My second week of trading has not been quite as profitable as the first; however, an almost 10% return (almost 11% counting my floating profit) over two weeks ain't too shabby!
This week has been tough for the EA. The EURUSD has been consolidating and trading in a tight range over the past three days. The Bogie-NN-v8 prefers trending markets. The goal is for 60% profitable trades according to developer William Boatright; therefore, the wins must be significant to achieve the kind of return that this EA has demonstrated. The longer I use this EA, the more I learn about its strategy. I got some insight from a great interview with Boatright that you can find here. Thanks to CK Owyong for setting up an informative question/answer forum. If you are truly interested in learning more about this EA I highly recommend you take an hour to listen to the full recording.
I was frustrated twice this week to see two profitable trades slip into a loss and a minimal gain. It seems that this strategy is the "go big or go home" strategy. When it picks up on a nice trend it attempts to ride it as long as possible. We will need to live with the occasional win-turned-loss if we want to cash in on the 200-300+ pip wins.
Tomorrow morning is the Nonfarm Payroll Report. During Boatright's interview he recommends shutting down the EA during major news reports. I am contemplating whether or not to shut it down tomorrow. In my case if I shut it down I will miss the entire day of trading; however, I could avoid a big loss if I'm in a trade and the currency gaps in the wrong direction. Boatright feels that the major reports to avoid are the NFP and the US and EURO prime rate change meetings. Take into consideration that results shown on Boatright's website are trading 24/5, through the news reports.
I continue to be optimistic about this EA for a number of reasons:
1. I have confidence in the developer. Boatright placed 2nd in the Automated Trading Championship last year. Listen to his interview, he is very low-key and is not simply hocking his product. He seems genuinely interested in creating a profitable EA. His motto is "Steady Equity Growth is the Name of the Game". He does not claim to make you an overnight millionaire.
2. The structure of the purchase ensures that the developer will continually be refining the product. If this EA turns out to be a failure his subscription income will cease. Boatright recently quit his "day job" and is now making his living from the results (ultimately in subscriptions) of this EA.
3. I have scoured forums and other forex sites. I have found forward tests beginning in the end of May that show significant profitability and limited risk. I have seen charts that show the EA entering and exiting positions with uncanny accuracy. The EA had the first back-to-back loss this past week since testing began in late May.
4. Stop losses are custom set to the user's specs. I know that I cannot lose more than 10% equity on any one trade. This ensures that I don't have a runaway trade that bankrupts my account.
I plan to add more money to my account shortly and potentially a greater chunk if results continue. As always, my to-date detailed statement is posted below. Keep in mind this is on a live money account which started at $3,611. Here are my settings: UseEmail=true ; UseMM=true ; MiniAcct=true ; Risk=50 ; Lots=0 ; TakeProfit=0 ; StopLoss=200 ; TrailingStop=170 ; BuyTrigger=54 ; SellTrigger=74 ; MagicNumber=12345 ; NoTradeDay1=6 ; NoTradeDay2=6 ; RenewalWarning=true.
If you plan to purchase this EA, please use my special discount link (banner to the right of this post) to get a 20% discount (only $40 per month).
Til next week,
Craig
Posts
No comments:
Post a Comment