Hey folks - Here’s a set of questions answered by Ron Dressler on using the Double Eagle Breakout system. Ron has been using the DE system profitably for over a month now. Enjoy….
INITIAL QUESTION RE STOPS:
From:
Sent: Wednesday, October 22, 2008 4:36 AM
To: Dressler@POBox.Com
Subject: DE
Hi Ron,
If you are in the market…24×7….do you have protective stops in place?
Did you find the tool easy to learn?
Thanks
xxxxx
RESPONSE TO QUESTIONS ABOUT STOPS:
xxxxx,
Yes, though I am using John’s recommendations right ‘out of the box’ except for lot size I looked at the other parms and the below screen shot is from EURJPY (and I am assuming that all of the other set files for the other currencies are the same).
As to the easy part I can only say that I am using it without any changes except to pip size and other then bring it up on Sunday afternoon and take it down on Friday afternoon the LOT_SIZE is the only change I have made to the system.
Another person asked sort of the same question let me copy and paste my responses to him as to the easy part just below. Best wishes trading.
How do they work? Is it an alert service?
No it is not an alert service, once the DE is running it will use the criteria the WTA has defined as a breakout, I do not know what this is, only to-date it has worked, and the DE robot program EA will generate the trades for you from your client work station. The trades once created then run on the Interbank servers and are displayed on your client workstation.
How do you identify a “breakout”?
I don’t know the answer to this only my results short-term. Long term remains to be seen however based on market conditions between September 15th to October 17th I would hope that this is the worst the DE or any trading platform will see. Only the future will see but using my lots sizes the largest drawl down was quite small for my balance.
I have looked through the WTA website but have not seen a description of how they work.
See description above re alert service above.
I have tried different systems, hedging, fundamental and technical analysis - all in vain.
Me too, this is the first one in this type of market that has had a small drawl down and gave good results during a breakout.
I believe that education is the key, you may want to call John and say that we chatted and see if he will let you join Jim’s info sharing calls Mon - Thu at 10 pm ET for a week or two as a guest.
For the cost of a long distance phone call it would give you a better idea of how it is working and other approaches to test with.
John’s home office phone number is 1-610-873-1825.
Jim’s and John have a program that I can send you that allows you to see Jim’s screen as he makes any changes. I will send after this E-Mail goes out. This is a free program and no cost to connect or run.
The calls are not structured but Jim is always trying different types of approaches using both the Double Eagle and the CheckMate EA’s. They are two separate programs I purchased from John, the CM is for a ranging market ie sideways and the DE is for a breakout market.
I always test first but last week using the CM 3.9 version I got almost a 5% gain using Jim’s once a day approach in like two days of trading, see screen shots on PDF file attached. This involves checking market conditions then setting up to 6 currencies to trade starting around 10pm ET and possible after 9 or 9:30pm ET in the morning (after the news announcements). Jim has it set up for 1 run then get out I am testing using 4 runs because of my smaller balance. Jim’s idea is to get in and out and limit exposure, ie risk you balance for as small a period of time as possible.
Like I said in the E-Mail to John I just used his basic approach. The steps I followed are:
1. opened a demo account (about 5 minutes) at interbank
2. installed the DE in the experts sub-directory of the demo account (about 2 minutes)
3. installed John’s set files in the pre-sets sub directory of the experts sub directory (about 2 minutes),
4. opened up a trading chart window for the 1st trading currency (30 seconds)
5. attached the DE program to the trading window using the specific set file for that currency
a. changing only the lot size (30 seconds)
6. saved the first window as a template to use with other 9 currencies (30 seconds)
7. opened up one x one the other 8 currencies with the saved template (about 30 seconds each)
8. as each of the other eight currencies were opened use the specific set file associated with that currency
a. and not forgetting to change the lot size (30 seconds each total like 5 minutes)
9. log the daily results into my spreadsheet at end of each day (about 60 seconds)
10. about 20 minutes total from start to end
QUESTION:
From:
Sent: Friday, October 24, 2008 9:33 PM
To: Ron Dressler
Subject: Hello
| Ron, I listened in on the Thursday call and heard you speak. I declined to chime in as I really did not have much to say. I have to tell you I’m cautiously excited to tell you that I’ve finished my first week with an $890.00 profit starting with a $5,000 demo account. This morning prior to going to work I saw a $6,200 balance. Take your pick, either represents serious profit. My problem is I’ve been here before with a good performing demo only to be humbled at some later date with a sizable loss using real money. Have you considered activating the Stop Run After X Hours to, in theory, alleviate the possibility of attracting a considerable draw down? The way things are now, what chance do we have of being hurt in this way? Should we be asking these questions on the nightly calls? In any event, thank you for all your help. Sincerely, |
RESPONSE TO QUESTION:
From: Ron Dressler [mailto:rdressler@cox.net]
Sent: Sunday, October 26, 2008 12:38 AM
To:
Cc:
Subject: Hello - Demo DE Results and Going Live
xxxxx:
I understand exactly what you are saying. I took two live accounts, one from $6,500 and the other from $2,300 both down under $5 total balance. Talk about a bummer. And not only a bummer but afraid to pull the trigger again.
