성배 거래 시스템 제임스 윈저 pdf

James Windsor의 성배 거래 시스템.

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성배 거래 시스템 제임스 윈저

전사.

2 성배 거래 시스템 제임스 윈저 2.

3 판권 소유. 이 간행물의 어떤 부분도 저작권 소유자의 사전 서면 허가없이 스캔, 복사 또는 기타 방법을 통해 어떤 형식이나 수단으로도 복제 할 수 없습니다. 저작권 James Windsor.

4 목차 서론 그것은 '성배'의 탄생을 시작합니다 일기 확산 된 거짓말 쟁이! 1 월 : 2005 년 10 월 2 월 : 2005 년 12 월 3 월 : 2005 년 12 월 4 월 : 2006 년 1 월 5 월 : 2006 년 3 월 6 월 : 2006 년 3 월 7 월 : 2006 년 4 월 8 월 : 2006 년 5 월 9 월 : 2006 년 6 월 10 월 : 2006 년 7 월 달 11 : 2006 년 8 월 달 12 : 2006 년 9 월 달 13 : 2006 년 10 월 달 14 : 2006 년 12 월 달 15 : 2006 년 12 월 달 16 : 2007 년 1 월 달 17 : 2007 년 2 월 마지막 포스트 마지막 주 부록 1 : 성배 체계 부록 2 - 무역 2005 년 11 월 2005 년 11 월 2005 년 12 월 2006 년 1 월 2006 년 2 월 2006 년 3 월 2006 년 4 월 2006 년 5 월 2006 년 6 월 2006 년 7 월 2006 년 8 월 2006 년 9 월.

2006 년 10 월 5 일 2006 년 11 월 2006 년 12 월 2007 년 1 월 자료 5.

6 서론 거래의 역사에는 의미있는 많은 이야기들이 있습니다. 조지 소로스 (George Soros)는 1992 년 영국 은행 (Bank of England)에 10 억 달러를 베팅함으로써 영국이 환율 메커니즘을 철회하게 만들었다. Long Term Capital Management (LTCM)의 흥망 성쇠는 지구상에서 가장 좋은 거래 집으로 생각되었습니다. 2008 년 한때 리먼 브라더스가 몰락 해 미국에서 4 번째로 큰 투자 은행이었습니다. JP Morgan은 2012 년에도 40 억 손실에 직면했지만 살아 남았습니다. 많은 영화가 주요 영화로 바뀌면서 이와 같은 수십개의 더 진실 된 이야기가 있습니다. 학자들과 통계 학자들은 무엇이 잘못되었는지, 어떤 교훈을 얻을 수 있는지 알아보기 위해이 사례들을 연구했습니다. 이 책은 그 규모의 이야기가 아닙니다. 그것은 당신이 들어 보지 못했을 가능성이있는 하나의 실화를 다루고 있습니다. 그것은 공적 자금을 포함하지 않았거나 세계에 큰 영향을 미치기 때문입니다. 연금 기금은 떨어지지 않았고 연방 은행은 결코 개입 할 필요가 없었습니다. Alan Greenspan은이 이야기를 결코 알지 못했습니다. 그것은 금융 시장을 거래함으로써 돈을 벌고 싶어하는 평범한 사람들의 이야기이고 상당히 큰 목표를 가지고 있기 때문입니다. 당신이 평범한 소매 상인이라면이 책은 당신이 그것을 개인적으로 식별 할 것이기 때문에 정말로 읽어야 할 책입니다. 팀, 실험 및 '성배 (Grail)'라는 거래 시스템에 대한 이야기입니다. 이 이야기가 펼쳐지는 것을 보았던 많은 일반 상인들은 자본주의 사회에서 대부분의 사람들을 삼켜 버리는 고역에서 벗어나기 위해 거래가 그들에게 희망이되는 희망을주었습니다. 시스템을 이길 방법. 소매업 종사자들은 시스템, 하나의 차트 패턴, 최신 지표 및 자동 거래 로봇을 통해 백만 장자를 찾는 시스템을 찾는다. 이것은 역사서에 거의 반영된 것입니다. 그 상인들의 모든 꿈을 이루었습니다. 그것은 100 % 기계식이었고, 컴퓨터 거래를 통해 100 % 자동이었고 오랜 기간 동안 작동했습니다. 이 이야기의 기반이되는 원본 블로그는 온라인 상태이며 모든 사람이 볼 수 있도록 시간이 기록되어 있지만 6입니다.

당신이 보지 못했던 것은 펼쳐진 게시물 뒤에 숨겨진 이야기입니다. 그 이야기는이 블로그의 각 게시물과 함께이 책에서 모두가 볼 수 있도록 공개됩니다. 매월; 게시물로 게시물 및 무역으로 무역. 이 게임에서 주 플레이어의 견해를 읽고 무슨 일이 일어 났는지, 무엇이 잘못되었는지에 대해 의견을 말하게 될 것입니다. 또한 사용 된 정확한 시스템과 그 방법이 얼마나 사기성인지를 발견하게 될 것입니다. 시스템을 직접 사용해 보거나 앞으로 나아갈 길을 찾을 수 있습니다. 이야기는 양날의 칼입니다. 그 시스템은 돈과 쉐드로 드를 만들었지 만 시간의 틈에 그것으로부터 철수함으로써 구원 받았다. 이 책은 실제로 우리가 10 년 간 매우 비밀스런 비밀을 지켰다는 사실을 밝혀줍니다. 책이 끝나면 시스템이 무엇인지, 매개 변수와 우리가 변경 한 사항을 정확히 알 수 있습니다. 모든 부분을 읽을 때까지 해당 부분으로 건너 뛰지 마십시오. 당신은 전체 이야기를 이해할 때까지 단순함의 진정한 힘을 보지 못할 것입니다. 나는이 책을 즐기기를 희망하지만, 무엇보다도 대부분의 교훈을 배우기를 바랍니다. 시스템을 우리가 만든 방식대로 작동하게 만들면 모든 것이 최선이지만 제게 알려주십시오. 시계를 되돌려 보자. 7.

8 시작됩니다 & quot; 우리는 얼마를 할 것입니다. & quot; 나는이 프로젝트에서 일하고있는 팀 중 한 사람에게서 그 말을 기억할 수있다. 우리가 시스템 테스트에서 얻은 최종 결과는 모두 우리의 귀에 음악이었고 정확히 우리가 듣고 싶었던 것입니다. 우리는 '성배'를 찾는 백만장 자 상인 팀이었습니다. 거래 시스템은 장기간에 걸쳐 월간 일관된 결과를 전달합니다. 그것은 2003 년 moneytec이라는 웹 사이트의 인터넷 채팅방에서 시작되었습니다. 웹 사이트의 일부는 경험이없는 데이 트레이더들이 매일 매일의 재물 탐구를 통해 아이디어와 거래를 교환하는 라이브 대화방이었습니다. 우리는 당시 외환 시장 인이 정글에서 앞으로 나아갈 방향을 찾으려고 노력하면서 당시 미숙 한 상인이었습니다. 우리 모두는 쉬운 돈을 원했고 한달에 수천 달러를 벌어 우리 모두가 은퇴 할 수있었습니다. 돈을 벌어 들일 수있는 수많은 기회와 수백만 달러에 달하는 상인의 이야기를 옹호하는 화려한 웹 사이트에 끌린이 분야에 들어선 대부분의 사람들의 꿈입니다. 인터넷은 해변에서 갑판 의자에 누워있는 누군가의 사진으로 가득합니다. 태양 아래에서 몇 미터 떨어진 곳에 바다가 있습니다. 갑판 의자에있는 사람은 오른쪽에있는 작은 탁자에 노트북을두고 머리에 밀짚 모자를 쓴다. 시원한 음료는 햇빛을 잡아 내고 렌즈가 사진에 플레어를 만듭니다. 시장 거래를 선택하는 현실은 전혀 다른 것입니다. 그것은 눈을 다칠 때까지 어제의 테이크 아웃에서 공중에 누워있는 카레 방구의 매운 냄새와 몇 가지 화면을 쳐다보고 책상 위에 hunched 구성되어 있습니다. 소매 상인의 실제 세계에 오신 것을 환영합니다. 우리 이야기에서 당신을 팀에 소개시켜주세요. 관련된 모든 사람들의 신분과 프라이버시를 보호하기 위해 모든 참가자의 이름이 변경되었습니다. 처음에는 저였습니다. 나는 포럼과 대화방에서 'Soultrader'로 알려졌으며 인터넷 기업가였습니다. 당시 저는 소프트웨어, 게임 및 전자 서적을 팔고있는 ebay, QXL Auctions 및 여러 웹 사이트를 활용하는 인터넷 비즈니스를 운영했습니다. 몇몇 동그라미에서 저는 무역 전문가였습니다. 다른 사람들은 나중에 약간의 거래 시스템을 모아서 상인에게 판매 한 charlatan으로 보였습니다. 살인마 한 번 항상 세일즈맨. 진실은 일부 사람들이 단순한 거래 지시는 물론 플로그 홀을 따라 물을 따라 가기가 어렵다는 것을 발견했습니다. 나는 책을 쓴 사람이 나에게서 제품을 구입했을 때 먼저 거래의 세계로 들어 섰다. 나는 최근의 BBC TV 프로그램이 8 명의 행복한 사람들을 보여주는 것을 보았다.

샴페인을 마시는 기차. 이 프로그램은 금융 시장에서 '스프레드 베팅'으로 돈을 벌어들이는 방법을 다루었습니다. 짧은 기차 여행 중에 열차에있는 사람들 중 한 명이 약 1 시간 이내에 A 지점에서 B 지점까지 1000 개 이상을 만들었습니다. 나는 마케팅 일을 잘하고 물론 그것을 읽었을 때 저자를 위해 읽은 전자 서적을 판매하기 시작했습니다. 이 책을 마친 나는 기업가를 존중하는 자부심이 '집어 삼키기'를 결정하지 않고 그렇게 할 수 있다고 생각하지 않는다. 그것은 내 삶을 변화시킬 결정이었습니다. 나는 다우 존스 지수와 가끔 FTSE 100 교역을 거래하면서 시작했고, 우리가 미래 팀의 두 번째 멤버를 만났을 때 시작되었습니다. Kev는 뉴욕에 있었고 무역 발전기였습니다. 풍요로운 유대인 부모들에게서 태어난 그는 자신의 눈을 월가에서 직업으로 삼았습니다. 그의 부모님은 법에 있어서도 전문가 였고 매우 성공적이었습니다. Kev는 최대로 측정해야했습니다. Kev는 전통적인 미국식 스타일로 시장에 진입했습니다. 우리가 처음 만났을 때 22 세 였을 때 그는 완벽한 나이 였고 게임에서 잘할 수있는 침략과 테스토스테론의 올바른 수준을 가졌습니다. 충돌하거나 빠르게 타 오르게 할 수 있습니다. 젊음은 동전의 던지기에 운이 올리는이 세계에있는 두꺼운 예리한 칼이다. 결국 우리는 통화 시장으로 움직였다. 현재이 시장에서 'Forex'(FOREIGN EXchange) 시장은 한 번에 몇 주 동안 계속 진행된 아름다운 트렌드를 가지고있었습니다. 우리와 같은 트렌드를 끌어들이는 것이 매력적이었고, 결국 우리는이 새로운 영역으로 완전히 옮겨갔습니다. 대화방에있는 사람들의 대부분은 외환 거래자들이었습니다. 그들 중 일부는 이미 강한 추종자를 가지고있었습니다. '버니 걸 (Bunnygirl)'은 단지 그녀의 '버니 크로스 (Bunny Cross)'전략을 공유하는 것을 좋아했던 40 명의 웨일스의 여인이었습니다. 시간이 지남에 따라 우리는 친구가되거나 때로는 적이되었습니다. 그 당시 저는 매우 교만했고 상인이 필요로하는 진정한 기술이 부족했습니다. 그것은 시장의면에서 겸손 함을 의미합니다. Bunnygirl은 잠시 동안 우리 그룹에 가입했지만, 그녀는 자신의 방식으로 거래를 해보니 여기에 약간의 도움이되었습니다. 그래서 약간의 시간이 지남에 따라 연결이 서서히 약화되었습니다. 수백만 달러를 벌기 위해 너무나 많은 강한 인격이 있었을 때 그녀가 불편한 곳이었던 것 같습니다. 천사는 호주에 사는 상인이었다. Adelade를 기반으로 한이 진정한 여인은 건강 분야의 전문가 였고 거래의 이유는 프랑스 남부의 니스에서의 꿈에 덧붙여 미래의 연금을 소중히 여는 것이 었습니다. 우리가 거래 시스템을 테스트하고 조정하기 시작할 때 엔젤은 미래에 중요한 공헌자가 될 것입니다. 9.

