Congratulations. Opportunities are not linear. Well done and best of luck with the brighter future
Been looking into the concept of running my multiple uncorrelated algos on the same account, combined with my risk management and I have found an easy way for me to impliment it.
So plan is to run them both from one account on the same equity curve, but I’ll be running two seperate lists on Tradingview, and checking a couple of times a week to establish what pair is “syncronised” which what algo.
This video explains well how running them on the same curve should help with DD and smooth the equity curve out.
It is possible to gather a lot of information from this post. As a trader, I got a lot of information from this post that was unknown to me.
Glad to hear it man.
We all see different things and blow the lid on different things at different times, taking us down very different paths.
I love to read other peoples journals and experiment off the back of them, or explore ideas that come from them. I’d like to think I can help others do the same over time.
That is great to hear. Only today, I read through 20 odd new posts and learned two things. I have been involved with Forex for many years, and you can always learn something new even reading questions from new members and taking the time to look at the replies from other members. Keep it up. There is a huge information base on here.
So still pushing on at the moment.
Last few days I’ve just been tweaking and adjusting my code indicators and strategy.
Little changes being mostly on the way colours and information is displayed and working on how I’ll integrate more than one Algo into the same trading process and same account without getting mixed up.
So I’ve come up with a solution of naming the script a colour, then when I open a trade against the script I flag the colour on TV’s watchlist.
Makes it easy for closing the trade against the right algo later.
the only other things I’ve been doing is trying to figure out a way to control my DD though code and position sizing. I’ve got an idea I’m going to work on over the next few weeks.
Trades wise, the equity curve is getting less volatile now, this might just be luck, or might be because I’ve started applying my new risk rules. Time will tell there.
Today I got offered 4 entries. 2 I couldn’t take as I was in other trades on the same currencies, and 2 were blocked as they didn’t meet the Risk Management rules.
Curve can be seen here, April much less volatile.
Looks like you had some fun on March 17!
that was actually the day the Nasdaq took a big dump. Money came flowing back into currencies, I was on the right side of it and took profit on alot of my early direction trades.
The a couple of days later money started flowing the other way back into Equities, and I was on the wrong side of some.
I’ll be honest, I’ve no idea how my new risk management will smooth out a couple of days like those, but I’m interested to find out.
I’ve decided I’m going to run my Position size/Risk management concept into a fully backtestable method, and tunable so I can really push the bounds in showing when a particular Algo is right.
I’ve decided to not only create and refine some code for it, I’m going to name it, and give it an opensource github as it’s own module.
It will be known from this point as “Best Foot Forward”
The core concept is that “Best Foot Forward” calculates at full position size if your strategy is currently profitable, but warns you to reduce or increase risk inline with your Algos “Synchronization” with the current market conditions.
Backtest results will also reflect the reduced position sizing to allow tuning of Algos and for the DD and ROI.
DD being the most critical factor for Prop trading, and ROI being the core factor for private account trading.
Fascinating, as usual. Keep up the good work.
I forgot to add something.
I’ve actually ditched something from my rules.
I can’t backtest news avoidence, unless I go back in 10 years of history for every currency pair, and and block dates etc etc.
So if I can’t backtest it, I don’t trade it.
So I don’t check it. It doesn’t get taken into account anymore.
Hi Chris. You’re certainly one for hard work, which I respect. Only way to become consistently profitable, IMO. Keep it up, you’ll be a multi millionaire at this rate.
One back test - if you have time, I’d be eternally grateful if you could carry out, if you can - one that causes me endless frustration - is testing the efficacy of various PSAR settings. I know it won’t be the same for all pairs, which is a bummer.
However, my current setting is 0.10 - 0.40 or 0.09 - 0.50 (on two live accounts). The aim is to get this lagging indicator as close as possible to a trend change with the most accurate signals. Probably works better in a trending market, IMO.
I would attempt it, but I’m a dinosaur when it comes to anything technical. IMO, Wilder ( the creator) found his setting as being best, but in today’s volatile environment, it just lags too much - and if you manage to find a better solution, it could be ground breaking.
BTW - you could use your EA to experiment with trading indices. High volumes, many opportunities.
best wishes and continuous good luck.
I think there’s a fear from the mortgage crisis that a house isn’t the safest investment. And combine higher down payment requirements and most first time homebuyers being strapped with an insane tuition loan, you can maybe see why many are renting.