I will send you a copy of a PDF file showing my daily testing results on both of my DE demo accounts.
The first account I took profits using the flush-4 utility and the second one (with the smaller number of trading days in it) I allowed Double Eagle to take all of the profits.
I wanted to see if flush-4 would help or hinder the profit picture.
In any case I think you will agree that the daily draw down using the DE is fairly small and after you conduct your own testing (and all of the other legal mumbo jumbo) that the DE has serious upside potential and hopefully little downside risk if using the settings files supplied by John with version 1.1.
Continue your testing using your demo account, record daily results, review same weekly, then and only then make the decision if the results are in line with your expectations to make the decision to move forward with your live account again.
Based upon my testing I am moving forward with my personal live account, my Phoenix Currency Trading Club, LLC account (myself and 11 other investors pooled our money to get a larger account size) and another joint account with a long time friend in Las Vegas. We plan on having all three accounts running live within the next two to four weeks.
Best wishes on future trading, let me know how you are doing.
Ron D.
QUESTIONS:
From:
Sent: Monday, October 20, 2008 8:15 AM
To: Dressler@POBox.Com
Subject: Nice work on DE ForEx
Hi Ron -
Impressive return on the DE Breakout (I saw the email from John Beiler).
Is it difficult to learn?
I have been trading the ForEx for 3 years with mixed returns.
How long have you been in the market?
Thanks,
xxxxxxxx
RESPONSE:
—–Original Message—–
From: Ron Dressler [mailto:rdressler@cox.net]
Sent: Mon 10/20/2008 9:56 AM
To:
Cc: dressler@pobox.com
Subject: Nice Work on DE ForEx - Michael
Thanks xxxxxx:
Like I said in the E-Mail to John I just used his basic approach. The steps I followed are:
1. opened a demo account (about 5 minutes) at interbank
2. installed the DE in the experts sub-directory of the demo account (about 2 minutes)
3. installed John’s set files in the pre-sets sub directory of the experts sub directory (about 2 minutes),
4. opened up a trading chart window for the 1st trading currency (30 seconds)
5. attached the DE program to the trading window using the specific set file for that currency
a. changing only the lot size (30 seconds)
6. saved the first window as a template to use with other 9 currencies (30 seconds)
7. opened up one x one the other 8 currencies with the saved template (about 30 seconds each)
8. as each of the other eight currencies were opened use the specific set file associated with that currency
a. and not forgetting to change the lot size (30 seconds each total like 5 minutes)
9. log the daily results into my spreadsheet at end of each day (about 60 seconds)
10. about 20 minutes total from start to end
That’s it. They I just waited for a breakout and during this period of time there was a few little ones, a few losses (see my attached spreadsheet in
PDF format) and then report the results at the end.
I have been trading actively for about 6 months and talk about mixed results I lost my butt in both of my live accounts during the large downturn a few
months ago. I am about ready to fund my live trading account again within the next two or three weeks if DE trading still goes in the next few weeks
as in the past and start trading live again.
Like I said in my E-Mail to John, the approach I used was to install his software, make the one change to lot size then sit back and watch the
results. Also I can’t tell you too many times how great the information from Jim is in the Monday they Thursday 10 pm ET info share meetings.
Do you own either the CM or DE programs? If so check out the Jim meetings, he is awesome.
Best of luck in your future trading, let me know how you are doing.
Ron Dressler
Dressler@POBox.Com
RESPONSE:
From: Ron Dressler [mailto:rdressler@cox.net]
Sent: Monday, October 20, 2008 1:15 PM
To:
Cc: dressler@pobox.com
Subject: Nice Work on DE ForEx
Answers in yellow below:
Best wishes in your future trading
From:
Sent: Monday, October 20, 2008 11:14 AM
To: Ron Dressler
Cc: dressler@pobox.com
Subject: RE: Nice Work on DE ForEx - Michael
Thank you so much for the info (that PDF is impressive!)
