Tom'sEa WPFX LIVE (By TomsEaWPFXlive)

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Tom'sEa WPFX LIVE Discussion

Aug 17, 2011 at 20:57
62,519 Views
1,196 Replies
Member Since Nov 06, 2011   181 posts
Jan 31, 2012 at 18:13
@ Julian, interesting approach and I would guess quiet effective.

I tried to do that with the EA on but it kept cancelling my stop losses (it kinds or resets them to 0).

My question (which you probably answered partially) is this:

If I want to stop the basket from progressing any larger but I want the EA to still take those 'with trend' small trades PLUS move the stop up (or down) as the position goes against me further hence managing the open trades WITHOUT entering new counter trend ones, what do I do? I seem to recall a conversation which left me with the impression that was the description of 'deactivating'. Maybe I am wrong.

- switching the EA off means entering stop losses manually, raising them manually, perhaps taking those small trades manually etc.

- Deactivating it means nothing (or so it would appear)

Last questions for the powers that be :-) would be:

If deactivating does not stop the basket from getting larger, does not stop the counter trend trades, what does actually 'deactivate' do?

cheers

Member Since Jan 24, 2012   60 posts
Jan 31, 2012 at 18:14 (edited Jan 31, 2012 at 18:34)
From Julian >>> We could have made much money over the past 3 days had there been a 15 pip trailing stop

maybe their intention for use of the bigger lot size is to take out the other trades that have gone bad, esp. whooper-sized ones.

Making use of TSL is good too, provided it trends well to our favor... it's good tho' to prevent that biggie from turning into other part of the whooper when it moves properly initially.

# if it re-enter when it reached that threshold, it'll need a safe distance but the size may have to be even bigger to reduce/remove the whooper... just speculating aloud...
Member Since Dec 09, 2011   42 posts
Jan 31, 2012 at 18:19
i think the past few days has said enough about their concept.

Indeed, big lots to nullify earlier small ones. But from a risk management point of view, they should be there to defuse risk faster, and not add to it.
To live the life of the Professional Bum.
Member Since Nov 06, 2011   181 posts
Jan 31, 2012 at 18:47

   forexpipmaker posted:
   i think the past few days has said enough about their concept.

Indeed..

If one wanted to do the trailing stop manually, the problem would be that even if you manually assign one to existing trades, the EA resets them. There is a trade manager called MyFx which interfaces with MT4. I use it often in manual trading and many brokers offer it free.

All pending orders (including trailing stops etc.) do not modify the existing orders in MT4 but they sit within MyFx and they are entered as market orders. That would work as nor the EA nor the broker know of the existence of the stop or any other order for that matter.

Indeed the incorporation of a trailing stop would be a great feature, well thought Julian.
Member Since Jan 24, 2012   60 posts
Jan 31, 2012 at 18:48 (edited Jan 31, 2012 at 19:06)
i believe they design it such that it'll only close when it could break-even or go into profit as a whole at a pre-determined point where likelihood of a retracement against the direction is high.

Maybe they could include the logic which lead to the manual/'manual'-closure we saw in Tom's trade history...

@ Tradingshed, yeah... having that TSL not deactivated would be good... maybe the EA monitor it using the magic number which somehow deactivate our manual adjustments if we leave the EA in 'green' mode while it manages the basket- to get it to close @ BE?

Or somehow, we could find a way to change it's magic number for our personal trade adjustments for the (long/short) trades we'll like to manage... in a simple way...while it still sieve for better moves (short/long) *shrugs*
Member Since Dec 09, 2011   42 posts
Jan 31, 2012 at 23:17
D1 chart shows room for further downs. H1 and H4 seem out of steam. What are you guys doing?
To live the life of the Professional Bum.
Member Since Nov 06, 2011   181 posts
Jan 31, 2012 at 23:34
which pair?
paulrozza
forex_trader_53345
Member Since Nov 13, 2011   53 posts
Jan 31, 2012 at 23:54

   forexpipmaker posted:
   D1 chart shows room for further downs. H1 and H4 seem out of steam. What are you guys doing?

