London Forex Open Breakout Forex System - Journal

Easy Trader

Master Trader
Sep 17, 2011
240
4
59
Can't agree. Pips are relevant for judging the entry/exit efficiency of the strategy. "%return@%risk" is up to money management.

Not so, if you trade on 1M 10pips could be equal to 1Day 100pips, its about profits and losses, thats it. Pips could be viewed as efficency and we could use it as a measure if we knew specifics of the system. If you execute the trade each time exactly the same you will always get different pip values per trade but over time its your profits/losses and %return on%risk that will show you if your system or method has an edge. I will agree to disagree and I could be wrong its been along day at work.:eek:
 

joshhart

Active Trader
Aug 12, 2011
28
0
32
So you don't think pips are relevant? Pips are the measurement of how you can compare the performance of systems. If I said I made $10,000 dollars a day on a system then would you be interested in trading it? Sure you would. However I might have only booked 1 pip of profit. It comes down to leverage.

A pip is a true indication of performance. What you actually make profit or loss wise will be down to how much leverage you can afford to use, the risks you want to take etc. I think if you are measuring your performance solely in performance terms then you are going to struggle to compare performance.

Anyhow here are the results from last week I got with trading this system. I am simply using this thread to log the performance of the London Forex breakout indicator to see how well it performs in relation to the results on their site. So far it seems to be fairly in line with what they post. I am also logging the results made on the EURUSD pair as I suspect that the indicator will work for more pairs.

Without decompiling the indicator I can't actually post the logic of the system as I don't know what exactly it is doing. I am sure you can email the guys over there and they will be able to tell you more.

EURUSD actually performed better last week and there were not too many signals give.

w/c 17th GBPUSD

mon no trade
tues +60
weds no trade
thurs no trade
fri no trade

w/c 17th EURUSD

mon no trade
tues -40
weds +120
thurs no trade
fri no trade
 

Enivid

Administrator
Staff member
Nov 30, 2008
16,443
903
144
Odessa
www.earnforex.com
There's no need to quarrel :).

Easy Trader is right because he takes in mind the whole system, including the position sizing technique involved.

joshhart is right because he considers the exit/entry signals only, without the position sizing method used in the system.

Both approaches are good in their own place.
 

Easy Trader

Master Trader
Sep 17, 2011
240
4
59
:) I learned from a bunch of old futures traders so thats what workes for me. Josh you are also spot on, both will show a trader his edge or lack of one.
 

joshhart

Active Trader
Aug 12, 2011
28
0
32
Yes I guess it comes down to how you measure and benchmark performance.

As a note for the London Forex Open system they recommend trading with 3% capital per position and show the results on the site in both 'pip' terms and also as a percentage return in line with the money management suggested. :)

As an update October finished for me around breakeven on the GBPUSD and up on the EURUSD. No surprise really given the news events that keep hitting the market.

November has started with a +120 pip win (3%) on GPBUSD and no trade today, so hopefully we will get back on track!
 

joshhart

Active Trader
Aug 12, 2011
28
0
32
The system gave back some profits last week with a losing trade on the GBPUSD conservative strategy (-120) and stood still on the false breakout with a win and a loss (so +0 pips there).

However its got off to a good start this week with +120 pips this morning.

So far this month the system has generated me around +350 pips so happy again for another month to keep trading this one.
 

joshhart

Active Trader
Aug 12, 2011
28
0
32
Results For November

A bit late with the results this month but here are the figures for November.

Booked +300 pips with the Conservative approach and was down -90 pips on the false breakout.

The official site reports only -45 on the false breakout strategy but I had to go out one morning and so missed a winning trade.

Due to my time commitments at the moment I have only been focusing on using the GBPUSD pair with the indicator. Though a quick eyeball of the charts last evening shows that the EURUSD looks to have ended in profit again for the month.

I'm continuing to trade this into December though will probably stop at the end of next week using full lots as the market can often get too illiquid at this time of year.
 

joshhart

Active Trader
Aug 12, 2011
28
0
32
Hi Easy Trader.

A holiday, illness and a lot of work has kept me off the boards for a while!
It's not signals but the London breakout strategy at London Forex Open I'm trading. http://www.londonforexopen.com

I'm pleased to say that where I have been trading this system it has continued to do well for me. I'll try to get my results together so far from this year and post them on here over the weekend. :)
 

joshhart

Active Trader
Aug 12, 2011
28
0
32
Ok it's been a while. I am still trading on this system and hoping some others would join me!

Here is a quick snap shot of my most recent results -

Feb +250 pips
March -150 pips
April (to date) +30 pips

The one thing I forgot to do initially was change the time (UK time moved to British summer time).

I have now adjusted the indicator and will be looking to see if this make any difference to the performance of the system going forward.

I think that realistically it should align the strategy more so with the opening of the European markets so I hope that this will actually improve the results by seeing stronger early moves.