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Good afternoon/evening Boskop. I noticed that you are trading off the daily charts but your holding period is unusually short for that type of time frame. Oh well, as long as you are making money, who cares? Keep up the good work :)

Trading signal for today May 13: Buy AUD/JPY on a limit at 95.60, 25 pip stop. (Trade at your own risk)

That's precisely the problem with DAILY chart trading right there, if you experience a string of losses (even small and manageable ones), it might take months or even years before your recover from the temporary drawdown and make a profit. Personally I cannot do it, no way I am going to wait...

Pending order cancelled, as well as the only other pending order on the AUD/NZD. Total P/L since beginning: minus 136 (-122 -15). Needless to say, it will only take one good trade or two to erase all these small losses and make a profit. That's coming up soon...:p

Are you angry Boskop?

Abandoning trade, 15 pip loss. Never argue with the market, when the trade is no longer valid, get out. Possible re-entry later.

Seems like a breakout in progress...

Still, with 28 currency pairs you can create 756 possible pairs of pairs. So unless your system is 100% mechanical and can generate trading signals and initiate/close positions automatically via a computer, looking for the perfect trading opportunity on hundreds and hundreds of charts...

Not at all, you only need to use the ROI (return on investment) in percentage, not the dollars and cents, or even the points or pips approach. That way you can still compare apples with apples.

So if I understand you correctly, you want to trade spreads using pairs of non-correlated currency pairs to reduce the volatility of the equity curve. Interesting, but this will require some serious number crunching. And quite frankly it is already very complicated to deal with "only" 28...

Actually there are 8 currencies : euro, usd, yen, pound, canadian, swiss, australian and New Zealand, so 28 possible combinations or pairs.

Limit order to buy GBP/AUD at 1.8035, 35 pip stop Scary trade, as the breakout could be to the downside, which is usually the expected direction with that type of configuration...

Well 28 to be exact. I know, because I watch every single one of them in the FX market :p

Oh I see. So from your brilliant statement we must conclude that winners...... 1: Do not backtest anything, they just use their magical sixth sense to generate extremely accurate and highly profitable trading signals. 2: Only need 2 days of real-life trading (or less in most cases) to prove...

15 min charts or daily charts, it does not matter, they all respond to the same exact technical analysis principles. The market is fractal in nature.

Don't worry, I'm gonna make him an offer he can't refuse :D http://www.youtube.com/watch?v=SeldwfOwuL8

Who told you that?? :D Say that again?? :confused: A good backtest will contain enough data to test the system under bear, bull and flat market condition.

Uh-uh, our friend GBP/AUD is trapped inside a nice channel (15 min chart). I smell breakout.... :cool:

Well, diversification will allow you to get a smoother, less volatile equity curve and reduce your drawdown.

Closing trade at 0.8152, for 13 pip profit. Now, every pip on the EUR/GBP is the equivalent of 1.7 pips on the EUR/USD for example, so 13 pips in this case equal 22.1 pips. Total since beginning : minus 121 pips (143 - 22).