10 Martin은 Leeds에있는 영국에있었습니다. 마틴은 훌륭한 사람이고 오늘날 내 주요 거래 파트너로 남아 있습니다. 우리의 새로운 시스템이 기반이 될 것은 그의 초기 시스템이었습니다. Martin은 매우 분석적이었습니다. 시장에 들어가기 전에 그는 룰렛을 공부하고 그것을 이길 시스템을 마련함으로써 카지노에서 2 백만이 넘는 돈을 벌었 다. 전자 마법을 추가하면 그는 세계 어디서나 카지노에 들어갈 수 있고 바퀴의 회전으로 돈을 벌 수 있습니다. 마틴의 기술은 수적 처리와 차트 연구였습니다. 시스템 백 테스트가 필요하다면 일년 내내 1 분짜리 차트를 통해 필요한 모든 수치를 산출 해 낼 것입니다. 인하 / 손실 비율, 백분율 이익, 모든 것. 진실은 알려지기를 바랍니다. 그 사람은 천재입니다. 하지만 당신이 그 말을하고 "& nbsp; 그냥 전화를 봅니다." 그는 체스의 마스터이기도했으며, 젊은 시절에 세계 최고의 선수들과 함께 뛰었습니다. 최종적인 주요 공헌자는 토니 (Tony)라는 사람이었습니다. 그는 런던에서 왔고 컴퓨터 프로그래밍에 대한 배경 지식을 가지고있었습니다. 그는 프로그래밍의 천재였습니다. 초기에는 런던의 거래소에서 오래된 '스 쿼크 상자'를 디자인하고 만든 사람이었습니다. (새로운 밀레니엄 스 쿼크 박스의 인터넷 속도가 증가하기 전에는 세계의 거래소에서 의사 소통의 주요 방법이었습니다). Tony는 프로그래밍을 좋아했습니다. 어느 시점에서 그는 자동 중개자 스크레이퍼 (autrained arbitrage scraper)라는 프로그램을 사용했는데 두 프로그램 중개인의 가격을 비교하는 프로그램이었습니다. 그는 밀리 세컨드 단위로 거래를 수행하는 능력을 가진 Oanda와 다른 여러 중개인으로부터 금지되었습니다. 뉴스 거래 중 브로커가 반응하기 전에 그의 거래는 단지 몇 초 만에 끝날 수 있었고 가격이 바뀌기 전에 거래의 상단에서 정확하게 빠져 나올 수있었습니다. 교역 기회가있을 때 트레이드 당 1-2 pips를 노리는 로봇을 만들었습니다. 일주일 중 어느 시점에 그는 500 달러의 계좌를 가지고 56,000 달러를 받았다. 브로커는 돈을 꺼내기 전에 그를 몰수하고 계정을 압수했다. 토니 (Tony)는 우리의 거래 방법을 자동화 한 사람이었습니다. Whispy, Fluty 및 타기를 위해 함께 있던 몇 명을 포함한 다른 사람들이있었습니다. 팀의 핵심은 나, 마틴, 엔젤, 토니였습니다. 팀이 형성되었고, 시간은 딱 맞았습니다.

11 'Grail'의 탄생 잠시 후 우리는 Moneytec 대화방의 끊임없는 잡담에 질려하고 혼자 가기로 결정했습니다. 양질의 오디오와 스크린 샷을 공유 할 수있는 대화방이 필요했습니다. 이때 선택은 매우 제한적 이었지만 우리는 지불 할 용의가있어서 ivocalize라는 서비스에 서명했습니다. 서비스 비용은 매달 약 10 달러이지만 품질은 훌륭했습니다. 당연히 요즘에는 더 나은 서비스가 있지만 인터넷을 통해 함께 나누고 함께 이야기 할 수있었습니다. 2004 년에는 드문 일이었습니다! 광대역은 막 현장에 올랐고 여전히 신뢰할 수 없었습니다. 우리는 일반적인 방식으로 거래를 시작했으며 우리가 거래하는 데 사용했던 다양한 방법을 공유했습니다. Martin은 모든 시스템을 분석하고 수치를 중심으로 두뇌를 굴려 그룹과 공유합니다. 우리는 말 그대로 테스트 할 시스템을 구입하고 빌려 주었으며 빌려 왔습니다. 그들 중 대부분은 적절하게 공부할 때 길을 잃거나 제로보다 약간 상회합니다. 우리는 시간과 시간을 다시 보냈으며 1 년 더 오래 일한 것을 찾고있었습니다. 마틴 자신은 실제로 나머지는 푸우를 뿌리고 무시한 아주 간단한 시스템을 거래하고있었습니다. 그는 일정한 시간에 일정한 가격으로 특정 거래를하고 항상 일정 수준의 이익을 얻었습니다. 그것은 약 70 %의 효율로 밝혀졌고 손실이 없었 음을 의미합니다. 손실이 발생했다면 손실은 적었습니다. 약 6 개월 만에 나는 그의 거래 시스템을 생각하고 그 논리를 고려했다. 문제는 우리가 마틴과는 별개로 모두 기본적으로 트렌드 트레이더였습니다. 그는 무역이 승리 할 때 테이블에서 돈을 가져 갔고 광란의 트렌드 트레이더로서 우리에게 막 돈을주었습니다. 그가 속한 거래는 종종 나머지 하루 동안 지속될 것입니다. 우리의 관점에서 볼 때, 그는 그 인기있는 날들에 엄청난 돈을 테이블에 남기고있었습니다. 그래서 나는이 시스템이 어떻게 개선 될 수 있는지 생각하기 시작했습니다. 그 다음 우리 모두는 개입했다. 우리는 진드기 데이터로 약 5 년의 진드기를 구입했으며 팀은 시스템이 어떻게 개선 될 수 있는지에 대한 제안을했습니다. 각 제안을 통해 Metatrader 4를 구입 한 데이터를 사용하여 백 테스팅 소프트웨어로 테스트를 실행했습니다. 시스템은 좋게 보이기 시작했고 백 테스트가 수년간 좋은 거래를 보여줄 때까지 단순화 한 다음 마틴에게 소프트웨어가 생산 한 데이터를 손으로 테스트하기까지했습니다. 자신의 수작업 테스트를 해 본 적이 없다면, 이 시간과 노력을 전혀 알지 못해서 11 시까 지 모든 아이디어를 테스트하지 않은 것입니다.

12 컴퓨터 테스트를 통과했습니다. 마틴은 주야간 근무를하면서 1 분짜리 차트를 쳐다 보며 10 배속으로 동작하면서 노트를 작성하고 숫자를 채우며 거래를 계획했습니다. 첫 번째 테스트에서는 지난 6 개월의 거래를 처리하기 위해 10 일 정도 걸렸습니다. 이 시점에서 그는 결과가 무엇인지, 얼마나 밀접하게 일치 하는지를 소프트웨어를 통해 확인했습니다. 그런 다음 그는 손으로 테스트를 마치고 결국이 시스템에 대해 손으로 테스트 한 데이터를 약 18 개월 동안 가지고있었습니다. 결과는 우리가 구입 한 데이터를 사용한 컴퓨터 시뮬레이션이 약 96 % 정확하다는 것을 보여주었습니다. 이 시점에서 우리는 우리가 권위의 일부 요소로 결과를주기 위해 소프트웨어에 의지 할 수 있다는 것을 알았습니다. 긴 이야기를 짧게 자르기 위해 시스템은 소리가 나는 것처럼 보였다. 테스트 결과 시스템은 월 평균 20 %의 수익률을 보였으며 3 년 이상 생존 한 것으로 나타났습니다 (최대 약 35 % 감소). 3 년 동안의 백 테스트에서 시스템은 손실로 한 달 만 생산했습니다. 다음은 실제로 그것을 교환하는 것이 었습니다. 마틴 천사와 Whispy는 10 월 1 일부터 10,000 개의 은행으로 시스템을 거래하기 시작했습니다. Whispy를 제외한 모든 시간이 좋은 몇 년 동안 상인이었습니다. 시스템이 탄생했습니다. 우리는 그것을 '성배'라고 명명했고 나는 우리 모두가 공유 할 수있는 일기와 다른 실험자들이 우리의 실험을 지켜보기 시작했습니다. 이 사이트는 '1000 Days to a Million'이라고 불리우며이 책의 많은 부분이 있습니다. 나는 왜 표적이 2 년 일 때 특히 '1000 일'이라는 제목을 선택했는지 전혀 모른다. 당신은 나를 용서해야합니다. 다음 장들은이 일기에서 직접 내 해설과 함께 그 당시 일어났던 일과, 사후의 지혜와 함께 일이 풀리기 시작한 곳에 대한 것입니다. 12.

13 The Diary 다음은 처음 몇 일기 게시물입니다. 당신은 의심 할 여지없이 '젊은'상인의 오만함을 발견 할 것입니다. (젊고 슬프게도 수년간의 경험과 경험으로 보았습니다.)이 글을 다시보고 나는이 시스템에서 내가 가진 신뢰감에 시달렸습니다. 그것이 진드기 백 테스팅에 의한 실제 손 진드기가 당신에게주는 것입니다. 나는 그 신뢰가 우리가 만든 실수 중 하나 였는지, 아니면 그 시스템이 없으면 시스템이 의도 한대로 수행되지 않았을 지 궁금합니다. ************** 2005 년 9 월 25 일 성배 거래 시스템에 오신 것을 환영합니다! 이게 다 뭐야? 성배는 우리가 발견 한 Forex 투자 전략으로 매달 한 달 단위로 잃을 것이 거의 없습니다. 지난 3 년 동안 한 달이 지났기 때문에 '거의'라고 말했습니다. 사람이 시장을 거래하기 시작한 이래 성배 거래 시스템에 대한 탐구는 모든 상인의 추구였습니다. 유명한 '거룩한 성배'는 그 비유를 가진 100 %이기는 시스템이 될 것이고, 패배자가있는 것처럼 우리는 '성스러운'이라는 태그를 붙일 수 없습니다. 우리는 이것을 거래 시스템으로 분류하지 않습니다. 투자 전략과 정신적으로 차이가 있습니다. 투자는 차트에서 5 분마다 볼 수있는 것이 아니며, 투자는 거래 시스템에서와 같이 즉시, 매일 또는 주 단위로 큰 수익을 기대하는 것이 아닙니다. 이러한 종류의 전략은 Forex 게임에서 많은 사람들이 정직하게 수행하지 않습니다. 그것은 지루하고 당신은 철저히 철저히 철저히 지켜보아야 만합니다. '부자가되다'는 것이 아니라 '천천히'를 얻는 것 Grail 수익은 월간, 바람직하게는 매월 6 회만 측정 할 수 있습니다. 왜이 일기? 이 블로그의 목표는 2005 년 10 월 1 일에 자본금 10,000으로 리얼 머니 계좌를 개설하고 그 기간 동안 자본을 혼합하는 방법을 사용하여 2 년 이내에 1,000,000으로 전환시키는 것입니다. 13.

14이 사이트는 투자의 효과를 측정하고이를 현재 시장에서 판매되는 최고의 헤지 펀드 및 투자 수단과 비교하는 우리의 척도가 될 것입니다. 아래의 초기 목표를 게시 한 후 라이브 계정의 스크린 샷을 게시합니다. 분명히 계좌 번호와 실제 거래 엔트리 레벨은 공백으로 표시 될 것입니다. 하지만 표시되는 주식을 전체적으로 살펴봄으로써 특정 달의 계좌 상승 및 하락을 볼 수 있습니다. 우리는 그 과정에서 장애물을 맞을 수 있다고 생각합니다. 예를 들어 계정이 결실을 맺기 전에 약간의 이익을 얻으려는 불타는 욕망이나 월간 목표에 미치지 못하면 계정에 추가하려는 유혹과 같은 것입니다. 우리는 그런 일이 일어나기를 원하지 않지만 어떻게 처리하는지 보는 것은 흥미로울 것입니다. 우리가 만날 수있는 다른 문제도 있습니다. 예를 들어 우리가 영국에 살고 있기 때문에 우리는 스프레드 베팅 회사와 거래하기를 원할 것입니다. 그리고 우리가 확인한 (자본 스프레드) 현재 거래 할 수있는 핍당 한도는 100입니다. 이것은 우리의 복리에있는 우리의 진도를 방해하는 심각한 문제 일 수 있고 우리는 우리가 더 많은 계좌를 열거 나 계속하기 위하여 "적당한"Forex 중개인으로 전부 전환해야하는 것을 발견 할지도 모른다 (핍 당 100은 대략 18 표준 로트에 대략 동등하다 단일 로트는 $ 100k입니다.) 우리가 확산 베팅 회사로부터 얻은 응답을 보는 것은 매우 흥미로울 것이고, 우리는 우리가 경험하는대로 경험을 기록 할 것입니다. 이것이 효과가 있다는 것을 어떻게 알 수 있습니까? 이 시스템은 실제로 큰 성공을 거둔 다른 구성으로 약 18 개월 동안 거래되었습니다. 우리의 새로운 매개 변수는 3 개월 동안 만 전방 테스트를 거쳤지 만 정확성을 위해 수작업으로 점검되고 실제 결과의 3 ~ 4 % 이내 인 것으로 판명 된 3 년 backtest와 동의합니다. 백 테스트 결과, 2003 년 5 월에 투자 된 10,000 명이 현재 2 백만이 넘는 가치가있는 것으로 나타났습니다. 삭감은 받아 들일 수 있었고 그래서 우리는 혈통에 확신을 가지고 있습니다. 그러나 과거의 성과는 결코 미래의 행동에 의존 할 수 없다는 점에 주목할 필요가 있습니다. 그래서 우리는 10,000의 초기 화분을 위험에 빠뜨리고 우리가 가지고있는 모든 것을 가지고 칼자루에 적재하지 않도록합니다. '우리는 누구인가'같은 시간에 동일한 항목으로이 작업을 수행하는 사람이 두 명 있습니다. 다른 당사자들은 계속 남을 것입니다. 14.

