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Hope you dont delete this because I think the whole idea here it to throw things out here and see how to make it even better. If this is working for you, thats great. I believe I do compltely understand, part of my problem is that I look at longer term moves now so I dont know how the movment works in such a short term. How long has this been working for you? Above post makes sense, this seems to be better in low volatility times, like early asian or after close of US market
Last edited by scottyb159; 06-23-2007 at 10:51 PM.
A big +1 to that, conceptually anything "non-standard" takes me a while to figure out, I do appreciate you taking the time to try and explain it. Do you usually trade the Asian session when there isn't much going on or just whenever you have time? Any favorite pairs? I'm guessing anything with low spread would do.
Yep...I trade 5 PM to 2 AM Central Eastern Time. favorite currency pairs are EUR/USD, USD/JPY, AUD/USD, EUR/JPY, NZD/USD. I never hedge with a currency pair with a spread of 4 or more. Best to do this with a broker that offers no dealing desk , as the spreads can get as low as 1 pip. (no joke)
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Hope you dont delete this because I think the whole idea here it to throw things out here and see how to make it even better. If this is working for you, thats great. I believe I do compltely understand, part of my problem is that I look at longer term moves now so I dont know how the movment works in such a short term. How long has this been working for you? Above post makes sense, this seems to be better in low volatility times, like early asian or after close of US market
I wasn't thinking of deleting it because I don't believe in it, but because I wasn't sure if I wanted a bunch of people doing it, lol. To be honest. But of course that is silly, it won't impact the market, even if thousands of small time traders like us start doing it. I've been doing this for a month. Since FXCM switched my account to no dealing desk without asking first. At first I was pissed because I noticed that the spreads were no longer constant. Pairs that always got 4 pips or less now were sometimes going for 5. May not be much of a difference but as you know it makes a difference. Anyway, when I went to ask them what was up they told me that I could hedge, so I went and figured out a way to make money with it. At first I was frustrated by the limitation that Scotty brought up, that you would always have a negative balance if all you did was hedge, then I realized that if you make several small gains it can overtake the one negative trade.
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I have to take a break from the EA that I am working on. It is driving me nuts! I came across your system just a little bit ago. Interesting. I am going to see if I can write an EA for it. Should be doable. If I have any questions I will ask. I think I have a pretty good idea about your system. If you have any questions or suggestions, you can email or skype me. My skype handle is don_forex and email is don_forex@sbcglobal.net...
Don
Cool, sounds great. If you have any questions you can reach me at tjcsonofallnations@yahoo.com Glad to have you guys here.
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But of course that is silly, it won't impact the market, even if thousands of small time traders like us start doing it.
Very commendable of you to share Cyclesurfer, unfortunately the above comment couldn't be further from the truth. It is a commonly known fact among the floor traders that any technique which is profitable due to the exploitation of a market inefficiency, loses its profitability factor when it is utilized by the masses. If effect, it becomes a market efficiency.
If this sounds far fetched all you have to do is remember the good old days when straddling the news was profitable, or using 2 brokers (one paying interest and the other interest free) yielded a hefty swap rate by utilizing an arbitrage hedge. Them days are over. Reason is because many participants began utilizing these techniques. The money has to come from somewhere, we all can't be winners... that would defy the laws of physics. I hope you see where the logic comes from.
The thing about us being small time traders that don't have enough buying power to shift price is also inaccurate. If a thousand people bought a standard lot each (or multiple lots in many cases) on the same signal, it would definitely have an impact on price... it would be foolish to think otherwise.
I am not saying this for you to delete the thread, I am saying it for you to keep in mind for future reference. I hope it works for your benefit.
Very commendable of you to share Cyclesurfer, unfortunately the above comment couldn't be further from the truth. It is a commonly known fact among the floor traders that any technique which is profitable due to the exploitation of a market inefficiency, loses its profitability factor when it is utilized by the masses. If effect, it becomes a market efficiency.