Why not get the best of both worlds? Use credit cards for everything, set them to pay off EVERY month, so you spend only what you know you have, and you get the rewards, whether that’s to fuel your car or get cash back rewards or a trip to a sunny beach somewhere to relax and reset from the crazy world? I very rarely pay using cash, and rotate between 4-5 credit cards, all have specific uses for monthly expenses I know I have to make - groceries, fuel, insurance payments, pet food, etc.
Having done this for nearly 20 years, I’ve got probably close to $100K in revolving available credit IF I ever needed to use it. The interest rates on the cards don’t matter because I never carry debt into the next payment cycle. And your credit history gets a boost, so if ever you need a loan for a house, car, home improvement, whatever, creditors see your excellent credit history and basically throw credit at you.
I’ve had a look at PSAR on TV just now and there are a few preprogrammed strategies.
If none of them do what you need, shoot me a PM and I can look at banging something together for you when I get a chance.
Had a variety of Trailing Stops and Take Profits trigger through the day today.
Overall account equity did not change, but we are 1% down on the closed PnL.
A little clear out of positions that were running against me, and leaving me with a basket of growing positions (he says ).
One position opened tonight, 3 has signals BUT “Best foot forward” told me that 2 were no go.
Looking at the equity curve on the back test of those two, trading them wouldn’t have returned me anything this year so far.
I have a couple of positions still open from before implementing “BFF” but now majority of my positions are post launch.
It’ll be interesting to see how it effects things over the next few weeks.
My Slow algo is backtesting nicely now, so still doing a few tweaks and adjusts slowly pre launch.
So things still evolving nicely.
Journal wise, I’m beginning to wonder how much value my paper journal is giving me.
a post by @dushimes about journaling had me touting the benefits of myfxbook, but also made me realise I’d barely scratched the surface of it.
So I took a look in and have realised that everything I write in my journal I can capture, possibly easier and with more depth on there. And also be able to sort it etc.
When I launch my second algo, and then my 3,4 and 5th algos eventually I will be able to track them with tags and allsorts.
With the ability to add screen shots if needed, and unlimited space for comments etc.
So I do think what I did with my paper journal got me a start, got my head in the game and gave me my first real insight into my stats… But I think I can now retire it.
Also I can retire my Exposure sheet, as the open trades with my tags will show me at a glance my % expose while I trade.
The reason i went paper was as I travel and use different computers, but myfxbook is available just as simply as TradingView. If i can’t get on one, I can’t get on the other.
So I think I’ll use my paper book simply to close out the exiting trades.
I do need to go through 186 closed trades and add the appropriate tags for my records.
But I feel it’s time to move on in this respect and level up again!!!
PLAYER HAS LEVELLED UP
Isn’t that an amazing feeling? Two weeks ago I took a decision to close our first year of trading that included Cryptos two months early (to align with our UK tax reporting year) and had to review what I call my “business plan and operating record” Excel workbook started in May 2020. It underwent “scope creep” to end up with 13 tabs of up to 200 lines per tab. Having reviewed all the tab contents it is overdue for a clean up and simplification.
When I started collating the information last May it was absolutely a case of “you don’t know what you don’t know”, so I laid down some “boundary conditions” as a scientist would do in an attempt to curtail the scope of research. That gave me a list of actions to take to investigate what I didn’t know. I have moved from (as Donald Rumsfeld would say), the “unknown unknowns” to the “known unknowns”.
Along the way, I did come across the Discord server associated with the NNFX method, and it now features as an entire “book” on my MS “One Note” portfolio, with only about 10% learning completed and another 90% to go - which incidentally includes a desire to “be able to program a simple EA” to automate setup analysis just as you have chosen to do, and share outputs with members of this forum (I thank you dearly for that).
I did see you going down some ratholes like establishing a colour legend or regime to represent different aspects of your EA, and thought “uh oh - Chris is going somewhere I have been countless times before and should not have” but it’s probably related to a leaning towards perfectionism which is no bad trait.
Wonderful to see you progressing in leaps and bounds, and taking the time to stand back and look at the overall achievement to know how to approach the next part of your world domination plan. Well done and keep up the great journal.
I’m taking a look now…I’m reluctant, but I have to keep an open mind.
Some very good advice here, pretty much what I’m trying to achieve.
The concept is called “Rotational Trading”, having multiple Algos that you can use depending on their performance on that asset, at that time!