15이 시스템을 판매 할 예정입니까? 아니요, 이 시스템은 모든 단일 항목이 모든 거래자에게 동일하도록되어 있습니다. 우리는 브로커가 패턴을 인식하고 거래를 중단하기 위해 어떤 일을 할 것이기 때문에 소수의 사람들 만이 동일한 브로커에서 트레이드 되었다면이를 느낀다. 당신은 이것이 미쳤다고 생각할지도 모르지만 걱정하지 않아도 될 것입니다. 그러나 계정이 70 만 개라고하면 시스템이 하루에 154,000을 넘을 수 있습니다. 만약 당신이 20 명의 상인이 준 정기적으로 그리고 같은 날에 그것을하고 있다고 말한다면 당신의 중개인은 어떻게 느끼겠습니까? 이제는 - updatei를 생각하고있는 동안 나는 이것을 생각해 보았습니다. 그래서 정렬 된 것을 얻었습니다. 그래서 퍼팅 베팅 회사의 MD를 울렸고, 좋은 긴 채팅을했습니다. 그냥 문제가되지 않는다고 말하며, 이 점에 이르면 더 자세히 설명해 드리겠습니다. 어쨌든, 아니요, 판매용이 아닙니다. 마케팅 블로그가 아닙니다. 목표 : 우리가 척도가 없다면 분명히 성공을 측정 할 수 없습니다. 아래는 목표 도달 목표 마일스톤입니다. 목표는 공격적이며 스트레치 대상입니다. 그러나 그들이 충족되지 않으면 우리는 시스템에서 벗어나지 않을 것입니다. 2005 년 12 월 31 일 : 17,000 2006 년 3 월 31 일 : 32,000 2006 년 6 월 31 일 : 58,000 2006 년 9 월 31 일 : 104,000 2006 년 12 월 31 일 : 188,000 3 월 31 일 2007 : 340,000 6 월 31 일 2007 : 612,000 9 월 31 일 2007 : 1,000,000 That s it! 글쎄, 그 이상의 소개입니다. 2005 년 10 월 1 일부터 매월 1 일에 계정 상태와 그 달의 움직임을 게시 할 예정입니다. 우리를 잘 보아주세요 :) ***************** 그리고 성배의 무용담으로 시작되었습니다. 당신은 자신감의 수준에 대해 무슨 뜻인지 안다? 나에게는 15 명이있다.

16 살 이후로 내 삶의 어떤 것에 대해서도 그 수준을 거의 느껴 보지 못했습니다! 이 다음 게시물은 흥미 롭습니다. 특히 10 : 1 레버리지에 대한 나의 태도에 주목 해보십시오. 이제는 '확실한 것'거래가 아니라 과도한 것으로 간주됩니다. *************** 금요일 2005 년 9 월 30 일 금요일 10 월 3 일 월요일은 백만 파운드짜리 성배 실험의 첫날입니다. 아래는 내 Capital Spreads 계정의 스크린 샷입니다. 총 5 개의 브로커 계정이 있지만 월요일부터이 특정 계정 만이이 실험에 사용됩니다. 보시다시피 스크린 샷은 일부 정보를가립니다. 분명히 계좌 번호뿐만 아니라 시스템 무결성을 손상시킬 수있는 정보. 이 시스템과 그 방식을 유지하는 사람들을 알고있는 소수의 사람들 만 있습니다. 따라서 정지 레벨을 맞춘 곳에서 공백을 발견하게 될 것입니다. 공석을 볼 수있는 공제 수준을 기록한 곳에서 공백을 볼 수 있습니다. 그리고 한 달에 한 번만 계정을 게시하면 정보의 무결성을 위협하지 않는 정보 만 볼 수 있습니다. 체계. 비즈니스에도 그렇습니다. 당신은 10k를 시작하기 위해 계정에 몇백 퀴드를 더해야한다고 아래에서 보게 될 것입니다 - 최소한 그것은 데모 계좌가 아니라고 말할 수 있습니다. 당신이 취한 모든 무역과 마찬가지로, 무역의 가장 어려운 부분은 처음에 맞았습니다. 그리고 저는 그 달이 그렇게 될 것이라고 확신합니다. 이 계정은 10 : 1의 비틀림과 함께 활용되어야합니다. 비틀기는 처음에는 약간 무서워서 재미있는 부분을 볼 수 있습니다. 나는 시스템을 플레이하는데 아무런 문제가 없다. 지난 4 개월 동안 라이브로 교환했는데 100 % 확신한다. 새로운 배합은 백 테스팅을 시도하기 전에 시도되지 않았다. backtest는 좋게 보였다. 그러나 그 다음 우리가하고 싶은 보통의 3 개의 년보다 오히려 6 개월의 테스트이었다. 우리가하는 모든 백 테스트는 손으로 검사됩니다. 또한이 2 년 실험의 길이는 시스템 자체에서 수행 된 백 테스트와 거의 동일하다는 점에 주목하십시오! 업데이트는 정기적 인 것이 아니지만 첫 번째 달을 지날 때 몇 가지 코멘트가있을 것입니다. 읽지 않으려는 경우 계정 상태가 공개되는 달의 마지막 날을 확인하십시오. 그걸로 저는 전통적으로 올해 최고의 트 렌딩 달을 입력하면서 당신이 저를 잘 바라기를 희망합니다. 지금까지 대부분의 마펫이 파손되어 다시 데모와 실제 16으로 돌아 왔습니다.

17 명의 상인이 겨울 둥지 알을 만들기 시작합니다. 2005 년 10 월, 행운을 빈다.

18 The Spread Betting Liars! 아래는 내가 당시 사용하고 있던 회사의 베팅 회사와 대화를 기반으로 한 게시물입니다. 이 회사는 런던 캐피탈 그룹의 일부인 캐피털 스프레드 (Capital Spreads)였다. 이 포스트를 읽으면서이 모든 년 후에 나는 도울 수 없지만 내가 전체 상인 대 브로커 상황에 어떻게 몰랐는지 생각할 수 없다. 문제의 무딘 사실은 그들이 나에게 자신의이를 통해 거짓말을했다는 것입니다. 나중에 일기가 진행됨에 따라 나중에 왜 위닝을 받을지 알게 될 것입니다. 나는 내가 듣고 싶었던 것을 말해 주면서 그들을 비난하지 않는다. 나는 그들이 대박에 부딪치게 될 줄 알았던 삿대를 젓는 사람의 긴 라인에서 단 한사람의 사람이었다고 생각한다. 내가 그들의 신발에 있다면 나는 아마 같은 일을했을 것이다. 제 거래가 회사를 불안정하게 만들 수 있다고 제안한 사실은 매점에서의 한주의 농담이었을 것입니다. ************* 2005 년 9 월 30 일 좋아, 마지막 게시글에 대한 의견에서 누군가 내 브로커와의 대화에 대한 추가 정보를 요청했습니다. 나는 중개인에게 전화를 걸어 곧바로 통과 한 전무 이사에게 이야기하라고 요청했습니다. 제가 말씀 드리기 전에 어떻게 대화를 나에게 알려 주었습니까? 1) 브로커가 핍 당 최대 100 점을 지정했습니다. 2) 결국 계정에 많은 돈이 생겨났습니다 - 얼마나 안전 했습니까? 3) 그들의 '딜러 지원'거래는 큰 거래에서 충분히 신속하게 채움을 얻을 수있을 것인가? 4) 실제로 동일한 시스템을 사용하는 우리 중 2 명 이상이 실제 회사의 안정성을 위험에 빠뜨릴 수 있습니까? 이 질문을 보면서 한가지는 저를 강타했습니다 - 나는 중개인과 좋은 윈 - 윈 관계를 유지해야합니다. Forex 세계에있는 많은 사람들은 그들의 중개인과의 적대 관계를 느끼는 것처럼 보입니다. - '중개인이 나를 찢어 버렸습니다'라고 종종 말합니다. 우리는 중개인이 우리와 똑같은 돈을 가지고 있다는 것을 깨달아야합니다. 그들은 돈을 벌기를 원하고 돈을 벌고 싶습니다. 우리 모두가 좋은 수준의 공동체 정신으로 같은 것을 성취 할 이유가 전혀 없습니다. - 조작. 18.

19 그래서 관계를 형성하는 목적으로 나는 전화를 들고 MD를 얻었다. 나는 무뚝뚝한 녀석이다. 처음 소개를 한 후에 나는 "얼마나 많은 백만 파운드짜리 계좌를 보유하고 있는가?"라는 첫 번째 질문을했다. 그는 구체적인 내용을 말할 수는 없다고 말했지만, 나는 그가 이름을 지키지 않는다고 말했다. 나는 그의 가장 큰 계정 보유자가 얼마나 큰지 물었고 그는 7 백만이 넘는 계정을 가진 몇 명의 도박꾼이 있다고 말했다. 나는 그 때 100 apip 한도를 다루었 다. 100 pip 제한은 '거래 당'한도이며, 원하는대로 많은 거래를 열 수 있습니다. 나는 그 반응이 갑자기 700 피가 넘는 무역으로 선물 될 때 어떤 반응을 보일 것인가를 물었고 그는 분명히 어떤 눈썹을 올릴 것이고 예고없이 채우기가 어려울 것이라고 말했다. 그러나 그는 또한 문제없이 1000 개 이상의 핏을 정기적으로 거래하는 한 고객에 대해 나에게 말했습니다. 우리는 그 때 회사의 보안과 적절한 안전 장치에 대해 이야기했습니다. 그는 영국의 법률에 따라 모든 고객 자금과 경력을 쌓은 위치를 그들에 의해 건드릴 수없는 기금에 두어야한다고 말했습니다. 그는 회사가이 기금의 규모, 고객 보유 및 FSA (Financial Services Authority)에 당첨 된 직위 및 손실을 충당하기 위해 해당 계좌의 일부를 법률로 사용할 수 없다고 판결했습니다. 나는 이것을 FSA와 함께 검증했다. 약 분 간격으로 긴 대화를 한 후 일반적인 요점은 한 번 최대 200 개의 핍을 개인 상인을 위해 연락하고 내 주문서에 전화하여 도움을 청합니다. 그들은 삿대를 젓는 사람을 제공하는 것보다 물론 시장에서 더 잘 채워서 돈을 벌 수 있습니다. 물론 그들은 보통 우리가하는 것보다 1 ~ 2 pips 더 잘 채울 것입니다. 개인적으로 나는 이것에 문제가 없으며 그는 상당한 수준의 무역에서 우리가 거래 할 거래량 덕분에 2 핍 스프레드가 더 좋다고 협상 할 수있을 것이라고 말했다. 나는 내가 거래하는 시스템이 가끔씩 300,000의 승리 일을 낳을 수 있다고 말했고, 우리 중 몇 명이 그렇게한다면 비즈니스의 유동성에 문제를 야기 할 것인지 질문했다. 그는 우리가 300k를 하루에 가져 가면 무역에 310k를 기대하고 사업의 기금 보유가 쉽게 그런 종류를 삼킬 수 있다고 말했습니다.

20 일 동안 지속된다. 그것은 이렇게 작동합니다 - 당신은 큰 액수를 가지고 있다면 중개인과 적대적 일 수 있습니다 - 이것은 양측이 윈 - 윈 (win-win) 상황이 되어야만 상대방이 걱정할 필요가없는 것처럼 상상할 수 있습니다. FSA, Dunn & amp; 브래드 스트리트 (Bradstreet)와 다른 소식통은 10M에서 1 분간의 전략을 실행하는 데 문제가 없을 것이라고 내 마음을 정했다. ******************** 내가 얼마나 순진 했습니까? 20.

21 Month 1 : October 2005 그래서 큰 실험이 진행 중입니다. 첫 달은 가파른 학습 곡선이었습니다. 우선 우리는 패자를 낳았습니다. 분명히 우리는 이것을 예상 했었지만, 우리가 돈을 많이 냈다고 생각했던 것을 가지고 놀았을 때 우리는 몇 개의 거위 덩어리를 가지고있었습니다. 약속 된대로 월 말에 내 블로그에 내 보고서가있었습니다. 당신에게 보여줄 검은 색 비트가없는 계정의 원래 스크린 샷이 없다는 점에 유감입니다. 내가 그 (것)들을 goted 경우에. ************** 2005 년 10 월 31 일 월요일 좋습니다. 1 개월이 넘었고 성능은 예상되는 매개 변수 내에 있습니다. 라이브 계정의 전체 스크린 샷은 아래에 있습니다. 시스템 매개 변수를 식별 할 수있는 모든 정보가 제거되었습니다. 그리고 그것은 하나의 화면에 모두 들어 가지 않기 때문에 3 장의 그림이 있습니다. 비록 우리가이 시스템에 대한 충분한 확신을 가지고 있었지만, 상반기는 처음에는 며칠이 지나도 패자를 낳지 않을 때 약간의 의심이 드러나기 시작했습니다. It s also very easy that when a position is looking to continue in a winning trade to leave it open overnight. However we stuck to our rules which by the way are totally without discretion and we came out on top. Ive had one problem with the broker this month that slipped me by one pip whilst they didn't slip my partners - this was rectified on the account as you will see from the statement. Ive also had some referral money paid into the account which is 2X 50 payments for recommending a friend which has to be taken into the final balance - bloody hell I thought, could make a killing just by doing that all day!! Good thing is that the friend also gets 50 so all is fair :) Just the results left then - some may look at these and scoff, fine, scoff away - but remember from little acorns come big oak trees :) see ya all at the end of November. Results of the first month, bear in mind our first target is 17k by end of December. Opening balance: 10,000 21.

22 Closing Balance: 12,486 P/L: 2,486 % Gain on account: 24.8% Lowest account value: 8,630 Highest account value: 13,326 Maximum Drawdown: 1,370 = 13.7% 22.

23 Month 2: November 2005 This month was another trying one. Looking back maybe we should have re-tested the system again and made sure that we had not 'curve fitted' the results. Curve fitting is where you start off with a basic system and you try different parameters to see which settings performed the best over your history. This is a big mistake that system traders make. Curve fitting is just hindsight trading. You make a system that fits history and if you tweak it enough then you can make it fit better than it will in reality. Our thinking was that history repeats itself which in trading doesn't really happen. The one saving grace is that a system works without curve fitting then it's a good start. I think it's the basic system that saved us for the coming months. We continued to test the system with new ideas as time went on. ************** November 30th 2005 Well, what can I say? November turned out to be probably the most difficult month that I've ever done this strategy (yes, been doing it for a while before this experiment) November suffered a terrible drawdown which almost made the biggest drawdown on record of the system for the last three years. Although we knew the worst case scenario could happen we just didn't think it would happen at this stage of the game. 6 months down the line would be fine but not in the first 2 months please!! The month started well as on the 4th day we were at new highs of account equity thanks to a slight change to the system. 설명하겠습니다. Although Grail is a long term system that has been worked out over a long period of time - every six months we will re-evaluate the settings in use to make sure it's still at its optimum for the prevailing market conditions has been a very volatile year for cable and as such a change in one of our parameters was deemed to be necessary. After running the backtests we were convinced enough to make the change and this was implemented on the 1st of the month. You may be asking is that is what caused the drawdown and the answer is no, on running the previous scenario the drawdown would have been bigger although not to a large degree. At the point of the lowest drawdown I must admit that we got very nervous - especially as it 23.

