Updated- 10/22/08
OUCH!!!
After being up to just over $2,400 on Friday, I lost quite a bit Monday and Tuesday. About $1300. This is due to me greedily trading too many pairs and recklessly letting them trade without any oversight. When a pair fails to retrace, this is what happens. I'm still up $92 from my start date (since I withdrew $925 a few weeks ago). That's about 5% growth over about 30 days. Not great at all but I could have done a LOT worse.
It hurts, but here is the honest truth:
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UPDATE:Live (well, updated every 5 minutes anyway), up to date chart can be seen here
(I do not sell or promote anything there, it's just a chart. The graph is shown above. No need looking at the chart unless you want to see the current trading balance and you love numbers. I'm doing it this way because MT4 auto-updates this chart so I can't hide any failures and it saves me about 15 minutes a day and I'm super lazy
)
==================================
Based off the EA provided by nanningbob in this thread:
http://www.forexfactory.com/showthread.php?t=59775
(On page 57 for the super lazy)
I started using the EA on a micro account with $1992.43 (after I had screwed around a little, down from $2000). I don't care if you know how much is in the micro account, 2k is nothing to brag about. The purpose of this thread is to update 100/40 fans on what it looks like trading live with it. The first 12 hours or so, I traded with EURUSD, USDCAD, and EURJPY. I was actively monitoring the trades to kill off 'death trades' and I eventually dropped EURJPY for USDCHF. I also traded the first week with 0.1 lot sizes on:
EURUSD
USDCAD
USDCHF
I am now running the following 8 pairs:
EURUSD
EURGBP
EURCHF
EURJPY
GBPUSD
GBPJPY
USDCHF
CHFJPY
I run them with 100/40 on default settings except for a lot size of 0.01.
I also run the same 8 pairs with bastardv03, with AWE turned ON, and a lot size of 0.01
Bastardv03 is my modified version of 100/40 and it works the same way, it just has a few more options and when AWE is turned on, it uses my AWE method to decide if it should buy or sell instead of the daily MA's that the 100/40 uses. You can learn more about AWE here
My results are my results. Don't expect me or yourself to get rich doing what I'm doing. Always use cation, coffee may be hot, sharp edges may cut you, not intended for children under age 3, watch for falling rocks and don't sue me.
To keep things simple for me, I will no longer post daily stats at the bottom of the thread. I will update weekly at the top and the chart will always be live. Also, you can view my live stats page posted on this thread.
At the request of some, here are the quotes from Nanningbob (posted with his permission). I will later edit these to make them easier to understand.
One of the main differences from nanningbob's use of the system and mine is that I tend to let the EA run all day and all night, only closing it on Fridays (manually, not using the Friday option in the EA).
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Semi-Daily Summaries:
============================
Stopping with the daily tally as I have been rather busy. However, you can still see the live chart above or by clicking here.
I try to keep the chart showing the most current 7 days of activity.
OUCH!!!
After being up to just over $2,400 on Friday, I lost quite a bit Monday and Tuesday. About $1300. This is due to me greedily trading too many pairs and recklessly letting them trade without any oversight. When a pair fails to retrace, this is what happens. I'm still up $92 from my start date (since I withdrew $925 a few weeks ago). That's about 5% growth over about 30 days. Not great at all but I could have done a LOT worse.
It hurts, but here is the honest truth:
Inserted Code
Total Running Live Time: 28 Trading Days Initial Investment: $1,992.43 Profits Taken (w/ cost): $925.00 Current Value: $1,159.43 Avg Daily Profit: $3.29 Total Closed Profit: $92 Total Growth: 5%
------------------------
UPDATE:Live (well, updated every 5 minutes anyway), up to date chart can be seen here
(I do not sell or promote anything there, it's just a chart. The graph is shown above. No need looking at the chart unless you want to see the current trading balance and you love numbers. I'm doing it this way because MT4 auto-updates this chart so I can't hide any failures and it saves me about 15 minutes a day and I'm super lazy
)==================================
Based off the EA provided by nanningbob in this thread:
http://www.forexfactory.com/showthread.php?t=59775
(On page 57 for the super lazy)
I started using the EA on a micro account with $1992.43 (after I had screwed around a little, down from $2000). I don't care if you know how much is in the micro account, 2k is nothing to brag about. The purpose of this thread is to update 100/40 fans on what it looks like trading live with it. The first 12 hours or so, I traded with EURUSD, USDCAD, and EURJPY. I was actively monitoring the trades to kill off 'death trades' and I eventually dropped EURJPY for USDCHF. I also traded the first week with 0.1 lot sizes on:
EURUSD
USDCAD
USDCHF
I am now running the following 8 pairs:
EURUSD
EURGBP
EURCHF
EURJPY
GBPUSD
GBPJPY
USDCHF
CHFJPY
I run them with 100/40 on default settings except for a lot size of 0.01.
