Hope you are doing well.
Wanted to challenge myself and do what I would call “not reasonable”.
Why ? Because setting a daily target is not suitable in term of strategy. Trading is like sailing, if you don’t have wind, you will not be able to sail. Same with the market, if there is no interesting moved, trying to reach a daily target will increase your risk (this is not suitable for trading).
But let’s try it. Strategy is 80% Automatic and 20 manual. Could finish in a big drawdown, who knows ? (And would show the risk of setting daily target, but let’s go).
I configured the account this weekend, closed some issue on monday and officially started today.
Have reach my daily target. Let’s see how it will evolve other the next days and during the week. Keep you posted !
I’m still considering that making a 1% daily is not healthy in a certain way, as everyday the market is different. Despite algorithms there is no miracle or ability to force the market to do what you want (would be wonderful but let’s see that as the power of nature).
If I reach a 1% daily on average with some daily adjustment would be already a great achievement. For exemple yesterday at this time, market moved quite fast with a big spike and I closed quite quickly the target. Today weather forecast on the market is quite slow, so no big revolution. Well let’s see how it evolve.
Well, globally the strategy is working, but one of the thing I raised before is definitely the fact that my 1% take profit is not reached often, because many times market not moving enough.
When the 1% daily target is reached, the EA stop waiting the next day. But if it’s not reached, it will take more days and of course you close at 1% but in a week for exemple.
I tried to improve it and increase the lot size, to reduce the time to reach this goal. I’m comparing with the initial lot size EA. I have seen some days thanks to the bigger lot size, the daily target was achieved and the EA ready for the next day, versus the first EA who were still waiting bigger move to go to the goal.
Of course, bigger Lot size mean bigger risk and i’m trying to assess the impact of that.
Back from vacation, good time to make a little analysis. Without internet access it was a good opportunity to let the EA doing the job by himself.
Let’s be clear. As I was thinking in my first post, making a 1% daily every day is not sustainable or you will take dramatic risk and loose potentially everything when market will move in the bad direction. But the goal of a moonshot is to develop positive things as well.
The good point is to see that EA is positive and growth is coming. The EA close when reach 1% of the current balance. I have 2 versions now, one with a 0.1 lot size and a second one with 1 lot size. Risk is more important on the second one but daily target is reached more often. Main difference is the drawdown. Only 6% on the first version, versus 20% on the second one (very risky).
What nice, a total 17% gain, (8.46% in absolute). The safe EA (0.1 lot) at 5.66% and the 1 lot at 11.27%. On the 0.1 lot size I closed manually sometimes which occurred in a loss one day, now I’m leaving it on its own.
Still good progress. 5% since my past beginning of last week. Everything on track. Happy to reach this week 1% everyday. I know like my history show that it’s not achievable every week. But when it’s happening it’ always a good things.
I do not see here anything really wrong with that matter anyway. Are you tradig short and simply make the profit till it lasts or what ? I really do not see it completely anyway. I simply don’t see it at all. How do you plan to propose it to us anyway.
Strategy is more complexe than that and is a calculation of strength between currencies. 24 pairs are monitored a the same time and based on each currency power and direction the right pairs are selected after that for pending orders. It can be long on some and short on others. It helps has well to secure profit and I remove automatically duplicated orders in case of correlation between 2 pairs.
A 1% balance target is set and then all orders closed when target reached.
I’m using as well pyramidalization to maximize profit on the pairs when the trend is well catched.
I could play on several parameters to improve performance such as bigger target, more pairs or space value between orders on a same pairs. But was just initially a test I wanted to do and trying to reach a 1% daily as a challenge. But it’s running quite well anyway.
I’m finishing my 1 month journey. Really happy about the results. Closing one EA with a 12% gain and the second one with more than 21%. They globally run for one month, started the 26 of June for the first one. Main difference is the risk taken based on the lot size. I will still monitor on my side and try to continue to keep these sustainability, but I can close the current challenge. I’m often getting a bit too much exposure on the USD but hopefully I’m able to balance it due to the multi pairs approach.
Thanks for your interest in the topic.
Here an update of the current status.
Progress are still on their ways. Both EA are progressing. I’m involving myself a bit manually to close the more often deals on friday in order to avoid issue on monday regarding current major change in the politic globally. It reduce a bit the % revenue but reduce as well incertity and risk.
1% Daily test with 1 lot size (reduced at 0.5 to keep margin during trade, otherwise I’m really limited in the number of opened order and can be difficult for the global strategy based on multiple pairs).
Goal is to be sustainable on a long term with regular and progressive growth. I prefer making a 1% every week than reaching 200% in a month and loosing everything for excessive risk. I like to look to pips collected as well. 2012 pips on the daily one and 565 for the one with bigger lots.
Thanks ponponwei, will update every week or bi-weekly on the progress depending of my available time.
0% month is not bad in fact in trading. Of course we all want to make benefice, but by taking a look to the number of people loosing in this industry and gambling on forex, a 0% show that you are on the right way. The learning curve is long and never stop. Nobody should think they can over perform the market, you just take what the market allow you to grab. Keep going ! It’s a long term game !
But still better than losing money I suppose.