24 was eating into original capital. However true to form on the very next day the method gave what we expected it to do and came in ok. The month is not to target though. To make the million we must hit an average of 22% per month. This should average out as we go through the next 18 months. In our tests we had months which increased equity as much as 60% and the next 18 months should give some months much higher than others. Onto the figures then - check back New Years Eve to see if we reached our December target of 17k equity Opening balance: 12,486 Closing Balance: 13,767 P/L: 1281 % Gain on account: 10.2% Lowest account value: 9,882 Highest account value: 14,502 Maximum Drawdown: 4,620 = 31.8% 24.

26 Month 3: December 2005 And so we came to the first quarter of using the system. This was our first real yardstick and filled us with confidence in the trading method. We now had three winning months under our belt, something that 96% of retail traders never manage even to this day. We implemented a new staking plan this month which would turn out to be one of the reasons we failed. Note the optimistic arrogance of such a move. What we implemented was a stake increase through drawdowns. So when we lost we would increase the stake by a percentage. At this time we began to have fun by every day talking about what we could have bought with the days winnings. We were talking in the region of large screen TV's and things of that ilk. "Today I've won enough to buy a 36" TV (pretty expensive at the time) again adding to our arrogance. Again we add another tweak to the system. More leverage. ***************** December 30th 2005 Heres the first big one then. December was our first milestone on the way to our Million. The yardstick for December that we set at the beginning was 17,000. We reached that the first time on the 28th December and then had a down day and closed the year on a plus. The final balance is shown on the report below and is to target so time for a good celebration this new years weekend. You'll notice there are two reports this month - the monthly as usual and the quarterly report. The gain on the account has been just as expected and we are on target. Emotions this month started to play in. One day of the month we thought we knew better than the system and could outperform it - we closed the position early at the point where it invariably went in the winning direction. We then spent two hours trying to get back in at our original entry - we got it in the end and as it happened it was a losing day but that s not whats important - we should never have questioned the system and just played it as is. Needless to say since that day we have stuck to it religiously and will continue to do so. The problem I think is boredom - when you find something that works well you try and try to 26.

27 make it better. A big mistake in the case of moving entries. On saying that we have spent some time in looking at the money management aspect of the system and as of January 2006 we will be implementing something which seems to give an extra 10-20% per annum on the take. This has been properly backtested and makes a marginal difference to drawdown but a substantial difference to end capital so we have deemed it worth the extra risk. Next Target is on March 31st which is 32,000. Interim reports will of course follow each month. All that s left is to wish you all a very healthy, happy and prosperous new year! Quarterley Report Opening balance: 10,000 Closing Balance: 17,088 P/L: 7,088 % Gain on account: 70.8% Lowest account value: 9,882 Highest account value: 17,901 Maximum Drawdown: 4,620 = 31.8% Monthly Report - December 2005 Opening balance: 13,767 Closing Balance: 17,088 P/L: 3,321 % Gain on account: 24.12% Lowest account value: 12,702 Highest account value: 17,901 Maximum Drawdown: 3,332 = 19.6% peak to valley 27.

29 Month 4: January 2006 The New Year started with a bang, but not the kind of bang we were looking for. The new staking plan meant that our risk was increasing every day in drawdown. We were initially playing with a 10:1 leverage and increasing the stake also had an effect on that leverage by compounding it. Ie, as the account went down then the stakes went up. Not a wise thing to do, not wise at all. This also meant that the drawdown got bigger than expected. 읽어. ****************** January 30th 2006 Hi all, thanks for dropping by on the million pound experiment. If you don't know what this is all about then please read the very first post from this blog - should be either at the bottom of this page or from the links at the side. Well, January has been heartbreaking to say the least - A good start to the month put us onto a new high of the equity curve to over 18k and since then we have been in drawdown. The drawdown is worse the last one we had in November and again this is the part that is heartbreaking. Let me tell you the reason for grail. Grail is 100% mechanical that requires no user input throughout the trading day. To me this is trading nirvana. After more that four years as a trader you get to a point where it bores the pants off you hour after hour and you start to look for something that can take away this tedious existence in front of 5 screens all day. To me that is what grail is. Grail is not, (nor was it designed to be) a 100% winning trading strategy. To me the holy grail of trading is a system you don't have to think about or have decisions to make as to when to close or enter etc. The trouble is, as many of you will know, that the first ten minutes of any trade is the hardest to keep your cool, which is where we are at in grail. The first six months is like the first ten minutes of a daytrade. As a trader you will know that once in the money with a good stop in place covering some profits it s a breeze to hold a position. well in the case of grail - the first 100% is the hardest and once the initial capital of 10k has doubled to 20k in safe position (ie 28k as 28K minus max expected drawdown of 40% = 20k) we cannot feel safe. 29.

30 This month we saw 18k drop to almost12k - a drop of 6000 which doesn't feel right unless you are playing with a six figure account, which we aren't. Guess I ll just have to get used to that. It is also our first losing month on the system for a year, last February being the last one. We are of course going to continue, if the last 4 months has told us anything it is that grail has this amazing ability to bounce back from the doldrums and surprise us in just a few days. Im hoping that next month's report will be much better that the one which follows. Till then, happy trading. Monthly Report - January Opening balance: 17,088 Closing Balance: 13,940 P/L: - 3,148 % Gain on account: % Lowest account value: 12,239 Highest account value: 18,697 Maximum Drawdown: 6,458 = 34.5%% peak to valley 30.

32 Month 5: February 2006 We had a successful month in February, meaning that we were now staring to bolster ourselves by talking about whose monthly wage we earned in a day. On the last day of the month I think we earned the equivalent monthly wage of a nuclear biologist. Very arrogant. Notice also the comments of our expected yearly return, sure we were doing wonderfully but to compare with hedge funds trading in all markets with billions was a ridiculous statement. ****************** 28th February 2006 So, here we are. Into month five and sort of back on schedule (well almost!) This month had a lot of catching up to do after last months loss, so its probably going to put us behind a month, here's hoping that we manage to catch up with it Over the past week or so I've done some analysis on 2005 and as a whole it preformed a little under par. 10,000 invested on 1st January 2005 would have grown to which is 740% give or take a bit. This may sound a lot but at high leverage it s not the performance we expected. To reach our million we need to produce an average of 22% per month growth. This equates to around 1000% per annum that we need. Well, if it takes a little longer to get the million than we thought then what the heck, but at this moment in time the target still stands. Ok, February then. This month we did not have a single maximum stop out. I guess that s making up for last month when we had a boatload of them. Performance has been very good although it has not felt that way with so much ground to gain on January - Effectively we needed a large percentage win this month to get back on track and it did feel that we were merely treading water for the month. We have had a good gain, but a dropped month takes some getting over. Hopefully this will even in during the next few months. The good news is that the account has now doubled in size - eat that Jupiter fund with your 32.

33 piddling 30% pa anyway, here s the results for the month, next month comes the quarterly report and the six month report on top of the usual monthly one. Have a great March :) Opening balance: 13,940 Closing Balance: 20,108 P/L: 6168 % Gain on account: 44.2% Lowest account value: 13,420 Highest account value: 20,108 Maximum Drawdown: 1,608 = 9.1% peak to valley 33.

34 Month 6: March 2006 More arrogance shown in the disappointment of ONLY getting an 11% increase on account. Any trader with a reasonable account size would be very happy with that. ******************** 31st March 2006 Ok, month six then although we have made gains this month they are again below par and we have not reached the 6 month target of 32k, in fact we are 10k down. The month has been very uneventful with trades just wiggling around - no biggies but also no big losses. - just the way the market has been. Still, we are at a good percentage of return for the 6 months but I'm really hoping to get a better next six months. Monthly report and 6 month report below Monthly Report: Opening balance: Closing Balance: 22,510 P/L: 2402 % Gain on account: 11.95% Lowest account value: 16,531 Highest account value: 22,648 Maximum Drawdown: 3,577 = 17.7% peak to valley 6 Months Report Opening balance: 10,000 Closing Balance: 22,510 P/L: 12,510 % Gain on account: % Lowest account value: 8640 Highest account value: 22,648 Maximum Drawdown: 6,458 = 34.5%% peak to valley 34.

36 Month 7: April 2006 This month is the first where we started getting messed around by the broker. They were slipping our entries with no reason even in slow markets. Clearly we were concerned about this. ******************** 28th April 2006 Hiya all, Month seven then and 25% of the way to our goal. Might seem a bit strange to you that we are still aiming for the million and only 17 months to go - hell, I would be dubious too but think of it this way - our money management means that we literally double our stake every 4 months on average. That means that 10k becomes 20 in 4 months which we managed in 5 months (bit behind) Step 2 is 20k to 40k, then 40 to 80 etc - see what I mean. At the moment progress is painfully slow - year two is planned to be the big mover when we are 100k+ in the account. So, anyway, Month 7 has been a strange one - very early in the month we were 30% up on the month which then slipped back down to zero gain and in two days we've rushed up again as you will see below with the monthly report. Some might say "why not quit for the month once you've made your target" - good question but our backtests show that some months will do as much as 52% and as there is no way to predict what will be a good month or a bad month then we just play on. It may also interest you to know that I have almost now become a full time Grail trader. Ive almost given up scalping and daytrading for good. I have a second account which trades grail and every time the account reaches a specific limit I take money out to live on. It makes me around 4000 a month which is enough to pay the bills etc whilst the main account grows untouched. Why am I going this way? Well believe me after four years+ of day trading you grow very tired of it. Grail is a simple mechanical system with no thought processes going into the trades 36.

37 whatsoever. Some days it wins and some it loses but overall it makes money. Day trading to me is like Chinese water torture. No matter how hard you study and work you can never be like 95% right, best you can manage in my opinion is around 80% and that's when you are on top of your game - and to me it isn't worth the extra work and heartache to carry on when I have a system that needs no mental anguish at all. Why bother chasing chickens when you have a goose which lays golden eggs? Next month it may be time to reveal the 'extra' strategy which will come into play when the account reaches 40k. That s if we get there by then :) Anyway, time for the figures then. Opening balance: Closing Balance: 30,397 P/L: 7,887 % Gain on account: 35.13% Lowest account value: 22,403 Highest account value: 30,397 Maximum Drawdown: 7184 = 24.2%% peak to valley 37.

39 Month 8: May 2006 Big month here then and another silly decision made. You'll see below that we took some capital to fund another account for 'income' purposes. Nothing wrong with that but the mistake we made was playing the main account as if the money was still in there. So we were still playing as if we were 10k better off that we really were. In effect that 10k was being traded twice. Taking the 10k out was the right thing to do of course; it meant we were playing with nothing but winnings. The initial 10k investment had been taken out. But then trading the account as if that 10k was still in it, and then trading that 10k seperately was exposing us to unacceptable leverage. The mistakes are stacking up. This is actually the same kind of approach that killed off Long Term Capital Management. They got to the point where they had no idea what their leverage was! The second thing you'll see mentioned is a conversation with our spread betting company and as a result we made changes to how we viewed them. They were now starting to make it difficult for us to trade. When your results are based on an average of just 9pips per day, slippage and poor exit prices can have a large effect. The next thing to note was that we began to lose all respect for money. It's one thing that a trader needs to be able to be successful because scared money never wins. We were reminded this month of that fear as our staking increased dramatically. ******************* 31 May 2006 Ok, indulge me :) you will see from this months results we have done quite well, the figures you wont see yet are that so far from inception the account has grown 342% and at one point this month it was over 400%! Now there are traders out there scratching their head and panicking all day trying to squeeze every pip they can out of the market - they won't give up and have sleepless nights whilst the hare in their head says "keep going!!" they burn themselves out and never actually get anywhere apart from in a big hole. This bit will really surprise you. The results that you are seeing with this account - and you have to admit they are pretty 39.

40 good aren't they! the results you see are the result of. yep, believe it or not. they are the result of just 9 pips a day Think about that for a moment Just an average of 9 pips a day is going to make me super rich. The hare's of this world will be laughing at this - they are soo fast and soo good that they think pips a day is easily attainable. They are soo clever that they will piss all over my 9 pips a day. Well, ask yourself why they arent millionaires then? So endeth the lesson :) Onto this months results and action. May was a stupendous month; remember last month when I said that if we hit 40k then stage 2 of the plan comes into action? - Well we didn't just hit 40k we hit 50k! - At one point our accounts were up over 65% ON THE MONTH! So technically the reason for this sudden volatility during April and may was that GBP broke out of a range that it had been in for over six months - that was bound to produce fireworks - good news for us but I'm sure a lot of people got burned. I guess that you are wondering what this stage 2 is all about. At all times we know that 25% of the account is safe money. When we hit 40k we knew that 10k of the account (our initial stake) was safe and I don't like safe money sitting there doing nothing. So, 10k was taken out of the account and placed into a new account - the 'income account'. We have been running the income account since January this year and the idea is that whilst grail is going to build and build to a big pot; in the meantime we need an income to live off. So was born the income account. The income account trades grail in exactly the same way as the main account with the exception that it is played without compounding at a constant leverage. The basic idea is that for each 5 per pip you trade makes you 1000 per month n average. We play the income account at high leverage. We started off with 10k of our own money and at 20 a pip - so a 4k take every month (again on average). 40

41 Our testing showed that once a year at this level we would have to put money in as the drawdowns would bust the account but we took the risk that we would get good money out before this happened - we were right and to date we have taken out 20k from a 10k account. Anyway, when the 10k from the grail account became free we decided to add it to our income account and reduce the leverage to a safe level where the account will not bust. So you will see from the account screenshots below that there has been 10k taken out to make yet more money. So don't forget that in the future when you see the account. There is now 20k in the income account which is played at 15:1 ( 30 a pip) and gives us 6k per month on average. The figures from the income account will be tagged onto the end of the grail account on a quarterly basis but they do not form part of the million pound target. So, how was the month emotionally? To be honest from sweet inspiration to desperate despair. This month the staking plan meant that our stake increased substantially and to be honest we didn't have time to get used to it. It took us 6 months to increase our stakes threefold and then suddenly within 3 weeks it had increased a further twofold. During the first six months the growth was slow and steady - each increase in the stake was easily assimilated and by the next increase we were well used to the previous one. This month our stakes increased in large jumps and our minds did not have time to get used to the jump - what previously felt like a safe stake suddenly seemed very high and of course like all traders we started to sweat the action and have 'scared money' particularly when you add in the stake from the income account - at one point we were the equivalent of 16 full dollar lots in the market and at the beginning of the month this was just 9 - the jump was rather fast eh? when we did eventually get into a drawdown which was bound to happen, after 4 days I was really starting to sweat and as day five started into negative territory I was looking for the gas oven to stick my head in. - instead I just took a look at the account and noted that even if it had failed that day (which thankfully it didn't) the account would still have been 20% up on the month. That settled the fears and the day actually finished up, as did the next. 휴! You may remember last month we were talking about Capital Spreads, well our curiosity 41.

