Posts Tagged ‘ Midas EA ’

Long Weekend


I had a very enjoyable long weekend  with me taking part in a 24hr karting event over Friday/Saturday. I was hoping to get a look at the charts around 10am local time but I was too busy at the track to get back. Turns out I would have had a blinding day but no point wishing back time. I did manage to have a good day today though and I was all done and dusted within 90 minutes of starting trading and it felt fantastic to finish early and be able to get on with other tasks now that I know I’m moving to Aus next month.

With the date set, a lot has to be done between now and the end of May and a few tough decisions have to be taken. We’ve got 2 cats and 1 dog here in Dubai and with strict quarantine laws in place in Australia, it means we’ll be without our dog for at least 6 months which is very disheartening as she’s a massive part of the family. It also means I might have to re-home my cats as shipping all 3 will cost roughly $15,000!!!! Money I simply can’t afford right now. If I can find a way to get them all over, I certainly will.

My Wife and daughter have gone a 3 week trip to Aus as of yesterday to prepare some stuff that end so I’ve got the place to myself for 3 weeks and it feels weird! It will certainly test my discipline to the max. I’m just trying to take one step at a time and get some confidence and discipline back in my trading.

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Lost It


I’ve been pretty quiet the last few days as I’ve been quietly going about my business until yesterday arrived. Things were going swimmingly with a steady gain in the early part of the morning and I was pleased with my days work as I knew I’d be looking after my daughter in the afternoon. We hit the mall, had a great time and when I got home I wanted to try SNW out on the US news. I was an hour early so fired up TUFXP. Massive, massive mistake.

I’ve said I’d be dropping the GG method at the end of the month and I so wish it was sooner. Monday gave two losers and Tuesday was a blank. So yesterday was a chance to gain back some losses. It proceeded to fire off 6 straight losers, 4 on GU and 2 on EJ. I took 4 of them as one after the other triggered and almost immediately retraced. This insanity has to stop, as I am blowing all chance of making decent gains by being stubborn and not letting go of a losing method. I refuse to waste any more energy and heartache on such crap. I will continue to use TUFXP but in a completely different manner and this morning was a fresh start and a clean 20 pips made using the new method I’ve been meaning to get stuck into for months.

I am stumped as to why the GG method has ceased to work but 8 straight losers when the risk:reward is only 1:1 just isn’t good enough and no amount of money management can turn it around. I’ll contiunue to track results as it’s been a massive part of my trading for the last year and old habits die-hard of keeping meticulous records.

Australian retail sales hit my trigger with SNW but another no fill meant a very good opportunity was missed but from reading various other SNW users comments, they also didn’t get filled so at least it isn’t just me. 3 more news releases left in the week with the obvious big one being NFP.

I am crushed this month has been ruined by 1 hr of mentalist work but I will fight on and try to move onwards and upwards.

End Of Week


Another early finish with trading today and pleased to have got out with a few pips profit, certainly not an easy day with GBPUSD being very up/down/up/down. It has been a successful week in terms of % gain and whilst a few areas need tightening up still, I am pleased with how this month has turned out. I said at the start of the month that it would be a make or break month and so far its been okay. I need another solid month next month to get my confidence fully back so I’ll continue to tread carefully and try to minimise the mistakes I’m making. Looking at myfxbook stats, I’ve clawed back a good amount on GBPUSD this month but still a lot of work to be done before it’s respectable.

Racing wise it has been a very tough week so far going into the weekend. Last week ended with an 8% gain but so far this week has been miserable. Down 12% with 3 days to go. If I can manage a good day today I might be able to squeeze a breakeven week but with the run I’ve had this week I’m not overly sure. However, like Forex, racing can be extremely tough and bad weeks often happen when laying horses to lose. You need an incredibly high strike rate and lay at respectable odds to make it profitable. Anyway, racing isn’t far away so I best get set up and ready to rumble.

Dubai World Cup tomorrow evening and a massive $10 million World Cup race, it does however make me wonder why they can’t afford to pay the contractors who helped build Meydan though?!

Yo-Yo


I must sound like a broken record but it’s been a whirlwind of a Monday already and I feel like I’ve battled a force 10 gale. I didn’t start off particularly well with a loss straight off the bat with TUFXP GG that barely triggered and immediately reversed to the SL. Thankfully a Dubai strategy came to my rescue and got things under control; or so I thought! Whilst setting the TP and SL on the trade, I inadvertently set the TP at 100 pips further away than needed! Just a complete lack of concentration and attention on my behalf and it so very nearly cost me. It made its proper scalp but I was left with an open trade and also a minus position. A tense few hours later, GU finally did decide to break the resistance and I can only thank my lucky stars that GU decided to test that level again. I also made a complete hash of a trade on EJ and it cost me 20 pips which really did annoy me as the trade hadn’t officially triggered. Basically a complete comedy of errors by me. TUFXP GG continues to underperform (broken record again) with 3 losses today and no sign of it returning to form. It will be 3 months since any significant profit has been achieved come the end of the month and I think it might be finally be the final time to knock it on its head. It’s tough knowing when to let a strategy go; do you live in hope it will return to form or cut your losses and run?

Got to try to tighten things up as it could so easily of cost me hundreds of pounds today and that is very alarming. I’ve reprinted my trading plan and I have stuck to the side of one of the monitors so it is always in visual sight.

I had yet another trigger with SNW on Friday afternoon but yet again I was requoted by my broker. I’m going to try a couple of new brokers this week in the hope that I can get filled on these news orders, if not then I’ll have to cancel my monthly subs by the end of the month.

Racing was an up and down weekend also with a booming day on Saturday followed by a miserable day on Sunday but looking back on my stats, an 8% gain on the week was still very pleasing.

Eureka!


Wow, reading back the last few posts makes for very depressing reading! I seem to of got into a habit of being a really good moaner when the going gets rough, something that needs to stop right now. Whilst relaxing at home yesterday evening I had several ideas whizzing through my brain and a couple really got my attention. Firstly and most importantly is my outlook on trading. The bottom line is this; the markets will do whatever they want to do, no amount of bitching or crying will fix it or make a trade go in my direction. The solution is to man up and get on with it. Deep down I have the faith and belief in my strategies so just stick to the plan. Self motivation talk over, I also had a great idea to improve one particular strategy that has been bugging me. It’s not going to revolutionize the results but I’m pretty sure it’ll certainly improve the equity curve nicely. All subscribers to my e-book will be getting an email today at some point explaining it more in-depth.

I’ve pulled down the EA that I was testing as while at first glance the results are amazing, the floating equity is a shocker. The EA is called ‘Midas’. It caught my attention whilst browsing the myfxbook systems. It’s certainly not cheap at £97 for the first month then £147 thereafter per month. It comes with a 30 day money back trial so I thought I’d give it a whirl. Upon inspection of the EA, the basics of it is a martingale grid EA. It places trades on a designated pip grid and adds to positions when a target is met. Where it comes brutally unstuck is when a pair trends in particular direction without a pullback or retrace. Whilst I was running aggressive settings, I calculated I would need the best part of £5k to make it worthwhile on standard settings.  I wouldn’t call it a scam but I’m certainly not interested in keeping the EA in my portfolio.

I am also in the process of getting one of strategies converted into an EA and I’m pretty excited about the prospect of it running on auto-pilot for me. It isn’t a particularly hard strategy to trade manually but it is easy to overlook when looking at several other charts at the same time.

I’m staying positive today, no matter what!