Posts Tagged ‘ myfxbook ’

Hello Profit!

Well it’s certainly taken a lot longer than I’d planned on but I’ve just about edged into profit! It was a fairly productive day with a few good trades but also a couple of small errors on my behalf which cost me an extra few % but I certainly won’t grumble at a decent start to February.

I was hoping to post a trading article from a person who has bought my either of my e-books but disappointingly, no one stepped forward and submitted an article! The trial has one more week left on the Cash-master site so hopefully I can sign off with a decent week. Frustratingly, I have missed several key trades which occurred last week which would have put me nicely ahead. I’m back to normal hours this week so I can concentrate fully on my trading. Learning to deal with trading and family life is definitely a tough obstacle at times.

Some great economic news items this week and I’ll be looking to take full opportunity of a few hedge trades and I’ll be looking to trade the Australian RBA decision tomorrow morning with the big one coming on Friday with NFP.

Hope my dwindling readers have a decent and profitable February..

Putting in the hrs

Fridays NFP was certainly a move and a half!! There was me waffling on about the figures being optimistic and the figures completely blow the estimations out of the water. EURUSD had the mother of all spikes and EURJPY had a lovely move to the long side. I’ve always loved trading NFP and it continues to be a good earner for me. I’ve massively toned down my news trading and keep it strictly to major high impact news events like NFP, BoE, FOMC and other interest rate decisions. Retail sales are also a good mover.

I’ve spent all of the weekend trying to finish my project I’ve been working on and I’ve probably spent close to 20 hrs over the weekend on it. It’s still not quite finished and if everything goes to plan tomorrow, it should be finished by midday. I’ll be making an annoucement as soon as it’s finished. I owe a massive thanks to Tom at FXTT and Max who have helped me enormously.

I didn’t have too much time to concentrate on actual trading today except I managed to catch a TUFXP trade right at the end of the day and it duly won. From speaking to a few people whose opinion I value, I have decided to sell a basket of my TUFXP settings. There are 5 in total and all have undergone 3 months or more of live testing along with the initial backtest. They range from scalping to longer term trades and I truly believe if you have TUFXP that you can benefit from them. I am also speaking to a few independent review sites to see if they are interested in trialing the settings. If you have TUFXP and interested in my settings you can leave a comment here. 

Be sure to check back tomorrow for my announcement..

Picking Up Steam

Well it’s been a crazy busy two days and I’m still running at 100 mph now. I tried a little experiment with a longer term trade yesterday using an 80SL and 80 TP. It didn’t work out but I have gained something from it and I’ll keeping an eye on it and paper trading it. That’s the reason for the -65 pips showing on Myfxbook. I had a successful trade on TUFXP on GBPUSD for 25 pips but then slipped up with a 10 pip loss on a trade I meant to cancel but I wasn’t quick enough. Overall though I only dropped 1.75% which really highlights the importance of position sizing and money management. I still see people quoting pips everywhere without regard to position sizing! Anyway, a few people have taken notice on the thread going on FF. 

Today was a much better day with two winning TUFXP trades for 55 pips as I held onto one of them for slightly longer. I’ve got up to 18 trades on Zulutrade so maybe by Friday I’ll hit 30 trades. If you want to signup and follow my performance, you can do so here.

I’ve also been in talks with someone with the idea of helping me getting my trading really moving forward, I should be making an announcement in the next few days, I’m fairly excited about it and it’s a welcome relief. Thankyou to everyone for their continued support.

Busy Bee

Wednesday turned out to be a very busy day with a lot of action in the markets and also with me trying to sort out Zulutrade. I’ve had to stop using the demo account I’ve been running on myfxbook as I never made note of the investor password needed to enable Zulutrade to copy all of my trades. I did plan on just switching between two demo accounts but that turned out to be a real pain and entries were differing between the two. So to keep  Zulutrade as accurate as possible, I’m going to continue to use the demo account which is linked to Zulutrade. I’ll add the account to myfxbook so I can track my progress from the beginning again. It’s a shame to have to stop using the first account as it was beginning to show some percentage gains.

