London Close Trade on the Pound
I’m really enjoying these London Close trades, just closed one on the pound for 20 pips.It’s great to feel really confident about the strategy you’re trading, knowing that the probabilities are strongly on your side!
Yesterday I took one on the Cad which was successful. I see in the members area that Shirley took one on the Swiss and ignored the Aussie as it didn’t quite make the criteria.
I’ve got alerts set this morning still for the Cad and Euro, back to sleep I go.
Thursday morning I’m off to Mexico with my beloved! I just found out our hotel has wifi so I can get in a few more LCT’s before Christmas. I’ll try to update with a couple posts if you’re following along.
Best Forex Strategy – London Close Forex
Today I have something very special to share with you…
Recently a friend recommended a Forex strategy to me: London Close Forex. As always I was skeptical, but this was a friend that I have a lot of respect for. As it turns out, I am very very grateful for this opportunity, it’s the best forex strategy imo.
In a nutshell: A 60 year old trader Shirley Hudson developed this strategy over a 3 year period as she noticed a pattern unfolding at the end of the London close. You only trade it during a 3 hour window per day.
Shirley has been trading this for the last year and a half and has won 90% of her trades.
My first thought after hearing about the 90% win rate was “this must be BS“, but my friend assured me that it was real. As it turns out, he is a friend of Vic Noble from Forexmentor and Vic has been coaching Shirley for the last 4 years. He’s seen her go from a struggling trader like most of us to winning over 90% of her trades.
Basically the strategy works with the Average Daily Range, most currencies will hit their average daily range each day. The way it’s measured is from the day before. So let’s say that on Monday the average daily range for the euro is 150 pips. On Tuesday we see that the market is going down and that the daily high was 1.3300, this means that there is a strong likelihood that the market will hit it’s average daily range at 1.3150.
On most days after the market hits it’s average daily range, it will go back inside the range. Shirley has developed a very precise way of trading as the market goes back inside the range.
I am trading this now, one of the best parts is you only need to look for trades during 2-3 hours per day, between 7am and 10am P.S.T. (10am -1pm E.S.T.) Shirley looks for trades on about 10 pairs. In my opinion this is the best forex strategy that I have seen and I have investigated over 100 strategies in the last 3 years.
As always if you are going to trade this, take your time and start slow. Even though it may very well be the best forex strategy that you have ever seen, don’t go crazy and start risking 10% of your account on each trade. It can and will have losing streaks like everything else. Proper money management is crucial to your success.
To get the course: www.LondonCloseForex.com
I will be posting updates on my London Close trades and also sharing a very advanced money management strategy that is powerful and compliments this strategy beautifully.
To our success!
Recently a friend recommended a Forex strategy to me: London Close Forex. As always I was skeptical, but this was a friend that I have a lot of respect for. As it turns out, I am very very grateful for this opportunity, it’s the best forex strategy imo.
In a nutshell: A 60 year old trader Shirley Hudson developed this strategy over a 3 year period as she noticed a pattern unfolding at the end of the London close. You only trade it during a 3 hour window per day.
Shirley has been trading this for the last year and a half and has won 90% of her trades.
My first thought after hearing about the 90% win rate was “this must be BS“, but my friend assured me that it was real. As it turns out, he is a friend of Vic Noble from Forexmentor and Vic has been coaching Shirley for the last 4 years. He’s seen her go from a struggling trader like most of us to winning over 90% of her trades.
Basically the strategy works with the Average Daily Range, most currencies will hit their average daily range each day. The way it’s measured is from the day before. So let’s say that on Monday the average daily range for the euro is 150 pips. On Tuesday we see that the market is going down and that the daily high was 1.3300, this means that there is a strong likelihood that the market will hit it’s average daily range at 1.3150.
On most days after the market hits it’s average daily range, it will go back inside the range. Shirley has developed a very precise way of trading as the market goes back inside the range.
I am trading this now, one of the best parts is you only need to look for trades during 2-3 hours per day, between 7am and 10am P.S.T. (10am -1pm E.S.T.) Shirley looks for trades on about 10 pairs. In my opinion this is the best forex strategy that I have seen and I have investigated over 100 strategies in the last 3 years.
