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Forex Trading Secrets: A Trading System Revealed, by David Bean
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Forex Trading Secrets reveals a trading system for the Euro Currency futures and forex markets that trades in the after hours from 5-11 pm CST. Our secrets for using stochastics show how to improve the performance while three new trading systems are developed and fully disclosed. We use the Tradestation platform to develop this strategy and show our approach for researching and developing a trading system. The final strategy is developed throughout the book with an improved average trade profit and equity curve. -Three fully disclosed trading systems -Rule isolation -Time diversity -Stochastic trading secrets -After hours trading from 5-11 pm -and more............ Capstone Trading Systems is owned by David Bean who has been trading the financial markets since 1995. He started with stocks but quickly moved to futures and forex in 1996 and began developing automated trading systems in 1997. More information as well as my Tradestation files for the strategy that can be downloaded are on our website at http://www.capstonetradingsystems.com
- Sales Rank: #2767982 in Books
- Published on: 2011-03-09
- Original language: English
- Number of items: 1
- Dimensions: 10.00" h x .20" w x 7.00" l, .36 pounds
- Binding: Paperback
- 82 pages
Most helpful customer reviews
18 of 20 people found the following review helpful.
Many things missing here. And very few could benefit from it.
By D. Chanin
David Bean came up with the idea of selling the Euro contract at 5 PM open of futures trading, 24-tick stoploss from entry, close open position at 11 PM. The only explanation given relates to convenience of evening trading for those in the U.S. who work during the day. (Note: with an unmentioned improvement you could leave it running unattended and be watching TV and have a sound notify you when you're either stopped out or it's closing time ... but alerts or placing symbols on the chart would require additional programming you'd have to do yourself.)
There is no mention of why the Euro was chosen. The author requires you BUY his 2007 article that hopefully explains the theory. He says he can't include the article itself, for copyright reasons; but he surely could summarize the basis for this simplistic trading strategy in a paragraph. The .EL code fragments for even the most complex tweaked strategies take less than half a page of text so no need to buy them from author's website (where he says the needed "GET TIME" coding is provided); he rightly suggests you're better off typing it in (and of course finding the TIME function yourself) because then you might understand how it all works and then how you might try to improve on it (like maybe use a different currency, different class of instrument, or different times).
The code fragments provided are not "plug and play" even if you have name-brand Tradestation (R) because Mr. Bean does not include the EL function call that would get the correct times no matter what time zone you are in. Changing the book's "EC" to "6E" is the least of the needed effort to create a working strategy. (If you use a platform that claims "compatibilty" with EasyLanguage, good luck with that.) If you email Sunny Harris she'll probably tell you how to code in the right time even if you haven't yet bought her books.
Many observers have noted the tendency of markets to either reverse or accelerate at certain times of day as trading "rotates" around the globe during each trading week. But, as Mr. Bean notes here, trading U.S. evening time is usually thin. Therefore, the best average profits of ~5+ or 8+ ticks (from winners and losers combined in two provided tweaks of strategy #1) might easily be eaten up, or overwhelmed, by the bid/ask spread plus all the Tradestation (R) costs, latter one of the most expensive trading platforms in wide use.
Paraphrasing Magee & Edwards (1948): The entire basis of technical analysis is the axiom that past behavior can be used to deduce likely future. But Mr. Bean here doesn't care if the Euro was whipsawing up or down 5% or it was flat all day long in the prior trading day. The stochastic tweak looks at just one bar. That's not technical analysis per se; time is a fundamental, not a technical, in brief. By having a strategy that acts the same regardless of what the Euro did in the prior trading day, he is requiring anyone interested in the concept to do a lot of back-testing of alternative currencies, minimum. Maybe that's mentioned in the 2007 article. The most obvious question is this: Why did he choose the Euro and not the Yen? That question is very important because 5 PM is exactly when trading in Tokyo opens, with Europe sleeping. That "secret" is not revealed ... you have to buy his article to find out if it was even considered.
I read the entire book in less time than it took to arrange the return and drop it off with UPS. The reviewer who wrote that this book is giving away some kind of valuable secret is eerily similar in tone to the strong hyping voice of the author. Secret, shmecret. Baloney! It's a pump and dump. As Bean says at least five times in the book itself, this idea is no secret because it was published four years ago in 2007.
The author mentions Python and Euro Surge as proprietary trading systems sold by his company. They are other systems he wrote which also auto-trade the Euro future, albeit during NYSE hours. It would be nice to know how the returns from this public-domain "one-time $35 DIY Euro system" compare to Mr. Bean's proprietary Euro strategies that used to cost me $25/month in licensing fees to auto-trade at OpenECry. If you have this book, the comparative returns (in apples-to-apples form) can be found for free by looking them up as if you were considering subscribing to their proprietary auto-trading systems: Python, Euro Surge, etc.
P.S. I admit to being angry over the unmerited hype when first writing this review yesterday. After sleeping on it I see value here for people who would like to build their own automated trading strategy. There are very few useful books on this niche subject where the audience would be novice programmers of trading systems. This book does a good job of explaining the evolution of a trading system to improve returns. Simply put, this book would be an excellent resource for filling the huge gap between, say, New Trading Systems and Methods (Wiley Trading) and TradeStation Made Easy!: Using EasyLanguage to Build Profits with the World's Most Popular Trading Software (Wiley Trading). If you are unfamiliar with those other books, you might as well take a pass on this one.
9 of 13 people found the following review helpful.
Trading the Euro
By Futures Trader
I bought this book as a way to diversify away from the US markets, and was
pleasantly surprised by the quality of the content that was offered. The
beauty of the book is the education on how to build FOREX trading systems,
but the value is in the open fully disclosed TradeStation code.
The book walks you through several iterations of failures and successes with
regard to system design, rule isolation, and time diversity of systems
building ultimately leading up to winning systems.
The systems are simple to understand, based upon common sense
principals that give you the confidence needed to trade the systems. The
systems are very tradable in their raw form, but I chose to add some minor
enhancements based upon my personal trading style.
I am a day trader, and run these systems on a fully automated basis off a
virtual private server. On a personal note David is very helpful in
answering questions or bouncing ideas off of to improve the personalization
of the system, if you so choose. I highly recommend the purchase of this
book, as the cost is nominal compared to the value of the trading systems
provided.
1 of 1 people found the following review helpful.
Very informative
By JlL
Very informative.... the book required myself to read it over a couple of times , but I like how david takes a systematic approach which works well for my trading personality and psychology . Best wishes to david and his research
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