February Trading Over. I Lost DI Pips.
February 28, 2007 by Trader Rich
Yes, you read it correctly. I lost DI Pips. In roman numerals, D=500, and I=1. Like I've been saying all week, it was a pretty bad month for me mainly because the h-system performed terribly, losing 697 pips. What more can I do other than stick with what I have, which I will do in March.
See my results:
At least I ended the month on a positive note. I had a profitable h-system trade and a profitable reversal trade this morning for a total of 125 pips.
Once again, the Lien Schlossberg service didn't show much this month, getting me a total of 22 pips. I didn't take some of their trades though but I still consider these realistic results. When using a forex trading service that sends out 24-hour real-time trade alerts, you cannot expect to be able to enter every single trade. I get alerts sometimes when I'm sleeping, driving, in a meeting, or otherwise unable to access my trading system. Due to this, I don't expect to continue using this service past the 3 months that I paid for it. I'm sorry to say but overall I'm not impressed at all with their trades.
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You’ve said in the past that you use the Lien-Schlossberg service to diversify your trades. Have you considered using an expert adviser for Metatrader to diversify your trades? That way you would still have another trading method/system to diversify your trades, and you wouldn’t have to pay for it.
No, I’ve only used my Metatrader expert advisors. Do you have any recommendations on other good ones to look at?
Woah, that’s quite a big drawdown (approx 60%) Rich. I recently ran in to a massive stumbling block, myself, with a drawdown of some 30%. I talk about this on my blog (http://the3500.wordpress.com/2007/02/06/my-big-fat-drawdown/ ) and will update it tomorrow with the end Feb results, which are good but far from brilliant. You say ‘What more can I do other than stick with what I have’. I’m not going to offer advice such as ‘believe in yourself’ etc, because I will take this as given. What I would say is that after a big loss, it can make sense to reduce the size of one’s trades to test the water and see if the system/approach is still working. There is no point trading with no edge. The downside is that you enter a few weeks of sticky trading, where your results will not be so great in nominal P+L terms, but this allows you to assess the profitability of the approach and ramp up risk when you have more certainty. The upside is that you don’t destroy the remainder of your capital by flogging a dead horse system. All the best amigo.
The first comment about MT4 advisers was me, I forgot to use my name.
As for MT4 advisers, I test various EAs off ForexFactory. If/when I find one I feel is effective, I plan on using it to diversify my trades. I can’t recommend a specific strategy/EA, but I’m sure if you look at either ForexFactory or Forex-TSD you will find one you can test and determine if you’d like to use it for signals.
As an example, at Forex-TSD there is an EA which uses the GBPJPY/CHFJPY carry trade strategy I mentioned to you in your carry trade entry. I tested it and discovered that it wasn’t what I was looking for.
Thanks Mickey. I’ll check out Forex-TSD and Forex Factory.