Sounds very useable.
No, I do not own the CM or DE programs.
How do they work? Is it an alert service?
No it is not an alert service, once the DE is running it will use the criteria the WTA has defined as a breakout, I do not know what this is, only
to-date it has worked, and the DE robot program EA will generate the trades for you from your client work station. The trades once created then run on
the Interbank servers and are displayed on your client workstation.
How do you identify a “breakout”?
I don’t know the answer to this only my results short-term. Long term remains to be seen however based on market conditions between September 15th
to October 17th I would hope that this is the worst the DE or any trading platform will see. Only the future will see but using my lots sizes the
largest drawl down was quite small for my balance.
I have looked through the WTA website but have not seen a description of how they work.
See description above re alert service above.
I have tried different systems, hedging, fundamental and technical analysis - all in vain.
Me too, this is the first one in this type of market that has had a small drawl down and gave good results during a breakout.
I believe that education is the key, you may want to call John and say that we chatted and see if he will let you join Jim’s info sharing calls Mon -
Thu at 10 pm ET for a week or two as a guest.
For the cost of a long distance phone call it would give you a better idea of how it is working and other approaches to test with.
John’s home office phone number is 1-610-873-1825.
Jim’s and John have a program that I can send you that allows you to see Jim’s screen as he makes any changes. I will send after this E-Mail goes
out. This is a free program and no cost to connect or run.
The calls are not structured but Jim is always trying different types of approaches using both the Double Eagle and the CheckMate EA’s. They are two
separate programs I purchased from John, the CM is for a ranging market ie sideways and the DE is for a breakout market.
I always test first but last week using the CM 3.9 version I got almost a 5% gain using Jim’s once a day approach in like two days of trading, see screen
shots on PDF file attached. This involves checking market conditions then setting up to 6 currencies to trade starting around 10pm ET and possible
after 9 or 9:30pm ET in the morning (after the news announcements). Jim has it set up for 1 run then get out I am testing using 4 runs because of my
smaller balance. Jim’s idea is to get in and out and limit exposure, ie risk you balance for as small a period of time as possible.
Looking for something with a strong track record - even in crazy times.
Thanks,
xxxxxxl
PS - where are you from?
I live in Surprise, AZ just outside of Sun City and Phoenix and Peoria and Glendale area.
Do you have a day job?
Yes I work for a large credit card company in the new accounts area as a senior programmer analyst. I would love to trade full time, hopefully soon.
From:
Sent: Tuesday, October 21, 2008 11:39 PM
To: Ron Dressler
Subject: RE: Nice Work on DE ForEx - xxxxxx
Again, very helpful info, Thanks.
I will have to give John a call.
Do you have emails of other people that could vouch for the program? (John never replies to emails except the auto-respond).
Would you suggest DE over CM, or do you need both programs?
From: Ron Dressler [mailto:rdressler@cox.net]
Sent: Wed 10/22/2008 12:03 AM
To:
Cc: ‘Ron Dressler’
Subject: Nice Work on DE ForEx - xxxxxx
xxxxxx:
I would not try to E-Mail John he gets hundreds of E-Mails each day. I would call him.
Jim has produced amazing results using not only the CM but the DE as well. I have seen his account balances on the screen each night as I attend his
education classes Mon - Thu at 10pm ET and the results that john is publishing are true as I see them on Jim’s screen.
I personally do not have E-Mails from other users, but then unless I get the results that I personally can validate (like with my demo account or seeing
Jim’s screen) I am always in doubt of the results.
In my opinion I would start with the Double Eagle then plow the profits into the CM after attending the Jim phone calls and you feel better about the
results that Jim is getting with the CM.
You do not need both programs to operate they are independent of each other, the DE is for a breakout market and the CM is for a ranging market.
The Double Eagle had another breakout earlier tonight and the $6,092 balance is now sitting at $6,688, see screen shot in PDF attached. That is three
breakouts in 30 days of trading and a gain of $1,688 or 33.84% in 30 days of trading my demo account.
Best luck in your trading, let me know how it is going.
Ron D.
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Disclaimer: Posts on this blog, including the current one, are for education purposes only. Trading in the off exchange retail foreign currency market is one of the riskiest forms of investments available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose. Nothing in this presentation is a recommendation to buy or sell currencies and I, the author of this blog, am not liable for any loss or damage, including without limitation, any loss of profit which may arise directly or indirectly from the use of mentioned tools or reliance on such information.
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