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Nanningbob 60x90 EA

  • #3,521
  • Edited 11:07am May 6, 2010 10:37am | Edited 11:07am
Quoting fx_mak
Has someone implemented a limit order on the sixth EA?
First, I'm curious as to how limit orders would have helped... second, I believe a limit order feature is already built in... check the inputs.
  • #3,522
  • May 6, 2010 10:50am May 6, 2010 10:50am
Quoting nanningbob
OK I am done with a USA broker I think. What you could do is just hedge the whole mess and wait for the market to settle. Whoever thought hedging was bad is an idiot. This is a perfect time for a hedge, walk away and come back next week and trade your way out.
Bob, I use ATC Brokers. They are an ECN but they've managed to wire their platform so that you can put in orders with SL and TP--basically all your robots run perfectly. AND they allow hedging.

But how would hedging work here? Would it replace the recovery system entirely? I've thought about opening a contrary order the size of all the previous lots when the price reaches what would be the 4th level, but aye, the margin!

Quoting nanningbob
Because we cant do this we are looking at a losing situation. I closed out my NZD trades and will look for a CHF end of week reversal. This will keep my losses at about 15% of my account. Much different than the guys playing the 30M wipeout game. Too many currencies to play the 2.4.2 system with. I will play the CHF. I wish I could hedge and come back next week. It would be so much easier.
Sorry to hear about your losses. I've been fortunate enough to close out some crappy trades at opportune times and the damage to my account has been minimal so far--3.5% this week. AUD/NZD is still open for me, however, and as it stands would take another 6-7% if i closed now.

Are you planning on holding any of your trades through NFP tomorrow?

-J
  • #3,523
  • May 6, 2010 11:46am May 6, 2010 11:46am
is there an upgrade for the sixth EA so it would take data straight from the indicator without having to insert anything besides lot size manually ? There have been quite a lot of contributions here, which makes this thread one of the best i have found, but it also got me confused.. what EAs do you guys use most successfully now ?
  • #3,524
  • May 6, 2010 12:14pm May 6, 2010 12:14pm
I think successful is not the right word for this week, this week is all about damage control.

I've been using "Sixth Screen EA V3.2z", which doing fine until this week. It has the indicator included into the coding so it is easier to work with and it draws faster. There was still discussion going on about the exact placing of the lines in this version until current events took over the thread.

Perhaps this is a good time to look at a overhaul of the EA's coding. I'm finding it quite difficult to get into because of it's current structure and multi lingual comments. Perhaps a modular system could work?
  • #3,525
  • May 6, 2010 12:43pm May 6, 2010 12:43pm
Ok, so my first day has been a doozy with the EA! Wow... Awesome.

All-n-all though, not bad (sim) and some errors using the latest from Bob.

IMO, this is a typical move every 2/3 months produces and you have to be willing to give back some of those 'easy' returns.

Had I not closed the EA and opened it back up and it not doubled my entries, I would be doing not too bad today. Down about 2% on equity.

Still, I can see how this works amazingly well in a ranging market. I think the key like Bob said is to sit on the sidelines on big news days. I purposely want to experience these days now and enjoy them as they are great to test you.



P.S. the manual system is much better for the trends, but probably maybe not as profitable as the EA on a tight ranging market? Just started that one as well and really like it.
We are our own best indicator.
  • #3,526
  • Edited 3:10pm May 6, 2010 2:17pm | Edited 3:10pm
It's days like this that makes a new-ish trader like me think he's chose the wrong line of work.

I'm currently locked out of my platfrom; the backend looks like my broker closed all the open trades, which would be a huge loss for me. This is absolutely amazing.
  • #3,527
  • May 6, 2010 4:11pm May 6, 2010 4:11pm
Jay,

I can tell you something that I can hear from your post. A lot of emotion.

I too suffer from that or did, and that is something I would work on more than any technique. Your emotional/spiritual well being while trading is more important than anything.

That, and having lots of extra money and income from some other source to refill your account!

Anyone can trade. Only the few have the 'control' over their emotional well being enough to actually profit and profit well! Now, I am not an expert, not a salesmen and just sim forex after huge losses myself.

Just trying to help you see something that you may not see...

I trade futures and it is a different beast entirely and work in small time frames so emotions are ultra-importante!
We are our own best indicator.
  • #3,528
  • May 6, 2010 4:28pm May 6, 2010 4:28pm
Now that is what I call a super news story. I survived because:

 

  1. I used small lots
  2. I go only 2 or 3 levels deep.
  3. very discouraging not to hedge your trades and ride it out.
  4. I will be leaving IBFX because without hedging you cant protect your account during super news stories.
  5. I am closing all my trades after the Japan session. I am hoping the news retracement will bring my DD to a more acceptable losing position.
  6. Indicators are useless in super news stories
  7. I see the market being news driven for weeks or even months to come.
  8. Europe is in serious trouble: not only Greece, Spain, Portugal etc. but also England and Eastern Block countries are way over their heads in debt.
  9. I am not a news trader and without hedging I cant protect myself.
  10. So I will close my accounts and see if I can find a broker I like.

