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Eat The Market System 221 replies

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Eat the elephant in small bites

  • #21
  • Aug 5, 2012 2:36pm Aug 5, 2012 2:36pm
Quoting Andy B
Of course not, why on earth would I buy an EA like that?

I told you it wiped out users' accounts within 2 weeks and you still want a copy???

You do realise that you can't trade the past with this EA don't you?

The reason the SL was set at 650 pips was because the worst drawdown it had in 15 years was 625 pips; it was set to 650 so that it would show a 100% winning record
Sorry Andy B, my attempt at sarcasm obviously did not come across in text.
Cheers
AndyG
  • #22
  • Aug 5, 2012 3:04pm Aug 5, 2012 3:04pm
Quoting AndyG
Hello all

 

  1. place a buy and sell order at the open of each bar (if the spread is less than 2 pips)
  2. TP of 2 pips, SL 10 pips
  3. in theory, 2 pips x 2 orders x 24 hours = 96 pips per day per pair


AndyG

I hope you don't get discouraged by negative comments. Keep your constructive approach toward trading. I know people who make profit constantly by totally "out-of-box" ways of trading.
  • #23
  • Aug 5, 2012 3:15pm Aug 5, 2012 3:15pm
Quoting Forexgogo
I hope you don't get discouraged by negative comments. Keep your constructive approach toward trading. I know people who make profit constantly by totally "out-of-box" ways of trading.
I quite agree with this.....!!
  • #24
  • Aug 5, 2012 3:23pm Aug 5, 2012 3:23pm
Quoting Blaiserboy
Maybe you require something like this ea

It will place a series of pending orders.

Good luck.!!
Thanks Blaiserboy - not sure this is what I had in mind but will have a look see.
Cheers
AndyG
  • #25
  • Aug 5, 2012 3:25pm Aug 5, 2012 3:25pm
Quoting Forexgogo
I hope you don't get discouraged by negative comments. Keep your constructive approach toward trading. I know people who make profit constantly by totally "out-of-box" ways of trading.
Hello Forexgogo - I appreciate your encouraging words - I probably am barking up the wrong tree but hey, if you don't try.......
AndyG
  • #26
  • Aug 5, 2012 3:25pm Aug 5, 2012 3:25pm
Quoting Forexgogo
I hope you don't get discouraged by negative comments. Keep your constructive approach toward trading. I know people who make profit constantly by totally "out-of-box" ways of trading.
i agree too
  • #27
  • Edited 4:51pm Aug 5, 2012 4:32pm | Edited 4:51pm
Keep your initial idea... SL 10 (or more depending on pair), TP 2 pips (or slightly more depending on pair).

Find an indicator to determine trend, experiment with a short "period", because your TP should be hit relatively quickly.

Find an overbought/oversold indicator (you pick).

Only take trades WITH the trend, during overbought/oversold conditions against the trend (extremes). Use your larger SL and smaller TP.

Avoid times of illiquidity (learn them.... market opens, closes, london "fix", pre-news, post-news).

Take your "hits" (stoplosses) when they happen. Don't fight it or move them.
You will have many positive days, with less frequent, larger losing days.

You will move closer to profitability as you "tweak" your system to any (each) pair that you trade,
adjusting for different (days of) volatility.
  • #28
  • Aug 5, 2012 5:15pm Aug 5, 2012 5:15pm
Although I've never tried this kind of thing (infact I have not tried any EA at all) I think something of this sort SHOULD be tried. Because imagine it works for 1-2 years, you will make enough to withdraw most of it and then who cares if it blows up. Start small so it doesn't hurt.
  • #29
  • Aug 5, 2012 5:46pm Aug 5, 2012 5:46pm
Andy, unlike what many people have posted, that strategy could work, but leaves little room for error. You would still need an "edge" that will accumulate enough profit to outweigh the total amount in losses. My best advice is to let price action, technical analysis and/or fundamental analysis determine when to enter, what direction to enter in and when to exit.

Good luck.
  • #30
  • Aug 6, 2012 8:54am Aug 6, 2012 8:54am
I'm curious enough about this to write an EA and see what it will do. Obviously I have no idea if it will work or not.

I'll report back when it's ready, probably about 24 hours from this post time.

Terry
  • #31
  • Aug 6, 2012 10:46am Aug 6, 2012 10:46am
Quoting AndyG
I know this goes against the established Risk Reward, MM advice etc. but I think it might be worth a try.
... if your average win is more than your average loss then you're making money. So if you win 2 pips much more often than you lose 10 then no worries. And this has nothing to do with MM. As long as you keep possie sizes (and your risk) consistent, your MM will be fine. All in all, yes worth a try.
Just be careful, don't trade this during news or other volatile times.

Quoting mima
Title of the thread is Awful!!!
No, it's not It's quite attractive actually.

One step or bite at a time, and you can move mountains.
Yikes. Now THAT was awful I know
forget about tomorrow, just steal away into the night
  • #32
  • Aug 6, 2012 10:51am Aug 6, 2012 10:51am
broker love this system , you take bite from them and you give elephant to them
  • #33
  • Aug 6, 2012 3:12pm Aug 6, 2012 3:12pm
Quoting gdf1953
I'm curious enough about this to write an EA and see what it will do. Obviously I have no idea if it will work or not.

I'll report back when it's ready, probably about 24 hours from this post time.