As always if you are going to trade this, take your time and start slow. Even though it may very well be the best forex strategy that you have ever seen, don’t go crazy and start risking 10% of your account on each trade. It can and will have losing streaks like everything else. Proper money management is crucial to your success.
To get the course: www.LondonCloseForex.com
I will be posting updates on my London Close trades and also sharing a very advanced money management strategy that is powerful and compliments this strategy beautifully.
To our success!
Automatic Trading Update
I’ve just taken a month off of trading, needed to clear my head and take a break.
As it turned out, my first 2 automated systems that were optimized for Renko did not match the backtesting results (which were phenomenal, lol). It’s a tough business this one – until you get your first working automated system that is, then it’s traveling tropical islands =).
There are so many variables due to the nature of the market’s crazy rythms and some automated trading systems that do awesome one year, end up doing poorly the next.
After a much needed break, I’ve received a brand new vision and am finishing some tweaks to the blueprint for my 3rd automated system which will get constructed during December (while I’m in Mexico : )
The big news is: This system is time based. I’m not giving up on creating a renko system that works, that will come – but for now time based is easier as I’m calling in the power of a mtf strategy. (multi time-frame). This automated trading game is about having an edge, to do this you need a strategy that wins more then it loses and an extremely consistent approach. It doesn’t need to be any more complicated then that.
I’ve been getting a lot of value (and profits) out of this free service and want to recommend it to you.
As always take your time and trade very lightly until you are consistently profitable, you may only get 1 or 2 trades a week – just take the easy ones ok! Sive rocks! Look for a video each day before the European session showing key levels and Joe Dinapoli style trades…
As it turned out, my first 2 automated systems that were optimized for Renko did not match the backtesting results (which were phenomenal, lol). It’s a tough business this one – until you get your first working automated system that is, then it’s traveling tropical islands =).
There are so many variables due to the nature of the market’s crazy rythms and some automated trading systems that do awesome one year, end up doing poorly the next.
After a much needed break, I’ve received a brand new vision and am finishing some tweaks to the blueprint for my 3rd automated system which will get constructed during December (while I’m in Mexico : )
The big news is: This system is time based. I’m not giving up on creating a renko system that works, that will come – but for now time based is easier as I’m calling in the power of a mtf strategy. (multi time-frame). This automated trading game is about having an edge, to do this you need a strategy that wins more then it loses and an extremely consistent approach. It doesn’t need to be any more complicated then that.
I’ve been getting a lot of value (and profits) out of this free service and want to recommend it to you.
As always take your time and trade very lightly until you are consistently profitable, you may only get 1 or 2 trades a week – just take the easy ones ok! Sive rocks! Look for a video each day before the European session showing key levels and Joe Dinapoli style trades…
Forex Expert Builders Review
As you might have seen way back in one of my blog posts I hired an mt4 programmer to create “Ultimate”.
After doing some research on Google and checking out a few sites I sent an email to Forex Expert Builders. I got a prompt response and the quote was reasonable. I was a bit skeptical though because there wasn’t much information on the website or testimonials.
I had a good feeling so I sent an email back with my phone number and asked them to call me to discuss. Right away I got a phone call from Amir who is the lead programmer. I told him the basics of what I was wanting and asked him a lot of questions to make sure he knew what he was talking about, he did. A couple of other quotes came to me from the other sites but they were more expensive. So, I decided to risk it and give Forex Expert Builders a shot.
My first contact was on July 1. 2 days later I got the first version of my ea. It worked good however I needed it to work on 5 digit brokers and also wanted a sound alert when it opened a trade. A few days later it was all done. Ultimate is a relatively simple ea, however I was impressed with how he put it together and for a good price. (Last year I got a quote on an indi for Ninjatrader and it was about 1000$, this was way less).
As I was doing the live testing for Ultimate on my demo, the first week was awesome and then the second week it made 250 pips and gave them all back. I was a dissapointed and started looking at a different perspective, feeling that it needed some type of filter. I tried out some other custom indicators that I had and looked at ways to do what I was wanting and to eliminate what I felt was the problem.
