk/reward ratio bothers me not. I don't know how to spell "risk averse"! I'm either: (a) taking profit at 20 or (b) the trailing stop kicks in for the smaller profit. So I'm in and out at profit, maybe not for 50 pips but it's steady and consistent. This week I made 136 pips trading basically something less than three days? Doesn't pay for AvGas or JP-3 but I can live with those 136 pips. Remember...pigs get fat...hogs get slaughtered! I will continue tweaking the setup. Further, when I'm more comfortable, I can then increase the program to multiple lots with its higher margin requirements, higher negative float and most importantly the corresponding profit increase!