Financial Freedom | Learn Elliott Wave Analysis

Whether you are trading stocks, indices, foreign exchange, bonds or commodities, you could use the Elliott Wave Principle to dramatically improve your results. It is no surprise, then, that professional traders and investors invariably use Elliott Wave analysis as a key decision making tool in their market activity. However, most people who try to learn the techniques by themselves often run into difficulty because the real world market movements appear to be different from the examples found in most standard reference books.

This book will give you a detailed “working” knowledge of the Wave Principle. Written in simple language, and with plenty of recent and real life examples, "Five Waves to Financial Freedom" will likely become your favorite reference book which you could use to quickly verify whether your own interpretation of the market fits in with the author's guidance. With its liberal use of cross-references, this book will enhance your understanding of the rules and guidelines that govern the Wave Principle. Furthermore, you could use the hundreds of examples available in the author’s website to support what you learn from this book. The techniques outlined in this book are the very same techniques that Ramki has successfully used for nearly 30 years.

Forbes has recently counted Ramki as one of the three excellent Elliott Wave Technical Analysts out there.


Five Waves to Financial Freedom: Learn Elliott Wave Analysis

Wallstreet Forex GBP Backtest | New Default Setting

Hi guys, as you may or may not know the Gbp default settings for Wallstreet forex robot have been slightly adjusted to stop loss 95 pips and take profit 50 pips. So the only change is the tighter stop loss.

I have run a backtest which includes 997 trades over a span of the last 3 years to see how it did.

Everything is default except:

1. I set Closeonlyonprofit=True
2. Friday close=true
3. risk=0.5%

Here are the results:

Bars in test 100172

Ticks modelled 43636071

Modelling quality 90.00%

Mismatched charts errors 0

Initial deposit 10000.00

Total net profit 3126.28

Gross profit 7815.36

Gross loss -4689.08

Profit factor 1.67

Expected payoff 3.14

Absolute drawdown 44.62

Maximal drawdown 235.27 (1.79%)

Relative drawdown 1.98% (214.14)

Total trades 997

Short positions (won %) 510 (93.14%)

Long positions (won %) 487 (90.97%)

Profit trades (% of total) 918 (92.08%)

Loss trades (% of total) 79 (7.92%)

Largest

profit trade 35.00

loss trade -66.50

Average

profit trade 8.51

loss trade -59.36

Maximum

consecutive wins (profit in money) 52 (401.17)

consecutive losses (loss in money) 2 (-133.00)

Maximal

consecutive profit (count of wins) 417.40 (50)

consecutive loss (count of losses) -133.00 (2)

Average

consecutive wins 13

consecutive losses 1

MyFxbook to release an autotrade feature

Hi guys, I heard it through the grapevine, Myfxbook is about to release a autotrade feature within a weeks time. Details at this time are scarce but  the service will most likely try to compete with zulutrade and signal trader to name a few.

Hopefully the service will be available to U.S. Citizens as signal trader does not support traders from the U.S. I believe zulutrade does support U.S. traders.

On their facebook page this will supposedly "revolutionize" the autotrading platform. I sure hope they make it widely accesible.

Myfxbook is a very popular 3rd party publishing site where traders can analyze their trading accounts, and other traders accounts.

Forex Growth Bot FIFO Alert! | Check With Your Broker

Just a reminder to those using FGB on US Brokers

Some brokers enforce the FIFO rule at the client side and others handle it
in their back office. I am using FGB with FXCM and MB Trading.


I forgot to enable FIFO=True on FXCM and noticed in the journal tab that the robot tried to close a last position first. So I believe the robot was trying to close this position and could not because of this. I also believe the robot may have lost control of the basket because of this? in the chart it said "Pos state Updating"

With MB Trading it does not matter because they handle this in their back office, so you can leave FIFO=False. Anyway I just wanted to throw this out to you all to check how your broker handles this FIFO rule BEFORE you start trading FGB.

I hope I have saved someone some headaches : )

Wallstreet Forex Robot New GBP Settings | Member's Area Screenshot

Hi Guys, Just recently one of my favorite scalping Forex robots just released some new settings for the GBP/USD pair. See the screen shot below of the members area.

The TP and SL for this has been changed form the defaults. The TP is now 40 pips and the SL is 52 pips.
There is also a "turbo" version that is similar to this setting with more trades, higher profit but higher draw down as well.

I should also point out that the default setting now sports a 95 pip SL along with a 50 pip TP.

I ran some quick back tests of these new settings and I was NOT impressed. The back tests were barely profitable.

I then proceeded to run a back test for the new default setting and I quickly noticed that the default was still the best choice for long term profit. Unfortunately I was not able to post these back tests on here because of technical issues with my server.

I would definitely run the GBP/USD pair with the default setting, it is the best setting indeed.

WALLSTREET FOREX NEW GBP/USD SETTINGS CLICK HERE

Forex Invest Bot | The Forex Growth Bot Team

The Forex Growth Bot Team is about to release another robot based on volatility, which is similar to their previous release. I am really excited about this release for sure. I trade the Forex Growth Bot right now on 2 live accounts.

This robot is supposedly much better than the FGB. We can view its performance as the vendor has started a small live account.

We can see by viewing this account that it certainly does trade similar to FGB. I think with this one the vendor is aiming for similar performance with a reduce in draw down.

I believe this robot will be even more popular than the FGB. Most of the gripes with FGB were the long draw down periods. If this robot can reduce this, it will become insanely popular by Forex fans worldwide.

Update: 1-25-2013 while it is still un clear when this robot will launch, I have received this email form the team:

"My last release, Forex Growth Bot, was a huge success, thanks to your support and the trust our customers had in my software and my support.

It’s literally been years since I released a system; Forex Growth Bot has and still does amazing, but I feel it’s now time to take my system to the next level.

I have spent the past year analyzing my system and exhaustively testing it. I have taken out the main core of Forex Growth Bot and built a whole new system around it, that’s even better. And I’m proud to release it."

CLICK HERE TO LEARN MORE ABOUT FOREX INVEST BOT

Wallstreet Forex EA | Demo Account Alternative Pairs

Hi Guys, I just set up a demo account for the Wallstreet Forex EA. When I set it up I was trying to pick some pairs that had a better chance at banking some higher pips. So I picked the GBP/USD with the AUD/USD for starters. I also added the GBP/JPY and used the settings from the GBP/USD. Next I added the AUD/JPY and used the settings from the AUD/USD.

Before I attached them to the charts I did some quick backtesting and they looked surprisingly pretty good. Also before attaching WS I turned on the Friday filter to exit all trades before market close. This should help avoid any weekend market gaps.

Next I set this demo account to publish the results on MyFxbook. Below we can all follow its performance.

The default SL and TP are used for all pairs. I increased the Max Spread to 6.