42 got the better of us and we thought we should do some due dilligence on the company that we were going to take 1 million from. We paid for a Dunn & Bradstreet report on the company London Capital Group Ltd. The report said that the company was very safe and had little chance of failing - however on reading the P&L for the company we took a decision that it just is not big enough for us to trust our hard earned to as next year our projections show that we will take more from them than they have earned in the last 3 years. This, on top of conversations I've had with the MD has caused us to look elsewhere for a place to put our money. This is a shame really - Cap spreads platform lends itself easily to our system, they are mostly fair with entries and as a whole I like doing business with them, but other things also came into our thought like this. During one conversation we had with them it became apparent that once we reach 300 per pip it could cause them problems with execution - now bear in mind that there are three of us playing this system with them and with 2 accounts each and you start to see what I mean. - combined at the end of the month we were at 267 per pip combined and by this time next year we will each be at around 400 per pip. Capital spreads is a great company but I don't think they are big enough to handle 3 players at that sort of level. One thing that does bug me is that before we even went on cap spreads you may remember at the start of this blog that I spoke to them about the levels we would be playing and was told we were fine to go ahead. Obviously the guy we spoke to thought that we were yet another bunch of suckers who were going to lose. I don't blame him for thinking that because most are, but it does bug me that I was open and straight with the guy about how much we would be staking and everything was rosy until we actually start to reach that level. Anyway, here's what we have decided to do. Having done some more due diligence, in April I decided to fund a different broker account and see how the platform handles our system. It s a bit more work but handled it ok. It handled April and May ok so at the end of April we emptied our income account on cap spreads and funded a new broker to see how it handles 30 a pip. 42.

43 So far so good but we are going to play it for a good month first before we think of transferring over the main account. It s important to say that we are not ditching cap spreads totally. The main account is still over there but what we will do is switch the main account over to income and the income account at the new broker into the main account - so don't be surprised if there is some messing around with the screenshots in the coming months. We will keep the income account at cap spreads basically until they tell us to sod off, which I don't think they will on that level. Anyway, time for the figures then, have fun, back next month. Opening balance: 30,397 Closing Balance: 34,491 Holding Account 10,000 Real Closing Balance 44,491 P/L: 14,094 % Gain on account: 46.4% Lowest account value: Highest account value: 50,242 Maximum Drawdown: 13,568 = 27%% peak to valley 43.

45 Month 9: June 2006 Third quarter and all looking good. By now I had a total disregard for the value of money. Coupled with the income account I had earned in a single day close to the average UK wage for a manager in a small business. The drawdowns were getting bigger and our attitude more uncaring by the day. To us this was shooting fish in a barrel. We didn't really notice that it had produced the biggest drawdown to date including the backtests. The edge was being pushed. Grail was starting to get noticed now. We were offered $100,000 for the system by a guy and we accepted but he pulled out at the last minute when a snake in the extended team revealed the bare bones of the system in use and the client just thought it was too simple to be true. I hope he traded it and went bust! ****************** 30th June 2006 Here we are then, 9 month and the third quarter. June did not set any fires burning apart from a new record on days earnings. On 2nd June I made almost 14k in one day. This record does tend to get broken every month or two so I'll keep you updated next month if it breaks again. Anyway, onto the month. A month of very volatile moves followed by almost no moves at all. The early part of the month were nice trading territory and then we slipped into a period of consolidation which meant tight ranges and a series of loss days. As usual though the end of the month contract expiries brought us some movement and pulled us back. The drawdown this month was the worst since inception running at 35.8% but we are now getting used to this. Some more changes were made to the system this month with the introduction of some dynamic variants. Unfortunately this did little due to market conditions. But it's interesting to look back at the q1 and 2 results and note that by month 6 we had done 127% and q3 alone has managed 116%. Several changes in the system took place in this period and obviously they have paid off. I have not included a report showing the figures since inception but FYI we are at +383%. 45.

46 The next big report is the yearly one at which time we may adjust the timetable for the million. We are thinking it could now be a few months late - maybe Xmas 2007 rather than October giving the account an extra quarter. - Time will tell. I guess if we took into account the income account gains then we will hit the million on time, however we are not including this Unfortunately we are still behind target considerably - the end of the month has happened at a time when we are in a drawdown. Our target for qtr3 was an account high of 58k yet we have reached only 51k so still really about 3 weeks behind schedule. This month s return does not help either being well below par The report for the month is below as usual along with a quarterly report. Note that due to system changes more has been blacked out on the screenshot but I have left the centre visible so you can see no money was added. Quarterly Report March 31 - June 31 Opening balance: 22,510 Closing Balance: 38,411 +Cash in holding account 10,000 P/L: 25,901 % Gain on account: 116% Lowest account value: 22,510 Highest account value: 51,069 (inc holding 10k) Maximum Drawdown: 18,282 = 35.8% Monthly Report - June 2005 Opening balance: 34,461 Closing Balance: 38,411 Cash in holding account: 10,000 Account Valuation total 48,411 P/L: 3,950 % Gain on account: 8.88% Lowest account value: 22,787 Highest account value: 41,069 Maximum Drawdown: 18,282 = 35.8% peak to valley 46.

48 Month 10: July 2006 Mess around time here. Because of the previous call to the broker Capital Spreads we decided to move the main account over to IG Index. The basics of the conversation with Simon Denham, MD of Capital Spreads was that they were going to make it more and more difficult for us to trade in volume. We were one of their very few winning clients and were beginning to make them nervous. When I asked "are you saying you want us to leave he replied "of course not, but it may be come more difficult for you to get the prices you want from here on in" He blamed this on the fact that they had to place our trades in the market and it was sizeable enough to move the market that they used as a hedging account. The inference from our conversation was clear - It was time to move. ************************** 31st July 2006 Gosh, doesn't time fly! - Month 10 already. Mind you, I wish it were month 24!! But I guess you shouldn't wish your life away. You will most likely find it hard to follow the account this month from the screenshots because I have moved the account from Capital Spreads to my new broker. What I actually did was move the difference between the investment account (the big one) and the income account (the smaller one) so in effect the accounts have changed hands over the brokers. So you'll find the screenshots are a little weird and you may not be able to track the changes as I took 4500 ish income at the same time. Anyway, the month was a good one all the way through really. Didn t break any records at all but was kind of 'steady eddie' through the month. The peak of the account came on the 28th with 2 days to the end of the month and then a couple of poor days kinda took the shine off it. Still, just about to plan I think with a high watermark of 65k (combined with holding 10k) I bet there are plenty who are beginning to say to themselves hmmm - those who think it s not possible to produce 20% a month on average - well, keep reading cos we've done it for 10 months now. 48.

49 Anyway, heres the report for Month 10 Monthly Report - July 2005 Opening balance: 38,411 Closing Balance: 50,556 Cash in holding account: 10,000 Account Valuation total 60,556 P/L: 12,090 % Gain on account: 24.96% Lowest account value: 33,255 Highest account value: 50,080 Maximum Drawdown: 5,156 = 10.6% peak to valley Screenshots of both accounts are below to show the transfer from one to the other - note that the new account shows the earlier dates at the bottom and the latest dates at the top. - This is opposite to the previous broker I was using. 49.

51 Month 11: August 2006 Close to a year from inception the system produced its third large drawdown. In hindsight we should have took notice of this as an increasing number of those drawdowns were signs of what was to come. All of these drawdowns you'll notice actually break the backtest parameters and we make no mention of that. This is now two losing months in the first year too - the backtest you may remember only had a single losing month in the entire three years. ******************* 31st August 2006 it s been a poor month and is the second losing month since inception. Not a massive losing month but annoying that it came just as we got back onto target. For the 24 months This month has prompted me to look at the way we trade the system and next month I may be making another change as to how I trade it - basically I may be trading less but making more. Anyway, by the 10th August we were into a new high on the account of 77k which put us within a whisker of being back on track and then we entered this drawdown period. We are currently at a drawdown of 33%. Ive actually got to a point where I look forward to drawdowns as I know that the lift out of them will be swift. I also know that the deeper the drawdown the more agressive the lift out of it. Anyway, next month is a big one for the report as it will mark the first anniversary of the account and will herald our first annual report for Grail. If there are any changes in schedule to be made it will be next month so until then, I will leave you with the monthly report. Opening balance: 50,556 Closing Balance: 42,078 Cash in holding account: 10,000 Account Valuation total Last Month 60,556 Account Valuation total 52,078 P/L: % Gain on account: % Lowest account value: 51,590 51.

52 Highest account value: 77,762 Maximum Drawdown: 26,172 = 33.6% peak to valley (ouch!) 52.

53 Month 12: September 2006 One year into the project and we were still buoyant (who wouldnt be?) Throughout this time we had changed the system from the original substantially. We had increased the leverage, we had implemented time based closing rules, we had begun to 'double leverage' the initial 10k. Something else interesting happened this month with regards to brokers. I had a phone call from IG Index. They wanted to take me and Martin out for lunch as a treat. I smelled a rat here, I mean how often do brokers do that! We decided to take the invite and called them. We could choose any venue we wanted anywhere at all and they would travel from London to take us for lunch and a beer. We chose a golf club local to me and went along intruigued. So we sat and chatted for a while and then the obvious question was raised. why did you want to see us? The answer was that we were doing well and they were trying to find out how we were doing it. They were convinced that we had found a way to beat their spread. I m guessing that they thought we had some sort of arbitration strategy and could get in before they moved or they thought we had insider information or something. We told them nothing apart from we had a system that we followed to the letter. At some point in the afternoon we raised the point that it must cost a fortune taking out people that win money from them. The guys told us that hardly anyone had consistent success the way that we were. The figures he quoted us werethat out of around 40,000 retail traders using his desk that 99% of them fail to produce a profit over more than one month. This confirmed to us the figures that are banded around the internet forums, and of course confirms that most of the traders on those forums are full of shit! Let s look at the month then and indeed the first anniversary of the project. It is interesting to note from the comments below that I could 'feel' a change in the market. This change was to show itself as the very beginnings of the credit crunch. Many say that this started in 2008 but in reality the end of 2006 was the beginning of the end. We were now starting to try and find ways of avoiding the drawdowns. We were looking at 'abstaining' strategies that considered when we were at new highs wether we should stop trading until we were say 20% in drawdown and then start again. We never did figure that one out though. ***************** 30th September.

54 Well, we made it. Grail is one year old this weekend as is the blog. This months report therefore is a special one as it will show the entire annual result. Before you go below and read that report though I want to cover some of the highs and the lows of the year I have just lived through. Here's an interesting question though - how many of you reading this were trading Forex last year and are still trading Forex now? - Chances are its not many and I'd love you to make some comments this month - Happy birthday messages are welcome too :) I guess it's pretty amazing that the project lasted a full 12 months. But I do have to tell you that although the system is just about the same as it was 12 months ago, it has undergone some changes throughout that time. Highs and lows of the year: 1) The 'New Car' scenario (High) during the year the Grail team needed a way to measure how successful we were being on a daily basis. We opted for the "how much of a car have we won today" - it started off with a full set of tyres on a day that we cleared say 400. The first high was when we won the equiv of a Kia Picanto in one day - around The real high on this came when in a single day we made more than our initial 10,000 stake. The last time I broke the record it was 17,460 - the equivalent of a reasonable BMW 2) the stop change day (High) One day after some significant testing and research we decided to change our initial stop limit. We actually made our initial stop larger. Two days later as we watched our trade go against us - it went past our old stop. went within 2 pips of our new stop. turned around and ended the day on a 100+ pip winner. 3. The 0.1 pip stopout (Low) 54.

55 One day the market quotes on the different brokers was a fair way out of kilter. One of our team was stopped out in one direction by 0.1 of a pip for a hefty loss whilst everyone else closed for a winner. As for 1 pip stopouts there have been lots and always will be, but we think that 0.1 is talking the piss. Another one pip stopout was when one of our team was testing on a real account the system without a stop at all - we were all stopped out for 1 pip whilst the tester went on to close at +240 pips. GRRRR still sore about that one! 4. Lying Bastard Brokers. I cannot reveal this as yet as I and others still have accounts with them - but watch out next year for the full story. 5. Retiring from 'active daytrading' when I gave up chasing the price in May / June time it was a high. Neither you, I or anyone can predict which way the market will go in the next 10 seconds never mind the next 10 minutes - so if you are still doing that then my advice is give it up and find another way. 6. Trading OPM I never ever wanted to trade Other Peoples money - I had enough on trading my own. I was asked time and time again to trade OPM and I turned it down time and time again. My long time trading buddy from NYC has badgered me for years to trade OPM and finally I said yes. Because I said yes and had to work out a way so I could do it and still have a life, nip out to the shops etc I discovered the marvelous world of automated trading. - for those who are searching for an automated strategy I can tell you that it is possible - very few have managed to make money trading a robot and i'm happy to be one of them. Most people who want a trading robot look the wrong way around - they look at robot traders that make money - change your focus - find a system that makes money and then make a robot out of it. Special thanks goes out to Tony here for teaching this old dog some new tricks and putting up 55.

