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Trading aud/nzd successfully

  • #241
  • Edited 5:53am Dec 1, 2008 4:09am | Edited 5:53am
Quoting whitegoodman
according to forexfactory calendar the 25th and 26th are banking holidays
Bank holiday can be a trading day, i'm not sure when all banks go holiday except JPY is a trading day or not. I think Dec 25 is not a trading day according to 2006 and 2007. Maybe i should plan for something on that day

It's funny that 2 live account using the same thing open at the same time have so different trade level. One of the cause is "trade context is busy" OR "cannot connect to server" error OR slippage on one of them and not the other. Sometimes, it really depend on ur luck whether u get death trades or not.
  • #242
  • Dec 1, 2008 4:23am Dec 1, 2008 4:23am
Quoting forexisfx
Bank holiday can be a trading day, i'm not sure when all banks go holiday except JPY is a trading day or not. I think Dec 25 is not a trading day according to 2006 and 2007. Maybe i should plan for something on that day
ill be in Bali with 34 mates with 5 of us including myself turning 21 this month
Grabbing the bull by the horns!
  • #243
  • Dec 1, 2008 5:10am Dec 1, 2008 5:10am
Quoting whitegoodman
ill be in Bali with 34 mates with 5 of us including myself turning 21 this month
Advance Happy Birthday to u Hope u will get a BIG present from forex this month
  • #244
  • Edited 5:58am Dec 1, 2008 5:44am | Edited 5:58am
Arhh, now both of my live account go their separate ways. Same setting, open at same time but now it's totally different from each other. It might be a good idea to trade 2 or 3 account using the same thing becoz one of them will TP and the other wouldn't. Also, one of them death trades the other don't. If u try it on demo, u probably would see much of a differents becoz u wouldn't get as much trade error in demo account.

In fact, i have 3 trading account with the same setting opening at same time (2 live 1 demo), right now 3 of the accounts are totally different in terms of trade level and TP.

Having multiple accounts to trade the same thing might be a way to counter the effect of

1. "Trade context busy" error
2. "Cannot connect to server" error
3. Slippage
  • #245
  • Dec 1, 2008 5:46am Dec 1, 2008 5:46am
Quoting forexisfx
Arhh, now both of my live account go their separate ways. Same setting, open at same time but now it's totally different from each other. It might be a good idea to trade 2 or 3 account using the same thing becoz one of them will TP and the other wouldn't. Also, one of them death trades the other don't.
really? thats strange? that just due to the pace of the market?
Grabbing the bull by the horns!
  • #246
  • Dec 1, 2008 5:51am Dec 1, 2008 5:51am
Quoting forexisfx
Arhh, now both of my live account go their separate ways. Same setting, open at same time but now it's totally different from each other. It might be a good idea to trade 2 or 3 account using the same thing becoz one of them will TP and the other wouldn't. Also, one of them death trades the other don't. If u try it on demo, u probably would see much of a differents becoz u wouldn't get as much trade error in demo account.

In fact, i have 3 trading account with the same setting opening at same time (2 live 1 demo), right now 3 of the accounts are...
Since we have a stop loss on this thing there should be no death trades unless you use too big of lots or are underfunded. A death trade is when price goes outside the range of the EA and wont be coming back anytime soon or you run out of margin. With a 200 SL you wont experience a death trade just a loss. Just being a little technical here thats all.
  • #247
  • Dec 1, 2008 6:01am Dec 1, 2008 6:01am
[quote=toyoproxo;2386471]
Quoting nanningbob
This week the Reserve Banks of New Zealand and Australia, the ECB and the Bank of England are all due to make interest rate announcements and all are forecast to cut. First up is Australia on Tuesday and the consensus has it that the RBA will cut 75bps to 4.50%. New Zealand’s central bank is forecast to cut 150bps to 5.00% on Wednesday. On Thursday the Europeans step up with the Bank of England forecast to cut 100 bps to 2.00%, followed closely by the ECB with the consensus being a 50bps cut to 2.75%....

This is why this currency bounces like it does. The aud and nzd will both cut rates at the same time. How this will affect the AUD/NZD is they probably both will bounce up and down a great deal but I dont know. Just my best guess. Maybe on tues the aud will make it go up and on wed the nzd will make it go down. But we need to be careful and hour before and after these announcements.[/quote

I will live trade but will stay away from the news stories I mentioned. Just check the Forex calendar and look for AUD and NZD news that seem major and avoid them. Then I stay out of the USA session most of the time. I make enough profit from JPY open to USA open to be happy. I am not out to make a killing just a nice PT income. To me GREED is the number 1 killer in this business. We make money and then we want more. I can usually make 50-150 dollars a day using two accounts and trading .05 to .10 depending on my balance. I take my money out every 10 days to 2 weeks instead of going bigger and bigger. This way if I ever hit a bad trade day I limit my losses and I stop myself from riding a bad trade hoping it turns around. THIS IS MY BIGGEST WEAKNESS. I always think it will retrace. There are days, once in a blue moon, they dont. If I dont have a lot of money in my account I dont take that super loss. Some traders are more disciplined than I am. I use my account size and multiple accounts and different EAs to make sure I dont lose big on any one day or trade. Some days I lose money but they are never killer days.
  • #248
  • Dec 1, 2008 6:11am Dec 1, 2008 6:11am
EST be wary of these news reports tomorrow. Expecting big changes so stay clear.

