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Building an equity millipede

  • #4,001
  • Jan 12, 2011 3:53am Jan 12, 2011 3:53am
Quoting VEEFX
Wondering if anyone here is aware of an indicator or an EA (or any other 3rd party tool or broker platform) that plots realized and unrealized profit and account balance/equity curve on a chart in real time ?...
the only indicator which shows this i can give is the accountequity-indi. but this indicator has no alerts inside.

cheers

Mediator
Attached File(s)
File Type: mq4 AccountEquityAnalyzer.mq4   13 KB | 674 downloads
  • #4,002
  • Jan 12, 2011 6:02pm Jan 12, 2011 6:02pm
Quoting VEEFX
Wondering if anyone here is aware of an indicator or an EA (or any other 3rd party tool or broker platform) that plots realized and unrealized profit and account balance/equity curve on a chart in real time ? I am having a hard time keeping track of 'floating equity' curve as MT4 statement only includes a curve on account balance. Perhaps there is a feature in MT4 that I am not aware of.

EDIT: Also looking for an alert indicator that is based on unrealized profit level. i.e. send me an SMS when weekly/monthly floating profit for a given pair drops...

Hello VEEFX, I`m working on sth like that, will post it here once it`s finished. it should have the following features:

1. place orders once an appropriate arrow is drawn on the chart.
2. automatically calculate lot size with predefined risk.
3. once a position is closed, show a trendline connecting the beginning and end of the trade.
4. display real time trading statistics on the chart, e.g. profit/loss per hour/day/week/month, number of winning/losing trades per hour/day/week/month, biggest profit/loss, profit/loss ratio, sharp ratio, etc.
5. keep a trading log that can be exported to excel or Market System Analyzer etc.

my programming skills are limited, I may not be able to finish all the above features alone. anybody who wants to help please PM me.
  • #4,003
  • Jan 12, 2011 11:29pm Jan 12, 2011 11:29pm
Quoting iPlayGames
Hello VEEFX, I`m working on ...
Thanks Mediator and iPlayGames.
Staying in my lane...
  • #4,004
  • Jan 13, 2011 12:10am Jan 13, 2011 12:10am
I've updated my analysis, positions, and thoughts on this. I added a few more positions ... one SL at b/e after AUD data today, so added 1 more. I have about 300 pips unrealized profit in a day ... normally I would exit here (price at 200 ema on hourly, and US dollar index just above 80 and may bounce) ... but I need to keep the bigger picture in mind.

Overall a good start to my AUDUSD equity millipede. I hope documenting this millipede will help others (I will document my thoughts ... desires to exit early, analysis, etc). I think it is helping me post here, and 'forcing' me to stick to my plan. :-) Once this millipede is done (either all positions SL at b/e or small loss ... or when I diversify), I will stop the updates.

EZCurrency
Attached File(s)
File Type: pdf AUDUSD trade millipede.pdf   543 KB | 1,076 downloads
  • #4,005
  • Jan 13, 2011 8:59am Jan 13, 2011 8:59am
Quoting VEEFX
Wondering if anyone here is aware of an indicator or an EA (or any other 3rd party tool or broker platform) that plots realized and unrealized profit and account balance/equity curve on a chart in real time ?...
Have a look at this: http://codebase.mql4.com/6217

That's a library to create offline charts. You can use the library to create an Equity chart. You will have to code a simple EA/indy to call the library. There is an example provided.

Regards.
  • #4,006
  • Jan 13, 2011 11:22am Jan 13, 2011 11:22am
USD taken out to the shed today ... I was wondering if anyone who was short EURUSD diversified near lows a couple of days ago ... and/or went long on EURUSD?

EZ
  • #4,007
  • Jan 13, 2011 4:37pm Jan 13, 2011 4:37pm
Quoting ezcurrency
USD taken out to the shed today ... I was wondering if anyone who was short EURUSD diversified near lows a couple of days ago ... and/or went long on EURUSD?

EZ
Strong resistance around 1.3420 should present some good opportunities to participate IMHO.
  • #4,008
  • Edited 5:18pm Jan 13, 2011 4:52pm | Edited 5:18pm
Quoting ezcurrency
USD taken out to the shed today ... I was wondering if anyone who was short EURUSD diversified near lows a couple of days ago ... and/or went long on EURUSD?

EZ
Not me...suffice it to say that I'm extremely annoyed to lose out on all 3 legs I had short. My best entry was from 1.3282 that was taken out BE on today's rally. It may sound shocking to say this, but I had a MFE on the first leg of just over 400 pips but despite such great movement in my favour the entire trade idea is actually at a loss. How can that be, I hear you say. Because all my legs that were in profits have been taken out BE and this week I have taken a few shots at trying to put on more short legs. Each of those has been for BE or a loss.