56 with my tireless whinging about why a robot trader doesn't do what it's supposed to do. Thanks for the last 12 months Tony. 7. Laughing My Tits Off (High) The final high for me this year comes every time I listen to so called trading guru's who say that if you can make 20-30% a year that you are doing well - well the results below for a whole year prove that this perception is TOTAL BOLLOCKS. Im sorry Paris, Zen, and all those others who say that you cant do it - but you can and it matters not how much money you do it with - millions in the market are just a drop. Anyway, onto the results and analysis then. To simplify things with the holding account I now just list the system gains and tell you whats in the holding account - the statements will show X number of pounds less where X is the amount of cash in the holding account. This month was a bit of a shitter again - did not lose money but did not make a new account high the effects of this will be shown below the account pics in the annual review. Don't you think that September was a little weird? - Not like any September I've seen for a long time. I wonder if the market is going through yet another change. August is always crap because of holidays etc but September is usually a serious trading month. Just makes you think is all. 8. Working with the best Forex team in the world! (Very High) Martin - UK, the best analytical guy I've ever met and my number one partner in grail development. Thanks for the last few years Martin, the superyacht gets closer every day. Angel - France without whom we may never have stumbled across grail's potential and without whom we wouldn't have any sex appeal in the group. Thanks hun XX Tony - UK our Programming guru - the only bloke Ive ever heard that managed to get metatrader to trade on oanda, cmc or any platform you can name - genius even though he's a southern git. Kev - New York - Our USA branch of the grail lunatics - chart guru, fund raiser and out and out party hound! - spends time with the famous people of NYC at night and we aspiring multi millionaires during the trading day. I've traded with Kev ever since I found forex. Thanks for the last four years Kev 56.

57 Whispy - UK - A Guy who had never traded before and bought a system off me. Whispy is a system hound, always on the lookout for new ideas for an old problem - how to make the market work for you. Out of anyone he has progressed more in the last 12 months and at a greater speed than most I've ever met. Keep it up buddy - and I'm not talking about the x-ray camcorder ya perv! Fluty - Australia - No trading team would be complete without an Australian arm and someone with age and control on his side. The consistent steady player of the group and another ideas man Fluty manages to inject some decorum into our mad world. A fully qualified trading teacher too! 감사. Results: Month 12 September 2006 Cash in holding account: 10,000 Opening balance: 52,077 Closing Balance: 61,786 % Gain: 18.64% Gain: 9708 Lowest account value: 47,649 Highest account value: 65,684 Maximum Drawdown: 6,160 = 9.3% peak to valley Annual Grail Report 1/10/ /9/2006 Opening Balance: 10,000 Closing Balance: 61,786 Lowest account value: 8,630 Highest A/C Value: 77,262 ROI - High Point: 672% ROI End of year: 517% Maximum Drawdown: 29,613 Max Drawdown %: 38.3% Peak To Valley Biggest Win Day (1 A/C only): 12,180 Biggest Loss Day (1 A/C only): Max Consecutive Wins: 5 Max Consecutive Losses: 5 Number Wins: 147 (Includes 0 days) 57.

58 Number Losses: 111 Win / Loss %: 57% Total Pips: 1720 Average Pips Per Trade: 7 Biggest Win (Pips): 180 Highest Monthly Gain: 46.7% Average Monthly Gain: 18% Earnings (from Holding Fund): 6,500 So, there you have it. I included the earning from the holding fund which is really great seeing as it's only been in there 3 months. In reality though that is only half the picture as I added a further 10k to the holding fund which is my income account - pays the bills etc. so from 20k I have so far since January withdrawn 30,000 in wages :) better that being in the rat race that's for sure. So, the question is, did the year go to plan? 네, 그렇습니다. In August when we topped 77k we were near enough spot on target. Probably about 1 week behind. However the recent monster drawdown and losing month has put us back somewhat. I won t really be able to say wether 2006 was better than 2005 till the end of the year did 738% from Jan to Dec wheras 2004 did 1650% has yet to show it's colours, but if anything I'm expecting it to pick up to round the year off. I'm now estimating that we will hit the million around the end of December next year - rather a nice Christmas Present don't you think? - this is still a stretch target based on the performance - to do that needs an average of 20% per month and as you can see we have managed 18% this last 12 months. I believe that if you also add in the holding accounts profits then we will hit the million before this time - each time the main account hits a multiple of 40k I will take 10k out of that account and trade it separately in the holding account. The aim is to get the holding account up to 100 per pip which will result in 20,000 per month on average in income. That will be nice :) as a result of that the timer on the page has been reset to end at midnight Xmas Eve 2007 and the project is extended until then - of course we now have a chance of hitting the target early if fortune smiles on us. Plans for the next 12 months go like this 58.

59 1. New Grail Timetable Dec 31st 2006: 120,000 March 31st 2007: 209,000 June 31st 2007: 361,000 Sept 31st 2007: Dec 25th 2007: 1, Managed Account balance up to 10 million 3. New fallback system (been working on this for 6 months already!) 4. New system for managed funds based on multiple intraday trades but still mechanical And That's it. I hope you wish me well and maybe take some inspiration from my first year results. It s been quite an emotional time - scary, elation, highs and lows but myself and my collegues have made it this far. 59.

61 Month 13: October 2006 So, have you managed to put this book down once yet? :-) We are getting closer to the end of the grail experiment now. Every time we went into drawdown the leverage was getting out of hand. A further 10k of the account was removed to the 'income' account as you will read below so that's now 20k out of the account that was being traded twice on the same trades. The volatility in this month should really have made us stop and think about what was happening in the markets. It was turning into whipsaws every day. Our trades were in for short durations. The fact that it made profit was more down to luck than the system. **************** 31st October 2006 Okee Dokee then - Month 13, or is it year two month one? - Whatever! October was pretty dull for the first half still crawling back from the last Drawdown but that certainly changed during the second half. Looks like the market started to expand and there is nothing Grail likes better. I know it was a tough month for many. I know for a fact a lot of traders lost a lot of money. I was talking to a colleague and imagined most traders running around like headless chickens - changing systems, changing entry parameters etc. We just sat there patiently waiting. We had made no money for almost 3 months but we got to a point where we weren't losing any either - just went up a bit then down a bit. We didn't change anything and just waited - in markets like that the grail trader is best positioned for the strike. The strike came in the last 2 weeks of October and for the month we have had a stunning result as you will see below. You will also notice that the account is another 10,000 short of its actual size. That s because of the income account. Each of the grail crew operates two accounts - the main grail account (you see my own every month on here) and a second account which we refer to as the income account. 61.

62 The income account uses a similar strategy as the main account with the exception that it has a different money management approach and different criteria for entry designed to maximise a monthly return of pips. Now you may be thinking - isnt that what the main one does too? - Well no it isnt actually, on the main account pips are important of course but the money management we use actually means that pips arent nearly as important as win/loss percentage. Believe it or not we often have times when we are negative pips for the month but positive in cash. Work that one out on a dark night :) Anyway, I'm digressing. The idea is that every time 10,000 is safe from drawdown that we then move 10k into the income account and trade it - in effect we are again compounding the compounded winnings. So, to cut a long story short every 40K we move 10k into the Income or 'Holding' account. This month we hit 80k and so another 10k found its way transferred. The holding account now has 20k in it from grail along with its initial 10k. This is complicating isnt it but all you have to know is that what shows on the statements after this month is 20k down from what it actually has made :) - you'll see where I withdrew on the statement. So, down to the monthly report then. Month 13 October 2006 all figures include 20,000 in holding account not shown on statements Opening balance: 61,785 Closing Balance: 88,328 P/L : 26,543 % Gain: 42.96% Lowest account value: 55,624 Highest account value: 88,328 Maximum Drawdown: 6,160 = 9.9% peak to valley 62.

64 Month 14: November 2006 November brought yet more volatility and more profits. The markets by this time were getting very unpredictable and things were looming. You ll note my surprise at the small gains this month because the market was all over the place. Many people lost their shirt this month. We were blissfully ignoring this - after 14 months of activity through all kinds of activity we believed 100% in the system and did not question it at all. Talk about blind faith! Interesting that I made comment of the fact that it could all come crashing down in a matter of days. That was to become nearer the truth than any of us could imagine. This is the final month before the whole house of cards came crashing down. Also interesting is that after some testing we discovered. well, you'll see below ********************* 30th November 2006 Well, here we are - cooking with gas now! This month the account truly met the half way stage. We have managed to turn 10,000 into over 100,000 - that is a 1000% increase since inception. Some going eh? - step two is to take the 100k and get to 1000k - again 1000% - now are you doubters starting to believe? Of course this is still a gamble, as the Forex market always is - all could come crashing down in a matter of days - scary eh, this is what underpants were invented for! This month was nothing special, in fact with the action in the markets I expected a lot more than we did make. Still, we keep making new highs on the account so we are in an uptrend still :) There have been two major changes in the strategy this month. The first is a fundamental system change should net around another 30% of pips over the year and the second was a money management change to ensure we stay on track to target or even exceed it. At the moment we are still behind the original targets but are on track for an Xmas 2007 Million :) come on Santa!! It was rather scary actually; the reason for the fundamental change was that whilst we were doing some routine testing we came upon an anomaly - this anomaly when we looked deeper turned out to be very scary. - We have been very lucky with how we've done grail - the thing we discovered would have blown the account up any day. We were so convinced by what we 64.

65 saw that we made the change immediately. Still, that's what's good about our team, always testing everything! Ok, onto the month results for November. All figures include the 20,000 in the holding account (see previous posts for details) Opening balance: 88,328 Closing Balance: 100,502 P/L % Gain: 13.78% Lowest account value: 67,960 Highest account value: 100,502 Maximum Drawdown: 20,368 = 23.05% peak to valley 65.

67 Month 15: December 2006 December was supposed to be a good month for me. I took the wife to New York to spend Hanuka with Kev and his family (no, I'm not Jewish but he is) we flew first class, stayed in The Westin Times Square and planned 10 days of pure indulgence. I guess it was fated that during the desire for indulgence that our system failed. I did enjoy New York. It was great to finally meet Kev and we did the Macy s Xmas windo thing and the bloomingdale ice rink. What was not so much fun was being hunched over my laptop online with my trading partners at 3am whilst the wife caught some sleep. It's not something I ever want to repeat again in my life. Battered and demoralised I wrote the following diary entry. Its human nature I guess that I would still at this point defend the system. After all we believed in it so much. I now take to telling lies in the post about the expected drawdown. I can tell you that our tests showed a maximum drawdown of 35% on our standard leveraging. I'll cover more in the next chapter, but for now read this sad post. ********************** 29th December 2006 Bit of a double edged sword on this post. Firstly to report results which are rather shitty, and second to suspend / close the blog, possibly forever. Reasons to follow. First of all let s talk turkey about the results. The month was terrible - in fact the worst that we have experienced in the 14 months trading it, however not the worst on record from our tests. We suffered this month a 48% drawdown. We suffered this drawdown at a point when iiwas supposed to be enjoying a holiday in New York - it was -30% when I left the UK and -45% when I got back. Needless to say due to things beyond my control, much of my holiday was totally ruined. The month of December ended up at -45% on the account - from 100,502 down to 55,000 The system still works and is within parameters but the money management, which at the end of the day is the bit that creates the severity of drawdown, was at fault and has since been rectified. 67.

68 We were running the account at 100% efficiency - which meant that at a max drawdown there would just be enough in the account to sustain it. What I didn't take into account was the psychological pressure of actually getting close to reaching this level and seeing the account decimated. Even after five years of trading the market can still humble you, and this drawdown certainly has. So if you are reading this and you're a trader - don't ever think you have this thing licked until you are sat in your superyacht with the obligatory Russian hooker eating a mouthful of pork sausage. It s also uncovered some other rather unsavory elements of life that I won t discuss on here, those reading this know what i'm referring to and I don't know whether to apologise profusely or call the lawyers - one of those morals Vs money type events. Today I reckon the lawyers, yesterday I thought forgive and forget - you know the kind of pickle I mean? One thing is for sure it won't go away by pretending it doesn't exist so fun fun fun the first week in Jan one way or the other. The ball is in someone else's court at the moment so we will see which way it lands by the 5th Jan. Back to trading metaphors now. The new Rocky film has a great scene where balboa is telling his son what makes a winner. Something along the lines of "it ain't how hard you can hit - it's how hard a hit you can take and still remain moving forward" - well, never a truer word was spoken. Ive took a large 'hit' on my account and I've rode the punch. I'm bouncing back and still moving forward. I ain't saying that i'm a Balboa but i'm sure as hell not through yet. So, to this point I hope that you've enjoyed the journey and it's with sadness that I am to close this blog. Grail goes on and will I am sure go from strength to strength with the lessons we have learned. However I am bringing this blog to an end. It may be temporary or it may end up being permanent. The chances are that I will update the blog at sometime in the future just to let you know that it's still ploughing on, however it will not be regular and may never happen so just check back every 3 months or so. There are a few reasons for my decision, some of which I cannot talk about at the moment, however the main one is that because of the blog I am getting emotionally involved when the system has a losing month. The fact that it's in a drawdown at the end of a month shouldn't matter because it peaks and troughs no matter what the date is - the fact it's at the end of the month is immaterial. 68.

