Just thought I’d make a quick video to show Gomega Xray in action. Gomega Xray closed the week with a balance of $6980.77, which is slightly off its high of last week. However just looking at balance is somewhat misleading, as there are many trades that were still open at the close of trading for the week. I believe the more relevant number to look at, is the equity balance, which currently stands at $8059.24. After all, if I were to have manually closed out all the trades then this would be the approximate account balance.

It is unfortunate that the Metatrader platform isn’t able to include the equity balance in it’s detailed report. This, along with the account balance, would give a much better representation of the trading performance.

To illustrate my point I’ve decided to plot onto the chart produced by Metatrader, the equity balance at the end of each week. Each red dot represents the current equity balance at the end of each week. The green line is simply to illustrate an approximate equity balance curve. Of course the only equity balance data I have, is from the detailed reports Metatrader has generated and I’ve only been generating those once per week. It would be nice if there were a plugin for Metatrader that could log the equity balance and produce a nice graph with the click of a button.

You will notice that the red dots are not evenly spaced, this is because Metatrader plots the horizontal axis on a per trade closed scale, not on a unified time scale. So the distance between the 5th and 6th red dot from the left, is just one week. That is the week before last week, which was a very active week for Gomega Xray. It was during that week, that the massive disparity between the account balance and the equity balance became glaringly obvious. While the account balance was in decline for much of the week, the equity balance was flux but generally rising. Which would suggest the equity balance is a fairly good indicator of the future account position. This also makes sense as the equity balance includes the current open trades, many of which are likely to be closing in on their profit targets.

Of course having Gomega Xray trading right in front of you, its easy to see this phenomenon in action. Which is what initially motivated me to make the above video.

Technorati Tags: account balance, equity balance, GoMega Xray, metatrader, profit maximization, profit targets, stop loss, trailing stoploss, win rate

"GOmega Xray calculates the relative strength of each currency against all crosses of each currency in the pair you are trading, and filters values based on this data."

Quantum Research will release Gomega Xray, March 19th for 3 days only.

The system is the latest thoroughbred in their line of high end automated systems. From Forex Profit Pro AutoTrader which automated buy, sell, stop, target and exit order execution. Through to Gomega TraderFX with included a plethora of advanced analysis components with even more push and play technology and deeper market analysis, advance strategies, profit targets and risk management. Now Quantum Reasearch are bringing us Gomega Xray.

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How does Gomega XRay compare previous Gomega Autotrader version?

1) Xray is not a get rich quick robot but rather employs a get rich slowly approach. Employing a loose stop loss with smaller position size than previous versions of Gomega, resulting in higher return to risk ratios. In this way, it’s a bit like buying options. You know your risk and your potential return ahead of time, but you may have to wait for the profits to materialize.

2) Profit targets are just one aspect, GOmega Xray also features a unique profit to risk calculation.

3) In GOmega Xray, your profit target and reward/risk ratio are intergrated into GOmega Xray’s position sizing algorithm.

Example: $5,000 account, risking 1% of the balance, 300-pip profit target, R/R ratio 3.5:1 yields an 86-pip stop loss and a position size of .06 lots calculated automatically.

4) GOmega Xray calculates the relative strength of each currency against all crosses of each currency in the pair you are trading, and filters values based on this data.

5) GOmega Xray measures volatility with two independent methods, combining standard deviation and average true range into the Market Pulse indicator, which identifies areas where market activity is picking up and trends may be under way.

6) GOmega Xray through it’s Randomness Indicator distinguishes between trending and random movements in the market.

7) Automatic scaling out – if a predefined percentage of the target is attained, Xray will liquidate half of the trade’s position size.

GOmega Xray has fewer parameters. Most are fixed or limited to a narrow range.

9) You can trade with GOmega Xray continuously

10) Xray strategy options include a trailing stop loss.

The combination of these components makes GOmega Xray an awesome trading system.

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Technorati Tags: automated trading system, expert advisor, fund management, Trading from home, trailing stoploss