Another 40 pips on the GBP overnite.......1 progression on the break of a previous high at 2.0298.
Martingale, Reverse Martingale, Modified Martingale, Maths 1 reply
Semi Martingale Strategy 113 replies
How to calculate forex position sizing / lot sizing 17 replies
Martingale EA - Alternative to FXTradepro 20 replies
SWING Trades using the FXTradepro "LUCKY 7" Progression Sequence 4 replies
QuoteDislikedOk, I am going to cut to the chase here. I am a moderator as I am sure you know... This is a very nice presentation and I thank you for it... Very professional. However, Self Promotion is not allowed here at FF without prior approval from the Admin, so if this is not a promotion, that is just great and you are to be commended.. If it is a way of building a following and then charging for the services, that would be considered self promotion and would cause the thread to be deleted and the member to be banned.
I am just laying my cards out, so we understand each other I mean nothing other than that.
It would just be a shame to lead people down a path and then discontinue that.
So, do I have your assurance that this is not the case? If so, this could develop into a very interesting thread, if not, in all fairness, I do not want to waste your valuable time...
Thanks for your understanding in this,
__________________
Scott
DislikedI just received an e-mail from FXTradepro now saying he is going to have to charge everyone to use his EA as of January 1st,2008! If everybody remembered in post #36 Scott the moderator asked him this:
And he responded by saying he wasn't going to charge people for using it. I don't know about everyone else, But this has turned into an obviously blatant self promotion in my opinion.
Dan, if you feel your expenses for keeping your website running (which in not an elaborate web site by any means) warrants you charge everyone a $249.00 a year subscription fee, you can keep it to yourself. Please remove me from your FXTradepro forums and do not send me any more e-mails regarding your Ea as I will be sending a copy of this post to the moderators. I hope everyone sees what he is doing and will no longer follow his threads or visit his website.Ignored
QuoteDislikedIf it is a way of building a following and then charging for the services, that would be considered self promotion and would cause the thread to be deleted and the member to be banned.
DislikedI'm sorry but what part of this statement is not understood?
How do you think he gets members to his site, by teasing and promoting for free here, enough said.
And Timmy, I am far from a freeloader, I have paid thousands of dollars on EA's and for acct. management services over the years. The point is when someone says to a moderator he's not going to charge a fee for his EA, then invites everyone to his "private" forum then decides to charge everyone, it's the same as self promotion on this forum, plain and simple.Ignored
DislikedHi Walt,
Here are some stats to consider with your approach.
Running GBP/JPY with an SL = 25 (assuming 9 pip spread), TP = 105, and a prog level out to 24, you will have a risk of failure at 1:23, assuming you just entered randomly - which I know you are not but it does serve as a comparison since if you traded Dans progression in the exact same manner the comparitive risk is 1:66 ... which is much safer!
Conclusion - why trade GBP/JPY!!!!!!!! You are taking on nearly three times the risk than you would if you just traded using your entry method and Dans original progression sequence.
You may be making more profit since your progression requires at least twice the capital outlay compared to what Dans does - so I doubt your releative return is that much better, and any additional profit is relative to the risk you take.
If is also false to assume it is a good pair to trade because of its volatility - the brokers compensate by increasing the spread - so you have actually had to compensate for this by increasing your SL - which in turn forces you to increase your TP to get a meaningful progression sequence - and a reasonable profit curve.
So forget the idea that you are going to make more, or gain better volatility that will improve your odds. In fact you are trading with much more risk when trading the GBP/JPY and the progression sequence you suggest.
If you want to assess which pairs are best to trade- then a possible way to rank them is to look at what I call the "Risk Coefficent" (RC) - that is the Average Daily Range (over ~10 days) divided by the broker spread. The higher the RC the better the pair is to trade from a (theoretical) risk versus volatility perspective.
So for example:
Euro/USD = 70/2 = 35
GBP/USD = 150/4 = 37.5
Euro/JPY = 165/4 = 41.25
GBP/JPY = 290/9 = 32
So you can see there are probably better pairs to trade than GBP/JPY.
TimIgnored
DislikedI emphatically support Dan's efforts (pay or no pay)... I have benefited from the information shared herein.
Dan, understand that there are many of us that want this thread to continue. The information here and in the private forum is invaluable. Personally, I believe it is fair and appropriate for you to be compensated for the information provided, if that's your preference.
BTW... what are the new and improved EA features that Timmy was eluding to in an earlier post that he's assisting with?
Thanks,
WaltIgnored
DislikedWalt,
I've also done extensive research, math and backtesting on many pairs, and without going into all of the details (which include many formulas, some of which are proprietary) I can assure you that the EUR/JPY is a better pair (in fact the best pair) to trade. Tim's simple analysis is correct... no matter how you slice it, the fact is the more than double the spread of the GBP/JPY eats into your Risk/Reward ratio too much. And if you increase the t/p to compensate for it, even by only a few pips, you only increase your chances of hitting the s/l before the t/p and increase the number of progressions needed for a winning trade. In other words, trading the GBP/JPY instead of the EUR/JPY will only increase your risk of ruin. You are much better off trading the EUR/JPY or GBP/USD even though the ADR is lower. Please read my earlier posts regarding the best adjustment to the s/l and t/p on the EUR/JPY. If you insist on trading the GBP/JPY using this method, you should find a broker that offers the pair at a lower spread, preferably 5 or 6 pips.Ignored
DislikedWalt,
I've also done extensive research, math and backtesting on many pairs, and without going into all of the details (which include many formulas, some of which are proprietary) I can assure you that the EUR/JPY is a better pair (in fact the best pair) to trade. Tim's simple analysis is correct... no matter how you slice it, the fact is the more than double the spread of the GBP/JPY eats into your Risk/Reward ratio too much. And if you increase the t/p to compensate for it, even by only a few pips, you only increase your chances of hitting the s/l before the t/p and increase the number of progressions needed for a winning trade. In other words, trading the GBP/JPY instead of the EUR/JPY will only increase your risk of ruin. You are much better off trading the EUR/JPY or GBP/USD even though the ADR is lower. Please read my earlier posts regarding the best adjustment to the s/l and t/p on the EUR/JPY. If you insist on trading the GBP/JPY using this method, you should find a broker that offers the pair at a lower spread, preferably 5 or 6 pips.Ignored