I also run the same 8 pairs with bastardv03, with AWE turned ON, and a lot size of 0.01
Bastardv03 is my modified version of 100/40 and it works the same way, it just has a few more options and when AWE is turned on, it uses my AWE method to decide if it should buy or sell instead of the daily MA's that the 100/40 uses. You can learn more about AWE here
My results are my results. Don't expect me or yourself to get rich doing what I'm doing. Always use cation, coffee may be hot, sharp edges may cut you, not intended for children under age 3, watch for falling rocks and don't sue me.
To keep things simple for me, I will no longer post daily stats at the bottom of the thread. I will update weekly at the top and the chart will always be live. Also, you can view my live stats page posted on this thread.
At the request of some, here are the quotes from Nanningbob (posted with his permission). I will later edit these to make them easier to understand.
My EA is based on a different form of trading. I trade within a 3-400 pip range on all currencies. That means as long as from the first entrance (level 1) until level 8 (8x40) My EA can make a profit. Every time you enter a new level it multiplies the pip factor by 1.5 every 40 pips. This multiplication allows each level to make more money than the previous level so when it profits the winners are bigger than the losers and you make a profit. Once you get to the 3-400 pip from the first level you face what I call the death trade. That means price is going outside the range of the EA. In almost all cases this will not happen in one day (except the GBP/JPY and GBP/CHF) At that point you are looking for some kind of retracement to get out of the trade at a small loss. The reason we only go 8 levels deep is we never let the losing trade get so big so as to wipe out your account. (a common feature of martingale trading, in other words, never let your loss get big) We believe in trading this way the winners will far outweigh the losers and will show up as a steady profit rise with an occasional loss dip. Our form of profit is measured not by pips but by percentage of account increase. The biggest problem faced by traders using this is when to get out. This knowledge can only be gained by live demo trading, you need to learn the following skills to successfully trade thits system
1. Learning to recognize and take a loss. The EA will handle the winners, you need to only protect yourself from the big loss.
2. Big losses are avoided by learning to read support and resistance lines on a 4H or 1D chart. This involves waiting for the bounce off the lines to lesson your losses or cutting your losses if the lines are broken.
3. Learning to recognize truly big news stories and getting out or closing all your trades so you have the full 400 pip protection range of the EA.
4. Not trading over the weekend if at all possible because of gaps in price when monday hits. These gaps are caused by weekend news stories that will affect the market. Last monday some currencies gapped over 500 pips off of the fannie mae, fannie mac stories.
5. This EA is based on two fundamental principles of forex
A. Price always retraces, it never always goes up and it never always goes down. Retracements make you profits or lessen your losses to small amounts.
B. The maximum amount a currency will move in a day is limited to less than 400 pips. Most currencies will move 75 to 250 pips in a day (except the GBP/JPY and GBP/CHF) and it takes a news story of huge proportions to change other wise. (See my 7 year currency facts for specific info)
6. The EA follows the daily trend based on a 1MA crossing a 1MA shift over 1 or a 2 MA crossing a 1MA.This allows you to follow long runs successfully but also turns the directions quickly if the market changes direction during the week.
This system is not a true martingale system but has been greatly modified to prevent the death trade. I call it Modified martingale or Phasing in trading. Phase trading is used by the large professional traders. They do not enter a market with 100,000 lots at once but enter in phases as they follow the fundamental trends of a market. They also dont use 20 pip stop losses. If price goes against them they enter more lots. If price goes with them they will enter more lots.
Since we dont have the millions or billions they have we use pennies, nickels and dimes. Using small amounts helps prevent large losses and spreads the risk over many currencies. This is a common tool of investors in every kind of investment portfolio. It is surprising to see traders putting all their eggs in one basket. ie one currency.
So how do I trade. My typical day starts around the JPY open and I try to close in profit during the EURO (most often) or the USA session. Sometimes I will ride the EA for two days or more depending on circumstances and the market. I do not follow each individual currency but the overall profit or loss of the entire trade package. If I see profit in my closed trades and the open ones are profitable or small loss I will close for the day and reopen the next day at the JPY session. This is not a hard rule but one that fits my lifestyle best.
Attached is the EA I used on the chart above. It is the 100 take profit reenter every 40 levels, multiplication factor 1.5, and the last reentry is at level 8. It is my most tested and reliable EA. It has passed the test of the interest rate moves of March and April. The price drops of the GBP and EUR and survived the big jumps in the JPY when the prime minister resigned. I have 3 times now doubled the account from 3000 to 6000 and I have never wiped it out on a death trade. A little tender care and it works.
============================
Semi-Daily Summaries:
============================
Stopping with the daily tally as I have been rather busy. However, you can still see the live chart above or by clicking here.
I try to keep the chart showing the most current 7 days of activity.