One highly inspired night I wrote up the blueprint for “Excellence” which is really 4 ea’s in one and uses advanced money management that I may share with you later.
I sent the blueprint to Amir on August 5th and as this was a very complicated ea, it took several versions to get things the way I wanted. It actually took about 3 weeks to get it completed but he did the job and I am extremely happy with the results. And the price was right!
From my experience, I highly recommend Forex Expert Builders.
One thing you should know though is that they are often busy with multiple projects and unless you pay for priority service it may take some time for your ea to be complete. Having patience is very important when you deal with any type of programmer. It is also really important to be very clear on what you are wanting and explain with all of the details. They are good but not mind readers. =)
PS. My ea’s were designed to work with renko charts as well as time charts.
After doing some research on Google and checking out a few sites I sent an email to Forex Expert Builders. I got a prompt response and the quote was reasonable. I was a bit skeptical though because there wasn’t much information on the website or testimonials.
I had a good feeling so I sent an email back with my phone number and asked them to call me to discuss. Right away I got a phone call from Amir who is the lead programmer. I told him the basics of what I was wanting and asked him a lot of questions to make sure he knew what he was talking about, he did. A couple of other quotes came to me from the other sites but they were more expensive. So, I decided to risk it and give Forex Expert Builders a shot.
My first contact was on July 1. 2 days later I got the first version of my ea. It worked good however I needed it to work on 5 digit brokers and also wanted a sound alert when it opened a trade. A few days later it was all done. Ultimate is a relatively simple ea, however I was impressed with how he put it together and for a good price. (Last year I got a quote on an indi for Ninjatrader and it was about 1000$, this was way less).
As I was doing the live testing for Ultimate on my demo, the first week was awesome and then the second week it made 250 pips and gave them all back. I was a dissapointed and started looking at a different perspective, feeling that it needed some type of filter. I tried out some other custom indicators that I had and looked at ways to do what I was wanting and to eliminate what I felt was the problem.
One highly inspired night I wrote up the blueprint for “Excellence” which is really 4 ea’s in one and uses advanced money management that I may share with you later.
I sent the blueprint to Amir on August 5th and as this was a very complicated ea, it took several versions to get things the way I wanted. It actually took about 3 weeks to get it completed but he did the job and I am extremely happy with the results. And the price was right!
From my experience, I highly recommend Forex Expert Builders.
One thing you should know though is that they are often busy with multiple projects and unless you pay for priority service it may take some time for your ea to be complete. Having patience is very important when you deal with any type of programmer. It is also really important to be very clear on what you are wanting and explain with all of the details. They are good but not mind readers. =)
PS. My ea’s were designed to work with renko charts as well as time charts.
Fibonacci Trading
Good old “fibos” are so important in trading.
I’m not too proud to say that although I’ve known about them and used them for well over a year – I haven’t been using them like a pro. Like most things, there is so much information and misinformation out there – its easy to get totally lost and confused.
If you’re not familiar – the name Fibonacci comes from Leonardo de Pisa, who was the son of Guilielmo Bonacci. In Italian, “figlio” means son, therefore you get “Tiglio Bonacci”, which was shortened through the years to Fibonacci. He is one of the most famous mathematicians and came up with the fibonacci sequence. Long story short – fibonacci principles are found all throughout life from the great pyramids to the proportions of your body to this beautiful shell…
Back to trading – there’s the 38%, 62%, 50%, 78%, 23.6% fibos, etc, etc. There are all types of advanced courses and methodologies and I have taken quite a few. So, did they help me become profitable? Nope.
Over the last couple weeks I have been introduced to the principles of legendary trader Joe Dinapoli. I highly recommend his book Dinapoli Levels which is very comprehensive and yet easy to understand. Joe has shown me an easy and smart way to use fibs. I don’t use all of his techniques (I really dislike stochastics), but I’ve adopted a couple and wow are they good. Joe’s been trading since the 70′s and really knows his stuff. AND – he keeps it simple which is really important.
What I’ve learned recently will help me capitalize on situations where the “dumb money” is getting clobbered and also help me pick up lots of easy pips everyday. I highly recommend Joe’s book and video seminars.