Until the markets return back to normal range trading is very difficult to do because the market will constantly go outside the range.

  • #3,529
  • May 6, 2010 4:31pm May 6, 2010 4:31pm
Hi all,

Well, I went full throttle into the storm on a sim account and I am impressed. I am not sure days get much worse then this one in the sense of losing it all.

I accidentally stopped my MT4 before the big drops, restarted it which doubled up on the bad trades. Even so, using a 10K account (I would trade at least 5-6 times larger considering the size of my purchases) and I am only down 60% of my account.

My previous system where I lost about 60K would have drained me instantly, so this was awesome in my opinion. If you could somehow combine this with a system like "chutes and ladders" where it does very well in trending market, then I think you have a great way to mitigate the bad days on trends. Either way, still pretty darn good!

Great work and for days like this it is my belief that you just stay out or you ride the trend...

Oh, and here is the MT4 of this account, will put it on my sig now as well: http://www.mt4stats.com/sig1/bluemele2.gif
We are our own best indicator.
  • #3,530
  • May 6, 2010 6:04pm May 6, 2010 6:04pm
Quoting jay320
It's days like this that makes a new-ish trader like me think he's chose the wrong line of work.

I'm currently locked out of my platfrom; the backend looks like my broker closed all the open trades, which would be a huge loss for me. This is absolutely amazing.
The only reason I can think of is that you have over leveraged your account and there was not enough margin to cover your positions. Unfortunately, some new-ish traders forget about the margin rules.

The good news for BOB and other American friends is that a major american company forex.com opens accounts in theUK for US citizens who are suffering under no hedge NFA rules. Here is a partof my chat with them just few minutes ago:

you: My questions is because they are resident outside USA can they open an account with forex.com UK to be eligible for FSA rules

James D: Yes we are apposed to the rules as well, and have attempted to lobby against it.

James D: You can open an account under our UK subsidiary.

you: Thanks James so to be completely clear. A US CITIZEN LIVING OUTSIDE USA can open an account with GAINCAPITAL UK.

James D: US Citizens who live in the US, can also open UK based accounts.

you: That is very useful information. Thanks for your help. I will copy and paste our chat in our thread. Thanks and good bye.

I hope this helps. The only draw back for BOB is that they do not have penny accounts minimum is 10 cents. However, since his lots are 5 cents he may consider increasing in order to be able to hedge.

kind Regards.
P.S. I am in no way connected with forex.com. I have accounts with forex.com and ibfx.com. I used to have accounts with fxcm and fxdd as well as a number of other brokers, however, I have closed those and only trade with the 2 brokers mentioned above. You have to judge and decide for yourself.
  • #3,531
  • May 6, 2010 7:10pm May 6, 2010 7:10pm
Blue,

Thanks for the support, although truly I was writing more in amazement than emotion. The damage to my account wasn't bad at all, perhaps a few hundred dollars; however, the damage to my confidence in being able to trade as a full time job is greater, especially considering how much I agree with bob's assessment that the market will be news-driven over the short term.

-Jay
  • #3,532
  • May 6, 2010 9:54pm May 6, 2010 9:54pm
Quoting jay320
Blue,

The damage to my account wasn't bad at all, perhaps a few hundred dollars; however, the damage to my confidence in being able to trade as a full time job is greater,
-Jay
Unfurl your sails when the sea is calmer again. remember that we are passing through very turbulent times and things will remain like this forever and this method is not suited in times like these. Let not the experience leave a permanent scar or else the fear will cripple you forever, till you become an ocean liner.
"Put all your efforts in becoming effortless"
  • #3,533
  • May 7, 2010 7:21am May 7, 2010 7:21am
Sorry to hear your account got into trouble Jay. The reason that this system was so good is that the market ranges about 70% of the time and at those times it's profitable. Now we're in the other 30% and we should stay out.

I think the main challenge for us is to find a way to deal with times like this so we can save our accounts/profits so we are in good shape to continue to trade when the market starts to range again.

Bob, how's your trend trading system doing? This might be a good time to work on that?
  • #3,534
  • May 7, 2010 9:28am May 7, 2010 9:28am
Quoting MorningMania
Sorry to hear your account got into trouble Jay. The reason that this system was so good is that the market ranges about 70% of the time and at those times it's profitable. Now we're in the other 30% and we should stay out.

I think the main challenge for us is to find a way to deal with times like this so we can save our accounts/profits so we are in good shape to continue to trade when the market starts to range again.

Bob, how's your trend trading system doing? This might be a good time to work on that?
Hi guys,

Can you explain to me how you 'know' that the system will be "news driven" for 'x' long etc...?

I am very much interested to learn this as I think I could use this to make some big $$$...

Surely there is a way to take advantage of 'news driven'. The way I think about it is like this. You can build a car for the highway, and you can build a car for the highway with snow!

