I’ve been trading this way since early May. Results per month have varied since I’ve had some major changes in my personal life. No negative months though. It has varied from 2% to 7%, not counting Dec where I hardly traded so that was a 0% month.
I’ve switched from a EUR account to a USD account around the New Year, and haven’t started trading for 2012 yet. (I’m not much of a drama queen, but I’m actually not sure euros will exist in the current form much longer)
By the way, I forgot to point out in the trading plan that I actually look at the Chikou Span sometimes to further confirm if the trend is active or beginning to range.
If we get something good I’ll get a trade during the last days of Jan, but if not it’ll have to be a Feb start this year.
(I’m aiming for 10% monthly, but in all honesty I’ll be very happy if I land land an average of 5%. It all adds up very nicely over time anyway.)
Congratulations. Firstly, on having 6 months profitable trading. That is something I hope to achieve early this year. And secondly, in finally making me go and read about Ichimoku charting!! I have so far avoided it. I will follow with interest & see how Ichimoku helps your decisions.
During your good trading months since last May - were these all with 8 hour charts or is that a more recent development?
Yes. Currently long AUDCHF, AUDUSD, short EURAUD and EURNZD, and long XAGUSD which is going absolutely nowhere.
Traded GBPUSD long a while ago and stopped out for a average sized gain.
I’m keeping positions small as I’m test driving the three duck approach with my own changes. Seems simpler to handle than the Ichimoku based approach. I’m digging my way slowly through 4H charts of backtesting it as well. I would have prefered 8H charts to backtest but none such available, so 4H will have to do as a proxy.
If the backtesting supports the soundness of this approach I’ll start ramping up the lot sizes in a stepwise fashion.
Google for Forex Tester. It allows quite a bit of testing without buying the product. It is streets ahead of anything else I have seen or tried. It allows multiple charts, such as 15 + 30 + 60 + 240 all on your screen at one time. Each chart has data fed to it, so each candle is created at the correct time for the chart. You can jump ahead 1 candle at a time and, more importantly, if you happen to go past your setup entry you can backstep candles as well. And it allows you to create different timeframe charts - I just created an 8 hour chart & it worked. It is that good I am considering buying it!!!
I’ve come across it before but I’m uneasy about using my credit card for a website where it’s impossible to find any physical address info or such. I’m tempted though.
I’m going to download the demo again, it’s been a long time since I tried it last.
I forgot to mention - if you go to expert-4x dot com and enter forex tester in the search facility it will give you a link that discusses some of its uses. It also leads to a purchase facility that gives you a discount of about 30 USD. Better in your pocket than somewhere else! But for the time being why not just use the free trial - it may do all you need for your testing.
Done. Just bought one license through the link you suggested madpipa. Waiting for the registration key now, hopefully I’ll be up and running tomorrow when I wake up.
Except for some tedious work downloading all the history data for the different pairs, everything works like a charm. Backtesting with this software really is much better than doing it with MT4.
It would appear that my trading approach does indeed work very well. In time I will update the trading plan to reflect everything. Not so sure about tracking it with myfxbook or such though, don’t really feel much desire to do so.
Looking back now it seems surreal how much time I spent wandering around in the dark during my early forex days. It feels good to be past that to say the least. With 8H charts I’ve also found the timeframe that fits right into my life. Everything going smooth.
You certainly seem to be getting along well also from what I can gather. You seem to have found the confidence we all need to trade well.
I’m glad to hear you have found your version of the ‘grail’. I am still wandering along my path to knowledge, but I think my destination is just over the next hill. I have been looking at trading mainly after London open to pick a more determined trend move, hopefully getting less whipsaws. Time will tell.
All the best with your approach. Please keep posting, at least until you make your first million :53:. Maybe try for a fortnightly post?
I’d like to bump this link: Vote for March’s Best Forex Trading System! | Forex Blog: Art of Automation
Do what I did and vote for the 3 ducks system! It would be interesting to see what Robopip comes up with on a backtest. I’m backtesting myself but I have my own triggers that are different from Captain Currency’s. I’m fairly certain that the results will be good, vote so we can find out
I did, but not looking good so far. Macfibo has 30% more votes so far. It also looks interesting. I will have to find time to test the ducks more thoroughly (so far I have only had a quick visual inspection). What have you found that helps the system?
And now that you have done some serious backtesting are you still trading the system you described in posts 1640-1650? How is it going?
Hi again. Responding is still very much on my to do list.
In the meantime I’m happy to announce that I believe I have put together the best intraday chart template I’ve seen. Big words… I may have to eat them, we will see.
It’s a boil down of my 8H chart template shrunk to the lower timeframes. I will be posting both this and my 8H template soon. They’re both very simple and largely a theft of the Three Ducks approach by Captain Currency who’s thread can be found on this forum. Not 100% the same but very close.
To be continued… (Athens was lovely btw. Do you know which is the worlds per capita leader for Porsche cars? Dubai? Switzerland? Nope - That’s right… Greece and they’re bought with borrowed money )
Euro seems to be in a lot of problems these days especially with the Greece Elections and a proposal to Re-Draft the auterity measures as clear by the voting mandate:)
Indeed. The political vacuum and the deadline for the next loan payout make for a Greek default during this summer or early fall. I seldom guess since I’m usually wrong, but I’ll go out on a limb here and predict that Greece will enter 2013 without the euro.
)