collapse

Author Topic: TradeTheForexMarket.com  (Read 13138 times)

Online donnaforex

  • Administrator
  • Hero Member
  • ******
  • Posts: 4280
TradeTheForexMarket.com
« on: August 21, 2018, 02:00:58 PM »
The owner of Trade the Forex Market is available on the forum to answer questions and comments.

If you have traded with these signals, please share your experiences with us :)

https://www.tradetheforexmarket.com
Follow DonnaForex on Facebook and Twitter.
 
If you need to contact me, email admin@donnaforex.com or Skype 'donnaforex' or PM via the forum.

Offline edlomax

  • Jr. Member
  • **
  • Posts: 53
    • Trade The Forex Market
Re: TradeTheForexMarket.com
« Reply #1 on: August 21, 2018, 04:31:31 PM »
Edward Lomax here, Head Trader at Trade The Forex Market.

I wanted to take this opportunity to introduce myself and give a little background on my Forex trading experience.

A little about myself:

I was born in Washington D.C. and grew up on the East Coast, but currently live in Chile.  Long story short, I met my wife on vacation and various circumstances led us to make our lives in Chile.  Basically been here, either part time or full time, for the past 25 years.

About my Forex trading journey:

My story is probably similar to many of yours.  I did not learn about trading by working for a bank or investment firm.  I basically learned from putting in a lot of screen time and actually trading in the live markets.  I have been trading my own live accounts since 2010.

My trading has evolved over the years.  The last evolution has resulted in the Trade The Forex Market signals. 

Here are some characteristics of my trading:

  • I trade off the Daily charts
  • I trade end-of-day, which means I look for setups at the close of the daily candle only
  • I trade set-and-forget style, which means I only take trading actions once a day, and then forget about it until next trading time

About my signals service experience:

Back in 2013 I ran a service that was basically a straddle strategy that was working very well at the time.  I would place trades end of day and then have a custom made EA manage the trade with set parameters.  All this was happening on the H1 charts, and finally the randomness of the lower time frames wore me down.  This led me to start trading exclusively off the daily charts.

From 2015 to present I have been running a different signals service, which still has subscribers.  Over that time one of my core strategies has accumulated +11,392 pips and the other core strategy accumulated +13,211 pips.  While I believe these numbers are still good, the truth is both these core strategies peaked around 15 months ago, and have been in a slight drawdown or consolidation phase ever since.

Due to this slump in performance, I started looking for tweaks that would make my core strategy more robust.  I was looking for something that would have performed well in the market where I enjoyed a lot of success, but also in the current market where I was not.  I've been trading this new strategy in the background since early 2018.

By the way, I read an article on Bloomberg recently called FX Traders Pivot To Tactical Bets As Old-School Strategies Flop.  It shows how the Forex market has become challenging over the last year or so, and how the high powered money managers are making changes.  So, this was not something I alone was experiencing and needed to address.

While a lot of the core strategy has remained the same, there are some things that have changed.

Here are 3 main changes compared to how I was trading before:

  • I now use dynamic stops based on Average Daily Range and current market movement compared to using a set stop loss value.
  • I now set a target at 1:2 risk to reward levels compared to letting trades run.
  • I now have added an extra filter compared to trying to get into the trade at the earliest possible moment.

Since making these trading tweaks, I also decided to diversify my trading over a larger amount of instruments.  Basically, since I was filtering trades to take stronger setups only, and limiting profits to 1:2 risk to reward, I wanted to trade more instruments so I would have enough trading setups over the year to meet my profit goals.

I now look for trade setups on 15 currency pairs, gold, silver, bitcoin and ethereum instead of just a handful of currency pairs like I was doing before.

With so many changes and additions I thought it better to open a new signals service instead of just adding it to the current one.  And after a lot of testing and 8 months of live trading, Trade The Forex Market was born.

I think that is enough for now.  I will return with more about lessons I've learned, performance tracking, money management, etc. in the future.

In the meantime, if you have any questions, I'll be glad to answer them.

Offline Humble Trader's Fx

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 1524
Re: TradeTheForexMarket.com
« Reply #2 on: August 21, 2018, 04:55:56 PM »
Edward Lomax here, Head Trader at Trade The Forex Market.

I wanted to take this opportunity to introduce myself and give a little background on my Forex trading experience.

