Weekend means no profits. Weekends are also about the only time I´m able to concentrate on forex.
So, what do I do on weekends? Reading, testing strategies and coding EAs.
Reading is always available and since I have a kindle I can just buy a new book if I want to read, no need to order books, and wait, wait and wait. The problem is that there are so many crappy forex books and not very many good. I read one book last week, where after 200 pages he concluded that to earn money on forex trading you need to have a succesful strategy. Really? He talked a lot about he having three strategies that were making him money, and that he will write a book about it. Sure, there were some valid points, but mostly I payed for a book promoting his next book and his website. A ripoff.
Right now i’m in the middle of reading Trade What You See: How To Profit from Pattern Recognition, and it’s really good, I would highly recommend it. The title says it all, trade what you see. The book describes different types of patterns and how to trade them.
Testing strategies are kind of messy, right now I´m using MetaTrader with an empty EA, step through history and use pen and pencil to record my trades. Not optimal at all.
I’ve tried Forex Tester 2 and I really liked it, but it´s $199, which right now is out of my price range. I will probably get it sometime and when I do i will write a review right here. I´ve also seen some other similar software but none are free.
I’ve seen some free EAs for MetaTrader 4 trying to use that software to be able to manual backtest, but since I’m running MetaTrader 5 i’m out of luck. I’ve been thinking of implementing it myself someday, but not sure it’s even possible in MetaTrader 5. Maybe another weekend project.
I quite like coding EAs in MetaTrader but the problem is that you need a good idea of a strategy to implement in order to do this during the weekends. Also, the way i´ve been trading is almost impossible to transfer to code since i look a lot on patterns. The human brain is good with patterns, but to code a AI to recognize even the simplest patterns is quite hard. I’m pretty sure it´s possible, but since i don’t really want an EA to make my money i don’t think it’s worth the years of time needed to code it. I’m just using EAs to test my manual strategies (or sometimes a part of a strategy).
Just some of the ideas of what to do during weekends.