FX TopGun Trading - page 3
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Major Changes
Major changes over the weekend have been introduced to the trading method. Here's an update on the changes.
Trade Information:
Trade Style: A short term swing trade strategy (1-5 hrs up to 1-3 days) that's 100% mechanical. The trading method itself is based on a multi-moving average cross-over technique. Although the trading method is not a discretionary trading system, yet on many occasions I do exit early out of a trade based on what I see in the market place before the projected price target has been reached. In doing such I manage to keep a higher win rate than if I were to let the system fully run on it's own.
Currency Pairs Traded: GbpJpy, GbpChf, GbpUsd, EurUsd, EurGbp, UsdChf, and ChfJpy.
Frequency: Between 0 and 10 trades per day per currency pair.
How Many Pairs Traded: (7) However, only one currency pair is traded at any given time.
Win Rate: Better than 90%.
Max Draw-down: 450 pips
Average Draw-down: Between 25 and 100 pips.
Max Number of Positions Actively Open: 5
Capital Requirement: Recommendation: 5,000.00 USD for mini-accounts.
Capital Requirement: Recommendation: 50,000.00 USD for standard-accounts.
MT4Live.com - Share Your MT4 Statements Free
I have closed out all trades and decided not to use this method as it is with the modifications. The drawdown is too large and gets larger the further back I go with the backtesting.
I will need a couple of days to see if I can over come this drawdown size while maintaining an above average win rate.
Check back come Sunday/Monday, that will be enough time for me to make new changes.
Radical Change
To try and get a handle on drawdown I'm trying something radical. All following trades are test trades and purely demo trades. You can follow but don't trade the posted signals on the web page.
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200 Pip Stop-Loss
I believe the official stop-loss (max drawdown) is fixed at 200 pips. I could bring it down to 150 pips but on a few backtested trades drawdown did reach 123 pips on a couple of trades before reaching it's price target.
So far I have only gone back as far as one year with the backtest and it should be enough because the method itself over-all has not changed.
I'm now short EurUsd once again...
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New Rule: Check back every hour. The trading method re-checkes the data every hour and if nothing has changed the buy/sell order remains the same, otherwise it will alter the limit or close-out the trade. So, remember to check back every hour once a trade has been open.
And just because the stop-loss (max drawdown) is 200 pips doesn't mean you will see losses of that amount. I try very hard not to see a max drawdown as you may have notice from my trades, to me a 200 pip stop-loss is a super-stop (an emergency stop-loss) because 200 pips is really far more of a stop than I would like to have. If I see unusual behavior in the market I will get out for a much smaller loss and just move on to my next trade.
Wow! That was fast all my EurUsd shorts just closed-out.
New Open Trades
Sell EurUsd 5 Open Positions: MT4Live.com - Share Your MT4 Statements Free
Remember: Once a trade has been open check back every hour, you do not need to check back every 5mins. Oh, and sometimes the MT4live doesn't update every 5mins but it does update every time a change occurs, so if a change has occured you will see it.
I made an error and closed-out all trades, then open one new sell position for EurUsd.
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New Rule: If stop-loss is reached 3x in a roll then all trading is side-lined for 72hrs (not counting the weekend, if it were to happen on a Wed, Thur, Fri). Stop-loss has been changed to 250 pips max.
I believe all the neccessary changes are done and we are now off to the races, as they say.
Closed Out All Trades
All trades are now closed.
MT4Live.com - Share Your MT4 Statements Free
Twitter
I'm now also on twitter: Ben Forex Trader (FXTopGunTrading) on Twitter
MyFXBook com
I just found out about myfxbook.com and will be posting all trades on my MT4 trader platform as before but all trade results will be shown at: FXTopGunTrading's page | Myfxbook
I almost forgot to tell you that I reloaded my demo trading acct and will be starting fresh with no wins or losses. Myfxbook will give a break down all trades just as MT4live.com did.
FXTopGunTrading's page | Myfxbook