A little about myself:

I was born in Washington D.C. and grew up on the East Coast, but currently live in Chile.  Long story short, I met my wife on vacation and various circumstances led us to make our lives in Chile.  Basically been here, either part time or full time, for the past 25 years.

About my Forex trading journey:

My story is probably similar to many of yours.  I did not learn about trading by working for a bank or investment firm.  I basically learned from putting in a lot of screen time and actually trading in the live markets.  I have been trading my own live accounts since 2010.

My trading has evolved over the years.  The last evolution has resulted in the Trade The Forex Market signals. 

Here are some characteristics of my trading:

  • I trade off the Daily charts
  • I trade end-of-day, which means I look for setups at the close of the daily candle only
  • I trade set-and-forget style, which means I only take trading actions once a day, and then forget about it until next trading time

About my signals service experience:

Back in 2013 I ran a service that was basically a straddle strategy that was working very well at the time.  I would place trades end of day and then have a custom made EA manage the trade with set parameters.  All this was happening on the H1 charts, and finally the randomness of the lower time frames wore me down.  This led me to start trading exclusively off the daily charts.

From 2015 to present I have been running a different signals service, which still has subscribers.  Over that time one of my core strategies has accumulated +11,392 pips and the other core strategy accumulated +13,211 pips.  While I believe these numbers are still good, the truth is both these core strategies peaked around 15 months ago, and have been in a slight drawdown or consolidation phase ever since.

Due to this slump in performance, I started looking for tweaks that would make my core strategy more robust.  I was looking for something that would have performed well in the market where I enjoyed a lot of success, but also in the current market where I was not.  I've been trading this new strategy in the background since early 2018.

By the way, I read an article on Bloomberg recently called FX Traders Pivot To Tactical Bets As Old-School Strategies Flop.  It shows how the Forex market has become challenging over the last year or so, and how the high powered money managers are making changes.  So, this was not something I alone was experiencing and needed to address.

While a lot of the core strategy has remained the same, there are some things that have changed.

Here are 3 main changes compared to how I was trading before:

  • I now use dynamic stops based on Average Daily Range and current market movement compared to using a set stop loss value.
  • I now set a target at 1:2 risk to reward levels compared to letting trades run.
  • I now have added an extra filter compared to trying to get into the trade at the earliest possible moment.

Since making these trading tweaks, I also decided to diversify my trading over a larger amount of instruments.  Basically, since I was filtering trades to take stronger setups only, and limiting profits to 1:2 risk to reward, I wanted to trade more instruments so I would have enough trading setups over the year to meet my profit goals.

I now look for trade setups on 15 currency pairs, gold, silver, bitcoin and ethereum instead of just a handful of currency pairs like I was doing before.

With so many changes and additions I thought it better to open a new signals service instead of just adding it to the current one.  And after a lot of testing and 8 months of live trading, Trade The Forex Market was born.

I think that is enough for now.  I will return with more about lessons I've learned, performance tracking, money management, etc. in the future.

In the meantime, if you have any questions, I'll be glad to answer them.

Hello, Edward and welcome.

You have made quite a journey in Fx and I am sure your seasoned experience will be a valued contribution to our education.

Looking at your impressive website, I may have missed it but I could not find any myfxbook links: Some of our seasoned members like to take things apart and do a forensic analysis of claims made, so it would be helpful if you would supply us with some myfxbook links with your trading history with as few hidden fields as possible.


Regards,
HumbleTrader
We humbly approach the Forex Market and take only what is earned through our hard work and intelligence.

Online primi

  • DonbonsPrivateGroup
  • Sr. Member
  • *
  • Posts: 942
Re: TradeTheForexMarket.com
« Reply #3 on: August 21, 2018, 05:29:03 PM »
Straight away it has to be said that what they have on their performance page is what I expected to see from those guys at DDmarkets but they just wouldn't get it and it all ended with a bit of a fight. If you're trading different pairs on different time frames and with different position sizes and SL values then it only makes sense to state results in R gained or lost. So well done!

Of course the other thing with those guys was that they absolutely refused to show any kind of third party verifiable results even privately to Donna only. There is no way around that and hopefully we can see something here. I'm highly interested in this service but without a link my interest stops right now.

