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Trading aud/nzd successfully

  • #201
  • Nov 30, 2008 12:25am Nov 30, 2008 12:25am
Quoting paradoxical
Verto, are you not altering the system if you close out early?
nah, there is an ebb and flow of market that aud/nzd has and sometimes the tide just doesn't come in far enough to hit tp.

It takes practice... Bob closes and doesnt trade during US session, i close out deep levels sometimes when i don't like the movement of the pair. There isn't all THAt much difference between the two. Like i said before even with an EA doing most of the work it still is discretionary trading and that is why people won't always have the same amount of success.
  • #202
  • Nov 30, 2008 2:27am Nov 30, 2008 2:27am
Quoting urbanFX
Hey guys,

Wonder if you could answer something for me quick. Gonna open a live account with IBFX, is their mini account @ 400:1 the right account? Not too worried about the leverage, just making sure that it's the pennies account.

Thanks,
Stuart
I believe with IBFX you start at 200:1 and you have to fill out and submit paperwork to change to 400:1. That is how I did it. I am in Shenzhen now and will return to Nanning late tonight. I hope to catch up on the thread.
  • #203
  • Nov 30, 2008 2:30am Nov 30, 2008 2:30am
Quoting forexisfx
Don't be disappointed becoz u are looking at the wrong thing.

The actual top 5 is

1. Xaej 1708.5385%
2. PipSnatcher 703.4458%
3. Nothing 596.9781%
4. luckygirl 435.8058%
5. Steve4 428.3473%

The one u post is Nov 2007. I hope u will feel better when u look at this

It looks like is not as easy as I think to win it.
Whewwwwww I didnt want to jump off the bridge here in HK anyway.
  • #204
  • Nov 30, 2008 2:39am Nov 30, 2008 2:39am
Quoting nanningbob
Whewwwwww I didnt want to jump off the bridge here in HK anyway.
It is kinda crazy if you compare those results from the top 5 from just a year ago to today's though.
  • #205
  • Nov 30, 2008 2:44am Nov 30, 2008 2:44am
Quoting stevegee58
Speaking of which (i.e. understanding the system), has anyone here summarized the system in an English-language form? I can go through the EA but I'm a lazy bastard; plus, as a software professional I know that the code may have extra stuff in it that might be a distraction from the core system concepts. The OP has already said that there's left-over code in the EA for processing some indicator (stochastics?) that isn't used any more.

A quick explanation is really all that's needed.
I will try. We use a martingale type stystem but not the real thing. Martingale was a betting system where you double your bet until you win and then get all your money back plus make a profit. The problem of using it in trading is you never have enough funds to cover all the trades, so you wipe out your account (we call this the death trade). What I have done is modified it by lowering the multiplication and use pennies so you can trade it using small sums of money. So with martingale you would trade 2x everytime with mine it is 1.2x - 1.6x (depending on which EA of mine you use). Then I modified the program to trade in both directions at the same time, so no matter which direction price moves you profit and the other direction reenters with a bigger amount so when price retraces you profit. This works absolutely great as long as you stay between the EA range. This EA ranges between 200 pips and as long as price bounces up and down between 200 pips you are always winning. This EA has a stop loss at 200, 210?? (not home and cant remember) so you will never reenter enough times or at a big enough multiplication to wipe out the account. Finding currencies that stay between the 200 pip range is the difficult part and the AUD/NZD is a perfect fit for now. SO you profit both directions as price bounces and you have a protective stop loss at 200. The Aud/Nzd except in rare cases always reverses with in a 200 pip range. That is the beauty of it. I hope that simplifies it for you.
  • #206
  • Nov 30, 2008 2:50am Nov 30, 2008 2:50am
Quoting nanningbob
I believe with IBFX you start at 200:1 and you have to fill out and submit paperwork to change to 400:1. That is how I did it. I am in Shenzhen now and will return to Nanning late tonight. I hope to catch up on the thread.
I had to do that as well, but I checked in on it recently and now you can actually select a 400:1 account on signup. They just changed it to give you the option of choosing 400:1 leverage on signing up now.
  • #207
  • Nov 30, 2008 4:11am Nov 30, 2008 4:11am
I'll be going on Vacation myself in a few days. I'm contemplating leaving the system running (weekends and all!) while I'm gone for two weeks, not checking it or anything. I mean heck, It's only a few hundred bucks and I'm spending much more than that on vacation. Either I make money or I lose it, either way, no big deal.

