Forex Assassin vs. Forex Killer

Just found this link: Forex Assassin

Quote:

The Forex Assassin Trading System

The Four Easy Steps That Mean You'll Never Look at Forex the Same Way Again...

Step 1: Each and every Saturday you sit back in the comfort of your home and extract EXACT prices from the market. This is a BLACK and WHITE process which takes less than 1 minute to do.

Step 2: You take those numbers and plug them to the secret Forex Assassin formula.

Step 3: The formula immediately spits out EXACT entry, take profit and stop loss prices.

Step 4: THAT'S IT! No more work. You set the orders with your broker (based on the prices Forex Assassin provide you with) and simply wait for the pips to roll in!

I like the forex assassin idea - which provides a simple way to trade forex.

Since it requires preparation work only once a week, it should be simpler than my forex killer automated trade entry as I choose to setup my swing trades daily.

The forex assassin probably trades on long-term trends and enters at price pull-backs. I will definitely check it out later and share it with you.

Learn to Day Trade the Forex Market Using Automation

(Originally posted in my daytrading blog)

After a hectic start to the new year, my forex trading routine was finally made easy last month (Feb' 08). I am currently seeing a great improvement in my daytrading results by following an effective automated trade entry process.

'Automation' doesn't have to be a computer entering your trades - you can simply practise my day trading approach to streamline your trading routine and become a more efficient and profitable trader.

Here is an overview of my day trading routine for your reference:

During Market Hours

• Scan for real-time trading opportunities
  
• Monitor open positions (on hourly basis)
• Follow live economic news releases
  

After Market Hours

• Gauge the technical market sentiment data
  
• Generate trading watchlist
  
• Review daytrading results
  

Achieving day trading success isn't something that should be left up to chance. In my opinion, having real goal and plan will be a far better winning strategy.

Here are the monthly daytrading reports:
Feb' 08: +365 pips
Mar' 08: +455 pips
Apr' 08: +45 pips
May' 08: +75 pips
Jun' 08: +35 pips
Jul' 08: +105 pips
Aug' 08: +760 pips
Sept' 08: +290 pips

Zulutrade Hidden Gem (2): How to Protect Your GBP/JPY Portfolio

Markets hardly ever trade in the same trading range for long. There are general trends that may unfold for weeks, months and years.

On top of that, there is always considerable price fluctuation during uncertain periods – sometimes leading to significant volatility.

Interestingly, the volatility could be both good or bad depending on which side you're on.

For example, it can boost your account significantly or easily wipe you off, just like that (see figures below) when dealing with the scary volatile market of GBP/JPY.

• Zulutrade Hidden Gem: It's Not Perfect Unless It's (Almost) 100%

Before the meltdown, the above two systems (4xMarketTrackers and CurrencyForce) used to have a 100% win record. Eventually, the market/volatility finally caught up with them.

These systems used a fixed 500-pip wide stop but still couldn't escape from their fate ! The GBP/JPY fell more than 1000 pips in less than 72 trading hours in mid March !

I still have confidence in these GBP/JPY signal providers. But it is up to us to protect ourselves in the most unexpected circumstances.

Here are some precaution signs I would use to warn myself about the possible bad trades ahead.

a) Longer than expected trade time. Start checking out the open trades if they are still open after 12 hours.

b) Higher-than-normal standard deviation (StdDev) reading. Note that the StdDev is a measure of price volatility. When the StdDev indicator shows a reading of more than 0.9 (on M30 metatrader chart), reduce the number of open trades in the next 36 hours.

Bogie-NeuralNetwork-2 Expert Advisor

Bogie-NeuralNetwork-2 Expert Advisor (bogie-enterprises.com) has been released today March 22, 2008 by William Boatright, the 2nd-place winner of automated trading championship 2007. Email notification has already been sent to all Bogie Subscribers.

• Official Release of Bogie-NeuralNetwork-1
• Bogie EA Performance Warning
  

This enhanced version has the following improvements.

1) A Neural Network filter has been added to improve perceptive intelligence on order entries.
2) Trading time zone expanded from 1 hour per day to 5 hours per day.
3) One trade per day restriction removed. EA can trade multiple times per day.
4) New order close routine that uses Neural Networkf filter to exit order on trend reversal before reaching market StopLoss.
5) Modified TrailingStop routine that uses Broker's Stop Level value in TrailingStop calculation.

Here are the results since Feb 25 >> view detailed statement

Readers of this site will get a 20% discount off the normal expert advisor subscription fee using the purchase links found here.

A Shortened Trading Week

Despite the extreme price volatility seen in this week's market (due to US Fed rate decision, Bank of England meeting minutes, Easter Holiday and etc.), the official day trading results were only down -10 pips on the major pairs.

The sudden price reversal on Wednesday was to be blamed. Fortunately, I was still able to make money in all three sessions (Mon - Wed). Check out how I beat the market, even on a down day like Wednesday !

Monday +45 pips
Tuesday +45 pips
Wednesday -100 pips
Thursday - No trade
Friday - Easter Holiday
(Major pairs performance - measured at the end of the live trading sessions)

My forex trading will kick back into full gear Monday. Click here to find out more about my day trading signal service and also learn my day trading approach over this holiday weekend !

New Day Trading Member Testimonial: From Zeljko

(Originally posted in my day trading blog)

Hi Lloyd,

Well, I dont know what to say, but thank you. Last night, (00:00 London time) I made calculation following your FK day trading advice, got the tradable signal, fall asleep, and this morning, I had 70 pips more on my acc.

This morning, I didnt want to risk too much, and made modest 30 pips:) and all this by just following your advices, and in less than one day period.

So, thanx again, and if I may say so, keep up the great work.

P.S. you may freely use this mail for your blog. I think this is the one of the few rare blogs about FK and forex trading which can really be useful for all forex traders, and especially for us beginners.

Zeljko

Great trading to you and much appreciated for your feedback !

Two Words from Market Club: Bear Stearns !

Here is the latest newsletter from Market Club:

• Market Club for Traders (INO.COM)

Never buy because a price looks low, and never sell because a price looks too high. IT DOESN'T MATTER WHAT YOU THINK.

Why would we say something like that, why doesn't it matter what you think? Well here's the cruel reality of the marketplace.

It doesn't matter where these markets are headed. What matters most is you get the direction right. MARKET DIRECTION... that's what's important.

Just look at Bear Stearns this morning. Joe Lewis the Bahamas based investor (smart guy) is a little less wealthy as his 9.4% share of Bear Stearns has a loss of 1.16 billion dollars.

The reality is, these are trading markets. They are all driven by MARKET SENTIMENT. That's the kind of markets we are in right now, and we are likely to stay in this mode for quite some time.

What matters most, is that you get the direction of the market right. You can only determine the trend by using pure market action. The easiest way to do this is by using a program that tells you in plain English what the market is doing.

Take the next several minutes and watch the latest video on Bear Stearns and let us know what you think.

>> View video

Let the markets have their say... all you have to do is listen.

We are going to see some amazing market and trading opportunities this year. So start planning today. It's important to stay cool, listen to what the market are saying and have a game plan that works.

My Top 5 Forex Day Trading Winning Habits

As long-time readers know, one of my favourite trading method when I started this blog was swing trading which I attempted to capture gain in forex prices within one to three days. I used only simple technical analysis, i.e. breakout pattern, to look for prices with short-term price momentum.

I found some success using this simple method immediately but I got too focused on winning back then. My impatience and lack of strategic planning got the better of me. Since then, my new goal in forex trading was to improve on the mistakes I made, and to build upon something I did right.

Here are my top forex trading exercises which put me back on the winning track:

1. Seize opportunity to learn and grow
In trading, don't be afraid to fail and startover again. It's important to remind ourselves that failing is an integral part of learning. Make sure you eradicate your mistakes and if possible, make small positive changes at a time. The small changes do add up over time which can give you a solid foundation to tackle trading obstacles.

My examples:
>> Realisation after blowup
>> Learning and trialing new trading methods


2. Keep a journal
"A journal keeps you constructive, keeps you learning, and keeps you working on the things that are most important. It is not a tool for simply rehashing the day or voicing your feelings; it is your tool for self-development: your means for coaching yourself." (ref: traderfeed )

My examples:
>> The use of a trading journal (on this blog)
>> Be specific on mistakes and focus on positves (on daytrading blog)


3. Write/share a plan
You should have a detailed trading plan. In addition, it feels really good if you are able to share your particular expertise. Moreover, it feels even better to know that someone, somewhere, might find his or her trading outcomes improved by something you’ve written.

My examples:
>> Creating trading knowledge out of ordinary
>> Finalising a simple forex daytrading strategy


4. Organize a group
What makes you passionate about forex trading? "Being around other people who are passionate about the same thing would make you even more passionate about it. Seeing a group grow and take off can be tremendously awarding - but even failing can teach us important things too." (ref: lifehack)

My example:
>> Setting up a forex daytrading members group


5. Practise a simple daily routine
Especially when comes to dealing with the Forex market, we are expecting full-on, non-stop price actions around the clock 24/5. Thus, having a simple plan would definitely help to focus on our trading edge and also improve trading mentality.

My example:
>> Having a simplified forex daytrading routine

Achieving day trading success isn't something that should be left up to chance. We should not simply bounce from one reaction to the next throughout our trading adventures. Having real goal or plan in mind is a far better winning strategy.

Patiently Waiting Thursday

(Originally posted in my day trading blog)

For the first time, we had no 'tradable' signal in all three sessions, i.e. London opening, New York opening and late hours. (View our trading hours)

We had four 'golden' signals in yesterday's late-hour session. Those signals continued to yield 100 -300 pips overnight as the yen-crosses markets continued to collapse till the start of our first London opening session. Those moves were rare and extreme, but still in line with our day trading analysis.

Here is another useful trend analysis tool which share a resemblance with our approach:

Smart Scan Chart Analysis (by Market Club) also confirmed yen-crosses markets (such as the GBPJPY, AUDJPY, etc.) are currently remaining in the confines of a longer-term downtrend.


To find out more about this tool, simply fill in symbols like EURUSD, GBPUSD, AUDJPY etc. to receive a sample analysis.

My New & Simplified Day Trading Routine

Old Day Trading Routine (originally posted here on 18 Jan 08)

• Scan for swing trading opportunities on H1 chart (2 x10 minutes) - revised
  
• Monitor open positions (ongoing) - revised
  
• Follow live economic news releases at 9.30 am and 1.30 pm (2 x 15 minutes) - revised
  
• Watch live price action during lunch break/evening on M5 chart (more than 30 minutes)
• Review expert advisor trading results (15 minutes)
• Gauge market sentiment of the US dollar on daily trend chart (15 minutes) - revised
  
• Demo aggressive style discretionary trading strategy (started recently)
• Read market news (when free)
• Write blog posts and research new trading ideas (when free) - revised
  

New Day Trading Routine

• Scan for daytrading opportunities on M30, H1 charts (3 x10 minutes)
• Monitor open positions (on hourly basis)
• Follow live economic news releases (throughout the day, 2 -3 minutes per news event)
  
• Gauge the technical sentiment data of the US dollar and Japanese Yen (10 minutes)
• Review daytrading results
  

After a hectic start in January, my forex trading routine was made easy last month. I am currently seeing a great improvement in my daytrading results by following a stringent plan.

Quote (Brett Steenbarger) - Success comes to traders only when they overcome normal human biases.

A Classic Non-Farm Payrolls Day

(Originally posted in my day trading blog)

Late Session

No. of signal recommendations: 2

End-of-session Results: EUR/USD (-25 pips) and CHF/JPY (+45 pips)

Maximum potential: +55 pips

Own P/L: +14 pips

Buy the rumours, sell the news. Traders were buying into the USD weakness before the non-farm payrolls report (in fact throughout this week) and took their profits soon after the news releases despite having a very bad job number. We managed to stay out this volatility and only followed two signals in the extended late session which yielded a 20-pip profit overall. This gave us, for the week, a total of 210 pips on the major pairs and another 15 pips on the yen-crosses pairs.

Click here to join my Live Forex Trading Sessions!

Technical Help (2): Forex AutoPilot EA

Due to the recent program reliability issues (i.e. EA inactivity and Invalid price error_129), Marcus Leary and his support team made a first-time direct e-mail response to me and claimed that the problem has finally been resolved with the latest update on the ForexAutopilot EA. Click here for more info and the new EA should be updated in the member's area.

I also took this opportunity to raise my point regarding the EA trading and its potential system drawdown in hope to figure out the working of this forex autopilot EA. We've already seen quite a strong performance for this EA as the Euro rode from the 1.48 level to the current level of 1.54 !