8:30pm AUD http://www.forexfactory.com/images/m...mpact_high.gif Retail Sales Trend m/m


-11.2B -12.8B
11:30pm AUD http://www.forexfactory.com/images/m...mpact_high.gif Cash Rate

4.50% 5.25%
11:30pm AUD http://www.forexfactory.com/images/m...mpact_high.gif RBA Rate Statement
  • #249
  • Dec 1, 2008 9:02am Dec 1, 2008 9:02am
Update on my live account. Plus $331.00 from Tuesday Tokoyo session, trading .15 and using stock settings. Today I closed out just before the US session. With all of these news stories out this week, I may just stay away all week.
  • #250
  • Dec 1, 2008 11:23am Dec 1, 2008 11:23am
Hi All:
I am new to the thread but I have found the comments and the contributions very interesting.
I have started using the EA myself and look forward to making a valuable contribution to the thread

Thanks
  • #251
  • Dec 1, 2008 12:04pm Dec 1, 2008 12:04pm
Quoting nanningbob
I use my account size and multiple accounts and different EAs to make sure I dont lose big on any one day or trade.
If you don't mind, approximately how much money do you trade with overall, and how do you allocate your money between your EA's?

In other words, how much money do you drop into the 35X20, 100X40, etc. as a percentage of your entire bank roll. Also, how many accounts on average are you using at any given time?

Thanks Bob
  • #252
  • Dec 1, 2008 1:02pm Dec 1, 2008 1:02pm
Slightly off topic, but interesting to see what happens with pennies. I opened a $4500.00 demo account and traded the EUR/GBP at .15, and the AUD/CAD at .20 using the 35X20 settings. As "bad" luck would have it, the EUR/GBP went from a low of 8234 to a high of 8528 with hardly any retracement at all. Before I even hit the 200 pip stop, Interbank closed out most all of the trades on the EUR/GBP, and I'm sitting with a $1,000.00 loss. This is a good learning lesson as to how you can be busted out of trades even before your stop is hit, if you don't either trade low enough amounts, or have an account size large enough. Good thing this wasn't real money.
  • #253
  • Dec 1, 2008 1:14pm Dec 1, 2008 1:14pm
Not quite sure I understand, if the EUR/GBP went from 8234 to 8528 that would be 294 pips, how could you have not hit the 200 stop loss?

Quoting paradoxical
Slightly off topic, but interesting to see what happens with pennies. I opened a $4500.00 demo account and traded the EUR/GBP at .15, and the AUD/CAD at .20 using the 35X20 settings. As "bad" luck would have it, the EUR/GBP went from a low of 8234 to a high of 8528 with hardly any retracement at all. Before I even hit the 200 pip stop, Interbank closed out most all of the trades on the EUR/GBP, and I'm sitting with a $1,000.00 loss. This is a good learning lesson as to how you can be busted out of trades even before your stop is hit, if you don't...
"The market giveth and the market taketh away"
  • #254
  • Dec 1, 2008 1:38pm Dec 1, 2008 1:38pm
Quoting paradoxical
Slightly off topic, but interesting to see what happens with pennies. I opened a $4500.00 demo account and traded the EUR/GBP at .15, and the AUD/CAD at .20 using the 35X20 settings. As "bad" luck would have it, the EUR/GBP went from a low of 8234 to a high of 8528 with hardly any retracement at all. Before I even hit the 200 pip stop, Interbank closed out most all of the trades on the EUR/GBP, and I'm sitting with a $1,000.00 loss. This is a good learning lesson as to how you can be busted out of trades even before your stop is hit, if you don't...

