As mentioned over the New Year I missed over 20 trades. I checked the providers and have seen missed trades tend to shorter in time and have greater profits
GBP$; 3 missed trades have been closed with a profit of between 48 and 67 pips. These trades no one caught live. 1 missed trade only had 17 pips.
Club4x; 4 missed trades have been closed with a profit of between 46 and 82 pips and 4 missed trade only had between 14 and 23 pips. All were traded live besides one.
FxMarkets; closed 5 trades ranging between 4 and 36 pips.
Although I think it is safer to have a couple of signal providers, I see we stand to benefit more then 3 times when using 3 trades of the same provider so as the account grows must calculate when to add providers and when to add more trades per provider. Ofcourse both can be done by keeping the total trades on the account at the correct number but if I have too many signal providers, a second and third trade per provider will trigger less often.
Mind you; Salpers Group, which i have one open trade of -23.5, shows open position of -148 pips, so this might be an exception.
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Hello again!
ReplyDeleteLike I said in my previous post, the first open positions are always with smaller gain and its normal. Your idea of using less providers and allowing them more open positions is definitely a good idea. Also watch your stop loss value like on allforextraders.com He has analyzed the effect of stop-loss value vs profit for 2 concurrent positions and for an unlimited number of positions.
If I had a small account as yours, 1000$ usd, I would use safer signal providers like FxMarkets with 2-4 concurrent opened positions with a 150 pips stop loss.
Like you will see on the mentionned blog, with a 150 pips stop loss and 2 concurrent positions you would have made 1000 pips in the last 90 days. And 6000 pips with an unlimited number of positions and a stop-loss of 250 pips... But this is less realistic with a low equity account.