Whether you believe in it or not, Fibonacci is a huge part of trading and not knowing about these key levels is like driving your car blind – you’re going to get hurt! Before I knew about these levels but I wasn’t really getting how to trade with them properly. I’m not going to get into the specifics of it here, best for you to go right to the source. All I can say is that my fibonacci trading is a lot simpler and a lot more profitable. Thanks Joe!
A quote from Joe’s book:
“Conservative Carl had purchased some unriped bananas the day before. That was enough risk for him so he decided to sit this one out.”
I’m not too proud to say that although I’ve known about them and used them for well over a year – I haven’t been using them like a pro. Like most things, there is so much information and misinformation out there – its easy to get totally lost and confused.
If you’re not familiar – the name Fibonacci comes from Leonardo de Pisa, who was the son of Guilielmo Bonacci. In Italian, “figlio” means son, therefore you get “Tiglio Bonacci”, which was shortened through the years to Fibonacci. He is one of the most famous mathematicians and came up with the fibonacci sequence. Long story short – fibonacci principles are found all throughout life from the great pyramids to the proportions of your body to this beautiful shell…
Back to trading – there’s the 38%, 62%, 50%, 78%, 23.6% fibos, etc, etc. There are all types of advanced courses and methodologies and I have taken quite a few. So, did they help me become profitable? Nope.
Over the last couple weeks I have been introduced to the principles of legendary trader Joe Dinapoli. I highly recommend his book Dinapoli Levels which is very comprehensive and yet easy to understand. Joe has shown me an easy and smart way to use fibs. I don’t use all of his techniques (I really dislike stochastics), but I’ve adopted a couple and wow are they good. Joe’s been trading since the 70′s and really knows his stuff. AND – he keeps it simple which is really important.
What I’ve learned recently will help me capitalize on situations where the “dumb money” is getting clobbered and also help me pick up lots of easy pips everyday. I highly recommend Joe’s book and video seminars.
Whether you believe in it or not, Fibonacci is a huge part of trading and not knowing about these key levels is like driving your car blind – you’re going to get hurt! Before I knew about these levels but I wasn’t really getting how to trade with them properly. I’m not going to get into the specifics of it here, best for you to go right to the source. All I can say is that my fibonacci trading is a lot simpler and a lot more profitable. Thanks Joe!
A quote from Joe’s book:
“Conservative Carl had purchased some unriped bananas the day before. That was enough risk for him so he decided to sit this one out.”
Forex Tick Data for MT4 EURUSD USDJPY GBPUSD EURJPY AUDUSD
I’ve just been hunting for some metatrader tick data for the last couple hours and finally found some. Here is an excellent tutorial on how to import 1 minute tick data from mt4 and also how to convert it to other time frames. There is also a link to a file that has tick data from 2001 up to 2009! Tick Data.
So far I got it working for either the 2001-2006 tick data or the 2004-2009 data (two different mt4 installs), I wasn’t able to put them together all in one file. For newer tick data there is some available on the forex tester website under data sources. That’s a handy piece of software by the way as you can use it for visual backtesting, it’s like you have a rewind and fast-forward button and can actually enter instant and pending orders, stops, etc and it keeps track of your wins/losses. The only thing I don’t like is that you can’t use custom indicators, just the usual ones that come with mt4.
Here is a link to a forum where someone uploaded a bunch of tick data for e/j a/j g/j and more. You have to do a bit of work but it’s doable. Tip: Most of the links are expired but the megaupload links still work. More Tick Data
So far I got it working for either the 2001-2006 tick data or the 2004-2009 data (two different mt4 installs), I wasn’t able to put them together all in one file. For newer tick data there is some available on the forex tester website under data sources. That’s a handy piece of software by the way as you can use it for visual backtesting, it’s like you have a rewind and fast-forward button and can actually enter instant and pending orders, stops, etc and it keeps track of your wins/losses. The only thing I don’t like is that you can’t use custom indicators, just the usual ones that come with mt4.
Here is a link to a forum where someone uploaded a bunch of tick data for e/j a/j g/j and more. You have to do a bit of work but it’s doable. Tip: Most of the links are expired but the megaupload links still work. More Tick Data
Quantified Risk in Forex
There’s a “little factor” that for me shows whether an automated trading system (expert advisor) is “a joke” or not.
I’ve been investigating dozens of ea’s this year and they’ve all been jokes imho. For example there is a managed program that has been doing 50-100% per month for the last 6 months. I’ve been following it with interest. Last week they had a 50% drawdown. (That means that they lost 1/2 the account). Of course they justify it by saying that it’s doubled a few times already, everyone is still up. Nonsense!!
Just like when you’re a kid and someone twists your arm – we all have a point where we yell Uncle! Is that when you’ve lost 50% of your account?! I think that is ridiculous.
Here’s another system that’s listed on MyFxBook which I’ve been watching, its’ an automated system which has done over 200% the last 2 months: Spytrader – Yesterday I was watching it and at one point he had 5 trades open on his 750$ live account and I saw it down 150$ (600$ equity), luckily the euro turned back up and he got out with a small loss but what if the euro would have gone another 30 pips south, would he have let his live 750$ account go to 500$, 400$ ? Where’s the Uncle point?
AND – what’s up with MyFxBook’s drawdown statistics, it still shows the DD as 3.43%, I witnessed the account go down 20%. Maybe that’s because the account is already so far in positive it’s not affected. This statistic is not good for me anymore. I don’t know about you but if I saw my live 10,000$ account which has been gaining nicely is all of a sudden down to 7000$ equity in one day’s trading session I would flip.
Introducing: Quantified Risk. “You know exactly where your Uncle point is for each trade”.
Think about it, who cares if you win 98% of your trades if the 2% losers blow up your account?
In betting language there’s a concept called Flat Betting and an old saying that “no system which doesn’t work in flat betting is worth its salt”. I really like this and if you can get back to simplicity you’ll see that you just need to have an edge. I’m confident after my research years ago on gambling that there is no edge to be found at the casino except for maybe card counting which is not my thing. With Forex you lose some edge everytime you get in a trade by paying the spread to the broker. However, it’s so open-ended that you CAN find a system which has a 60 or 70% win rate. Once you’ve found this and a way to execute consistently you are set.
I’m also testing a 3 step martingale at the moment but here’s the difference: I know that on step#1 I’m risking 1% of my account and then step#2 I’,m risking 2% of my account and step#3 I’m risking 3% of my account. So if I lose the 3 step series I’m down 6%. Then I can look at how often statistically will I lose the series. Let say for every 30 wins I get 1 series loss, I still have a profit of 24% for that round. This is Quantified Risk.
It’s possible also that -25% of your account is your Quantified Risk level, but in this case you will have probabilities and statistics in your favor.
Another factor is Risk of Ruin – at 6% loss each time for the mini martingale series, I would have to lose a dozen or so times to ruin my account. Important to factor this in also, It might end up not being worth the risk of ruin and I will stay with flat betting.
I”m so shocked at how many joke systems are out there, is it because the internet is full of scammers who just want to sell broken shovels to unsuspecting gold diggers? Or, is it because few of us take the time and energy to really understand the game.
I’ve been investigating dozens of ea’s this year and they’ve all been jokes imho. For example there is a managed program that has been doing 50-100% per month for the last 6 months. I’ve been following it with interest. Last week they had a 50% drawdown. (That means that they lost 1/2 the account). Of course they justify it by saying that it’s doubled a few times already, everyone is still up. Nonsense!!
Just like when you’re a kid and someone twists your arm – we all have a point where we yell Uncle! Is that when you’ve lost 50% of your account?! I think that is ridiculous.
Here’s another system that’s listed on MyFxBook which I’ve been watching, its’ an automated system which has done over 200% the last 2 months: Spytrader – Yesterday I was watching it and at one point he had 5 trades open on his 750$ live account and I saw it down 150$ (600$ equity), luckily the euro turned back up and he got out with a small loss but what if the euro would have gone another 30 pips south, would he have let his live 750$ account go to 500$, 400$ ? Where’s the Uncle point?