I can't continue with a trade management approach like this because I need some income, growth alone will not work for me. Yeah I could have closed some legs off, but due to last weeks strong decline and the low didn't look complete to me so I held off.

With kind regards,
MK
  • #4,009
  • Jan 13, 2011 6:20pm Jan 13, 2011 6:20pm
Quoting MidKnight
It may sound shocking to say this, but I had a MFE on the first leg of just over 400 pips but despite such great movement in my favour the entire trade idea is actually at a loss.
Sorry to hear that ...

EZ
  • #4,010
  • Jan 13, 2011 7:14pm Jan 13, 2011 7:14pm
Quoting MidKnight
Not me...suffice it to say that I'm extremely annoyed to lose out on all 3 legs I had short. My best entry was from 1.3282 that was taken out BE on today's rally. It may sound shocking to say this, but I had a MFE on the first leg of just over 400 pips but despite such great movement in my favour the entire trade idea is actually at a loss. How can that be, I hear you say. Because all my legs that were in profits have been taken out BE and this week I have taken a few shots at trying to put on more short legs. Each of those has been for BE or a...
It's been a tough slog for position trading the past few months IMHO. As Graeme has said many times. In order to make this work you gotta be able to tolerate long periods which could be months of constantly being stopped out. That's been the hardest part for me.
  • #4,011
  • Jan 13, 2011 7:14pm Jan 13, 2011 7:14pm
attached ...
Attached File(s)
File Type: pdf AUDUSD trade millipede.pdf   644 KB | 1,242 downloads
  • #4,012
  • Jan 13, 2011 8:15pm Jan 13, 2011 8:15pm
Quoting ezcurrency
USD taken out to the shed today ... I was wondering if anyone who was short EURUSD diversified near lows a couple of days ago ... and/or went long on EURUSD?

EZ

Hello ezcurrency,

I bought EU this week at 1.30231 when price breached with ease key resistances 1.3000 and 1.3012 (this month’s open price). Add-on order was placed at 1.30345.


My shorts last week were all taken up at BE.


Nice catch you've got there at AU pair.


Have a nice day.
  • #4,013
  • Jan 13, 2011 8:29pm Jan 13, 2011 8:29pm
Quoting Tauru$
Hello ezcurrency,

I bought EU this week at 1.30231 when price breached with ease key resistances 1.3000 and 1.3012 (this month’s open price). Add-on order was placed at 1.30345.


My shorts last week were all taken up at BE.


Nice catch you've got there at AU pair.


Have a nice day.
I think your data is wrong. 1.30 area is not this months open price....

With kind regards,
MK
  • #4,014
  • Jan 13, 2011 8:31pm Jan 13, 2011 8:31pm
Quoting MidKnight
Not me...suffice it to say that I'm extremely annoyed to lose out on all 3 legs I had short. My best entry was from 1.3282 that was taken out BE on today's rally. It may sound shocking to say this, but I had a MFE on the first leg of just over 400 pips but despite such great movement in my favour the entire trade idea is actually at a loss. How can that be, I hear you say. Because all my legs that were in profits have been taken out BE and this week I have taken a few shots at trying to put on more short legs. Each of those has been for BE or a...
Sorry to hear that.

I hope you had a chance to place couple of probes on the long side yesterday.

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #4,015
  • Jan 13, 2011 9:04pm Jan 13, 2011 9:04pm
Quoting MidKnight
I think your data is wrong. 1.30 area is not this months open price....

With kind regards,
MK
Oppsss, my bad.

It was last month's open price.

Thanks for the correction @MidKnight.

Have a nice day.
  • #4,016
  • Jan 14, 2011 3:54am Jan 14, 2011 3:54am
Quoting MidKnight
Not me...suffice it to say that I'm extremely annoyed to lose out on all 3 legs I had short. My best entry was from 1.3282 that was taken out BE on today's rally. It may sound shocking to say this, but I had a MFE on the first leg of just over 400 pips but despite such great movement in my favour the entire trade idea is actually at a loss. How can that be, I hear you say. Because all my legs that were in profits have been taken out BE and this week I have taken a few shots at trying to put on more short legs. Each of those has been for BE or a...

Hi MK,

The good points you have in these trades is that you were able:
(1) To take good entries
(2) Able to Stack it nicely
(3) Move all to BE
(4) Saw nice initial moves in them

The main thing to improve is the exits and diversify.

If you are totally dependent on only this forex income and need pure income from this, then this money management approach may not be the exact one for you.

You can mix up the money approach to find what is appropriate for you.

eg. Said you have 3 legs.
(1) Potential 400pips
(2) Potential 350pips
(3) Potential 300pips

Assume all 3 positions already moved to BE.

As 300pips is quite big, you could exit position (3) to get income and be happy with it.

I would say anything around 200pips or more, then you may consider the below.