69 Getting emotionally involved in the trading of a mechanical system is not good - you start to analyse every facet of the trades and it can drive you nuts - it almost did in New York and I can't have that. It is more important to me to make the project a reality and produce the money for my and my team s future than it is to tell you about it and massage my ego. So i'm afraid the blog has to go. It's been fun and all that and thank's for the ego massage (Rub & Tug??). For now, please everyone enjoy the rest of the holiday break and here's to a prosperous 2007 :) Thanks for reading. 69.

70 Month 16: January 2007 Following the Christmas break and licking our wounds I returned to the blog. I'm hurt and wounded but even then come back with an 'attitude' of a 'rogue trader' There are thousands like this in the markets. One look at the forums on Forex Factory will reveal to you the gung-ho traits of traders in general. The fact of the matter was that once we made the decision to scale back on grail leverage there were twelve straight days of wins. That would have taken the account back to new highs. Clearly this bolstered my opinion that the system didn't fail and that it was our entire fault. It was our fault of course, but not for dropping the system, for the mistakes we made earlier on and for not seeing what was happening. In this next post I even have the audacity to start talking about 65% drawdowns being 'ok'. That means to get back on top you have to do more than double your account size. How much risk do you have to take to do that? The answer is A LOT. I talk of a 'very clever money management strategy" when in fact it wasn t. You should also note that I start to refer to drawdown in terms of pips won / lost. Pips don't matter a jot. The amount of money you place on each pip does. Regarding the 'legal reason' mentioned please ignore it; I've only left it in because I refer to it later on. It was regarding an investor in the managed account which also traded grail. Battered and bruised I wrote this rather stinging post. ********************** 14th January 2007 Hi all, just thought I would drop in a comment here about my blog and the talk going around the web I don't normally bother commenting but Ive seen so many visitors come from sites such as forextsd and moneytec that you are obviously interested. There have been some comments in some forums that need to be addressed Firstly let me tell you a few facts. 1. I dont have a problem with a 50% drawdown - in fact I m happy providing the system does not touch 65%. 70

71 2. The bigger the drawdown the better the system works - that s because of a very clever money management strategy which I cannot reveal. 3. At the moment, due to a legal reason, I cannot explain exactly why this last drawdown caused a problem. One thing is for sure it was not the depth of the drawdown - the 50% thing is quite acceptable (though yes, it is painful and I would prefer not to have it!). Sometime in the near future I will be posting to the blog exactly why it was a problem and what lessons we learned and the actions taken. Since Christmas Eve the system had 12 winning days on the trot - the drawdown was 415 pips and the recovery 515 pips in 2 weeks. The project to make 1 million from 10k is still a reality and is still alive - the timescale has changed but then this is a long journey and one worth taking - when a pilot in London boards his plane to go to New York he is off course 90% of the time. Making corrections as he goes along and doing the same things over and over again, making small changes here and there, eventually he reaches his destination. What I would say to you is don't write this off yet. Many people are talking about the grail experiment and are saying it's over and done - nothing could be further from the truth and all will be revealed as soon as I can. So knock that smirk off your face right now! (lol) 71.

72 Month 17: February 2007 January came and went, we made a decent return but it was not on the account size we had before the crash. We tried to keep the thing going and February there would be a few more months trading 'grail' before we pulled the plug. I went on the blog and posted this penultimate message which explains what was in my mind at the time. At the time I still believed in the system. Truth is that had we continued and got through the December drawdown without change then March and April would have killed us for good and left nothing behind. In this post the realisation of the real mistake starts to hit home. ****************** 28th Feb 2007 Ok, time to reveal what happened at Christmas then. I will tell you what happened but will not touch on the legal stuff - sit back, relax and have a giggle at my expense. You see over a year ago we devised this system we now trade called Grail. Our backtests (of 3 years) showed us what the method would do and what we should expect. How often we would have drawdowns, how much we should make month by month and what sort of equity curve we should have. So we began trading it - this story is embedded in the pages of this site and if you want to look at the whole journey then please have a look around and you may get into the same feelings we did. Month by month we made money. Sure we had a losing month here and there and we had drawdowns - but the whole experience of trading the method with real money was very much as expected. In fact it was almost exactly as expected. Our journey went from initial excitement of starting off, to a nice steady feeling of expectation. Of course all this time we were not just sat here watching charts - all the time we were testing and verifying what our previous tests had given us. Months and months of tests, all saying the same thing. Whenever we had a new drawdown we just looked at our tests to see if this was anything new and, as it clearly was not new, we just kept on sailing on. Day by day. 72

73 We began to take this success for granted - believe me, it's hard not to when week in, week out you make money and everything goes exactly as you have planned. So, what we did was to start looking at how we could make more money from this strategy. - If you look back in the posts you'll see where we did this. What we did would almost bring us and our account to our knees. At the time we had a different account called our 'income account' - on that account we still traded grail all be it with a different leverage. But in that account we had equity targets - so when the accounts reached a certain level we could take out our winnings to live on etc. This meant that I could give up discretionary trading (something i've always managed to do but hated) and just let this golden method make my wages too. The idea was that having two accounts meant that we could let the main account grow and use the income account to live on. Makes sense yes? Anyway, the decisions we made next was to be the humble pie maker of a decision. We sat with spreadsheets and worked out how much of the account was 'safe money'. After some serious calculations and allowing for error we decided that 25% of the account was always 'safe money' - in other words, no matter how bad a drawdown we got that 25% would always be there and would manage to remain untouched. So, we then decided that at certain equity highs we could take out 25% - makes sense doesn't it that if 25% is never going to be touched by a drawdown, then why leave it in there? - Well, that was our thinking anyway. So at an equity high of 40,000 we happily took out 10,000 - which was our initial stake into the fund. So what do we do with this 25% of 'safe money' - do we put it in a building society? Do we invest it into national savings or a tax free ISA account? No, what we did was put it in the place that we believed would give the best return on our money - we put it in the income account so we could trade it Everything is hunky dory, swimming along, making money in the main account and making money in the income account - taking our winnings and enjoying the results. So, what we were now doing was trading two accounts - the income account at a fixed leverage, never moving the stake and the main account which had a rather unique money management system. The main account staking plan was now being traded on what we called 'virtual' funds - so at 80,000 when we took out the second 10,000 we still traded the account as if it was still at 73.

74 80,000 when in reality it was at 60,000 with the other 20,000 in the income account but still available. The income account generated over 40,000 in winnings during the first twelve months that were taken and spent on living and nice holidays etc. The account went into drawdown just as the main account did, and pulled back to new profits, just as the main account did. Exactly as expected and all was happy in la-la land. So, now you have pictures of people enjoying life, making money hand over fist and having fun - the traders dream. After all, what could go wrong? The aim with Grail was to make 1000% per year - 10k to 100K in year 1 and then 100K to 1000K in year 2-10k to 1 million as the title says. In November 2006, just one month later than expected we hit 100,000 for the main account ( 80, ,000 'safe money') Fantastic! The plan was on track. Think about what we had done here. We had taken an account, worked out how much money was safe and had effectively run this account at 100% efficiency. - The method did exactly what it was supposed to do - when it did a drawdown it always came back. 항상. This still did not change in December - it did come back. However what did come in December was something that we knew could come along any day - but that we had not mentally prepared for. During our 'pre' grail testing we did see a rather nasty drawdown of 525 pips. At best that is a 40% drawdown on a leveraged account and with our money management we knew we could ride it out. - At least we knew we could technically. Of course by this time it didn't matter - we were untouchable - this has worked for months and months. Sure, we had seen nasty drawdowns but every time we did it re-enforced the fact that the system was stable December came and so did our monster drawdown - it did not just come along; it swooped down upon us in a matter of days. On November 30th we were at account highs, and by December 6th, just 4 trading days later we were already 26% down. On the 12th I was flying to New York nursing a drawdown of 38%. We had been at this level of drawdown before. What was new was the length of time it took to happen. Usually this depth of drawdown took a good 2 weeks to get there and here we were 74.

75 just seven days from our six figure high with 40,000 less. But now get this - the account is a 'virtual' 60,000 - just 40k in the account with 20k elsewhere right? - Nope, because the income account was in an even deeper drawdown. The leverage on income was higher than the main account you see. You can imagine the way I felt in NYC. I had a system that I believed in so much which had still not reached its worst drawdown from the past. And I had a team of people with just as much money on the line as me. Oh yes, I had a ball in NYC Not! By the 22nd of December, the date of my return to the UK the account was a whopping 48% drawn down. This was represented by a 48k virtual balance which was not there - the extra 20,000 had gone from the income account which was hovering at the 10,000 level - the amount I originally put in it and the main account was at 28,000. From a combined account high on November 30th 2006 of 110,000 I had 38,000 left. Nice close for Christmas was that. It s important to note at this point that the system STILL had not failed. In fact it could go for another 100 pips to beat the previous drawdown from our tests in Many of you may be thinking at this point that the system had failed. But it had not. We had failed the system. What had failed was the way we had managed the account to 100% efficiency. We had worked out that 25% of the account would be safe and then went on to make that safe money unsafe. Basically in our greed what we did was create a fantastic system, but one that if it ever did fail would leave the account totally empty. That's 100% efficiency. Brilliant in theory, devastating in reality. Certainly not my finest hour and i'm sure many of you are enjoying the mental pictures of me squirming under a drawdown. Just remember though that at least I ve got to this position :) So here we are with a realisation that we are deep shit and if we do see the mother of all drawdowns, we are fubar with nothing. Well, nothing is a bit of an overstatement, we did take like 40k out of it and we still had 38k left so not bad for a 10k start. BUT, it was decision time. It was Christmas and we closed at the bottom of our biggest ever 75.

76 drawdown with the thin Xmas trading days to look forward to. Brilliant (not). The mistake was clear. It was the fact that we took it for granted that the system would not fail us and in fact it didn't - we failed the system. Taking the money out and then trading that money the same way was very foolish and the realisation of what we had done was very humbling to say the least and still is. We had a choice - continue with the current stakes and risk that in three trading days we are dead in the water. Or lick our wounds; take the hit and live to trade another day. Over Christmas we decided on the latter. We drew a line under December 27th and reset the clock. Whatever our balance was at the close of business that day was the new starting point. Our money management would be reset to flat and the money left would be pooled into one singular new grail as opposed to income and main growth. And that's what we did. Of course what happened was bound to happen - the next 12 straight days were winners. If we would have stuck with the stakes we were at then within those 12 days we would have seen new equity highs of over 120,000. But there are lots of shoulda woulda coulda tales in this game. Shit happens and we sat in it big style. We learned a very hard lesson and had to eat some humble pie as I m chewing on now to you lot. The lesson is that we never ever take any part of the account for granted - had that extra 20K still been in the account we would have weathered the storm. It wasn't and we didn't. Since this time we had a 61% month for January and have just had a poor February at -12% but we move into March with a renewed outlook. I have also changed my broker strategy. My account is now spread over several brokers rather than just one and whenever I need money, which to be honest aint often, I will dip into it. After xmas I started trading again with around 38,000 and the last high of the account since then was in the mid $70k's - I took 3,000 for some living expenses (well, a nice shiny new toy actually) and it now leaves me starting March 2007 at around 60,000. It's been a storming start to the year so far so let's hope it continues. So, that's my story of what happened at Christmas - the season of goodwill :) I hope you've enjoyed the story and that you may learn from it. This is the true story of what almost brought me to my knees as a trader - I've been trading now for almost 5 years so if you are new in this game or if you are not then the lesson is there - never but never take anything for granted. 76.

77 Those who know me know that i'm not good at humility and don't take well to making myself look a twat. It's not been easy for me to tell you this story and would have been easier just to close the blog and never return. However I think that there are many out there who could easily make this same mistake and if I can stop them doing this then maybe one day they will thank me and tip their hat to the Soultrader and his team. Finally, and to give this story a tagline for you to remember - Always remember the trader's golden rule - under every silver lining - there's a fucking huge thick black cloud waiting to pour down on you. Make sure you carry an umbrella in your head. This is the last post of this blog - The aim continues to make the million, but for now it will remain private 77.

78 The Last Post Here is the final post from the blog. It was 6 months on from the major crash and even now it was still painful. In this post you will see the screenshots from our backtesting of grail. You'll see why we had such belief in the system. This was my explanation of what went wrong. ***************** 17th July 2007 I must say it's nice for you to pop along here now and again to see if anything is happening. I have news for you and a lesson to be learned, but you might not like it. I certainly didn't. This message is aimed at those people who spend hours on top of hours back testing their system whether by hand or by a computer model. So in other words any trader ever trying to make a trading system. The lesson is that most likely your system has a missing element - read this post thoroughly and you'll find out what it is. The system we knew as Grail is no longer in use. It is no longer productive. That does not mean that it will never work again, but that it no longer gives the right return for the amount of risk taken. In December last year (2006) grail had a drawdown of around 50%. Bear in mind that at its height the system had made 1000% in a year and had taken 10k into 100k - a significant achievement I'm sure you will all agree. The December drawdown was a crushing blow. I was in New York at the time having a holiday and it totally spoilt that! Of course the day that we as a team decided to reduce the stakes was the day the system decided to turn around. We changed from 118 per pip to.