AND – what’s up with MyFxBook’s drawdown statistics, it still shows the DD as 3.43%, I witnessed the account go down 20%. Maybe that’s because the account is already so far in positive it’s not affected. This statistic is not good for me anymore. I don’t know about you but if I saw my live 10,000$ account which has been gaining nicely is all of a sudden down to 7000$ equity in one day’s trading session I would flip.
Introducing: Quantified Risk. “You know exactly where your Uncle point is for each trade”.
Think about it, who cares if you win 98% of your trades if the 2% losers blow up your account?
In betting language there’s a concept called Flat Betting and an old saying that “no system which doesn’t work in flat betting is worth its salt”. I really like this and if you can get back to simplicity you’ll see that you just need to have an edge. I’m confident after my research years ago on gambling that there is no edge to be found at the casino except for maybe card counting which is not my thing. With Forex you lose some edge everytime you get in a trade by paying the spread to the broker. However, it’s so open-ended that you CAN find a system which has a 60 or 70% win rate. Once you’ve found this and a way to execute consistently you are set.
I’m also testing a 3 step martingale at the moment but here’s the difference: I know that on step#1 I’m risking 1% of my account and then step#2 I’,m risking 2% of my account and step#3 I’m risking 3% of my account. So if I lose the 3 step series I’m down 6%. Then I can look at how often statistically will I lose the series. Let say for every 30 wins I get 1 series loss, I still have a profit of 24% for that round. This is Quantified Risk.
It’s possible also that -25% of your account is your Quantified Risk level, but in this case you will have probabilities and statistics in your favor.
Another factor is Risk of Ruin – at 6% loss each time for the mini martingale series, I would have to lose a dozen or so times to ruin my account. Important to factor this in also, It might end up not being worth the risk of ruin and I will stay with flat betting.
I”m so shocked at how many joke systems are out there, is it because the internet is full of scammers who just want to sell broken shovels to unsuspecting gold diggers? Or, is it because few of us take the time and energy to really understand the game.
Advantages of Renko Bars
I’ve just received the second ea I’ve designed from the programmer yesterday and I’m busy testing it with various brick sizes and minor tweaks. Renko is so amazing and is so much vaster then using time based bars for a few reasons (imo).
First of all there’s less fake outs, price has to move x pips before a new bar is created. (Obviously if you’re using 5 pip bricks you’ll have more fake outs then 20 pip bricks.)
One of the biggest advantages if you’re trading manually is that it’s really easy to see patterns and also whether the market is trending or ranging. I think it’s much easier then with time based charts.
For automated trading it’s the price that determines whether your signal candle criteria is met, not time. Which is much better because it’s the price that matters most not the time.
If you’ve been following my post on the fx genius, I’ve finished my testing and shelfed it with the “not worth my time” category. The only broker I know that has really fast execution without requotes (except during news) is Oanda and of course they don’t have mt4. They also charge a monthly fee for their api.
First of all there’s less fake outs, price has to move x pips before a new bar is created. (Obviously if you’re using 5 pip bricks you’ll have more fake outs then 20 pip bricks.)
One of the biggest advantages if you’re trading manually is that it’s really easy to see patterns and also whether the market is trending or ranging. I think it’s much easier then with time based charts.
For automated trading it’s the price that determines whether your signal candle criteria is met, not time. Which is much better because it’s the price that matters most not the time.
If you’ve been following my post on the fx genius, I’ve finished my testing and shelfed it with the “not worth my time” category. The only broker I know that has really fast execution without requotes (except during news) is Oanda and of course they don’t have mt4. They also charge a monthly fee for their api.
FX Genius – Is it a Scam?
As I’ve been totally focused on my work I didn’t hear about the fx “genius” until last week.
Curious, i checked out some reviews and then did a bunch of “special google searches”. A couple hours later i managed to find a working version of FX Greed which I think is a modified version of the fx genius that someone ripped off and decided to sell. Gotta love the internet =) I saw a comment somewhere from the creator Dominic complaining. So… do I feel sorry for him- hell no!
Scam or no scam?
