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Money Management is everything

  • #121
  • Edited 4:53pm Oct 29, 2014 4:42pm | Edited 4:53pm
Luca: So your E.A has been operating for 14 weeks now………479 trades …….90% win rate... and max. consecutive wins 175………………so are you claiming to have discovered the holy gravy ?

Me : No………..I am proving that any idiot can post an explorer that makes them appear to be a successful trader………….I am making a serious point in a silly
thread…………..newbies who are taken in by Trade Explorer ” results” and know it all trading “ Gurus” ………………….are taken in…………..end of……….

Luca : So there’s no chance of me getting a large floaty thing ?
  • #122
  • Nov 3, 2014 5:29pm Nov 3, 2014 5:29pm
Luca: I have been studying the Trade Explorer for your E.A. It has been on the go for 15 weeks................
so far you have had 793 trades ...........and the win rate is 93%........................max consecutive win trades 240
Me : Sounds about right.
Luca: So you have been pretty lucky so far ?
Me: Yes thanks.
Luca: My mate...... Forex Freddie..........says you are an arrogant , self- opinionated jerk...... who should be banned from FF.............he is the President of the Rat and Parrot Forex club
Me: The what !!!!!!!!!!!!!?
  • #123
  • Nov 3, 2014 10:03pm Nov 3, 2014 10:03pm
Quoting Paddy9
Luca: So your E.A has been operating for 14 weeks now………479 trades …….90% win rate... and max. consecutive wins 175………………so are you claiming to have discovered the holy gravy ? Me : No………..I am proving that any idiot can post an explorer that makes them appear to be a successful trader………….I am making a serious point in a silly thread…………..newbies who are taken in by Trade Explorer ” results” and know it all trading “ Gurus” ………………….are taken in…………..end of………. Luca : So there’s no chance of me getting a large floaty thing ?
So your whole T.E was just luck ? I mean, what do you mean by "newbies who are taken in by trade explorer results " when the T.E still shows profit ? Thanks.
  • #124
  • Nov 5, 2014 3:50pm Nov 5, 2014 3:50pm
Luca: No trades today for your E.A. did you have a power cut ?
Me: I'll come to that in a minute.
Me : The Rat and Parrot Forex Club ?
Luca: Yeah........... Freddie Forex has invited all of the locals to be a member.
Me: All of the locals ?
Luca: Yes all of them ..............apart from one bloke ...... Freddie says that the self opinionated , arrogant, jerk, will never be invited.
Me: It's getting late.................... I'll get my coat.
  • #125
  • Nov 5, 2014 4:02pm Nov 5, 2014 4:02pm
Quoting metta87
{quote} So your whole T.E was just luck ? I mean, what do you mean by "newbies who are taken in by trade explorer results " when the T.E still shows profit ? Thanks.

Luca: Paddy9 suddenly had to go and get his coat - so I am in charge of the thread tonight -wow!

Luca: As he was leaving ....Paddy shouted over to me..............tell him....either Paddy9 is one of the greatest traders in the world right now ............or....
I have been lucky.........sadly the balance of probabilities would indicate that I have been lucky.
  • #126
  • Nov 5, 2014 4:22pm Nov 5, 2014 4:22pm
Quoting metta87
{quote} So your whole T.E was just luck ? I mean, what do you mean by "newbies who are taken in by trade explorer results " when the T.E still shows profit ? Thanks.
Luca: I probably shouldn't say this ..............as it's not really my thread......but..........my mate Freddie Forex has asked me to make the following points

1 .For once......... Paddy9 is telling the truth....he has been lucky.
2. The give away sign is..........you can tell by his profit graph that he is not accepting losses.
3. If you are not accepting losses........eventually...........your account explodes.
4. He clearly has a small take profit and a huge stop loss.............long term his account has no chance.

Luca: Paddy9 is a really nice bloke who will have no problem with me printing Freddie's comments......I hope...
  • #127
  • Nov 6, 2014 3:53pm Nov 6, 2014 3:53pm
Quoting Paddy9
{quote} Luca: I probably shouldn't say this ..............as it's not really my thread......but..........my mate Freddie Forex has asked me to make the following points 1 .For once......... Paddy9 is telling the truth....he has been lucky. 2. The give away sign is..........you can tell by his profit graph that he is not accepting losses. 3. If you are not accepting losses........eventually...........your account explodes. 4. He clearly has a small take profit and a huge stop loss.............long term his account has no chance. Luca: Paddy9 is a...

