Put them in and go fishing system (trade calls) - Page 5 - MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community

Magio · #61 (**permalink**) 02-18-04, 09:16 AM

Hi all

Partner and I have been trading a forward order system that has worked for us on our live trading for about a year now. We are going to start calling the trades live over here. We are demo trading these specific calls for now as we have adapted them in such a way that we only look at the market twice per day and make the calls at the same time every day.

This is obviously so that folk are able to follow easily. There will probably be two sets of calls made that you can test - we will see which produces the best results over time. Nice thing we have found looking at two systems is that results are evened out and drawdowns are smoothed over. (results are not that spiky and this is if you take both trades.) If you are going to test this with us - please take every call regardless of initial draw downs. The calls should be quite easy to follow. This is not a magic system and does not make 1000 pips per month (maybe it will

) we have found that the system does have reasonable drawdowns so be wise with your money management. For now we hope that folk will only follow on a demo account though.

Please advise on the way we make the calls here if we can improve in any way. Guidelines on how to effectively follow the calls will be given as we go along. We imagine that 3 months will be good testing and then if all is well we can go live!

The live calls will proceed from Monday morning.

GUIDELINES

Hi and welcome and thanks to all who are taking the time to test our calls with us. Just some pointers on our calls:

1. Please remember that our systems have changed somewhat to accommodate the 'Put them in and go fishing' approach (We believe that many folk would like to trade the market but don't have the time to watch the screen all day.) For this reason we will only be trading 'DEMO' for at least 2-3 months first. We ask that no one takes these trades live before they have produced a good track record that you are happy with and untill you feel you are able to follow us accurately.

2. The trades will be posted in two seperate posts, Paul will post his (Marlin Trade) and I will post mine (Baracuda Trade). We have thought that it will be easiest for all if we take a screenshot of the ORDERS and post that. Then all you need to do is make sure your orders look the same as ours. Prices are 'as is' u don't have to work out spread. The ORDERS screenshot will show the entry price, stop price and limit price. (If this window is empty or not in a post - then there are no orders waiting.) The OPEN ORDERS table shows the trades that have been triggered and are open. The CLOSED ORDERS table shows trades for the day that have been triggered and closed. If there is no post at all then it means that there is no change to the previous one. If we take orders out or change them there will be a post.

3. The idea of two systems is to even out draw downs over the long run. Take both if you want or follow only one - it is up to u. From time to time each trade could have 10 forward orders each. Of these orders, up to 3 could be triggered at any one time. Make sure that your money management (even though you are on a demo account) is able to absorb the possible drawdowns. Taking all trades is important as it is the only way you will be able to duplicate our results.

4.Times for the trade calls are 04h45 and 19h00 GMT for the Baracuda Trade calls, 05h00 and 20h00 GMT for the Marlin Trade calls. These are the times that orders will be called, changed or removed. If there is no post then there is no change from the previous post. To get the trades on time we suggest you open this thread on the last page and keep refreshing the browser around the posting times. This could be critical with trades that are close to entry.

5. Quite an important fact to make note of is that we use FXCM. All the prices we quote and results will be based on FXCM prices. If you are planning on duplicating our results exactly you will have to keep an eye on the FXCM pricing or use FXCM as broker. If you use another broker and want to check FXCM pricing we suggest you use these charts: http://www.dailyfx.com/fxpowerchart/ChartStation.html?elq=724EE14C7FFF4EA6ABDAA129D0B3 7E54

6. Further guidelines will be added as we go along and we will try keep it all on this specific post. If you don't want to post questions here then feel free to email us.

JR97 · #62 (**permalink**) 02-27-04, 01:35 AM

Thanks for the clarification. I just wanted to make sure you guys weren't just casting your lines without reason. I'm a total convert to the church of Money Management, so as long as you're convertable with the drawdown, I am too.

BTW, do you have a money management system in terms of drawdown %, number of lots, etc? I'm actually more interested in that than your entry/exit signals.

Magio · #63 (**permalink**) 02-27-04, 10:48 AM

Baracuda Trade

No changes tonight and for the weekend - trades remain as is.

JR97, we do, but not 100% sure what you are asking - please could you clarify. Thanks for your post!

Magio · #64 (**permalink**) 02-29-04, 03:28 PM

Baracuda Trade

All trades closed for February - nothing pending. Looking forward to March!

Livermore · #65 (**permalink**) 02-29-04, 03:40 PM

Quote:

Originally posted by Magio
Baracuda Trade

All trades closed for February - nothing pending. Looking forward to March!

Do you still have trust in your system?

If yes - what went wrong?

Ugly_Dog · #66 (**permalink**) 02-29-04, 09:56 PM

I believe EUR gave a lot of us losses this month!

Paulrim · #67 (**permalink**) 03-01-04, 12:03 AM

Marlin Trade

Magio · #68 (**permalink**) 03-01-04, 12:13 AM

Baracuda Trade

Magio · #69 (**permalink**) 03-01-04, 12:23 AM

Hi Livermore - not sure it was the system, first time I have experienced calling trades live so it might have been 'I' that went wrong. That is point 1.

2. Remember that we had to change our systems a little from how we were trading so that it will better suit the forward order trade system we are trying to initiate. We probably will go through a bit of a learning phase with some more alterations.

3. One week's draw down of an odd 180 pips on the time frame we are trading is not such a large draw down for our system.

4. We are a long way from giving up. This is good experience for us and we plan to make this work.

Thanks for your post Livermore.

Yes Uglydog (G I feel bad calling anyone that...) So trading goes.

Paulrim · #70 (**permalink**) 03-01-04, 12:27 AM

Hi Guys

Sorry I cant give you a screen shot of my results but I have a problem with that account. That problem has already been sorted so from now on I can do so...... My results stand at -137 pips for Feb. Sadly we missed a trade on Fri which would have helped a lot. We are still very confident for March.

Cheers Paul

Livermore · #71 (**permalink**) 03-01-04, 02:30 AM

Quote:

Originally posted by Magio
Hi Livermore - not sure it was the system, first time I have experienced calling trades live so it might have been 'I' that went wrong. That is point 1.

2. Remember that we had to change our systems a little from how we were trading so that it will better suit the forward order trade system we are trying to initiate. We probably will go through a bit of a learning phase with some more alterations.

3. One week's draw down of an odd 180 pips on the time frame we are trading is not such a large draw down for our system.

4. We are a long way from giving up. This is good experience for us and we plan to make this work.

Thanks for your post Livermore.

Yes Uglydog (G I feel bad calling anyone that...) So trading goes.

OK - and good luck. Great thread.