It’s a bit of both! So on the website fx genius robot dot com you can see a live account info with FX Clearing who is a decent bucketshop broker who’s earned my trust and is awesome for testing ea’s (check out their micro cents account) – before it was only Oanda (who I love but they don’t have mt4) where you could do cheap moolah per pip. Anyways, I opened up FX Clearing with the login and investor password and watched it trade over a few days earning like 5,000 dollars. It looked like a real account so I decided to test it. At first I put it on my demo account and watched it gain 250 pips in 2 days.
The verdict (part 1): The results on his site are from a demo account which works like a charm but when you put it on a real account and watch the journal in metatrader 4, it’s requote after requote and doesn’t work. I have a very fast vps that I use (ecovps in Holland) and with the datafeed of Alpari UK demo account with a 31ms pingtime vs FX Clearing server at about 200. (By the way, don’t try to use Windows 2008 server for running metatrader ea’s, it shuts down automatically every 12 hours which sucks – you need 2003 server.)
The verdict part 2: Well, the “good folks” at fx greed (nice name btw), have made some modifications so that you can adjust the “aggression” level so that it waits for bigger gaps. I’ve been testing it the last couple days with agression level 1 and it’s bringing in some pips so far, I’ll update in a couple weeks and let you know if I plan to run it full-time. I like a lot that it gets in at a good time and automatically sets a really tight stop. That keeps the risk way down. If it gains 10 pips a day and it’s trustworthy that can still be some nice extra cash and worth running.
Summary – FX Genius’ promises are a lie, false marketing, bullshit. However, the concept of scalping the lag time is pretty cool and like I said if it does 10 pips everyday that could be 100 or 200 per day extra cake.
Curious, i checked out some reviews and then did a bunch of “special google searches”. A couple hours later i managed to find a working version of FX Greed which I think is a modified version of the fx genius that someone ripped off and decided to sell. Gotta love the internet =) I saw a comment somewhere from the creator Dominic complaining. So… do I feel sorry for him- hell no!
Scam or no scam?
It’s a bit of both! So on the website fx genius robot dot com you can see a live account info with FX Clearing who is a decent bucketshop broker who’s earned my trust and is awesome for testing ea’s (check out their micro cents account) – before it was only Oanda (who I love but they don’t have mt4) where you could do cheap moolah per pip. Anyways, I opened up FX Clearing with the login and investor password and watched it trade over a few days earning like 5,000 dollars. It looked like a real account so I decided to test it. At first I put it on my demo account and watched it gain 250 pips in 2 days.
The verdict (part 1): The results on his site are from a demo account which works like a charm but when you put it on a real account and watch the journal in metatrader 4, it’s requote after requote and doesn’t work. I have a very fast vps that I use (ecovps in Holland) and with the datafeed of Alpari UK demo account with a 31ms pingtime vs FX Clearing server at about 200. (By the way, don’t try to use Windows 2008 server for running metatrader ea’s, it shuts down automatically every 12 hours which sucks – you need 2003 server.)
The verdict part 2: Well, the “good folks” at fx greed (nice name btw), have made some modifications so that you can adjust the “aggression” level so that it waits for bigger gaps. I’ve been testing it the last couple days with agression level 1 and it’s bringing in some pips so far, I’ll update in a couple weeks and let you know if I plan to run it full-time. I like a lot that it gets in at a good time and automatically sets a really tight stop. That keeps the risk way down. If it gains 10 pips a day and it’s trustworthy that can still be some nice extra cash and worth running.
Summary – FX Genius’ promises are a lie, false marketing, bullshit. However, the concept of scalping the lag time is pretty cool and like I said if it does 10 pips everyday that could be 100 or 200 per day extra cake.
Welcome to my trading room – renko forex
This is where magic happens! I’m loving trading manually lately, staying up all night playing tunes and making nice gains, gotta love it. After 2 years of tough work to get here, now it’s gravy time!
Update on Ultimate – 2 weeks ago it made close to 300 pips, last week it made 250 pips and then lost all 250, Ouch. I realize that I need another filter so that it just trades with the “general trend” which for me is above/below the 77 ema. Why 77? I like it and it works =) I’ve got to do some more testing before I send it to my programmer for the upgrade but after 8 hours of visual renko backtesting yesterday, I just wanna trade…
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