Its been a challenging week for my installation of Gomega Xray and perhaps for most automated EAs. Gomega has been trading a $5000 demo account with Alpari since the 21st of April, and it commenced the week with a balance of $6188. During the week it suffered a number of successive loses drawing its account balance down to way under $6000. However this isn’t as bad as it may appear as its equity balance was at the same time hovering around $7000. So on the one hand the results didn’t look so good at first, it was in a very good position overall.
Part of the explanation for the string of losses in my view is Gomega Xray trades multiple currency pairs and one of the entry factors is the cross currencies strength for each currency pair being traded. So when the market direction changes and goes against Gomega, Gomega will possibly have many tiny losses in a row as the stop losses are triggered. Of course the opposite is true when Gomega is on the right side of a market movement, the result being multiple enormous wins in a row.
This is exactly how last weeks trading had been. Gomega found itself on the wrong side of the market movement a few times as well as having some positions that were spiked out by major news events. Those news events without doubt had sent a cascade of stop losses rippling across the markets. Maybe a great oppurtunity for a dedicated manual trader? However notwithstanding this, Gomega was still in the trade on many positions since the beginning of the week and earlier. And as the Euro continued to strengthen during the week, Gomega’s equity position continued to grow, even though its balance was down.
By the end of the week, Gomega had closed out many positions it had been holding and finished the week with a balance of $7296 and equity of $7478. So that was a gain of $2296 or 45% in less than 1 month.
While the weeks trading did not produce a nice smooth balance curve, the end result is still really impressive. If Metatrader were able to show an equity curve that encompassed the equity balance, it would be better to visualize how the trading situation had progressed. Another limitation of the chart s produced by Metatrader are that the horizontal axis is constructed on a trade by trade basis rather than a fixed unit of time. So the end result is a somewhat distorted view.
Follow along with my latest Quantum Gomega Live Trading Results
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