Terry
Terry, thanks for the offer - I look forward to it.
AndyG
  • #34
  • Aug 6, 2012 3:14pm Aug 6, 2012 3:14pm
Quoting Intu
Keep your initial idea... SL 10 (or more depending on pair), TP 2 pips (or slightly more depending on pair).

Find an indicator to determine trend, experiment with a short "period", because your TP should be hit relatively quickly.

Find an overbought/oversold indicator (you pick).

Only take trades WITH the trend, during overbought/oversold conditions against the trend (extremes). Use your larger SL and smaller TP.

Avoid times of illiquidity (learn them.... market opens, closes, london "fix", pre-news, post-news).

Take your "hits"...
Hey Intu, thanx for your post - some good pointers to think about here. Appreciate your interest.
AndyG
  • #35
  • Aug 6, 2012 3:16pm Aug 6, 2012 3:16pm
Quoting spekitox
... if your average win is more than your average loss then you're making money. So if you win 2 pips much more often than you lose 10 then no worries. And this has nothing to do with MM. As long as you keep possie sizes (and your risk) consistent, your MM will be fine. All in all, yes worth a try.
Just be careful, don't trade this during news or other volatile times.



No, it's not It's quite attractive actually.

One step or bite at a time, and you can move mountains.
Yikes. Now THAT was awful I know
Hello spekitox, thanx for your encouraging words. If we don't try then who's to know......
AndyG
  • #36
  • Edited 3:34pm Aug 6, 2012 3:24pm | Edited 3:34pm
There is no harm in trying this on a demo account using mechanical approach, either visually backtest yourself or make an expert and have that do it for you. You will soon see just how many losing or winning trades there are.

To make this consistently profitable would require a certain approach, way of trading. And certain MM and risk. I woud say it is possible but improbable. I've thought about it before, many years ago and recently was looking into trying something different. Right now I have a system that is fully automated that wins 80% plus of the time (DD from as low as 5%) but it needs a fair amount of capital to make it safe. Forward traded this for months and backtested from 2001 and I see all potential risks, upsides and downsides. It's not like your opening of trades on a new candle, but like i said, i have thought about this and you need to look at this and think about it in a certain way. Oh, and if you have a good broker and equity to go with that spread below 1 pip should be good to go as long as you set your expert to trade for that.

I would like to hope to have encouraged you further, I know you may not achieve what you set out to do but in trying to do so you have not failed, not given up and may have yet to discover some other method you like that works for you. Many will always try to guide, discourage you or share words of wisdom, be negative or (realists) but I say it is your jounrey to lean and make mistakes as you go.
  • #37
  • Aug 6, 2012 3:36pm Aug 6, 2012 3:36pm
Quoting Fxscalp
There is no harm in trying this on a demo account using mechanical approach, either visually backtest yourself or make an expert and have that do it for you. You will soon see just how many losing or winning trades there are.

To make this consistently profitable would require a certain approach, way of trading. And certain MM and risk. I woud say it is possible but improbable. I've thought about it before, many years ago and recently was looking into trying something different. Right now I have a system that is fully automated that wins 80% plus...
Hey Fxscalp, thanks for your post and time taken to reply. Yea, there are a lot of "if's" and "maybe's" but you gotta try.
Can you point me in the direction of your system? Sounds great - you makin good pips with it?

AndyG
  • #38
  • Aug 6, 2012 8:46pm Aug 6, 2012 8:46pm
Quoting mima
Title of the thread is Awful!!!
I agree,It is terrible!

But your idea may have some merit if you can make a couple more tweaks based off variables you must include into your next attempt at making this work! good skill(s) in your quest...
To Write Sonnets On Soliloquies In A Fortress Of Solitude
  • #39
  • Aug 6, 2012 9:08pm Aug 6, 2012 9:08pm
If a few tiny pips is what you are looking for, then at least stack the odds in your favor as best as possible.

If you're only looking for 2 pips, that's not enough IMO. But if you want to scalp a few pips.... where's your entry ?? You need a way to take momentum as it begins. The way to do that, I believe, is with very short timeframes.

If you have a general direction in mind for a pair, based on a 1 hour or 15/5 minute chart, then an entry on a 30 second or 10 second chart could get you a few pips. However, if you limit your TP to 2 or 5 pips, then you are going to need to be right almost every single time.

And setting multi-hundred pip stops is a very painful way to trade.

If you can learn to get the momentum as it turns, and go for at least 10 pips.... more like 15-20 pips with an occasional chance for more, then it is possible to trade with 10 to 15 pip stops and have at least a chance at it.

Please keep in mind that you can't just do this only with a 30 second chart. You still need higher timeframe analysis, multi-pair analysis, and be able to watch the charts for long hours waiting for the right time of day to strike.
  • #40
  • Aug 6, 2012 9:14pm Aug 6, 2012 9:14pm
AUD has given a couple of chances today.

Lately on AUD I prefer to go long and when short signals come around.... Euro has been good for those.

Right now I'm not sure which way everything is going because Euro seems to have found a bottom recently.

But here's a couple of possible scalp trades that are good for 10 or 20 pips.

*Of course, I prefer long trades on AUD, but if you dial down to a 30 second chart, you could catch momentum as it begins. It is going to take some skill though to stay out of a whole lot of crap trades. Good Luck !!
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