Thanks for sharing such a great looking system! I'm intrigued, as it appeals to my trading "sensibilities". I do many similar things to this system in my trading already, just not following these exact rules.
I have a series of questions. I hope you don't mind answering.
A) Why not play the system using forex? What are the advantages of playing the 6e futures contract over a forex cross?
B) Has anyone tried this with other markets besides the euro? If so, which markets worked? Which ones didn't? Are there common characteristics of markets where this system works and where it doesn't work?
I imagine that in order to get this to work in other markets, you would have to adjust either the number of ticks in the chart or the number of ticks to the profit target and stop loss levels. But otherwise, if the system works in one market, it should work in at least a few others. A good system may not be suited for all markets, but it will work in more than one.
Just doing some quick math, and the above yields a Reliability of 77.6% and Profit Factor of 6.9. I've backtested many systems, and those are great numbers. Holy grail type numbers. However, the sample set is relatively small: 67 trades over two months across one market. I'm used to back tests over 50 plus markets, 20 plus years, and thousands of trades. I've seen backtests where across one market and 100 trades it had a Profit Factor of 10, but across 50 markets and 5000 trades the profit factor dropped to 1.10.
With that in mind, I have the following additional questions:
C) Were the last two months of trades typical performance for this system, or were they better than normal? What has the performance of this system been like over a longer period?
D) For anyone else besides Charles trading this system, what have your results been like? Comparable to Charles, or does he have the magic touch, making his stellar performance hard to match?
Thanks in advance! This is very good stuff.
The following user says Thank You to Style for this post:
It was a good trade - congrats - the only problem was the choppy nature of the price action pre ceeding the entry. When taking a trade like this manage it very tighly until you get a clear break of the chop behind you.
A trade like this can move against you very quickly - dont lose 12 ticks
Last edited by cjbooth; August 8th, 2011 at 01:19 PM.
I only trade the 6E and I have no intent or interest in trading the spot forex. trading is hard enough with out my broker trading against me
This method does work with other markets as I have traders in my room trading the ES and they are doing well. With my intent to only trade the 6E I have no advice or suggestions regarding time frames needed to trade the other markets
I have been trading this way since March 2011 on my live account. I have yet had a week where I did not have a net profit at the end of it, I have had net losing days but not weeks.
I know of many traders who have had success with this method and I also know of traders who have not. I believe any trader who puts in the time and hard work to learn this method will have success but that depends on the individual trader, you will get out of this what you are willing to put in
The following 8 users say Thank You to cjbooth for this post:
What your doing by posting the highlights of your trading day video is OFF THE SCALE AWESOME!!!!!!!
Talk about living by the law of abundance...
Since I have a day-job and can not always keep my peeps open during your free trading room
I hope to compile a library of your trading-videos on DVD's for future study!
If the man upstairs has a scoreboard, you definitely have achieved your share of points with this incredible
act of sharing every aspect of your trading success formula with anyone and everyone who cares to listen.
The following 3 users say Thank You to bobbyacim for this post: