Gomega Xray Results for May 22nd 2009
Its been a exciting week for Gomega Xray forward tests and I am sure for most automated EAs. Gomega has been trading a $5000 demo account with Alpari since April 21st, and it started the week with a balance of $6188. In the week it suffered a number of successive loses drawing its account balance down to well under $6000. Yet at the same time its equity balance was 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 reason for the string of losses in my judgment is Gomega Xray trades multiple currency pairs and one of the entry standards is the cross currencies strength for each of the pairs being traded. This is one of the factors that gives Gomega the edge when determining whether to open a position. However it is a two edged sword. So if the market direction changes or goes against Gomega, Gomega will possibly have several small losses in a row as the stop losses are triggered. Of course the opposite is true when Gomega is on the correct side of a market swing, the result being multiple big wins in a row.
This is exactly how last weeks trading had been. Gomega found itself on the other side of the market movement a few times as well as having some positions that were spiked out as a result of some major news events. Those news events without doubt had sent a cascade of stop losses rippling across the markets. Perhaps a great oppurtunity for a dedicated manual trader? However regardless of this, Gomega was still in the trade on several positions since the start of the week and earlier. And as the Euro continued to strengthen throughout 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 several positions it had been holding and finished the week with a balance of $7296 and equity of $7478. Overall that’s a gain of $2296 or 45% in less than one month.
While the weeks trading did not produce a pleasant smooth balance curve, the result is still very impressive. If only Metatrader were able to show an equity curve that included the equity balance, it’d be simpler to visualise how the trading situation had progressed. Another limitation of the Metatrader charts 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.
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