And they will still charge $150 a month for it?
Sounds promising.
As I recall it was 600$ per month for api access back when I last checked…
They’ll be shooting themselves in the foot if they do decide to charge for it. Let’s hope they’ve understood that by now.
I promised to publish those backtest results when I had them finished. That means now. I tested from as far back as the charts allowed, starting in May 2003. I planned to test it until December 2010 but as things became quite obvious I stopped in Jan 2008.
In short the equity curve started out great going from 1000 May 2003 to almost 13,000 in April 2004. Unfortunately from there and on it was all downhill. In Jan 2008 the equity was below 600. In other words a totally unacceptable system without any edge.
Backtesting has saved me some forwardtesting grief…
I’ve attached a pdf with the results.
Backtest EURUSD 4H.pdf (120 KB)
No system trading then for me.
This year I’ll start trading seriously. My trading will be based on S/R, or as I’ll call it from now on, Supply and Demand.
I’ve been going through almost all of Sam Seiden’s vids from fxstreet and I intend to watch them all. It’s without question the best material I’ve come across and I’ve adjusted my understanding and trading accordingly.
Here’s the link: http://www.fxstreet.com/search/contributors/authors/author.aspx?id=5766b88a-1a31-4102-8221-e9bf77216d2f
I’ll be publishing my Trading Plan when it’s finished.
The plan is, in short, to make it or break it. I’ve been at this since 2008 and this year will be the year when I start swimming in the deep end of the pool. I’m either going to drown (aka give up forex) or I’m going to become a good swimmer (aka make money consistently).
I think it’s time for both of us to swim Matt!
Every year as a customer you get an email from Oanda with information about what they’ve been up to and also what they’re planning for.
I could believe my eyes when I read that they’re going to start offering Metatrader to their customers!
This is great! First of all it solves the myfxbook problem I’ve had and second it also makes it possible for me to use Currensee if I should choose to do so.
I do hope that they’ll keep their FXTrade platform though because I actually like it, placing orders is much better than in MT4.
I do wonder about a couple of things though, such as, how will they handle sub-accounts?
Considering I’m in the same boat, I’d say persistent 
Loser för 1% of my live testing subaccount…
I’ll post the trade along with thoughts later.
I’ve learned a few things and changed my perspective a bit of late as well, more on that later as well.
I think that goes for all three of us! I’m sure we’ll all get there.
I’ve decided to step things up this year and really try to get the results I want. If I can’t make that happen by the end of this year then I’ll have to think about whether to continue or find better use for my time.
I don’t plan to have to think about that though 
Still not finished with my trading plan. I’m still going through Sam Seiden’s material, a few videos left. I’ve realized that he is spot on about almost everything he says, but there are a few things that I don’t agree with. I’m trying to use what I’m learning from him and mix it with my own understanding of supply/demand in a fruitful way.
In the meantime I happened to have a look in the latest edition of futuresmag.com. Now I usually don’t waste energy reading interviews with various fat bellied suits, but I happened to flip through this interview and my eye caught Mark Fisher’s response, see below.
It caught my eye because before I was a dentist I studied a bit of history at university and it so happens I’ve read the six volumes that he mentions. They’re called "The History of the Decline and Fall of the Roman Empire" and were written by English historian Edward Gibbons in the period 1776-1789.
Most history is rewritten every few decades and the old school of thought is falsified or at least reinterpreted heavily, this is how the academic world works.
I remember how it struck me when I read these volumes maybe 8-10 years ago that Gibbons was an exception to this rule. What he wrote more than 220 years ago is still valid today. He was one of those who see clearly through all the fogs of the time they live in.
The reason I’m writing this is because Mark Fisher seems to have reached the same conclusion that I did some years ago: The Western civilization has during the last few decades entered the same process of decline that Rome did. Sadly I think our future may very well be a parallel to that of Rome.