right?
  • #208
  • Nov 30, 2008 4:38am Nov 30, 2008 4:38am
Quoting FrostCall
I'll be going on Vacation myself in a few days. I'm contemplating leaving the system running (weekends and all!) while I'm gone for two weeks, not checking it or anything. I mean heck, It's only a few hundred bucks and I'm spending much more than that on vacation. Either I make money or I lose it, either way, no big deal.

right?


That is what I call a fruitful holiday, making profits while having a holiday. Hope you have some great inspiration while enjoying the scenery!

I wish you a Good Holiday.
  • #209
  • Nov 30, 2008 4:40am Nov 30, 2008 4:40am
Quoting FrostCall
I'll be going on Vacation myself in a few days. I'm contemplating leaving the system running (weekends and all!) while I'm gone for two weeks, not checking it or anything. I mean heck, It's only a few hundred bucks and I'm spending much more than that on vacation. Either I make money or I lose it, either way, no big deal.

right?
Yeah, gamble it out ! Double/Triple or Nothing !

I think the chances of AUDNZD going back to Oct range is unlikely unless something BIG happen for the first time. Since many things has happened for the first time (first time since donkey years ago) during this few month, nothing new gonna happen at least for Dec. The market wouldn't panic like what it used to be in Oct. Every time a big move comes consolidation period, we might just be in one starting last week (or isit becoz of the USA holiday) ? We will find out this week to see if AUDNZD goes out of 200 - 250 high/low.
  • #210
  • Nov 30, 2008 4:43am Nov 30, 2008 4:43am
Quoting FrostCall
I'll be going on Vacation myself in a few days. I'm contemplating leaving the system running (weekends and all!) while I'm gone for two weeks, not checking it or anything. I mean heck, It's only a few hundred bucks and I'm spending much more than that on vacation. Either I make money or I lose it, either way, no big deal.

right?
Except the Aud/nzd does gap pretty good over the weekends. If you could work your way around that it might work???? Good luck. I hope to take a vacation soon, the trip to HK was an educators conference and ended up more work than play. Going to Victoria Peak is a great view. Had Bubba Gumps Shrimp shop on top.
  • #211
  • Nov 30, 2008 4:51am Nov 30, 2008 4:51am
Quoting nanningbob
Except the Aud/nzd does gap pretty good over the weekends. If you could work your way around that it might work???? Good luck. I hope to take a vacation soon, the trip to HK was an educators conference and ended up more work than play. Going to Victoria Peak is a great view. Had Bubba Gumps Shrimp shop on top.
Nice. I wanna take an overseas trip too when i make enough money on forex. Planning to go HK, been there once and I like it very much.
  • #212
  • Nov 30, 2008 7:48am Nov 30, 2008 7:48am
Thanks Bob, you're a gentleman.

There are several other systems like this floating around; they all attempt to ameliorate the effects of hitting the stop after a string of increasing bet sizes. It's risky, but if you want to aggressively build up an account, it's manageable.

Still, there's always that possibility that you'll wipe out but that's true for any system after a run of bad luck.