Or, you can build both. Maybe it isn't the best in the snow, but because it has AWD, then it can handle as well due to the increased weight. And, because it has AWD, maybe it isn't as good in the snow as say a big monster 4X4 truck!

Or, like you say, put it in the garage all winter (unless you live in Hawaii) and buy two cars? Or just don't drive..

Smaller time frames seem to be great on 'news' in my opinion. That is how I make money in futures, but when it gets squirrely, then I can't trade and really want something good in any market under 'most' conditions. I wouldn't give up on this quite yet. Considering the circumstances, I think this system fared pretty well.

Another point is I will try and hit a pivot (futures) on trading smaller time frames. Will get stopped out 3 times, and then I will watch it pivot and run like crazy.

My point is like the NB 4H simulator (EA) that I am running it was down 70% yesterday, and ONLY down 30% today (made 40% back!). Everyone left the market in 08', THEY MISSED THE BEST INVESTING PERIOD.

And for some reason I figured out a way to lose 60K in currencies (hadn't traded them before) within a few months!

I hope this isn't taken as offensive, but just trying to learn and make a point at the same time. I hope everyone does spectacular no matter what!
We are our own best indicator.
  • #3,535
  • May 7, 2010 10:22am May 7, 2010 10:22am
well, "several months" is just a guess. We don't know when things will quiet down. "Normal" big news stories usually play out in a few days or hours, for instance a change in interest rate. So you just wait for a few hours or a day and you're good to go again. This news is different because there is a lot of uncertainty. This doesn't mean you can't use a system, it just involves a lot more risk...
  • #3,536
  • May 8, 2010 5:58am May 8, 2010 5:58am
Morning Mania great read and comment on the market. Thanks. Also this:

Even if the indicators say so dont do sells/buys against the USD

NEW YORK, May 7 (Reuters) - Currency speculators increased
bets in favor of the U.S. dollar to the highest since the
launch of the euro in 1999, a currency strategist said on
Friday, citing data from the Commodity Futures Trading
Commission. The value of the dollar's net long position totaled about
$23.3 billion in the week ended May 4, compared with a net long
of $16.24 billion the previous week, according to CFTC and
Reuters data.
  • #3,537
  • May 8, 2010 9:59am May 8, 2010 9:59am
Hi Bob,

Thank you for the great thread and the educational postings on forex. Much appreciated. It is a jungle out there but thanks for pointing out the pitfalls.

Here is a little programme written and freely shared by Totum Sukopratomo on another thread. I am posting it as it might appeal to the short time framers here who follow Bob's strategy of retracements and want to experiment with retracements during the day.

Just give it a run of the five minute eur usd test over say the past three months, note does not look good on anything other than eur usd. It has an interesting feature of a tp based on currency profit rather than pips, so you can specify a tp of say 10 eur. Works on the fact that there are many 10 pip retracements in Eur during the day.

Best regards,
Attached File(s)
File Type: mq4 swb grid 4.1.mq4   12 KB | 402 downloads
  • #3,538
  • May 8, 2010 2:31pm May 8, 2010 2:31pm
Quoting pipernet
Hi Bob,

Thank you for the great thread and the educational postings on forex. Much appreciated. It is a jungle out there but thanks for pointing out the pitfalls.

Here is a little programme written and freely shared by Totum Sukopratomo on another thread. I am posting it as it might appeal to the short time framers here who follow Bob's strategy of retracements and want to experiment with retracements during the day.

Just give it a run of the five minute eur usd test over say the past three months, note does not look good on anything other than...



wow.. I like the straight line of profits on the backtest have you used it on a live account?
  • #3,539
  • May 8, 2010 11:51pm May 8, 2010 11:51pm
Quoting nanningbob
Even if the indicators say so dont do sells/buys against the USD
Only USDJPY should be ok. Among other pairs, probably, EURGBP, AUDCAD, AUDNZD to some extent should be tradeable in the near future. Even CHF pairs have gone crazy..
"Put all your efforts in becoming effortless"
  • #3,540
  • May 9, 2010 7:33am May 9, 2010 7:33am
Quoting pipernet
Hi Bob,

Thank you for the great thread and the educational postings on forex. Much appreciated. It is a jungle out there but thanks for pointing out the pitfalls.

Here is a little programme written and freely shared by Totum Sukopratomo on another thread. I am posting it as it might appeal to the short time framers here who follow Bob's strategy of retracements and want to experiment with retracements during the day.

Just give it a run of the five minute eur usd test over say the past three months, note does not look good on anything other than...
Wow is right. This EA even does well during October of 2008 when you trade .01 lots with say $3000. The only thing I'd worry about is the rapid opening and closing of trades. Do you think brokers would balk at some trades lasting only a minute? I'm dealing with FX SOLUTIONS UK. Any one have any complaints from this broker about short time frame trades? Thanks for posting pipernet.
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