I agree, what you are saying does not make any sense at all. .15 on EUR/GBP at stop loss would be just over $700. This would be no where near a margin call with a $4,500 account. Please clarify as this is not plausible.
  • #255
  • Dec 1, 2008 1:59pm Dec 1, 2008 1:59pm
Looking at the trades, the first trade went out at 8255, and subsequent sells went out about every 20 pips after that for 7 total trades. When it hit 8455, all 7 trades were closed at right around 8455. I thought EACH trade had a 200 pip stop, but now see that all trades close out when the first trade does.
Quoting urbanFX
Not quite sure I understand, if the EUR/GBP went from 8234 to 8528 that would be 294 pips, how could you have not hit the 200 stop loss?
  • #256
  • Dec 1, 2008 2:03pm Dec 1, 2008 2:03pm
And even less than 700 at that, Frost's formulas assume that 1 pip equals $1 which is not the case here. A stop loss here would actuall be equal to about $400 I think...
Quoting toyoproxo
I agree, what you are saying does not make any sense at all. .15 on EUR/GBP at stop loss would be just over $700. This would be no where near a margin call with a $4,500 account. Please clarify as this is not plausible.
"The market giveth and the market taketh away"
  • #257
  • Dec 1, 2008 3:22pm Dec 1, 2008 3:22pm
follkow up to my previous post. I also traded the AUD/CAD on the same demo account, and that pair was doing badly also, so I thought Interbank closed out my trades on a margin call. I learned that the EA apparently coses all trades once the first trade hits the 200 pip stop loss, which the EUR/GBP did. In tallying up the totals, I had $1,077.45 in losses, and $246.34 in wins, for a net loss on the EUR/GBP of $831.11. This is at .15 per lot. It hardly retraced at all for overe 12 hours. Will double check my figures, as the spreadsheet shows that the loss should be "only" $715.00 if stopped out using .15.
Am glad this occurred, so I can see what happens when a pair goes past it's stop.
  • #258
  • Dec 1, 2008 5:40pm Dec 1, 2008 5:40pm
Not trying to beat a dead horse, but want to post actual results for newer members (like me) that want to know what being stopped out means. I traded the EUR/GBP on demo, but the same thing could happen to the NZD/USD, and in my opinion, being stopped out is what you have to plan for--the worst case scenario. I used .15, which is the same amount I'm trading live with on the AUD/NZD, and the settings are 35X20 with a 1.6 increase each trade, and a 200 pip stop. I learned that once the first trade of seven hits the 200 pip stop, all trades are closed immediately.

Trade 1, open 8255, stopped 8455 Loss $44.81
Trade 2, open 8275, stopped 8457 Loss $65.21
Trade 3, open 8290* "" "" 8455 "" $93.93
Trade 4, open 8310 "" "" 8454 "" ""$131.20
Trade 5, open 8330 stopped 8454 Loss $181.51
Trade 6, open 8350 stopped 8454 Loss $246.20
Trade 7, open 8370 stopped 8454 Loss $314.89
Total Losses $1,077.55

*I assume with the third trade, there was 5 points slippage

There was VERY little pullback, and the total of sell wins, and buy wins was only $246.34 for eleven trades.

That makes a net loss of $831.11.

The spreadsheet shows you'd have a loss of $715.00 trading .15 with these settings. Not sure why my results were minus $831.11. I did include every single trade on this pair. All wins and all losses.
  • #259
  • Dec 1, 2008 6:00pm Dec 1, 2008 6:00pm
Quoting Lincoln10
If you don't mind, approximately how much money do you trade with overall, and how do you allocate your money between your EA's?

In other words, how much money do you drop into the 35X20, 100X40, etc. as a percentage of your entire bank roll. Also, how many accounts on average are you using at any given time?

Thanks Bob
I trade 3 accounts with IBFX. One I use my 100/40 but am only using with the slowest currencies. At present I am using it to train a friend of mine and keep a balance between 1-2000

One is my contest account, I start at 260 dollars and see what happens with the Aud/Nzd with this EA but some secret tweaks to it Dont want to give away my competitive edge. I started last month with 600 and it made money but had no chance of winning. I hit 100+% for the month and took out 500 bucks to the bank.

My last live account is my practice account where I take various EAs that were profitable in a demo account and try them live with pennies. I start at 500 and take profit when it goes over 900. Right now I am using the 35/20 but am using other currencies with it to see what happens on a live account. I took 400 profit on this account.

These accounts change with time and what is working. I am pushing my friend to get his own account at the beginning of the year so I can run all three at once. I am getting comfortable with the 100/80 staying away from the gbp crosses and trading 15+ currencies. That account will need 1-2000 to run and am testing if I can trade .05 with that amount. If not I will trade .02-.03 depending on my last round of testing.
  • #260
  • Dec 1, 2008 6:24pm Dec 1, 2008 6:24pm
Quoting paradoxical
Not trying to beat a dead horse, but want to post actual results for newer members (like me) that want to know what being stopped out means. I traded the EUR/GBP on demo, but the same thing could happen to the NZD/USD, and in my opinion, being stopped out is what you have to plan for--the worst case scenario. I used .15, which is the same amount I'm trading live with on the AUD/NZD, and the settings are 35X20 with a 1.6 increase each trade, and a 200 pip stop. I learned that once the first trade of seven hits the 200 pip stop, all trades are closed...
You have to also remember that the pip value for Eur/gbp is alot more than it is for aud/nzd in us dollars. a pip in aud/nzd is 0.53$ while eur/gbp is 1.49$
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