Why Smart Traders Watch the First Hour (Initial Balance Guide)

Quoting eadweardcap

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Hey everyone! {file}

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Quoting eadweardcap

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Hey everyone! Been a bit quiet because I've been working on a dashboard for range trading. It's a beta version and only serves as a dashboard/indicator. Haven't added options for trading. {image} The dashboard gives you an option of choosing up to 40 symbols. You can write them into the variables, BUT they need to be already in the MetaTrader's Market Watch window. Also, YOU MUST write the symbol as it appears or as your broker names them. Example, if your broker labels the S&P 500 as "US500" do not type "USPX500". In the variables, for each symbol...

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Quoting eadweardcap

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Hey everyone! I've taken @TheCableMan's advice and created a thread specifically for the dashboard. Go check it out, I've made a few changes since yesterday's beta version and I'll be sharing any updated versions on that thread. Here's a sneak peak at how the latest version of the dashboard looks like {image} And here is the new thread for you guys to follow: https://www.forexfactory.com/thread/...5#post15685475

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Quoting driven18

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{quote} Let me try one last time..just because you are doing things that in no way will help you to achieve success. Stop wasting your time with this TMI. It is nice and pretty and something that is achievable to you but meaningless for trading success. Concentrate on studying statical advantage of Money Management and how to control your MindFuck to get to the full TP of each trade. I do not want to post additional trades, there are plenty of my trades in this thread. Up for the year over 50% only trading Dow Futures. I am done on that subject...

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Quoting eadweardcap

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Today's trades. Only Dow Jones and S&P500. I had some problems with the VPS didn't think the trades were taken, came back later and opened MT5 with the EA still on and triggered positions again. Closed those quickly as soon as they broke even. {image}

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Quoting valabule12

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{quote} What VPS hosting did you use?

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Quoting paulakins

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{quote} Yeah I’ve looked at Initial Balance stuff before. On paper it sounds clean, first hour range sets the tone, breakout or fade, all that. But in real FX it’s messier than the theory suggests. Honestly did not expect this to work when I first tried adapting it after eating losses on two other “structured” systems. The London open range can be useful as a reference, especially on pairs like GBPJPY or EURUSD, but too many times the “conviction breakout” just gets chopped up by stops and then reverses. Narrow IB days especially, they tease expansion...

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Quoting Danger-Mouse

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{quote} Ah, costs should definitely be added in I'd say. It can make a HUGE difference to the profitability, especially in a system that has a large amount of trades with a very small average pip win size. you can ask Claude to factor spread in and ask it to add the roundtrip cost (in term of pips too if u want to keep money out of it) Oh..and back to the stupid daylight saving nonsense. I forgot, but my platform is usually UK+2 hrs (which is EST+7..which gives a midnight close for NY and avoids a Sunday bar). Well, now it adjusts to UK+3 ...

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Quoting Feraas

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{quote} Really interesting thread and the remote desktop workaround for Monte Carlo runs is genuinely clever thinking. On the spread and commission question the short answer is yes you should absolutely factor them in even when tracking pips rather than actual money. The whole point of backtesting is to simulate what would have happened in real trading conditions and spread plus commission directly affects whether a trade is actually profitable or not. A strategy that looks great in raw pips can completely fall apart once you account for a 2 pip...

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