Forex Strategy CAD1

[rsmereka]

This review is about the Forex Strategy CAD1 (that's what it is called by it's seller). This is a completely manual system. I purchased the system here (Ebay). I have no affiliation with anyone in conjunction with this review.

This manual system trades the USDCAD pair once a week. Without reveling the complete strategy, the system relies on the pair returning to it's former price.

I have been trading this system for 6 complete weeks as I write this for a winning rate of 83% (5 wins, 1 loss). I traded the first 6 weeks at 2% risk. Starting this week, I increased this to 5% risk.

This system is very easy to maintain. Two pending orders are placed once a week which takes about 5-10 minutes to do the calculations and place the pending orders.

The risk:reward is a very decent 1:1.

All order entry price, SL and TP are registered with the broker 's server so you can actually close down MetaTrader once the pending orders are placed (I don't).

This manual system is very inexpensive. Current price as of right now is $9.59. I paid $5.99.
Link: http://www.myfxbook.com/members/rsmereka/usdcad-manual/125400


Rick

[philmypants]

Hi Rick I picked it up as well. Thought it might be fun to follow you with it. I got taken though I paid $8 with the exchange(ha). I see you've gotten away from the 90 pips and went up to 5%. Probably the right idea since the volatility has gone way up from usual. I'm assumeing(spell check) that you plan to make more than the usual amount with the added risk.

Phil

[rsmereka]

Originally Posted by philmypants

Hi Rick I picked it up as well. Thought it might be fun to follow you with it. I got taken though I paid $8 with the exchange(ha). I see you've gotten away from the 90 pips and went up to 5%. Probably the right idea since the volatility has gone way up from usual. I'm assumeing(spell check) that you plan to make more than the usual amount with the added risk.

Phil

Hi Phil,

You did not get taken. I have seen the system at $9.59 so you paid more than me but once you start to use it, you will conclude, like I did that it's a steal.

It's a great strategy. Very simple, no indicators, a good risk:reward and absolutely fixed exposure. I like it a lot. My TP is still 90 pips. The only thing I am playing with (so far) is the risk. I started at 2% and I am now at 5%. The return has been lower than expected since the winning rate has gone from the 80's to the 60's. I am seriously contemplating pyramiding. I have noticed that once the trade gets to over 50 pips or so, it closes as a win and I would like to capitalize on it.

Rick

[philmypants]

Ok I'm at my first week and I have a sell @ 1.04160 s/l 1.05060 t/p 1.03260 and the opposit the other way, you have something similar?

[philmypants]

Originally Posted by philmypants

Ok I'm at my first week and I have a sell @ 1.04160 s/l 1.05060 t/p 1.03260 and the opposit the other way, you have something similar?

sorry ignore this

[Fat Dog]

I went ahead and bought this as well. I set it up before I left for the week and closed it out when I got home on Friday, and it did what it was supposed to do, and I had some pips when I got back home.

As easy as this is to employ, is there some way to automate it? I drive a truck for a living and my schedule is sort of crazy at times, and manually placing orders can sometimes be impossible. It would be nice to set it up one time and just monitor things.

[rsmereka]

Originally Posted by Fat Dog

I went ahead and bought this as well. I set it up before I left for the week and closed it out when I got home on Friday, and it did what it was supposed to do, and I had some pips when I got back home.

As easy as this is to employ, is there some way to automate it? I drive a truck for a living and my schedule is sort of crazy at times, and manually placing orders can sometimes be impossible. It would be nice to set it up one time and just monitor things.

You are talking about an EA,

The strategy would need to be put into an EA. There are services on the Internet that will take a manual strategy and build an EA. The last time I used one of those services, it cost me about 350 Euros.

Rick

[Merrygoround]

Maybe you can try this: http://forexsb.com/download.
It is the only free EA building software that I could find. It is developed by a Bulgarian programmer called Popov. The forex strategy builder you can use for backtesting and tweaking your EA, the forex strategy trader you will need to make live trades (on real or demo account). Actually the forex strategy builder does not produce an .ex4-file, but an xml-file, which MT4 cannot understand. The forex strategy trader does understand xml. The advantage of this software is that you do not need any programming skills to execute your strategy. I have found one disadvantage: if I tried to execute my strategy on more than six charts at a time, my VPS ran out of memory. But if you trade on only one or a few currencies, there is no problem at all.

The only basic condition is: you need to have a clearly defined strategy. Which rules apply, which technical indicators to use etc.

[rsmereka]

While researching the feasibility of turning this strategy into an EA, I bumped into the online Expert Advisor Builder which does create the MQL4 source which you can compile.

The issue with this strategy is that it uses no indicators. It is based on pure price action. The real sticky point is that the strategy is time-based which none of these EA builders can handle.

As I see it, there are only two ways:

1. Get an outside party to build an EA.
2. Get someone here to build an EA.

I could do it. I have the MQL4 skills but I have never dealt with a strategy that uses time references. As I see it, this EA would have be built around a finite-state machine.

Also, more importantly, there are copyright issues. This is not my strategy. I would have to negotiate with the strategy owner and come to some agreement.

Rick

[rsmereka]

Reference

Rick