SG

Quoting nanningbob
I will try. We use a martingale type stystem but not the real thing. Martingale was a betting system where you double your bet until you win and then get all your money back plus make a profit. The problem of using it in trading is you never have enough funds to cover all the trades, so you wipe out your account (we call this the death trade). What I have done is modified it by lowering the multiplication and use pennies so you can trade it using small sums of money. So with martingale you would trade 2x everytime with mine it is 1.2x - 1.6x (depending...
You are in a maze of twisty little passages, all alike.
  • #213
  • Nov 30, 2008 8:15am Nov 30, 2008 8:15am
This is not a true Martingale sysytem, and the good thing about it is that you can use the settings on the spreadsheet to determine what your loss in dollars will be on stop out. At .05, it would be $240.80. If someone has a $4,000.00 account, that's 6%, and a very reasonable risk to potential reward.
Quoting stevegee58
Thanks Bob, you're a gentleman.

There are several other systems like this floating around; they all attempt to ameliorate the effects of hitting the stop after a string of increasing bet sizes. It's risky, but if you want to aggressively build up an account, it's manageable.

Still, there's always that possibility that you'll wipe out but that's true for any system after a run of bad luck.

SG
  • #214
  • Nov 30, 2008 9:27am Nov 30, 2008 9:27am
i have a spread of 20 pips on the AUD/NZD , has anybody tried the 35x20 on that type of account?
or should i try to change the settings some?

The problem is that on the demo-account they only have like 12 pips spread so i cant really test it out exept on my live account...
  • #215
  • Nov 30, 2008 1:39pm Nov 30, 2008 1:39pm
I may monitor my progress and use VNC to login from the cruise, but I honestly would rather just fire and forget. I don't want to be worrying about it the entire time I'm trying to relax in the Caribbean. I really have no problem loosing all of that money so this is more of a testing scenario than a 'gamble'. In fact, I expect to lose it all while I am gone. But the testing data will be invaluable.
  • #216
  • Nov 30, 2008 3:05pm Nov 30, 2008 3:05pm
Quoting snorbroms
I have a spread of 20 pips on the AUD/NZD , has anybody tried the 35x20 on that type of account?
Should i try to change the settings some?

The problem is that on the demo account they only have like a 12 pips spread so i cant really test it out except on my live account...


Change brokers, this sounds like you are using Alpari. I would go with Interbank Fx which has a lower spread (14 pips) and smaller lot sizes.
  • #217
  • Nov 30, 2008 4:56pm Nov 30, 2008 4:56pm
Quoting FrostCall
I may monitor my progress and use VNC to login from the cruise, but I honestly would rather just fire and forget. I don't want to be worrying about it the entire time I'm trying to relax in the Caribbean. I really have no problem loosing all of that money so this is more of a testing scenario than a 'gamble'. In fact, I expect to lose it all while I am gone. But the testing data will be invaluable.
Well last week the high/low was just over 200 pips so you have a good chance.
  • #218
  • Nov 30, 2008 5:14pm Nov 30, 2008 5:14pm
Quoting FrostCall
I may monitor my progress and use VNC to login from the cruise, but I honestly would rather just fire and forget. I don't want to be worrying about it the entire time I'm trying to relax in the Caribbean. I really have no problem loosing all of that money so this is more of a testing scenario than a 'gamble'. In fact, I expect to lose it all while I am gone. But the testing data will be invaluable.
Have you had a look at all the news announcements this week? I am trying to be clever and work around announcements but there is hardly a 6 hour window available to trade.
  • #219
  • Nov 30, 2008 7:12pm Nov 30, 2008 7:12pm
Quoting FrostCall
I may monitor my progress and use VNC to login from the cruise, but I honestly would rather just fire and forget. I don't want to be worrying about it the entire time I'm trying to relax in the Caribbean. I really have no problem loosing all of that money so this is more of a testing scenario than a 'gamble'. In fact, I expect to lose it all while I am gone. But the testing data will be invaluable.
Test the EA to the limit. Please let us know how it goes.
  • #220
  • Nov 30, 2008 7:23pm Nov 30, 2008 7:23pm
I may run things at just a tad bit higher than a 150 spread. I'll be here until Wed, playing with things to see how they go.
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