Offline Anchorpoint

  • DonbonsPrivateGroup
  • Sr. Member
  • *
  • Posts: 939
  • Position sizing is the key
Re: TradeTheForexMarket.com
« Reply #4 on: August 21, 2018, 05:32:18 PM »
Yes your claimed performance on your website looks good and robust. But as stated above, many traders here want proof from Myfxbook before spending more time and money on a service like this.

Also the fact that the signals need to be entered manually into the trading platform might be a breaker for some people
Anything can happen - every moment in the market is unique

Online donnaforex

  • Administrator
  • Hero Member
  • ******
  • Posts: 4280
Re: TradeTheForexMarket.com
« Reply #5 on: August 21, 2018, 05:43:11 PM »
Some kind of myfxbook would be brilliant.

I just noticed that you are in Chile, i was there in July for a few weeks and had a great time, i've been considering going back for a much longer trip.

I'm around at the time you release your signals too if you'd like me to add a test myfxbook for the forum / independent verified results?
Follow DonnaForex on Facebook and Twitter.
 
If you need to contact me, email admin@donnaforex.com or Skype 'donnaforex' or PM via the forum.

Offline edlomax

  • Jr. Member
  • **
  • Posts: 53
    • Trade The Forex Market
Re: TradeTheForexMarket.com
« Reply #6 on: August 21, 2018, 05:56:37 PM »
Hello Humble Trader,

Thanks for taking a look at the site and your kind words.

As you noticed, I do not have links to Myfxbook.  I'm also aware that many traders would like to see this kind of detailed statistics.  There are various reasons I do not have my accounts hooked up to MyFXBook.

1. Privacy.  I actually trade my own live accounts with my own money so there is a privacy issue for me.

2. Flexibility. When people want to see stats for a system they want to see a long period of trading.  Makes sense.  But in order to provide this long period, it is impossible to make any type of changes to the way I trade.  (In my opinion, making a change means you are trading a completely new strategy).  So, by using MyFXBook and wanting to keep the stats pure, I would not be able to make any changes at all because then I would have to start the entire stat gathering process over again.

3. Money Management. In the beginning of an accounts life, I use a certain percentage per trade.  However, I am aware of my own personal threshold for amount of money I am willing to risk per trade.  Therefore, once an account grows to a certain level, and the percentage per trade equals an amount that reaches my threshold, I trade a flat dollar amount per trade.

For example, I might trade 2%-3% per trade in the beginning.  But once the account reaches a level where this % is say $500 a trade, I will trade a flat $500 a trade.

The result is that the statistics would be off in MyFXBook since the beginning would show results for a certain percentage per trade, and then the percentage per trade would DECREASE as the account grows and I trade the same dollar amount.  It would actually look like my performance was decreasing (in terms of percentage), while that might not be the case at all.

4. Account Management.  I am not trading just to run a signals service and produce years worth of stats.  I actually take money from the markets at different times.  So, stats on MyFXBook would not be just a long, never ending stream of trades taken with the same percentage per trade.  As discussed in reason 3, the percentages might change over time due to the different balance of the account. 

Therefore, the only way to show what is really going on is to show the real dollar amount of the account, and the real profit and loss in dollars.  Which brings me back to the privacy issue.

I know this sounds like a cop out.  But I trade first for myself, and then run a signals service.  I don't trade to run a signals service first, and then worry about my own trading.  This has resulted in some challenges... putting up MyFXBook stats being one of them.

If you have been to the Performance section of the site, you'll notice the performance tracking is done in R-Multiples instead of pips, percentages or dollar amounts.  I think this is the best method of tracking because it not only shows the performance results, but also the quality of the trades.

For example:

  • A losing trade would be -1R
  • A breakeven trade would be 0R
  • A winning trade would be anything over 0R up to +2R

I think this gives a better representation of what is going on with the trading and what to expect.

I know a lot of traders like to see MyFXBook stats because it helps with trust.  Subscribers trust my reporting because of the very nature of the signals service.

This is not a service that sends out signals at any time, day or night.  This would produce a lot of missed trades or trades taken at very different levels.  Basically, in services like this the results shown for the service might be very different from the results subscribers get.

Our signals are shown in the member's area at the same time every day (between 5-5:30 PM New York Time).  Assuming the subscriber can trade around this time, they should be able to get very similar results.

