Your suggestions are welcomed. We usually don't trade on Fridays using this System. On rare occcasions we will and leave a position open over the weekend.
As far as safety stops go, I personally like them. However, I have a team member that strongly believe that they are still dangerous because of the volatility of the market and getting a spike in the direction of a stop could encourage brokers to push that spike as much as they can just to trigger the stop. Therefore for safety purposes we generally keep an eye on the drawdown and have a hidden SL between 3% to %5 drawdown. As you can see we seldom get into more than one trade at a time.
Can I ask what is your history or background? You profile has very little info and it appears you are a new user on myfxbook. If your like me you probably have more than one myfxbook account.
yeah that position was supposed to be stopped out at 2% drawdown. At this point we aren't sure why the EA didn't close the position. From now on we may have to use hard stops rather than relying on an EA to close positions.
For now we are debating whether to cut the position lose or carry it for a more long-term trade. Generally we don't like to hold position for more than 5 days but for this one we may have to carry through the month.
This shouldn't happen again as we will most likely make the switch to using our brokers hard stops after this issue with the EA.
As you can see the platform technial mistake that caused Aud/Usd position to stay open was managed nicely for a small win. In the future hard stops on the broker side will be used to help defend against this happening again.
No we haven't changed our strategy. And this is the problem. We are trading this test account with a larger size 1 full lot on a 3,000 dollar account. We thought that perhaps we could pull this off. The fact remains this is way to risky and we saw one of the most volatile and unpredictable markets last week since 2009. Therefore we are changing our strategy now to use Trendy signals with a much smaller lot size. This will safeguard our system during very unpredictable conditions.
Therefore, the signals are good, but the drawdown must be much less. So we have change our strategy to use .2 or 2 mini lots which is 20,000 units of currency. This smaller amount will allow the Trendy Signals to be much more effective and help us keep a lesser drawdown.
We will still continue to trade this myfxbook profile according to this system but with the smaller size. But for the sake of record keeping we have opened up a new demo account to track the progress of Trendy 2. You can find it here:
Also, you can receive a 6 month free trial at our site where you will get to have our signals sent directly to your MT4 platform. This 6 month free will allow us to show our signals accuracy, while giving anyone who wants to follow us the ability to do so.
So if you sign up now basically you get the Trendy Signals for 6 months and you can cancel at anytime.
Kind Regards to all who are following this, Shawn O'Connor
Please notice that I will most likely not be trading this account any longer. It is too much for me to try to trade this alongside another Trendy System and I am in favor of continueing our more low risk system found here:
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