Pip wise, Wednesday wasn’t so good. TUFXP threw up 4 trades and 3 of them ended up being losses! Painful. However, one of them was a rogue trade that I only spotted at the end of trading when I closed my charts and refreshed them. Due to the nature of TUFXP, even the smallest tick change can alter a PTP signal and it’s validity. It was a stern reminder to refresh my charts after a potential setup has formed to eliminate any false trades. Thankfully I managed to claw back 40 pips of the 75 lost using the very method that cost me so dearly last week. It’s ironic that I’ve gone straight back into a winning pattern now that I’m doing it solo again.

My research of Pip Range Charts is going well and I’ve settled on testing a method that I’ve found to be proving very, very handy. I’ve posted a few examples on FF but Pip range charts really aren’t in flavour in the slightest. It’ll be the New Year before I have any worthwhile data but it’s keeping me very interested.

It’s also becoming increasingly clear how much the breakout of the London session affects the New York breakout. London has provided 4 successful trades this week and NY has provided nothing. I’ve almost finished 2009 backtesting and then it’s onto 2008. After that I’ll keep testing until the end of the year and then introduce it in the New Year to help capture some extra pips. This week has obviously been a very good week for breakouts but taking advantage of these weeks are essential.

Thanks to everyone who has shown interest in following my trades on Zulutrade, hopefully by early December I’ll have reached the 30 trades required to show on there. I still need to explain how exactly Zulutrade works so I’ll get round to that over the weekend.


A tough day today I thought with no real clear opportunities to make some good pips with plenty of reversals occurring after a smallish move.I have noticed however that the morning breakout is going very well of late and also I’ve spotted that when the London box breaks out, the NY session box tends to be very flat and cause false spikes. The NY breakout method has been very quiet of late with either conflicting slopes or the box breaking out in the wrong direction and the main pairs stumbling and struggling with what appears to be major support and resistance. EURUSD has flirted with 1.5000 the last 3 days and each time it’s shied away and retraced downwards.I’m going to do some backtesting using exactly the same strategy but for the London session then I can get a clearer picture of what is happening overall throughout the day.

I’ve setup my zulutrade account and it will take 30 live trades before my signals start appearing on their site as a valid user. By using Zulutrade, it mirrors all of my trades and then places the exact same trades on anyone’s account who is set to follow my signals. The cost to sign up to Zulu is free and then if you decide to follow an individual, it is a 1 pip charge. 0.5 pip goes to Zulu and 0.5 to the signal provider of whom you’re following. I am also looking at other possibilities as I do have a few issues with Zulutrade but I’ll see how it goes over the next few weeks and into the New Year.

Out of the ashes..

Well a lot has certainly happened since I last posted!! Thursday was a complete meltdown on my behalf in the trading room. I had 4 losses in a row and at that point I called it quits with the trading room and the subscription service. In the fallout and aftermath I realised several things. The pressure of having to call trades and have the weight of expectations on my shoulders was simply too much.  I made 2 bad calls in the morning and I was definitely caught out by the sharp move to the downside. If I had persevered the rest of the day would have been fine. Reading over a few transcripts in the room it became clear people were unhappy with how things were going. I even read someone had lost 6 weeks worth of profits in a single morning. Quite how that can happen I’m not too sure since I recommended no more than 2% risk but what’s done is done.However over the weekend I’ve had a lot of time to think and stew over what happened. I have decided to stop being active on FXTT and my trading room. I believe the guys are carrying on with the trading room as it has a good mixture of people there. I am going to be concentrating solely on my trading. A very kind, generous person has stepped forward and we are now working together to make a better future for the both of us. I owe it to him and myself to keep all of my energy and focus on making that happen.

On a positive note I have come to a solution as to how others can use my trades to make some pips and enable me to focus on my own trading without worrying about what others think. I have been running a demo account for over 5 weeks now with trades that I take everyday. My idea is to keep running it and use Zulutrade to monitor my progress. I’ve mentioned Zulutrade before and I think now is the time to move forward with the idea. The benefits are multiple. It’s free for people to use and it really does show whether or not a trader is profitable or not. I have also linked my account with myfxbook. I feel myfxbook offers a greater insight into a trader’s style and success. The number of stats available are fantastic. 

So despite an awful day on Thursday which actually wasn’t that awful when the dust settled, the cloud certainly has a silver lining. I want to continue with my blog as it really is a help to get things off my chest when times get tough. I’ve added the live link to myfxbook so readers can see an instant update of how things are going.

I’ll make a more detailed post about Zulutrade tomorrow and how it can work.