So, the very fact the signals are coming out in a way that the subscriber can see, in real-time, what we are doing and what the result is leads to trust.  Basically, we cannot claim something happened that didn't since all the subscribers are watching.

I a nutshell, while our trade results are not verified by a 3rd party monitoring site like MyFXBook, they are verified by every real live subscriber/trader we have at the service.

Again, sorry this is not exactly what you wanted to see, and I know this is disappointing, but I hope you can at least understand where I am coming from.


Offline edlomax

  • Jr. Member
  • **
  • Posts: 53
    • Trade The Forex Market
Re: TradeTheForexMarket.com
« Reply #7 on: August 21, 2018, 06:02:36 PM »
Straight away it has to be said that what they have on their performance page is what I expected to see from those guys at DDmarkets but they just wouldn't get it and it all ended with a bit of a fight. If you're trading different pairs on different time frames and with different position sizes and SL values then it only makes sense to state results in R gained or lost. So well done!

Of course the other thing with those guys was that they absolutely refused to show any kind of third party verifiable results even privately to Donna only. There is no way around that and hopefully we can see something here. I'm highly interested in this service but without a link my interest stops right now.

Sorry to see this is a deal breaker for you.  There is a trial you can take to show that what we do on the inside of the site is what is reported on the outside.  But I understand what you are looking for.

I just say Donna is around at the trading time, and will be setting here up so she can monitor the trading in real time.

Offline edlomax

  • Jr. Member
  • **
  • Posts: 53
    • Trade The Forex Market
Re: TradeTheForexMarket.com
« Reply #8 on: August 21, 2018, 06:08:49 PM »
Some kind of myfxbook would be brilliant.

I just noticed that you are in Chile, i was there in July for a few weeks and had a great time, i've been considering going back for a much longer trip.

I'm around at the time you release your signals too if you'd like me to add a test myfxbook for the forum / independent verified results?

I just sent you a PM.  Just respond with the info and I'll set you up so you can login. 

Glad to see you visited Chile.  We live in Via del Mar, which is the beach area about 1 1/2 hours out of Santiago.

Online primi

  • DonbonsPrivateGroup
  • Sr. Member
  • *
  • Posts: 942
Re: TradeTheForexMarket.com
« Reply #9 on: August 21, 2018, 06:23:07 PM »
Straight away it has to be said that what they have on their performance page is what I expected to see from those guys at DDmarkets but they just wouldn't get it and it all ended with a bit of a fight. If you're trading different pairs on different time frames and with different position sizes and SL values then it only makes sense to state results in R gained or lost. So well done!

Of course the other thing with those guys was that they absolutely refused to show any kind of third party verifiable results even privately to Donna only. There is no way around that and hopefully we can see something here. I'm highly interested in this service but without a link my interest stops right now.

Sorry to see this is a deal breaker for you.  There is a trial you can take to show that what we do on the inside of the site is what is reported on the outside.  But I understand what you are looking for.

I just say Donna is around at the trading time, and will be setting here up so she can monitor the trading in real time.

At this moment I have 9 active accounts with different brokers and different amounts of money in them. And I'm not running a business. You have a business and you had it for a while. There's absolutely no good reason not to run a separate account with some money in it just to give some more credit to what you're doing. Systems evolve with time and that's not a very good reason to not have a public account, it just shows your progress in time and underlines the "fact" that you're successfully trading for a living. In fact I don't see any of those 4 points you talked about a good reason not to have a public account of some sort.

Looks like you're interested in attracting more customers. I mean that must be the reason you're here. So listen to what customers want and expect and your business will flourish. Or you can do it the hard way and be stubborn and miss on a lot of sales. I don't know but it seems an easy choice to me.

And then you say you'll set Donna up so she can monitor performance going forward. If you give it some time it will be the same as showing an account right now except that you'll lose on sales.

At the end it's your choice. And my choice is this goes in the same bin as DDmarkets.

Offline edlomax

  • Jr. Member
  • **
  • Posts: 53
    • Trade The Forex Market
Re: TradeTheForexMarket.com
« Reply #10 on: August 21, 2018, 08:13:48 PM »
Straight away it has to be said that what they have on their performance page is what I expected to see from those guys at DDmarkets but they just wouldn't get it and it all ended with a bit of a fight. If you're trading different pairs on different time frames and with different position sizes and SL values then it only makes sense to state results in R gained or lost. So well done!