I direct the following question to Marcus:

Q1: At what point the EA decides to take a loss and what is the acceptable drawdown for this EA?

Here is his full response:

It decided to stop according to signals from inner indicators. ForexAutopilot EA does not use fixed stop loss. It uses smart settings for stop loss to close losing trades according to inner indicators. EA with fixed stop loss will finally loose your deposit if trading against trend. Our ForexAutopilot EA does not have such problem. when i backtested i saw drawdown near 20-30% if trading with low risk.

I recommend to trade FAPS ea:
0.1 lot for deposit 1000-2000 usd
0.5 lot for deposit 5,000
1 lot for deposit 10,000

Earlier, I also send some of my queries to Andreas:

Q2: May I ask what is the eurusd_m1.set? And where should it be placed plus how can we change the default parameter?

Q3. LotsRiskReductor – Defines the risk. The parameter default is 1 , and what does it means. At what point, the EA decides to take a loss?

Here is Andreas's reply:

eurusd_m1.set can be skipped. It contains default parameters to let user load them if he wants to use default parameters after changing EA settingsLotsRiskReductor

To let program use AutoLot management (it means that IE decides the lot size itself) the variable Lots should be set to zero. So LotsRiskReductor will define the risk size. LotsRiskReductor can be from 1 to 10. 1 means 10% of risk of deposit. 10 means 100% risk.

If you have any problem/issue regarding this FAPS ea, you can try its support team or forward me your queries. I will put up a Q&A for everyone to read.

Latest Update: Great news ! My site readers can now use this e-mail address to reach Marcus & support team 'faster'. In addition, the technical problem surrounding the forexautopilot EA has been resolved via the latest EA update. In the mean time, you can also check out this latest performance report from the forexautopilot trading team.


Related Post:
Technical Help: Forex AutoPilot EA

Day Trading Service: Trading Hours Extended

Thursday: No Trade

Today was the first time where there was not one 'tradable' signal from the 10 currency pairs being watched. We were right in the money with our market sentiment indicators, but the signal software simply couldn't deliver the right signal entry in our favour. We had a challenging market condition where we experienced extreme price extension from yesterday's market. I believed many could be caught off guard by the magnitude of today's USD-bear rally.


Notice:

We normally trade and monitor only London and New York pre-opening hours which happen to be the most active trading hours for the forex market. Yesterday, I decided to add one extra trading session in active New York hours to focus on the yen-crosses trades (see our new trading hours here). I hope we can make further good use of our Day Trading Approach which so far works well on the major pairs.

Day Trading Service: Trading Report Feb' 08

Fact 1: Up 365 pips in February on USD-base currency pairs

The results by the major currency pairs have so far outperformed the yen-crosses pairs. This is simply because my day trading strategy was originally devised/optimised to exploit the use of USD market sentiment indicator to trade the USD related currencies, and not the use of Yen sentiment indicator to trade the Yen-crosses pairs. Hence, trading the major currency pairs will always be the main focus/strength of this day trading service.


Fact 2: Up three consecutive weeks since inception

This day trading approach allows us tackle the forex market in a systematic manner day in day out. So far, we are able to gain a winning edge using this strategy on every week. Based on the daily results as given in the above statistics: we might lose about 20-25 pips in a bad day, but we are able to gain 90-110 pips on a good day. The reward-to-risk ratio seems very appealing at this stage.


Notice: We again started strongly in this brand new month - i.e. already up 235 pips in just 3 days of this month ! Make sure you check out my day trading strategy and consider joining me this month to enjoy the current monthly rate while last. Please be informed that the subscription fee is scheduled for a hike from 1st April.

My Replies to Good Old Bill

To Bill from Aus',

Greetings from Lloyd. FYI, I have been doing forex trading for over 3 years now (and may be more).

Regarding the forex killer instructions, those are my 'secret' recipe on how to best apply the software based on my 'own' knowledge of the market. I always believe that the knowledge of application is more valuable than the tool itself :0) !

