Swings and Roundabouts
Another losing trade on the EUR/USD Friday morning and a potential loss on the GBP/USD in the afternoon saved by the fact that a news item was due at 1.30.
Well thats August over with and what a rollercoaster it was. I still managed a profit on the month but I know that a lot of traders take all of August off. The holidays, as we have seen, make trading a bit of a nightmare with the markets moving sideways and not really knowing what it’s doing. I’m tempted to take next August off myself. Saying that, had I traded on Monday I would have made nearly 100 pips for the month which isn’t too bad I suppose.
I want to say how grateful I am to everyone that writes in with their comments regarding TUFXP. I’m learning as much as you guys and your suggestions are very helpful not just for me but also for a lot of other readers.
One thing that has cropped up a lot is the different trades that come up by using different data feeds… Tullet or Barclays, Dual feeds with Tullet as primary, or Vice versa etc. Now, as you know I’m of the opinion that if something ain’t broke then don’t fix it. Well, I’ve been guilty of tinkering with my own settings and I think this has proved the point… to myself more than anything. I have been trying out different data feeds following e-mails from readers telling me they got profitable trades on a different feed, or they missed losing trades etc. however, since swapping it’s become clear that it really is a case of swings and roundabouts. For example, last week when I had three losing trades in one day on the dual feed of Tullet/Barclays, I’ve been told by one reader still just using Tullet that he only had the one losing trade. Another reader told me he had profitable trades on the TEURJPY with less profit on the dual #TEURJPY and none on the #BEURJPY. It would seem therefore that each feed comes up with it’s own winners and losers and so it’s not worth swapping from one to the other. Whichever feed you use, it would probably be better to just stick with that. If you swap between them then you may just hit the losing trades (or the winners) but this is more gambling than trading because you are not sticking to the plan.
So from Monday I will switch back to using just the Tullet feed. This has worked well for over three months so I will stick with this and see how I get on.
Finally, thanks to Dean for answering the question from John in New Zealand who wanted to know if TUFXP would be profitable for him trading nightimes GMT.
John has a couple of options:
1) Increase the number of bars when creating a new chart. This will enable him to back test results for set time periods which are more appropriate for him.
2) Check out the following site http://forex.timezoneconverter.com/ . Once he has updated his location in the world, it will state which markets are open during the day for his time zone. I guessing it will be Sydney and Tokyo, so he should try trading these currencies, especial at times when there is more than one market open which over lap, as this is when the markets are supposed to be most volatile.
3) Watch the How to video called – trading multiple currencies in the TUFXP members area. This will help him set up 10 currency pairs (I would go with 9 pairs as Keith has included GBP/EUR and EUR/GBP which is the same just reversed order, plus 9 pairs fit the screen a lot better). You could then set the same trading times as us 7-11 then 1-3 but New Zealand time. Then follow Grahams settings, I sure you will have trades materialise anytime in the world with 9 currency pairs! Note this video is nearly one hour long but once you have seen how to set up one pair the rest is common sense.