Of course the other thing with those guys was that they absolutely refused to show any kind of third party verifiable results even privately to Donna only. There is no way around that and hopefully we can see something here. I'm highly interested in this service but without a link my interest stops right now.

Sorry to see this is a deal breaker for you.  There is a trial you can take to show that what we do on the inside of the site is what is reported on the outside.  But I understand what you are looking for.

I just say Donna is around at the trading time, and will be setting here up so she can monitor the trading in real time.

At this moment I have 9 active accounts with different brokers and different amounts of money in them. And I'm not running a business. You have a business and you had it for a while. There's absolutely no good reason not to run a separate account with some money in it just to give some more credit to what you're doing. Systems evolve with time and that's not a very good reason to not have a public account, it just shows your progress in time and underlines the "fact" that you're successfully trading for a living. In fact I don't see any of those 4 points you talked about a good reason not to have a public account of some sort.

Looks like you're interested in attracting more customers. I mean that must be the reason you're here. So listen to what customers want and expect and your business will flourish. Or you can do it the hard way and be stubborn and miss on a lot of sales. I don't know but it seems an easy choice to me.

And then you say you'll set Donna up so she can monitor performance going forward. If you give it some time it will be the same as showing an account right now except that you'll lose on sales.

At the end it's your choice. And my choice is this goes in the same bin as DDmarkets.

I respect your stance on this.

Donna will be setting up an account to test and follow along.

I have considered the idea of setting up an account at Dawinex.  If I go this route, I can set up a MyFXBook account for the account I use.

At this point, even if I started a MyFXBook account specifically for the signals service, the problem would be waiting for enough trading results to make the analysis worthwhile and meaningful.  This would be the same for a Darwinex account.  So, my thinking is I could kill two birds with one stone and this could fulfill what people want down the road (which might be years from now to get enough trading stats to fulfill what some traders are looking for).

But I guess you have to start somewhere.

In the meantime I will continue to trade and post my results on the site in terms of R-Multiples.

Again, thanks for your comments, which I have taken to heart.

Offline edlomax

  • Jr. Member
  • **
  • Posts: 53
    • Trade The Forex Market
Re: TradeTheForexMarket.com
« Reply #11 on: August 22, 2018, 04:29:53 PM »
Tracking Performance In Terms Of R-Multiples

I just wanted to start by saying that the comments so far have basically been about MyFXBook, and the desire for people to see trading performance on MyFXBook.  So, before I get started, I wanted to say that I am exploring putting an account at Darwinex to trade the currency pair trades (we also provide signals for gold, silver, bitcoin and ethereum).  When all that gets sorted, I will hook up that account to MyFXBook as well.

Furthermore, Donna has agreed to set up an account for testing.  I think this is very helpful because it can show what a subscriber does with the signals, instead of just the signal provider.

In the meantime, I want to go over a little about how the performance is tracked at this time on the website.  I use R-Multiples.

What Are R-Multiples?

Measuring trading performance by R-Multiples is not something I created.  The credit goes to Dr. Van Tharp, a world leader on position sizing and trading psychology.

"R", simply is a way at looking at the risk to reward ratio.  When we place a trade, we also place a stop loss.  Regardless of whether you look at this stop loss value in terms of money, percentage of your account or pips, this is the amount you are risking when you place the trade.  Therefore, the amount you are risking is the value of R, or 1R.

Now you have something to measure the reward of the trade against.

Essentially we are going to be tracking performance in terms of the amount risked versus the amount gained/lost.

This in itself is an excellent way to look at and measuring trading performance.  It can even be key in finding a successful trading strategy. In the book, "Financial Freedom Through Electronic Day Trading", Dr. Van Tharp describes the secret of successful trading:

The golden rule of trading is to keep losses at a level of 1 R as often as possible and to make profits that are high-R multiples.

In other words, make more money on winning trades than you lose on losing trades.  These are words to live by as a trader.

Why Using R-Multiples Is Perfect Tracking Trading Performance?

In order to be profitable as a trader, any kind of trader, you need to make more money on winning trades than you lose on losing trades.  To do this, you need to trade in a way where you have a positive risk to reward ratio.