Regarding the forex autopilot EA, my initial advice was not to take too seriously these automated EA robots. Even for the new one, there will be an issue with the system drawdown. The lack of customer response and the following problem of "invalid price error 129 alligator" are of major concerns now. The error means that broker gives bad price quotes, not normalized - according to the FA support. It appears that I too have similar problem on both my Alpari demo and live accounts, but seems running fine on backtesting. Too bad I know nothing about this problem :( Hence, the solution is simple - I am going to get my own refund if the problem could not be resolved by the program developer.

Regarding my affiliate commissions, I am quite open about it, see here. Please note that I am not part of the FK/FA sales or support team. The blog revenue is used for maintaining my sites and motivating me to write better posts plus to share my own strategies/tips while striving toward my own goals.

Lloyd
p.s Bill, will you do me a favour, please don't 'bombard' my blog posts with long letters, nonetheless, I do still like your stories. LoL...

Related post:
Latest From Marcus: Alligator 129 Error Solved ?!

A Profit is a Profit

European Hours

No. of signal recommendations: 1

End-of-session Results: EUR/USD (+40 pips)

Maximum potential: +40 pips

Own P/L: +11 pips

In general, we usually aim to to score 40-70 pips in a few hours time. This long EUR/USD signal has yielded an acceptable minimum target of 40-pip right at the end of my European price monitoring session. Due to an earlier exit, I only managed to grab a piece of the action with a small 11 pips for myself. Still, a profit is a profit. Hope you follow well.

US Monitoring/Trading Hours

(Session starts in 1-hour time)

You can now follow my Live Forex Action!

Copy of Daily Market Sentiment & Forex Killer Signals Last Week

For 25 Feb 08 - 29 Feb 08 (please email me)

Learn This Day Trading Approach:

As a Service Subscriber, you will have access to:

# Special Day Trading Template for Use on 10 Currency Pairs
# The Current Technical Market Data of US Dollar and Japanese Yen
# Daily Trading Bias and Live Update on Key Economic News Releases
# Up to 5 Signal Recommendations Covering London and US Trading Sessions Every Day
# Full Details of This Day Trading Approach

Blog Income and Trading Report - February 2008

It's a new month and that means it's time for the second blog income report for the year 2008. Back in October 2007, I decided to run a little experiment and wanted to see if money can be made from blogging. Before that time, ScoutForex dot Com was simply a personal trading blog that didn’t make any money from blogging.

Last month, the blog made $1,019.99. Not only it was a new income record, it was also the first time the blog broke $1K. Being the shortest month of the year, February normally results in less income than January. However, I managed to break another new record again !

Below is the income breakdown in the context of my own/referred trading program & services and the general blog monetization options.

Total Blog Income for February 2008: $3,113.49

• Text Link Ads: $59.36
• Google Adsense: $133.01
• Private Ad Sales: - new
  
• Review by Me: - new
  
• Affiliate Commissions: $543.8
• Signal Provider Rebates: $364.54
• Automated Forex Trading Program: $1139.8
• Day Trading Service and Software : $872.98

Blog traffic for February was increased to 16,797 page views from 6,138 unique visitors, according to statcounter. If you take the blog income and divide it by the blog page views, you will get a site wide eCPM of $185.36. What this means is for every 1000 page views, ScoutForex dot Com makes $185.36 or 18.54 cents per view. (Using this calculation, I beat John Chow by 58% with this month eCPM figure ?! Judge it yourself HERE, lol ..)

The key which drives an increased traffic to my forex trading sites is writing personal trading experience and reviews based on my own trading knowledge and passion. Please also note that I only recommend trading products/services which can bring BENEFITS to my readers, including myself. Hence, I like to stress the keys to an increase in the blog revenue are always: VALUE, VALUE and VALUE, plus DIVERSIFY, DIVERSIFY, and DIVERSIFY (some examples given).

For your information, I have already achieved my year-end blog monetisation goal of 2008 in just a span of two months. No doubt that SETTING CLEAR GOALS helps a lot ! I have to revise my goal this month if there isn't any problem of maintaining the site revenue.

On the other note, my first goal of 2008 - chasing a monthly trading profit of $5000 - is currently lacking behind. My main focus for the rest of the year will be achieving THIS GOAL. Personally, I don't think I am too far away as I have already revised/refined all my trading strategies, i.e. day trading, automated trading, discretionary trading using the first two months of 2008. I will keep updating this blog as usual with useful trading contents and tips.