If this sounds far fetched all you have to do is remember the good old days when straddling the news was profitable, or using 2 brokers (one paying interest and the other interest free) yielded a hefty swap rate by utilizing an arbitrage hedge. Them days are over. Reason is because many participants began utilizing these techniques. The money has to come from somewhere, we all can't be winners... that would defy the laws of physics. I hope you see where the logic comes from.
The thing about us being small time traders that don't have enough buying power to shift price is also inaccurate. If a thousand people bought a standard lot each (or multiple lots in many cases) on the same signal, it would definitely have an impact on price... it would be foolish to think otherwise.
I am not saying this for you to delete the thread, I am saying it for you to keep in mind for future reference. I hope it works for your benefit.
MM
Of course you are exactly right. I was thinking about pulling it for this reason.
I guess I had convinced myself that the short term action that this depends on is an inherent facet of market activity immune to large numbers of traders seeking to exploit it. But I'm probably wrong about that. Thanks for the heads up.
I might delete the thread, anyone wanting to work on this with me through email let me know ill collect the emails and we can meet through paltalk or something. I'm not saying im going to delete the thread or not yet, I don't know yet.
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Last edited by Cyclesurfer; 06-24-2007 at 04:49 AM.
Here you go. The only thing that needs to get fixed is the ProfitTarget, BuyProfit, SellProfit. They need to be converted to pips. And somebody might want to look at the Hole Profit check routine. I threw in a Williams R% for shits and giggles. It is easily removable.
Don
EDIT - Also, I kept screwing up the SELL_STOP and BUY_STOP. So, just as a quick fix, I placed a SELL and a BUY instead. That will need to be changed as well... Sorry for the screwed-up code, I'm tired.
Here you go. The only thing that needs to get fixed is the ProfitTarget, BuyProfit, SellProfit. They need to be converted to pips. And somebody might want to look at the Hole Profit check routine. I threw in a Williams R% for shits and giggles. It is easily removable.
Don
EDIT - Also, I kept screwing up the SELL_STOP and BUY_STOP. So, just as a quick fix, I placed a SELL and a BUY instead. That will need to be changed as well... Sorry for the screwed-up code, I'm tired.
Nice! You are a much better coder than I. I'm a bit tired right now as well so this maybe something obvious that I am missing, but TP is handled internally right? And profit is calculated based on dollar profit and not pips right?
Only thing I could think of would be a bool switch for %R and possibly a start and stop hour to trade only specific sessions but I can do that myself when I am a little more coherent.
Here you go. The only thing that needs to get fixed is the ProfitTarget, BuyProfit, SellProfit. They need to be converted to pips. And somebody might want to look at the Hole Profit check routine. I threw in a Williams R% for shits and giggles. It is easily removable.
Don
EDIT - Also, I kept screwing up the SELL_STOP and BUY_STOP. So, just as a quick fix, I placed a SELL and a BUY instead. That will need to be changed as well... Sorry for the screwed-up code, I'm tired.
Don,
Attached is a script that closes all positive pip orders... let me know if this is what you were looking for.
short term action that this depends on is an inherent facet of market activity immune to large numbers of traders seeking to exploit it.
Cyclesurfer,
You're absolutely right in regards to this statement. Different participants come and go randomly, thus making it less of a "group concentrated activity". I guess roll with it and see how it goes. The reason I'm expressing some interest in the thread is because I use hedging exclusively in my trading. The difference being that it is more discretionary, and directional. When you add an edge to this technique it really shines. I agree with a previous comment you made about market activity being primarily a random occurance... however, even the slightest advantage of swinging the odds in your favor affects the equity curve exponentially. Something to think about.
By the way, would I be correct in assuming that you are somewhere between your 2ND or 3RD year of trading? Just curious.
I've been doing this for a month. Since FXCM switched my account to no dealing desk without asking first. At first I was pissed because I noticed that the spreads were no longer constant. Pairs that always got 4 pips or less now were sometimes going for 5. May not be much of a difference but as you know it makes a difference. Anyway, when I went to ask them what was up they told me that I could hedge, so I went and figured out a way to make money with it. At first I was frustrated by the limitation that Scotty brought up, that you would always have a negative balance if all you did was hedge, then I realized that if you make several small gains it can overtake the one negative trade.
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