Luca will not be on this thread for a few days. He walked into a door last night.
  • #128
  • Nov 7, 2014 5:26am Nov 7, 2014 5:26am
Quoting Paddy9
{quote} 1 .For once......... Paddy9 is telling the truth....he has been lucky. 2. The give away sign is..........you can tell by his profit graph that he is not accepting losses. 3. If you are not accepting losses........eventually...........your account explodes. 4. He clearly has a small take profit and a huge stop loss.............long term his account has no chance..
Me: This thread is all about the importance of money management.
Forex Freddie assumes that I will take chance after chance until……like a Russian Roulette player my account is shot……………….he may be right but what if I take out all my profits at a pre-determined level and the start again.

I will try to upload a picture of a back test for one of my E.A.s. So far it has had about about 9100 trades and virtually 100% of the trades have won.
This need not be a bad thing. The profits cannot continue for ever...............so you could cash in your chips at a pre-determined level.

This acount started with a balance of 10,000................it would be easy to cash in at 40000 or 50000 profit.

Bye the way...........you have to admit............me and Luca are getting much better at curve fitting
Attached Image (click to enlarge)
Click to Enlarge Name: 9100 trades so far.gif Size: 9 KB
  • #129
  • Nov 10, 2014 4:40pm Nov 10, 2014 4:40pm
Luca: 806 trades so far...nearly all of them win......why carry on....... whatever your point was...... surely you have made it ?
Me: Not really... I will let my E.A. make 1000 trades.......... and then I will turn it off .....and move on to another project.
Luca: Forex Freddie says that your bubble is about to burst !!
Me: Good old Freddie.........they tell me that you are not allowed to speak at the Rat and Parrot Forex Club unless you are holding the lucky rabbit's foot
............if the rabbit was so lucky..... then how come it is missing a foot ?
  • #130
  • Nov 17, 2014 4:31pm Nov 17, 2014 4:31pm
Me: O.k......... I have made my 1000 trades............. and the E.A. is still in profit............which is nice............
Luca: Your thread is boring............that's what my mate Freddie Forex says.......he says that there are proper, professional forex traders on Forex Factory who trade sub 5 minute charts......... with a stop loss of 3 pips.........yes three pips.......and they win so many drinking vouchers that.............
Me: Yes.....very nice I am sure...........did I ever tell you that I once swam the English channel whilst chained to a lampost in Liverpool ?
  • #131
  • Nov 30, 2014 1:30pm Nov 30, 2014 1:30pm
Me: I have been displaying a Trade explorer for 19 weeks.
Luca: Showing off.
Me: Total number of trades: 1162
Luca: Go on bore me....how many won ?
Me: 95%
Luca: That'll be coincidence.
Me: Pips gained ......21376
Luca: And the account return ?
Me: 279%
Luca: You lucky...........lucky bas.........

I don't know if I have mentioned this before ....but my mate Dave ( whom I call Luca for fish related reasons ) smells of fish.
  • #132
  • Nov 30, 2014 1:50pm Nov 30, 2014 1:50pm
Paddy your nuts! lol

I'm always interested in trade management, to me it's an area I feel I can always learn more about. Can you tell me the trade management here (SL or if you indeed use one, when to move to break even, when to add, TP etc) thanks
  • #133
  • Dec 2, 2014 3:12pm Dec 2, 2014 3:12pm
Quoting kraven
Paddy your nuts! lol
Me: There is a bloke here saying that we are mad !

Luca: As a matter of fact......... he is saying that you are mad...... He doesn’t mention me at all.

Me: Et tu brute ?.

Luca : Pardon ?????

Me: Which reminds me…………there is a famous quote in Hamlet…………Polonius is asked to try and find out if Hamlet is a nutter or not…………he brilliantly reports……….

“ Though this be madness……yet……….there is method in it”

Luca: Boring ..boring Arsenal.

