Home > Forex > Weekly update, Week 19

Weekly update, Week 19

May 17th, 2010

This week, again, was dominated by news about the Greek debt situation and the crisis package presented by the Euro countries. I have long positions in EURCHF that is in deep drawdown now. I have actually hedged them to a large degree because the situation is so volatile. It seems the SNB is trying to defend the CHF at 1.40, but if history repeats itself this will be hard to sustain for them as EURUSD is going down still. They have tried to fix price at other levels before this spring.

Other than EURCHF it has been a good week with nice results from scalpers and AUDZND trades. Total gain was $1230.37.

w1019_alpariuk

Alpari UK live micro account. Trades MegaDroid and Green. Total loss €12.07.

This account looks nice in the graph above, but it is faulty as the bumps upwards are deposits. I had to put some money in to feel safe margin wise with the EURCHF. The major losses during the week was two manual short positions in EURUSD I closed early Monday (as the EURUSD rallied on the news of the rescue package for Greece before turning down again). Total loss on those trades was €250, a pity since the momentum upwards was quickly broken during the London session on Monday.

w1019_forex

Forex.com/UK live account. Trades MegaDroid and Green. Total gain $374.01

I made a deposit of $800 to give this account more breathing room, it is also in deep drawdown because of EURCHF.  Most profits is from manual trades in EURCHF and AUDNZD. MegaDroid made $5 :)

jfx_w1019

JadeFX live account. Trades MegaDroid and Forex Shocker. Total gain $77.39

Quite a nice week for Forex Shocker and MegaDroid on this scalper account. The loss was a long MegaDroid trade that I actually closed myself, a faulty decision as it would have made a full TP if I had left it alone, but it was in negative and going the wrong way after London open. Forex Shocker really performed well thou, especially EURUSD.

w1019_cfx

The Collective FX live account. Trades MegaDroid, Forex Shocker, Forex Harvester and Green. Total gain $793.82.

This account again made great profit. The week started with some small losses by Forex Harvester (I traded with 1% risk even thou the developer had put out a warning. I thought I disabled the EA, but I was mistaken). Both Forex Shocker and MegaDroid made nice trades during the week, but they’re both using really low risk here so gains in $ isn’t too impressive, but every pip counts. Green had a great week in AUDNZD on this account with a lot of spikes to open and close quick profits on. One massive spike of almost 200 pips occurred fifteen minutes before closing Friday and led to 26 closed trades in 20 seconds.

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  1. Matt
    May 17th, 2010 at 12:14 | #1

    Once again - a fantastic week for you. On average over the last 5 weeks you seem to be making roughly $900 a week which is pretty unbelievable - especially considering the volatility of the EUR.

    Any particularly reason why you do have 4 Brokers set up, many of them running similar robots? I can only assume that you run the same robot but on different pairs for the brokers that have the tightest spreads for that pair?

    I’m only with Alpari UK at the moment, so for example - do you think that if you ran all your robots (especially the scalping ones) that you would get the same results?

  2. May 17th, 2010 at 13:43 | #2

    It has been my strategy to find both multiple brokers as well as multiple viable EAs to trade. Basically there’s two reasons for me to trade with multiple brokers.

    1/ Spread risk
    2/ Evaluate performance differences

    Brokers are not known to be the nicest persons around (after what I have read online at least, I personally haven’t been cheated, yet) so I want to spread my money with more than one. Also, as you point out they do give different terms for the actual trading. Both spreads and swaps can differ greatly in the different pairs. Also they filter price streams to varying degree (JadeFX and The Collective doesn’t seem to at all, their prices are very spiky), which makes EAs trade different even thou they use the same settings and has comparable spreads.

    Alpari UK has rather nice spreads in the majors, but they have rather high swaps also. Forex.com/UK have higher spreads but generally lower swaps and so on. I care about swaps in EURCHF and AUDNZD only myself.

    It is very likely that I add GoMarkets AUS to my list of live accounts in the very near future also. They have very good reviews online (like at FPA and in forums), no commission, low spreads and seems to have a rather unfiltered stream with good execution. They even give more back in form of cashback via cashbackforex than Alpari UK.

  3. Matt
    May 17th, 2010 at 14:27 | #3

    Thanks for the info. I’m setting up an account with GoMarkets as I type. They originally rejected my scanned documents since I needed them to be certified by officials (Since i’m Outside AUS). Hopefully they’ll accept the latest ones.

    I’m trying to set up a nano L-Plate account with them where 1 lot is $1 per pip, and min trade is 0.01 lots. Maximum deposit is $500 but the balance can go over this. Reason I want to do this is that Full EA’s are allowed and similar spreads, and then I’m going to trade some of the free Grid EA’s floating around like Blessing etc. I haven’t got enough capital to run these EA’s on a standard account - even at 0.01, but I’m thinking that at $500 I could test and build some very small capital. (Maybe this is all false logic - I dont know!)

    I need then to write an EA that records the spread per tick for all Pairs, and really compare the spreads between the two brokers…..

  4. May 17th, 2010 at 14:38 | #4

    No I think it is a good idea, I’ve also been thinking about getting a live nano-account somewhere to do sort of demo trading, but under real conditions. L-plate is probably the best ones, I’ve been looking at LiteForex and others and they all have really high spreads.

    I’ve been using this one to record spread in every tick, it is from The Collective FX but of course works on all brokers. http://www.forexmt4.com/mt_yahoo/ShowSpreads.zip
    You can load the csv in a spreadsheet easily.

  5. Matt
    May 17th, 2010 at 14:53 | #5

    Thanks for the Spread calculator EA. Although http://www.mt4spreads.com shows the trading spreads, I think it’s always better for me to witness and do analysis myself.

  6. May 17th, 2010 at 15:14 | #6

    Agree. Also I find it interesting to do analysis on the number of ticks, it really shows how much prices are filtered.

  7. Matt
    May 25th, 2010 at 16:44 | #7

    Hi - Just to give you a little update - My GoMarkets Nano / L-Plate account is all set up, and I’ve rewritten the Spread logging EA that you sent me to log all spreads for all the major currencies so I’m gathering some really interesting data for both Alpari and GoMarkets..

    I’m hoping to dump it all to a MySQL database soon and write a quick program that will graph them vs pairs etc.

    As for the account - it’s the 3rd day of live trading on Nano lots. I’m running Blessing v3.7 on it using a lot size of just 0.01, but the results are impressive - £9.60 profit so far from an account that’s only £300 in size, and the risk if going into large drawdowns is in the region of £2-4 .

    Definitely worth you taking a look into it. If you want, I can post the Spread comparisons that I do as well..

  8. June 1st, 2010 at 08:40 | #8

    Hi Matt.

    Sorry for the late reply. Great to hear that the L-plate account is working out. I haven’t gotten around getting my required documentation notarized yet, so I haven’t been able to get started with GoMarkets myself unfortunately.

    I’ve not tested v3.7 of Blessing, but I haven’t been impressed with one of the earlier versions (can’t remember which one). Perhaps the strategy is changed because the drawdown figures you are mentioning is sustainable. Checking out the updated version is another thing I should add to my (long) to-do list perhaps.

    If you are willing to share the spread info I’d be delighted.

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