ProForex Blog Awarded!

I am happy to announce you that my blog was chosen as one of the top 25 forex blogs on the net! Here is the permalink to the site that awarded my blog www.forexreader.com

My blog is placed as number 12 i think it is reasonable position as it wasn't often updated besides blogs that higher then i am, are the ones that i have learned from, so i advice you to check them out.

What else can i say? This award motivated me to continue this blog with even more interesting forex informations. I will soon write very interesting article on entering and exiting trades. I have got new trading strategy that produces steady results for USD/JPY it will be also published soon.

I will also write some articles on Automated Trading with MetaTrader, i will mainly focus on script and ExpertAdvisors, because as you already know i do not really use indicators. More over i will try to show you how to detect patterns on charts and translate thse patterns into ExpertAdvisor code.

I was also thinking of buying domain and placing there my best articles, it would be good to have those articles available within a click of a mouse, don't you think?

Marketiva platform update

Well they updated their platform few months ago, but i didn't wrote about, mainly because i doubt anyone is using marketiva for charting. But in my Marketiva review i wrote their trading platform lacks functionality such as trendlines, support, resistance lines, fibonacci retracement, etc.

So now they have all of mentioned above tools, although i still do not like their interface which is not user friendly, but this is only my opinion, some of you will probably do not agree with this.

If you would like to read my last marketiva review then here is the link.

Watch out for EA scams!!!

Recently i found forum post at ForexFactory, where author talked about some scammer selling MetaTrader expert advisor, unfortunetly i can't find this post now to give you permament link so i will just tell you what i know about the case.

First of all this "Expert Advisor" costs 25 000$ (a lot of cash) but from what i have heared it isn't worth even 25 cents. So if you recive such offer by spam or something it is best just to ignore it.

Ofcourse if you find offer interesting then you may want to buy it, in this case it is best to do your own due dilligence, search forums, ask questions etc. Do not buy just because advertisment looks good!

Well this is second forex bad news this week, so i guess coming days can be only better .

Stop using HedgeHog!

I have a quite sad news for you, i backtested both hedgehog strategies with MetaTrader which i described earlier and results are not as good as i thought.

More over using HedgeHog you cannot even breakeven it is a fast way to loose all your money. It is interesting because when i backtested it with spreadsheet results where quite good, and i used the worst case scenerio because i was backtesting this strategy on daily bars, so modeling quality was quite low.

Although HedgeHog seemed to be simple and effective strategy, without a big drawdown, so everything should be ok but ... well it isn't.

If you want to try to trade this strategy anyway, then you better try it on demo first and do not use big lots.