Going to stick to my guns and add equity to my 2 x MT4 accounts. Willing to ride this one out, and lower my stops on hedges...let's see what happens.
Member Since Jan 24, 2012   60 posts
Feb 01, 2012 at 00:06 (edited Feb 01, 2012 at 00:29)

   paulrozza posted:
   

   forexpipmaker posted:
   D1 chart shows room for further downs. H1 and H4 seem out of steam. What are you guys doing?

Going to stick to my guns and add equity to my 2 x MT4 accounts. Willing to ride this one out, and lower my stops on hedges...let's see what happens.

i believe it's the E/U.

Need to break that fake out though... seems like it's forming a +gartley @ M1-d1; but w1 & Mthly it's a bearish one. I'm new to this harmonic thing so...*shrugs*

Seeing a bigger H&S...and a down channel on the W1
Member Since Jan 24, 2012   60 posts
Feb 01, 2012 at 00:47
Friday >>> NFP
Member Since Dec 09, 2011   42 posts
Feb 01, 2012 at 04:55
I would like to think that last week's bulls was merely a pullback on the bear trend, and that this week will be the continuation.
To live the life of the Professional Bum.
paulrozza
forex_trader_53345
Member Since Nov 13, 2011   53 posts
Feb 01, 2012 at 07:17
EA has just closed EUR/USD basket for net gain of $110...thank F#$k!!!

Now just looking to the MT4's to hit their PT's and I'm out of the EUR up...this is not how I thought this was going to play out. GBP/USD is looking better as well, but now I have capital tied up in hedges that I'm going to be waiting a while to see a reversal on. At least I have control of those though.

I'm hoping everyone else has seen successful trades on their oldest EUR baskets?
Member Since Nov 09, 2011   59 posts
Feb 01, 2012 at 07:33
OMG What a ride!! Don't want to go through that again.
I have deactivated my Eur and just have one basket of buy trades open against the gbp / usd trade sell basket. Drawdown now at 27% but happy as i went to 77%.

Mind you, net gain was less than 1% and not sure if it was worth the sweating. Live to fight another day.

Just need the gbp / usd trade to complete and then back to normal.

 
Member Since Jan 24, 2012   60 posts
Feb 01, 2012 at 07:39 (edited Feb 01, 2012 at 07:40)
*salute* to paulrozza & chrissav

 nice!

G/U seems no barriers till 1.660-5... hope this h1 closes good :)
littlemax
forex_trader_13385
Member Since Jun 10, 2010   48 posts
Feb 01, 2012 at 07:58 (edited Feb 01, 2012 at 07:59)
Closed out on 8 eurusd sells for net gain of $57, largest lot size I had was 0.30 trading risk level 2 on this pair - relief at last!!
Still stuck with gbpusd but at least it's pulled back a long way enough to get in on 2 buy trades so if it shoots back up there's still some cash to be made. Equity back up to 87% from low of 72% - UK PMI out 1.5 hrs might sort out gbpusd one way or other. Hope a few others got out of the euro.
littlemax
forex_trader_13385
Member Since Jun 10, 2010   48 posts
Feb 01, 2012 at 08:10 (edited Feb 01, 2012 at 08:23)
One lesson we learnt here with this I think is best to keep equity on the high side of the bands between where lot size changes which is much higher balance than what is recommended, so eg I started with 11.4K balance trading 4 pairs initally on risk 2 each = total risk of 8, then dropped back start of year to risk 2 on eurusd & gbpusd, risk 1 on usdcad & eurgbp to total risk =6. It saved me considerable sweating on the margin not being at risk 8 during this. My preference going forward is to have the equity much higher towards the 20k mark, still same risk levels but margin will be way better in events like this, even to drop a few of smaller trades with SL hit would be ok. Then to make small withdrawals to keep balance under 20K to maintain the same lot sizes. I don't know that I'd like to be running Toms with any less than 400:1 leverage with these settings.

