Well, after you have manually verified a modification that produces profitable results, I can code it.
To answer Windsor’s question “did I get a working, profitable long term EA using the entry criteria…?”, no. I tried several variations on screening filters to minimize the loss, but they eventually resulted in the big “wham bam” loss as well.
Hi jbentz, one of Windsor’s criteria is to trade the Asian session. Is it possible for you to code the EA that allow the user to specify the time the EA will trade? For example, if one want to trade the London session, the user can specify the time from 08:00 GMT to 17:00 GMT, so that the EA will only trade during the specified duration. This may also address the lack of volume issue. What do you and others think?
Is anyone trading this on a live account? I’d love to see the trading history.
No trading system is infallible in my opinion. You are trading to be profitable over 10,000 trades, and in that huge basket there will be some losers. You just need to make sure that the losers don’t undo all your good work.
If you trade this one on live account, you won’t be trading long. Even Windsor has seen it’s danger.
Its already in the settings. Take a look. The default settings are Start_Hr 0 and End_Hr 23, but all you gotta do is change them.
by the way, only version 1 is strictly windsor’s version. Version 2 is my added volume filters. Which delayed the account crash, but did not prevent it.
Hello.
Well: for what it’s worth this trading system (the idea anyway) is not TOO dissimilar to a trading system, developed by Larry Connors, called “Time, Price, Scale-in” (details here: Home | Technical Trading Systems at TechTraderCentral). You may want to have a look at some of Connors’ insights and apply them here???
There’s a discussion about the system on those forums but here are some points that you may want to consider (taken from that same discussion):
Connors uses NO stops!!!
AGAINST ALL THE RULES you may say??? Well MAYBE. But how many times have you been stopped out for no good reason only to find that the trade turned in (what would have been) your favor??? No stops = nothing to “shoot at” (either by “Mr. Market” or by a “bucketshop”).
Because he uses no stops: of course money management and position sizing is a problem (obviously). But it’s not a problem that cannot be overcome. Here’s where a little bit of work is needed. EITHER you go back in history (the further back the safer you will be) and see what is the single biggest loss that the system (both this one and Connors’ system) has incurred. Once you know this: then you’ll be able to manage risk and know what your position sizes should be. Unfortunately: you’re going to find that you need a WHOLE LOT of capital though. No question about that. OR: you could look at implementing something called “The Kelly Formula”. Again: a PILE of work involved BUT WELL worth the trouble. You can Google “The Kelly Formula” or read about it in Larry Williams’ book “Long-Term Secrets to Short-Term Trading” (found on the same link above).
You’re also going to find that Connors “averages into a losing position” (again: BLOWING YOUR MIND RIGHT)??? See his logic and it may cause you to think twice about this “golden rule”. Note: this is NOT the same as a “Martingale” type strategy (read CAREFULLY what Connors has to say).
And one last thing: you’ll find that systems such as these work on SPECIFIC instruments i.e. those where price tends to “revert to the mean” e.g. the S&P 500 (Daily Rolling Futures) or the SPY SPDR ETF (Connors details test results for various ETFs).
Performance on FOREX pairs??? As yet to be determined (by someone else i.e. definitely not me)!!! LOL!!!
I’m not saying that systems such as these are “the best in the west” (there’s only one trading system that “beats all” and that’s Wilder’s Swing Index System but this is my opinion and I’ve spent YEARS with it). But they have their place ESPECIALLY for people (traders) who are simply not capable of “sitting on their hands” for days, weeks, or even months, before taking profit or before “messing” with the trade.
In closing: with systems such as these you have to ask yourself what would have happend had you been “fully loaded” (“all in”), trading the Dow, when the Dow reached J-U-S-T over 14 000 in October 2007 (FOREX traders look at EUR/JPY at or around the same time) and then plummeted, almost in a straight line (Monthly), to below 6 500 during March 2009. Would you have “made it out” with your account intact and “still have the farm”??? That should put systems such as these into perspective for you!!! LOL!!!
I hope this helps a bit (I’m sure it will).
Regards,
Dale.