Or you could:
(3) Move SL to trailing +150pips. This is Income.
(2) Move SL to trailing +175pips. This is Income.
(1) Leave the SL at BE even though there is potential 400pips here. This is the oldest one that may grow your milipede and test your patience. This is Growth.

Of course if you see an earlier sign of reversal on H1 or H4, you may want to exit position (3) earlier on.

Note by doing this mix approach, means you may forgo the bigger 1,000+ pips profit as well.

It is a bit of give and take. You get to choose.

Cheers,
FB.
  • #4,017
  • Jan 14, 2011 7:45am Jan 14, 2011 7:45am
Quoting MidKnight
Not me...suffice it to say that I'm extremely annoyed to lose out on all 3 legs I had short. My best entry was from 1.3282 that was taken out BE on today's rally. It may sound shocking to say this, but I had a MFE on the first leg of just over 400 pips but despite such great movement in my favour the entire trade idea is actually at a loss. How can that be, I hear you say. Because all my legs that were in profits have been taken out BE and this week I have taken a few shots at trying to put on more short legs. Each of those has been for BE or a...
Hey MidKnight - Very sorry to hear of the mkt taking back all that you worked hard to accumulate. Plain and simple, it sucks! Unfortunately, regardless of the profits seen by examples, and the realizations of the potential of the markets which Graeme has laboriously and graciously laid before us, price rarely moves unidirectionally. But I think many of us might be prone to fall into that mind trap. I believe the only savior here is diversification. One must lock in their profits at some point, at the risk of stalling additional gains should the trade proceed in the desired direction. It basically creates a resting point for the trader to regroup and reanalyze the current scenarios. In the interim, at least losses on one side are absorbed by the other, allowing one to keep participating in future movements. And with practice, it becomes easier to scalp smaller profits against your primary hindsight.

Just some random thoughts as I commiserate with your experience of late. This is a very difficult approach to successfully employ, and will tax the resolve of most traders. Maybe the thought that many of the participants are most assuredly battling the same demons can provide the motivation to forge ahead. And it never hurts to step back, and just take a break. Best of luck with your trading.
  • #4,018
  • Jan 14, 2011 8:53am Jan 14, 2011 8:53am
Midknight:

I felt the same way you do a few times and find it very hard to leave these positions run like is required for this type of trading but with the profits it shows I just have to learn. What I do to keep myself emotionally under control is when I get a grouping of orders. I like to enter on a half pull back on an hour chart and many times when it comes back it makes a very nice impulsive move. When this happens I put a new order on with every thrust bar. I Let it sit for a while to see if market is going to take them and put them at BE+5. After I've seen that the market has taken them I'll take about half the orders and very aggressively tail the market with them.

When the market makes the next fractal, I move it just a few pips above that. then I'm trying to get in during the next wave created by that fractal. I repeat this process over and over so I will at least get some pips for my time and have given other orders the chance to grow to the big time.

the draw down, I've never caught any of those 1000 pip moves but a bunch of those 300-400 pips moves. For me right now, I'm okay with that cause it meets my emotional tolerance better and I can sleep at night.

Just my 2 pips worth of trading advice for what that is even worth.

Simple
A woman drove me to drink, and I forgot to thank her
  • #4,019
  • Edited 9:58am Jan 14, 2011 9:41am | Edited 9:58am
sorry for mk's positions died at b.e..
I remember Graeme said that he was going to close some of his shorts at the beginning of the week to cover his losing ones and to add little profit on top of his previous profit level..
so i guess thats what he did..
I haven't seen such trend change for a long time..
one week 500 pips move down and the next week its all taken out by buyers without looking back..
be extra careful next week...
I expect a real battle between buyers and sellers as its got buy opportunity for weekly basis and still valid short hindsight for monthly basis ..
so be ready to jump in for both sides imho..
  • #4,020
  • Jan 14, 2011 11:04am Jan 14, 2011 11:04am
AUDUSD large fall overnight … almost all positions SL hit. Only one left (currently up 34 pips with SL at b/e) … This sucks after being up 500+ pips at one point … now locked in -140 pips. I think I need to keep the larger picture in mind.

Looking at the USDX monthly chart:
http://futures.tradingcharts.com/chart/US/M

Over the past 10 years its in an overall downtrend ... but basically in a range the past 2.5 yrs.

This week I've been shorting the USD against other pairs, so have some equity millipede 'soldiers' in long GBPUSD, EURUSD, AUDUSD, NZDUSD, and short USDCAD and USDCHF. Some are up a few hundred pips, and some are down a bit .... I need to keep the bigger picture in mind, and hold short .... what if the USDX breaks 75 on the monthly chart??? That would continue the long term yearly downtrend.

I am going to stop my daily AUDUSD millipede updates, but will continue to trade it (and other pairs).

It is tough though (psychologically) to continue to trade this method ... but I think we need to keep the larger picture in mind. We have seen the gains that are possible with this.

EZCurrency
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