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bscholes

Forex Market Hours Indicator
Posted on 7 Feb 2012 at 04:45 GMT by bscholes
Have you ever tried to figure out when the big moves happen? Me too. That's why I was looking for an indicator that draws the Forex Market Hours of the major markets on the chart.Oddly enough there was only an indicator named WSMTIMES, which provided all the world's stock exchanges, but not the major Forex Markets. WSMTIMES, while it had the New York, Sydney, Frankfurt and London stock exchanges included was a pain in the back since everytime the indicator was used, I had to deselect a gazillion of stock exchanges I did not care about. Furthermore, the stock exchanges times were not exactly equal to the well known Forex Market Hours.So I modified WSMTIMES, whose source code is kindly provided by Dukascopy, tidied up the source code, threw out all Stock exchanges,and added all relevant Forex Market Hours (Frankfurt, London, New York, Sydney and Tokio).You can download the indicator HERE (java-File) or HERE (compiled jfx-File).When it is dropped on a chart it looks like this:As you can see the big moves in EURUSD above happen at the beginning of the London and New York sessions (surprise, surprise!).  Nevertheless, it is really convenient to have it visually on the chart, especially …
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strategy optimization profit
Posted on 2 Feb 2012 at 11:26 GMT by bscholes
Beginners chase profits, professionals manage riskThe most important part in maximizing the profits of your strategy is to make shure risk is under control, and that a period of drawdown won't wipe out the account.That has been discussed more thoroughly in:Risk Analysis and Custom Indicator for tdurai84's winning StrategyIf you haven't read that article yet you might want to do it now, since this article builds on it.Contrary to what most people initially may think, more risk and leverage does not necessarily mean more profits. Profits only increase with risk up to a certain peak and decline after that,because drawdowns and enhanced commissions make it more difficult to pick up after a larger period of drawdown.Also, as we saw in the first article the choice whether to used fixed lot sizes (=no reinvestment of profits), or variable lot sizes (=reinvestment of profits), depends very much on the consistency of the strategy:For a strategy which features large winners and large losers, no reinvestment will yield better resultsFor a strategy with many small losers and larger winners, reinvestment will yield better resultsAlso, the profits rise with increasing risk up to a certain point …
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