If you ever find yourself short of something really thought provoking then read Gibbons: The History of the Decline and Fall of the Roman Empire - Wikipedia, the free encyclopedia
You may, just like I did, find uncanny similarities between Rome and our modern Western civilization.
Installed Oanda MT4 today… Nice feeling.
So far only demo accounts but it is said that it is only a short wait until they’re ready for live trading.
I’m happy for two reasons:
- I can finally do my charting with the same broker that I trade with
- MyFXBook.com will be able to track my trading again
Drawback: I’ll have to open and use a new sub-account since the existing ones apparently can’t be Metatrader enabled. It’s free and takes like 30 seconds, but still…
In completely other news: a movie tip!
Dinner for Schmucks is the funniest movie I’ve seen in a long time. It caused shortness of breath and uncontrollable laughing. Watch it!
Some good news. I’ve experienced one of those Eureka! moments where things come together in your head.
I think I’ve managed to marry together Seiden’s approach with my own thoughts on supply and demand.
I’m working on my trading plan and going through the last Seiden vids.
To be continued…
Holding off. Completely swamped at work and hardly even enough time/energy in the evenings to get the trading plan finished. Sigh! Summer vacation is still a long way off…
Not trading, but GBPCHF does look pretty good for a short. Unfortunately I’ve already missed the setup and besides I’m not trading right now anyway.
I know but it’s crazy busy at work right now. I haven’t had the time I need to prepare.
I see the GBPCHF would have been a BE trade btw. Now it’s breaking through to the upside, who knows, maybe there’s a long trade coming up in a while.
I’ve said “this weekend I’ll get it done” before, so I’m not saying that again…
Hi Magnus,
I have finally found some time to read the last half of your thread - & its a good read. Well done! When I find some more time I will read the first part. It is interesting to see you looking at different avenues for successful trades. I’ve been down many of the same paths with similar non-success. In fact many of the ‘learnings’ you have documented sound very similar to my mistakes. But it is good to see you growing as your knowledge increases.
Like you, I have followed Tymen’s & Grav’s posts with enthusiasm, trying to emulate their abilities. Not easy!! Still, after listening to Sam Seiden’s explanations on S&D (and taking about 40 pages of notes) I can say my understanding of S&D is greatly improved.
I have attached my version of a lot size calculator. I understand it, but if you have questions then please ask. All I do is measure my risk on the chart & enter that value into the Stop Loss field & hit return. The lot size for all majors is then calculated. I link the Account Balance to my live trading records - so if I have a couple of major wins / losses it is reflected in my next trade size. In this sheet the Account Balance is just hard set at $50,000, but you can easily link it to your balance. Then you just need to change the AUD to whatever your trading currency is (EUR?) & set the conversion rates (in the beige group). I have checked these to the BP calculator & they seem OK. If you do find a mistake then please let me know (my first attempt did have a hidden problem).
Looking forward to reading you next version of your trading plan. I wish you every success in you bid to earn pips. Cheers.
Lot Size Calcs.zip (8.26 KB)
Hi!
Yes, it has certainly been a long journey. I guess that is what to expect when travelling without proper teachers or roadmaps.
I have investigated many a dead end and if you do decide to trawl through the first half of this thread you’ll see further evidence of that.
Seidens approach to trading has given me a big aha experience and it feels like he may have been the missing piece I needed.
The trading plan is coming…
Tonight I’ve spent more than a few minutes creating and connecting an Oanda MT4 live subaccount to myfxbook.com, so that when I start trading I’ll be able to track all of it.
Phoenix Foundation System | Myfxbook
I will look closely at your calc this weekend, thanks for sharing it 
MyFXBook is facing some new and very serious competition from a new beta tool FF is developing. As a result I’m switching to ForexFactory’s Trade Explorer: o990l6mh’s Profile @ Forex Factory (Scroll to the bottom of the page.)
(The only trade so far was a BE trade I made to test the Trade Explorer out vs MyFXBook.)
This is the tool I will be using to track my trading automatically. It’s the simplest and most automated I’ve found by far, so there was really nothing to debate.