Forex Funnel

[gross77777]

KB,

I have read all of your posts regarding FF . Did I understand it correctly that you only turn off Forex Funnel on NFP Fridays ?

[Killer-B]

Originally Posted by gross77777

KB,

I have read all of your posts regarding FF . Did I understand it correctly that you only turn off Forex Funnel on NFP Fridays ?

No Gross -

That is not what I said - What I said was, learn your calendar(s) and the 'events' that tend to swing the market violently - as 'Non-Farm Payroll' days often do - and then 'suggested' 2 options - Either reduce your lots to next to nil (from like 1.0 to .001) - or - just turn it off (obviously after your positions are closed) and ride out the news....

Now, I did say later on (up-thread here) that I was not going to trade this past Friday due to the NFP upcoming -and after my positions closed out I did let it sit for few hours... But then greed got the better of me - and did trade.... However, I decided to lower my lots to .25 and ride out the storm - When the news broke (bad news too) - it dropped about 200 pips and FF rode it the whole way down - In hindsight, of course now I wish I hadn't reduced - but if it had been "good news" it probably would have gone 200+ pips north and stressed my account (which is what pretty much every trader on the planet thought was gonna happen - but it didn't) as I monitor the "Top 100" traders in real-time, and 92% were poised with buys.... so they took a hit - Since FF works with both long and shorts - it did very well, even with the reduced lots -

Hope that helps-

KB

[rsmereka]

Killer-B,

It seems that you have found a trading method that suits your style quite well and that is a very good thing. I think that should be the aim of every trader.

I don't think that FF, however suits my trading style so I will continue to trade the way I am most comfortable with that has been profitable for me.

Thanks for the information,
Rick

[gross77777]

KB,

Besides NFP Fridays what are the other news when you reduce the lot sizes or stop trading ?

Thank you

[Killer-B]

Originally Posted by rsmereka

Killer-B,

It seems that you have found a trading method that suits your style quite well and that is a very good thing. I think that should be the aim of every trader.

I don't think that FF, however suits my trading style so I will continue to trade the way I am most comfortable with that has been profitable for me.

Thanks for the information,
Rick

Thanks Rick - I've always said, it's not for everyone - but it is consistent... best of luck with yours... and I'll keep posting updates when I break milestones (like 100K or ZERO!! LOL)

Cheers,

KB

[Killer-B]

Originally Posted by gross77777

KB,

Besides NFP Fridays what are the other news when you reduce the lot sizes or stop trading ?

Thank you

Gross - It's all part of "learning to trade" no matter which EA you use - You need to be "aware" of the market, and what's going on around you on certain days... (I didn't always do or know this as you've seen) --

So the best "answer" to your question is to give you a link like this (there are millions of them out there) http://www.etoro.com/learn/forex-calendar.aspx -- but load that on a separate screen (or window) and it "updates" as the day goes on.. You can click on the "i" (information) button and read everything you could ever possibly want to know about an event, report, country, agency, bank - whatever - and the IMPACT it may or may not have...

They are also color-coded (red = volatile / green = passive) - so I usually ignore the "greens" - the yellows rarely effect my markets - unless the #'s are WAY off - but look for the red ones just for the country/pairs you are trading - So for me, I look at USD and JPY "news" - and if it's red, then I set my alarm/date and watch the news leading up to that -

Also, since there ARE inside traders and trading going on (someone has to "write the report" yes?) - that gets leaked out in some form or fashion - but point being, you can go back to every major news event (like Friday, when unemployment jumped unexpectedly to 10.2% here in the USA) --- caught many off guard - including me - but my point is, if you go to a 15M or 30M chart - you can start seeing the fall/drop/short/sell BEFORE the news came out... it's very subtle - but you can see it.... So if you're "smart" you'll look closely at the subtle TREND minutes before the news is officially released, and 85% of the time, that is the way those huge spikes will go -

Good luck!

KB

[Killer-B]

Not that it matters - but someone else just pointed out the "leader" on another testing forum - FF!

http://www.forex-robots.com/

[PipCop]

Interesting. I'm going to have to get that one on review here too.

[gross77777]

KB,

I think that in one of your posts you mentioned that you only allow FF to trade short .Can you please explain why ?

Thank you

[Killer-B]

Originally Posted by gross77777

KB,

I think that in one of your posts you mentioned that you only allow FF to trade short .Can you please explain why ?

Thank you

Well, several reasons - none really by my choice or doing - but have read others that do that as well (short/sell only) and seems to work best that way -

But it started with me having a manual open buy trade, and when I launched FF - it only opens one long at time - so it "saw" this one - and never opened another till I closed that one - which was a looooong time as I waited hoping it'd come back - but that was at 101.00 I believe - 3 months ago? and never did - so I finally manually closed it and took the hit...

Secondly - even after that - ran into the FIFO bullsh!t rule - so - until I switched to a Non-NFA broker , was stuck in sell only mode as you can't hedge with NFA brokers -

Lastly - is that we're in a bear market - Since nobama took the office, the dollar has slid from 112 down to 88 in 9 months.... so that obviously favors the short sell program - However, as I was explaining to someone else offline - FF actually does "best" during a SMALL rising (bull) market - for it's TP on longs, is = 20 pips, (as well as martingale retrace shorts) - but on pure short /sells alone, its T/P = 35 pips... So, yeah, if it fell all day every day - and hit that 35 pip T/P then I'd be golden - but as we all know the market goes up and down... and once it does it's first martingale at +25 pips, it then changes the T/P from 35 to 20 - and easier to hit... Today was the first day I've not closed a trade in over 4 months! - Markets have been ubber-quiet!? But just saw some JPY news -and that seems to have jump-started things on the sell side - so here's hoping for a better WEDS!