Me: Boring …boring Arsenal…. ???………….I don’t think that we should refer to English stuff that our American readers have never heard of.

Luca: Surely there are some Americans who have heard of Hamlet ??
  • #134
  • Edited 4:38pm Dec 2, 2014 4:28pm | Edited 4:38pm
Quoting kraven
Paddy your nuts! lol I'm always interested in trade management, to me it's an area I feel I can always learn more about. Can you tell me the trade management here (SL or if you indeed use one, when to move to break even, when to add, TP etc) thanks


Me: Hi Kraven thanks for your comments............it's always a surprise to me when I realise that someone other than me and Luca is reading this rubbish.

There is a bit of method in the madness ..... but....I really don't feel qualified to teach anyone anything about trading.

I am working on a new scalping method at the moment.............I call it "Scalp Any Market ".

My wife......... Mrs Mission Control" suggested an acronym for my new plan ...........S.C.A.M.

If enough people here were interested I might be tempted to post the SCAM in the Systems Forum here at FF.

The title is a obviously intended as a bit of fun............but the method is working well in back testing.... so it has some merit.

Can you imagine me and Luca earnestly telling everyone how to operate the SCAM in the Systems Forum?

I am only guessing but I bet the guys over there wouldn't know what to make of us.

Luca: What exactly is an acronym ?............. Hamlet and acronyms in one day........I said you were just showing off.
  • #135
  • Dec 4, 2014 5:05am Dec 4, 2014 5:05am
Hi

Can you tell us something about you M&M 's that we can chew on ?

tnanks
  • #136
  • Dec 5, 2014 8:05am Dec 5, 2014 8:05am
Quoting sshhmmuueell
Hi Can you tell us something about you M&M 's that we can chew on ? tnanks
Not much to say really...................

We can use a TP and an SL................ and also take other factors into account at the same time.

I am running ( yet another ) back test..........I will show you the picture.

The account started with £50k on the first of January and the picture was taken at the 16th of February. There are various trades open that have not hit the take profit level..............why wait for a reverse ?
Attached Image (click to enlarge)
Click to Enlarge Name: money management.gif Size: 8 KB
  • #137
  • Dec 9, 2014 10:56am Dec 9, 2014 10:56am
Me: The trade Explorer has been running for 20 weeks.
Luca: Boring .....boring......
Me: Trades so far 1381.
Luca: Have you noticed in The Godfather film ...........just before somebody gets killed or hurt ....the colour orange.... or an orange fruit appears on the screen.
Me: Win rate so far 95.9%
Luca: Just before Marlon Brando is shot he is buying oranges from a street vendor......just before James Cann is shot at the Toll Booth they show a huge advert for oranges on a billboard by the toll booth.
Me: Today I had 219 trades.
Luca: Many years later the idea was copied in The Sopranos........Tony Soprano was driving along a road on his way to an location at which his uncle planned to have him shot dead. Tony stops the car and gets out to buy an orange juice from a street vendor...............just like Marlon Brando all those years before.... it sent a shiver down my spine.
Me : All of my 219 trades won.......100% .............but you're not listening are you ?
Luca: You know that bloke O.J. Simpson ....wasn't his nick.............
  • #138
  • Dec 10, 2014 6:06am Dec 10, 2014 6:06am
Luca: The eurusd thinks it's going up a bit.
Me: And you think ?
Luca: It's going down a bit.
Me : O.K................ to show you how easy this is ...I have placed a SELL ORDER AT 1.23747
Luca: I really hope that I win... or your track record will be devastated......
Me: Here have some orange juice........
  • #139
  • Dec 10, 2014 6:12am Dec 10, 2014 6:12am
Me: You are in profit ..........do you want to exit ?

Luca: I don't know.........I might make an even bigger profit................or I might lose it all..........to die to sleep

Me : Skakespeare had nothing on you ...........to be or not be etc
  • #140
  • Dec 10, 2014 6:19am Dec 10, 2014 6:19am
Luca: I know that your thread is all about Money management.............is that why you let me choose the trade ?
Me : Are you in........... or are you out ?
Luca: It's your reputation on the line............what should I do ?
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