So although 11.4 K is listed as ok for risk 8, I would run 15K starting balance on risk 6 in hindsight now.
paulrozza
forex_trader_53345
Member Since Nov 13, 2011   53 posts
Feb 01, 2012 at 08:48
Damn...starting to thin I should have closed out of the EUR on MT4 manually...😲.
paulrozza
forex_trader_53345
Member Since Nov 13, 2011   53 posts
Feb 01, 2012 at 08:51

   littlemax posted:
   One lesson we learnt here with this I think is best to keep equity on the high side of the bands between where lot size changes which is much higher balance than what is recommended, so eg I started with 11.4K balance trading 4 pairs initally on risk 2 each = total risk of 8, then dropped back start of year to risk 2 on eurusd & gbpusd, risk 1 on usdcad & eurgbp to total risk =6. It saved me considerable sweating on the margin not being at risk 8 during this. My preference going forward is to have the equity much higher towards the 20k mark, still same risk levels but margin will be way better in events like this, even to drop a few of smaller trades with SL hit would be ok. Then to make small withdrawals to keep balance under 20K to maintain the same lot sizes. I don't know that I'd like to be running Toms with any less than 400:1 leverage with these settings.

So although 11.4 K is listed as ok for risk 8, I would run 15K starting balance on risk 6 in hindsight now.
Totally agree here littlemax...the more equity the better...I'd suggest one pair per $5K at risk 1. Keeping the balance under $20K would make a difference...highest lot size I saw on risk three for a pair was .67 (it'd make a difference to risk but also to reward - and I guess this is the real key - what is your risk/reward tolerance?)
Member Since Feb 22, 2011   4862 posts
Feb 01, 2012 at 09:02

   littlemax posted:
   One lesson we learnt here with this I think is best to keep equity on the high side of the bands between where lot size changes which is much higher balance than what is recommended, so eg I started with 11.4K balance trading 4 pairs initally on risk 2 each = total risk of 8, then dropped back start of year to risk 2 on eurusd & gbpusd, risk 1 on usdcad & eurgbp to total risk =6. It saved me considerable sweating on the margin not being at risk 8 during this. My preference going forward is to have the equity much higher towards the 20k mark, still same risk levels but margin will be way better in events like this, even to drop a few of smaller trades with SL hit would be ok. Then to make small withdrawals to keep balance under 20K to maintain the same lot sizes. I don't know that I'd like to be running Toms with any less than 400:1 leverage with these settings.

So although 11.4 K is listed as ok for risk 8, I would run 15K starting balance on risk 6 in hindsight now.

Thank you for sharing your setup. Could you please let us know what's the profit with this limited risk? I mean like 10% (of 11.4k) per month or something similar?
littlemax
forex_trader_13385
Member Since Jun 10, 2010   48 posts
Feb 01, 2012 at 09:32 (edited Feb 01, 2012 at 09:49)
I really wanted to try & keep eurusd & gbp risk at 2 to keep the profit up on 2 major pairs as risk 1 under 20K the return starts to diminish a lot. Not so concerned with risk 1 on the other 2 pairs which I wanted for diversity. My current Profit Factor is 2.21, DD 4.25%, monthy return of 6.64% I also would add that I'm prepared to to add more equity rapidly if required in event of drastic margin. Current balance is still less than my ideal - $13450 for my risk setup so I would throw another 1 or 2K in if needed. Monthy return may drop a little in time on these settings as the average figure was boosted a little from Nov/Dec when I had risk 8 total. Over 20K, risk 1 on 4 pairs would be a good setup. I ran risk 1 on eurusd /gbpusd only over holidays.

Looks like GBP PMI banged gu back up again with better than expected, dam it! Did manage to claw another 2 gbp buy trades on the way back up though.
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