How did your testing go? I hope your happy with the settings.
I was looking to become a signal provider and I spent a few years learning how to select and use expert advisers profitably. But I found it frustrating as most commercial EA’s couldn’t be reprogrammed to current market conditions.
I was reading “mastering the trade” by John Carter, in this book John talks about his friend who designed trading programs.
John (who trades full time) asked his friend what he does in his trading day. The friend replied I spend 30 minutes in the morning making sure my program is working as it should. Then I go and play golf for the rest of the day.
This little story was like a light bulb going off in my head. A set and forget system where I can go about my day and make money even while I sleep.
I was still toying with the idea of being a signal provider, when I discovered a website that taught me how to use money management, expectancy and all about risk and risk of ruin. They combined this with free profitable systems from zulutrade.
Now I have my set and forget system that was sparked by the story in mastering the trade. I now just keep track of my systems for 15 minutes a day and have the rest of the time for myself. I know longer have to to backtest my tick data day after day, I now let someone else do that.
All I do now is log into their website. Choose systems with positive expectancy and use their money management calculators to select my lot sizes and risk profile. I now know my risk profile for each system I trade and I know that I am not over trading.
So now I have no desire to be a signal provider I only look for expectancy and opportunity
and after this substantial answer that you put there, comes and my answer, which is this website (or platform) that gives you that freedom, which of course, is so similar to zulutrade?
my account: i have one pending open position dating from yesterday that though in the morning it was winning, now it is loosing like 27 pips… what shall i? close it manually …
I have set up the same account with the same settings as you. I also have a drawdown. You asked if should you close the trade. NO you leave it open.
Because your account is now set up for 8% risk you will lose 8% of your trading account if you hit your 600 pip stoploss. This means you have plenty of room for the trade to move. You are now trading for expectancy of the system so you don’t interfere with it just let it trade. You will win some and lose some but expectancy will mean you will make more than you lose. AS LONG AS YOU LET YOUR SIGNAL PROVIDER TRADE AS NORMAL.
As for the website, it is a companion website to zulutrade. It uses zulutrade to offer systems that makes money. The website provides a forex risk management system that can be used with zulutrade or by trading on your own account. I have put a link on my blog for you
i was not going to close it, but i asked in general. ok so lets leave and see what will happen.
oooooh so you were talking about your blog?..yeah it a nice piece of into you’ve put there i will go thought it and and will ask away my questions. so you have your signals on zulutrade? which ones are those? unless you want to keep them in secret - totally understandable
When selecting a system to trade on zulutrade what should you look for?
You should be looking for a stable system that will most likely continue it previous trend. Systems that have been on only a short time provide unreliable statistics in zulutrade. This is because a big loss will effect the stats on zulutrade much more than a system that has traded for a while.
This is because all stats are like moving averages and they are the sum of the data produced by the system. So when there is less data from the system any large trade will skew the result.
Look for a system that has traded for a while. This will produce a much clearer idea on the actual stats the system produces.
magret,
things are not looking great with my account…what do you think we should do? how about changing the SP?
superwin88 has opened only one positon and keeping it for 2 days now…
maybe i am not doing smth right?:33:
You are doing things correctly. All trades will take time for them to work themselves out. This can sometime take days/weeks to do. All you need to do is trust the system makes more money than it loses, which it does.
This is trading and you will always get draw downs in your account. This is where your trader psychology comes in. You know what you should do but the emotional feeling of losing money is a strong one. Resist this feeling to interfere just let the trades play out.
I also have a copy of your system in demo and have one completed trade for 15 Euros profit, and 2 open trades with one positive 15 euro and the other negative by 18 euro. These last two trades will continue to change until the signal provider either closes the trades or you hit your stop loss.
It takes time for your account to grow. You will win and you will lose but you will win more in the long term, the long term is over months not days. If you are still finding it difficult just back test your system again and you will see the long term results that the system produces.
Margret you do have a point!! thank you for the kind words and i am will be more patient with the system.
when you say it takes time, of course it does, how soon (by estimates) will my account grow? if we are talking here for a year, then i doubt the system will stay thaaat long…
I know what you mean wanting your account to grow is why you are trading. Sometimes your account/system can have no growth and this can last for a while. This is just what happens in trading. You get times of growth and times when you will not.
I have put a link below of the back test and I have written on it to show this happening. On the back test even though the system traded it did not grow. After this static period however the growth returned.
thanks for the analysis and the screenshot ooohh i see now, there is some trending and cyclicality in the singal…i see. simmulation is good, lets just hope the trader will last that long usually they’ve got small time frame of trading profitable.
Good answer about the time frame a signal provider is profitable.
You can use the expectancy of a system to tell you when a signal provider is no longer profitable. If you are using good money management you can switch between systems at any time. The trick is only to use a provider to make money. When they stop making you money (expectancy goes negative) you just move to another system.
In this way you are trading like a professional fund manager. You are looking to grow your money but not be loyal to one system. This is why understanding and using money management is the key skill to learn. If you can do this and know the expectancy of multiple systems you can pick and choose who you want to follow. This give you a much greater chance of success.
Let me know if you want to know how to stitch a new zulutrade demo onto your current demo account. This will allow you to keep running the same signals but for as long as you want.
I totally agree with you. btw, i would say that more or less this was my trading strategy so far, subconsciously of course. once they stopped making my any money, so I swtiched them. however, i think i was way over-exposed in my previous action and my margin-o-call meter was somewhere about 120% more or less. (not good I know!!)
i will moniton the demo one more day and will ask away for advice afterwards
Well, I have to say (after stumbling across your post) it’s still all Greek to me! But, I am an utter newbie, so please forgive my ignorance.
However, I just wanted to jump on board and say how fab it is to have a fellow female who seems to be doing a good job on forex - well done you sweetie, I applaud you and long may it continue…
Happy trading!
Jessey
PS. I have a very longg way to go, but I do think that we females (some of us anyway) can be patient when needed, which I’m sensing is a good thing with forex - along with good money management…
I wish to say hi to Jessey126 and yes patience is a key skill.
Hi also to Eddy Mo keep running your surewin88 and let me know how you’re doing.
Portfolio update
Forex cruise control has not been performing well of late. I had continued to run it even after the big crash (as I only take one trade I was not really effected) but the system continues to disappoint. I have cut it form my portfolio. To compensate I have increased the maximum number of trades taken per system to 3. When I have found a new system to replace FCC I will lower the number of trades again.
btw, I think i am going to replace SUREWIN88…he took more or less 2 days last week to close its open positions and i had to do it manually. did you also get to do the same thing?
i will go thought it and and will ask away my questions. so you have your signals on zulutrade? which ones are those? unless you want to keep them in secret - totally understandable 