Welcome back Meta-Traders.Just as the leaves fall from the trees, last week's bliss has given way as nearly all of the systems I follow went into drawdown this past week. Let's get through the results and talk about next steps and future developments.
First up is Megadroid Live which gave back 72 pips or roughly 7%. This is the 'Droid's first drawdown since July and breaks a streak of 26 consecutive winning trades. This system remains up 23.6% for the year and has shown its ability to recover from drawdown. Important to note is that the system is now in "recovery mode" which will either lead to a quick equity recover or further drawdown.
Next up is Megadroid Demo which runs on FXDD and managed to sidestep the live's account's trade and exit with a 1-pip profit. Apparently, FXDD has a fixed, 2-pip spread on EUR/USD and i'll soon find out how good it really is since I'm in the process of funding a live account with FXDD.
Next up is Atinalla #1 which had a pretty good week and picked up 146 pips or almost 3% on a short EUR/USD trade. This system is now up about 20% since starting it back in late July.
Next up is Atinalla #3 which had after a few days idle, put on a sell trade on GBP/USD which is currently down nearly 100 pips.
The Q-Diamond twins finally came off the bench as Forex.com somehow changed their system suffix from PRO to FXF which allowed the Q-Diamonds to start trading again. Q-Diamond EUR/USD picked up over 100 pips but is down about 41% since startup. Its sister account Q-Aussie is up about 19% since startup and picked up 39 pips on the week. Unfortunately, it went into the weekend with about 149 pips in drawdown, so its clear that the years gains are in jeopardy on this move. I'm having doubts whether I can really trust live funds with these systems.
Finally, one bright spot of the week was God's Gift Duo Live. This system gave back -65 pips earlier in the week, but went out long EUR/USD with a 46 pip profit. This was a late-day surprise on Friday that closed out Friday's session with a smile.
As mention, I opened a new live account with FXDD and funding is in progress. I'm expecting a 5% funding bonus and ongoing rebates from Trader's Choice FX. I'm adding 4K and expect to split it into 2 accounts, one trading the Megadroid/ScalperX combo and the other trading Atinalla #3.
I'm considering some options for trading Atinalla #1. This system is one of the real gems of Daniel's work and I want to trade it in its pure form without any compromises. The Megadroid guys suggested Fin FX as a non-US broker with no US locations. If anybody out there has any suggestions for alternatives, please leave me a comment.
Next Tuesday Nov 2 is election day in the US. And House member Barney Frank is up for re-election in Massachusetts. He is the co-author of the Dodd-Frank financial reform bill that got us to these new ridiculous Forex Regulations. So if you are located in Mass, please do us all a favor and vote for the other guy.
Next up in the Watukushay trading systems review series in WA_FE , also known as Watukushay for Everyone. Check back later for that and enjoy your hard-earned weekend.
Hello Chris,
ReplyDeleteThank you for another great update :o) You can trade Atinalla No.1 as it is on FXDD since they are the only NFA broker with a back-office solution to FIFO and hedging that effectively allows you to trade without any concerns on your live accounts. Keep up the great work !
Best Regards,
Daniel
Daniel-
ReplyDeleteThanks for the comment and for the tip on FXDD. That's great news and i'll check it out next week..
Chris
Thanks for the post.
ReplyDeleteI have been running Teyacanani for a bit on a demo account and no trades yet. I am not sure if I have it set up right for a forward demo test but we will see when it trades. I have been having a rough time with my Mover3 as it is in draw down right now. I just need to stick it out and trust the system is going to recover as it shows in past history. I had a couple of mishaps with it and fixed the bugs so a couple of the losses should not have been. So I have been having a draw down for a couple of weeks now. I need to get more involved with Daniel's web site and start doing more, but as always, time permitting. I have had some thoughts about ditching currency trading, and have been contemplating real estate and being a land lord. It carries some of its own risks but is considered a true asset in that it typically creates money coming in every month. I'll have to see how things go and if I want to peruse this, the timing is really good to pick up a short sale house or two. I would have to find time to work out a good business plan.
Thanks for your update.
JT
Hello JT,
ReplyDeleteDon't give up, you are very close :o) Trading is very hard and long term profitable trading can be psychologically very hard in the beginning. You are indeed close, you have already built an understanding and the next barrier you need to jump across is psychological. Go ahead, you can do it :o)
Best Regards,
Daniel
JT, Daniel-
ReplyDeleteThanks for the comments guys.
JT - I agree real estate is a great way to make money and if you can set yourself up to buy properties and get other people to pay off the mortage by renting from you, that's an ideal setup. But as you know you have pretty large barriers to entry including finding and financing the property as well as finding credit-worthy tenants.
I think it all comes down to what you are comfortable doing. Often contractors or people who work in construction are comfortable in real estate, because they can remodel or fix the place up themselves and don't have to pay top dollar for a plumber or electrican, because they can do the work themselves.
From my perspective, I work with computers in my regular job, so i'm comfortable in front of a computer so Forex works for me. Also, Forex has very low barriers to entry, you can get started for about $250 for most brokers. In Real Estate, I have to think you need at least 10K for a down payment, and that just for starters.
Either road takes time, effort and its a long-term committment. So go with what you are comfortable doing. But once you make up your mind, work hard and keep at it as long as it takes to succeed. A lot of times in life the difference between success and failure is just keeping at it long enough to learn from your mistakes. If you give up, and start heading a new direction, you lose the benefit of the work you have done already.
In any case, I would stick with Forex to grow your cash enough to build up enough money for that down payment.
Take care and keep us posted,
Chris
Thanks
ReplyDeleteמטה טריידר