At Trade The Forex Market, we focus on risk to reward ratios.   Only trades with a positive starting risk to reward are taken.  In terms of R-Multiples, we are risking 1R for the POTENTIAL to make +2R.

Basically, trades are taken with a stop loss which equals the risk of the trade (1R) and the take profit is set at two times the stop loss value (2R).

In terms of R-Multiples, losing trades are -1R.  A breakeven trade is 0R.  And a winning trade is anything over 0R.  In order to give our strategy the best possible opportunity for long term success, our take profit levels are set at +2R for currencies and metals, and +3R for cryptocurrencies.

For example, if we took trades with 1R risk and +2R reward, we would be doubling our money on each winning trade compared to a losing trade.  Therefore, if we placed 10 trades and 5 were losers and 5 were winners, it would look like this:

5 losing trades = -5R

5 winning trades = +10R

Overall Performance = +5R

As you can see, the goal in this example is to make twice as much on winning trades as we lose on losing trades.  Doing this, we can be profitable with only a 50% win rate.  If we win the same amount of trades as we lose with this 1:2 risk to reward ratio, we WILL be profitable over the long term as long as we maintain at least a 50% win rate.

Now, I know trading is not as "neat" as this.  There will be breakeven trades, losses that are less that -1R and winning trades less than +2R due to sometimes trades being manually closed or a trailing stop loss being hit.  But it is important that the starting trade setup has a risk to reward ratio that makes sense mathematically.  In this case, 1:2 risk to reward sets up a situation where you can win more on winning trades than you lose on losing trades... which is where you want to be.

To see how this all plays out you can check the Performance section of the website where you can see past trades taken, how they were managed and what the result was in terms of R-Multiples.

In Conclusion

At this moment in time, Trade The Forex Market tracks performance using R-Multiples,  not pips, dollar amounts or percentages.  We feel using R-Multiples provides a clearer representation of our trading performance and insight as what to expect as a signal follower.  R-Multiples not only shows winning trades versus losing trades, but also the QUALITY of the trades in terms of risk to reward ratios.  Furthermore, using R-Multiples helps potential subscribers understand what the trading results will mean for them when they become a signals follower based on their account size and money management strategy.

As stated above, I understand the desire to see a MyFXBook account, and have already taken this into consideration for moving forward.  But in the meantime, I think you can learn a lot about the trading by looking at the R-Multiples.
« Last Edit: August 22, 2018, 04:33:15 PM by edlomax »

Offline rsmereka

  • Jr. Member
  • **
  • Posts: 63
    • Future Lab
Re: TradeTheForexMarket.com
« Reply #12 on: August 22, 2018, 04:35:41 PM »
FYI,

I started a trial yesterday afternoon in time for the daily singals (which turned out as no opening trades).

What I really like about this signal service is that, the signal(s) happen only once a day at a time that is ok for me and I don't have to spend a lot of screen time managing the trades.

Online primi

  • DonbonsPrivateGroup
  • Sr. Member
  • *
  • Posts: 942
Re: TradeTheForexMarket.com
« Reply #13 on: August 22, 2018, 05:04:45 PM »
Showing results in R is the best way to do it and if you come up with a link to myfxbook soon I will definitely be interested again.

There's one other observation I'd like to make. Your SL seems to be variable but I don't want to take a closer look manually for all those trades. Having myfxbook history makes it possible to plot those trades on charts which is much easier to analyze. What somewhat bothers me is that your targets always seem to be 2R after a quick glance. I find that a little sub-optimal because I believe targets should be variable as well and set according to price action. A fixed 2R might be too far or not far enough.

Can't say much more at this point. Results look good on paper.

Online donnaforex

  • Administrator
  • Hero Member
  • ******
  • Posts: 4280
Re: TradeTheForexMarket.com
« Reply #14 on: August 22, 2018, 06:32:54 PM »
I've set up an account and myfxbook here: https://www.myfxbook.com/members/donnaforexreal/tradetheforexmarket/2646484

Minimum account size suggested on the website is $1k to $2k (USD).... i have 700 (GBP) which is right at the lower end of the recommended amount. The strategy uses pending orders, which are hidden in my myfxbook for obvious reasons.
Follow DonnaForex on Facebook and Twitter.
 
If you need to contact me, email admin@donnaforex.com or Skype 'donnaforex' or PM via the forum.

 

browse forum