RESULTS Sunday 08-11-09
From the category archives:
November 1, 2009
Ivybots performance this week has reminded me that you should be careful what you wish for; in my last post, after mentioning that there had been no trades in the previous week, I hoped there would be something to report next time. I had hardly finished writing it when we had a burst of activity. On Tuesday, it traded no less than 11 times, on the EUR/USD & EUR/JPY – with an overall loss of 502 pips. At the staking level the demo was using, this equated to a cash loss of some $7248 of the $50K bank. These losses were largely caused by it setting stoplosses of 105 pips on 4 full lots for the first three trades, which were hit on all three. However, subsequent trades were much more conservative, using only 0.4 lots and with reduced stoploss settings between 66 and 85. However, they still continued to lose, with the results noted.
Wednesday, it licked it’s wounds apparently, but on Thursday Ivybot opened three short trades on the EUR/JPY with the reduced stake and stoploss settings. These also resulted in smaller losses of 52 pips (cash $160.00).
Thursday, it again opened on the EUR/JPY, again at 0.4 lots, with a stoploss of 208 pips and also a target profit of 100 pips. It seemed to be clearly determined that it wouldnt be stopped out of that trade. Unfortunately, at 15.33 it was proved wrong and a further 208 pips were added to the red column, with a cash loss of $907.00. Looking at the chart over this period, it appears that it chooses the exact opposite of what a normal trader might have done, ignoring a considerable short trend and only taking the short trade just before the price perked up.
Friday was another quiet day, not a bad thing in the opinion of many traders who don’t like trading on Fridays. This bot seems to like alternate days off but whatever the reason, we ended the week with a loss of 762 pips, equalling a cash drawdown of
$8332.80, leaving the original bank at $41,677.20, down 16.66%. It’s as well to bear in mind that with a bank of $1000, the loss would only be $166.66, which doesnt look too bad, though if the remaining two weeks of the trial are like this one, it would leave a nasty taste in the mouth. However, it seems to have learned from that first disastrous day and the staking has become much more conservative now.