79 Thereafter followed a 17 day winning streak. To the point that had we remained on our original staking plan, new account highs would have been made on day 14. Amazing eh. So think about this, OK, you reduced stake and the system did exactly what you thought it would do. It returned to form. We did not do what many would and go back to large stakes; we took the hit and moved on from our current position. December though should have rang warning bells. The fact that the drawdown was so severe and sudden - within 18 trading days from a new high at the end of November we were almost on our knees. Clearly the system was prodding us in the ribs saying "oi, take notice twat" we didn't. We continued to trade the system - January did amazing numbers but then that was it. Feb lost, March lost, April lost and this time it was a drawdown of almost 60% from the November highs. When we finally gave up the ghost and ceased trading Grail I had around 38k left having lost the January gains. When you think about it, the system was a success. It made 38k from 10k and in addition to this we traded it on another account and took over 40k in 'wages' from 10k of that initial winnings. So not bad. We are still tracking the system and it's lost and lost and lost - if we would have continued it would without a doubt have blown the account totally. The bottom of the drawdown was 1082 pips, met a couple of weeks ago. So what went wrong and what can we learn from this to move on. More importantly how can it help you? The Testing When we first devised the system and tested it we hand tested almost three years of data. - That was around 600 trades. Would you consider that adequate? Remember machine and HAND tested? It sounds like plenty of testing doesn't it and believe me it was hard work. We changed this, changed that, aware all of the time that we must not curve fit. Checking each trade manually on a one minute, tick by tick chart. Our final test prior to live ran from May 1st 2003 to September 1st 2005 (remember we started trading it in October 2005) 79.

80 Below is a snapshot of the equity curve of the test - good eh? Well, we thought it was! In fact we thought it good enough through our months of testing and refining that we began trading it. Live Trading One year in and all is well. The system performed not just close but EXACTLY how we expected it to, hitting 1000% within just 4 weeks of the anticipated date of October Imagine the elation knowing that all you have to do is repeat what you've already done for a year, for the next year and you would be sat on a cool million. At this point we were all 100% committed to this in the 100% belief that this system works. We even had investment funds now trading the system. Millions were being traded with it. The test data now had an extra year of trades but this time REAL trades and not test trades. The test was now over 800 trades with 20% of them done in the real market. Have a look at this chart - the test matched reality exactly - this was May 03 to November 06 80.

81 The Fall We know the story from here, just go back a few posts and you'll see what happened. The system failed. But why did it fail and what did we do wrong and not include? Ceasing to trade the system was one of the hardest decisions I have ever made as a trader. It didn't mean just my dreams evaporating, but those of my team, my wife and the capital of my investors. Not an easy decision and one that still makes me shudder to this day. As a team and as human beings we went through what I can only explain was a grieving process. We just didn't know what to do or where to turn. We had got so used to mechanical trading that our discretionary skills has dried up and withered so we had no backup plan. You may laugh at this but this grieving process is only just coming to an end and was one of the most painful times in my life. Ive always been successful in whatever I've done and when I've set a goal I've reached it. This time I did not. The reason I have the strength to continue this blog is because I am now back on the road and once again trading very well but I learned so much from the experience, in fact some will laugh, but I'm a changed person because of it. Before we move on, allow me to share with you the equity curve that the test returns when ran today over a shorter period to show closer. The high peak you can see is November the second lower peak is January ran with lower staking and you can see what happens from there - direct evidence I suppose that trends exist in every part of trading including equity curves! 81.

82 The Analysis So, let s look at what went wrong. Those of you who backtest systems wont like this. Most think that a few months or just a year is long enough to test. It isn't. Our test, even almost 4 years of it with 800 trades of which 20% were real - was not enough. 왜? Because our test did not include all market conditions. When the grief set in we started to dissect the system and find out what went wrong, why the system failed and what we could have done to mitigate. After a lot of talk and soul searching we looked at the date we used to test - it was fine but when we looked at a monthly chart, it was strikingly obvious. Here is the chart. 82.

83 Left to right, the first line is the start of our testing period, May The market is fine and normal was not a great year in the test though acceptable and you can see why it did not fair so well as the first five months of the test were up and down but still had nice ranges. The second line on the chart represents October when we started trading the system. So those bits of data between the first two lines are our test period - not a lot really is it? Does it really look like it has all market conditions in it? No, it's a nice trending market most of the time. So line 3 is November the peak of our grail accounts when we hit 100k and 1000% on account - a nice trending 14 months I think you will agree. Now look what happens between November 06 (line 3) and April 07 (line 4). Four Doji bars in a row. A severe sign of a constricting, indecisive market if ever I saw it. No trends, just spikes up and spikes down - the daily action mimicked this spikes up then down, spikes down then up. Grail was an intraday trend following system. During this time there were no trends, just a hell of a lot of reversals. During this time those in the forums were developing systems such as Firebird and grid trading 83.

84 systems - they did really well during this time because they were mean reversion systems - they traded counter trend to moves looking to profit on the retraces - and there were plenty of them. A system similar in nature to Grail such as Hans 123 was also suffering and also died during this time. The Firebird guys tested like a few months and thought that covered all market conditions because they had lots of trades a day - clearly they were only testing these monthly doji bars and when the market did start to trend for as little as a few days they got burned badly only for it to turn in their direction the very day after they took losses. Anyway, as you can see, those market conditions did not exist within our test period. In fact we never had more than a single doji in a row, let alone four of them. And that's what killed Grail, our test data just was not enough and did not cover all market conditions. Before I move away from this, just think for a minute and look at that chart. Every month someone is saying "the markets have changed, the volatility will not return" - well look at the chart - it stretches all the way back to can you see any real market change there? - I know I can't, just a trending market with a few areas of consolidation is all. So, the questions arise like, well, if the test data had those kind of periods in then you may have never traded the system, and that's true - chances are we would've either not gone forward or we would have played it much less aggressive. The thing is we do not have a crystal ball and we don't know what we would have done. The fact remains that our test was not enough and for your information, for the test to have those conditions in it would have had to have been a nine year test and even then the four doji's in a row were much smaller in Lessons The lesson here and my message to you is that no matter how much you test, no matter how far you go back there will always be a market condition that your test does not have. Next time it could be 7 doji's together or even 17. We don't know. The market ranges have also got much smaller - in 2004 the range for cable was almost 170 pips a day 05 was around 150, 06 was 140ish and this year has barely managed 110. But go back further to the early 90's and you'll see ranges that will make you sweat just by looking. Grail was a trend system and without a trend she died. 84.

85 So, those of you designing systems are now saying 'well, what the hell can I do? - I have to rely on the fact that the past repeats it's self otherwise I might as well flip a coin' My answer is that you need do nothing different apart from add one thing extra to your system that we did not. In the testing phase our system worked for four years solid - two more years and I would never have traded again because I would have had 10 million quid in the bank. We were unlucky with market conditions and you may be luckier. LTCM (Long Term Capital Management) had around five years of amazing trading. They were the Wall Street kings for years. But then market conditions arose which weren't in their test period. Here were a bunch of professors from MIT. They were the best of the best and made more money than anyone else before them. Yet they went bang big style bringing the financial world to its knees for billions. One thing is for sure. No matter how good your system appears to be, no matter how much money it has already made and no matter how much confidence and testing you put into it - sooner or later a market condition will surface which you haven't seen before. We never know what is around the corner; you could run the gauntlet and have 10 years or more of great results. But sooner or later the market will throw off a wild one. What's needed is something that traders hate to have to think about. Long Term Capital Management didn't have one when they had to be rescued by the Federal bank for Billions. Nick Leeson didn't have one when he broke Barings Bank, the oldest bank in the world. And Soultrader and his team didn't have one when grail failed. What they didnt have was a method of identifying when the system failed and a plan of what to do when that happened. I have no doubt that grail will become profitable again when the market returns to its groove. In fact it's starting to look like the market ranges are coming back now. For months the 20 day average has been below 70 on cable. Recently it's got above 100 for the first time in months. Grail will work again and I might have a punt again when it does - there could be another four years! System designers need to add one more thing into their arsenal. They ask these questions when designing a system 85.

86 1. When to enter a trade 2. How much to trade 3. Where to place a stop 4. Where to exit a trade They are missing part 5 and part 6 5. How to identify when the market conditions cause the system to fail. 6. What to do when it's failed. There is also something else that we have learned about our system design that i'd like to share with you. Grail was an intraday trend following system. It traded every day, when the intraday trends disappeared so did grails profits. Grail, with certain parameter changes would work on most currency pairs, in fact, most liquid markets. Grail was designed around a fundamental truth - trends exist. The fact that for the past six months that have not existed intraday does not mean they aren't there on longer timeframes. Our trading is still trend based, but no longer tied to a specific time period and no longer tied to a single pair. I now trade trends over the longer term and on any currency you can name. This new method of trading is better than Grail and so good things have come of this. My advice to you is that when you design a system; make it a system based on a solid market principle. And don't limit yourself - if it's good it will work on ANY currency pair. The End Is Nigh! This story has been here since I hope you've all enjoyed it. If all this blog does is make you implement parts 5 and 6 into your trading systems then it stands here for something and leaves a legacy. Since grail we have moved on as a team. We are scarred and battered but not beaten. The true mark of life's winners is that they do not give in. The whole experience has changed me as a person. I'm still an arrogant sod but I have tasted real humility and have been just about as low as you can get emotionally. I'm not going to say 86.

87 that I have come out stronger because it's not true. I've come out more cautious than ever before and very cynical - two traits of a trader that are never publicised in the books you read but two which will enable me to move forward with my chosen career in safety and with a degree of humility. Until you've been there you cannot possibly imagine what I and my team have been through from the heady heights of amazing returns to the gutter lows of complete despair. This is the final post for this blog and I really hope those of you who have shared this journey have learned from it. If you are a currency trader and are finding this for the very first time I strongly suggest that you read this blog from the very beginning. Feel the highs and lows with us as you reach this final step. And good luck to all for the future. The Team: Soultrader Keres Angelfx Automan Madisonfx Whispy Fluty 87.

88 Final Notes So, here I am in 2013 looking back over the grail system. When I began putting this book together I thought that it would be a story of bad times and personal loss. I grieved the loss of grail for two years and a few weeks ago I still felt that this was a failure. Having put the thing together, digging out all my old notes and spreadsheets I found myself; in the words of Little Anthony and The Imperials On the outside looking in It s a place that I have never been in before with the grail story. As the posts unfolded on these pages I have learned new lessons. I ve learned for the first time what the real reason was for this project to fail. I ll come to that in a moment. First let s cover some of the things I ve found. One thing that the blog never mentioned was "The Black Swan". Those reading this that have been system traders will know what I'm talking about. I believe the phrase was first coined by Nicholas Taleb in his book The Black Swan: The Impact of the Highly Improbable (click) which was published after the grail days. The basic view is that systems are fine when all that swims by you are white swans, but eventually a black swan comes along and screws up the system of counting white swans. Yes, I know it's a rather poor description but if you want the whole thing then buy his book. We had a river full of white swans. But black swans always exist and when they come, then it's over. That is the problem with any fully mechanical trading system. The ability to notice and act on changes to the underlying fundamentals of that system is what is needed. Unfortunately though, by the time the black swan is visible it's already too late. What you need to be able to do is see the ripples on the water as the swan is around the corner. The ripples were there but we were blinded by confidence and past results. The changes in drawdown were a ripple; the 'feeling' that I spoke out in late 2007 were a ripple; and the increased number of losing months compared to the test data were ripples. But when you're by the river counting white swans you don't see the ripples from the black one. I have never again been able to put together a mechanical system with anything near the results of grail, even from a backtest. I truly believe that it was a one off. I've tested literally hundreds of systems based on everything from straight price to crazy moon cycles! Some people will draw conclusions from the weirdest of co-incidences! I seriously believe that someone could build a system around the number of time you go for a pee in a 24 hour 88.

89 period. Indicators just paint a different way of looking at what has already happened. There is only one indicator that tells you what is really happening now and that is price. If anyone asked me for advice today on trading then I would tell them to clean the chart, take off all the pivots, fibonacci lines, fractals and bloody butterfly lines and trade naked price, it is the only thing that is real. In the months following the end of the project all of the members of the team slowly drifted apart. Whispy bought a landscaping company and began doing lawn care for affluent people in the south of England. Angel was one of the team that lived life as if the money were already in the bank. Half way through the project she had bought an apartment in her dream location of Nice in France and had moved there basing future income from grail. Following the crash she sold the apartment and went back into health care in Australia. The last I heard from her she had taken a Law degree and was planning a return to France this year. She was the person that Martin and I really felt for because she followed the dream before the money was in the bank. On saying that we were all guilty of planning what to spend. We extended the plan to go for one more year from one million to 10 million. The wife and I were literally viewing half million pound houses and when we went to New York in December it was first class with a bed in the aeroplane and a 500 a night hotel penthouse. Martin was ordering catalogues for superyachts. Tony devised yet more trading systems and developed trading robots taking thousands from the markets. He was banned from more brokers that anyone I have ever known and unfortunately ended up close to broke. If you think we were reckless with leverage then you've never met Tony! Kev took several jobs in hedge funds and stock broker companies and we are still dear friends today. He's planning to get married next year. He earns good money and still trades himself but on a much smaller level. Martin continued to trade, mostly alone and reverted back to a quick hit trading style on the 5 minute chart. We left off contact for a year and he has it licked now and makes around 200 pips a week on small leverage. We now continue to trade together daily and occasionally we take a look at system trading. But usually it's not for long. Following grail I went into quite a depression for two years but continued to swing trade and hold my own. When the credit crunch hit in 2008 I decided that I needed a reason to leave the 89.

90 markets for a while. I took a job with a local radio station as a radio host and also running the sales team. I planned to be there for just one year. I stayed out of the market for a while and returned to trading in a 'swing' style whilst retaining the job. In 2011 I developed a problem with my voice and to cut a long story short in 2012 I had to have laser surgery on my vocal chords that left my voice incapable of radio or sales work for more than a few hours a day. I'm now back in the markets daily and am surprised how they have changed from a trend perspective. Following this final chapter are the appendixes. You will have in your hands on the entire system we used to create this and it's deceptively simple as you will discover. You'll also see most of the changes we made to the system as I can remember them. Following that is appendix 2 - sheets of all trades taken and stakes placed. Every single trade we made with nothing blacked out. The robotic trading 'experts' we built still work today and can be tweaked to perform but not for a long period. The markets are so changeable these days and true trends are rarer than they were back then intraday. If you are the lucky one that finds the next grail, a 100% mechanical system with no decision making needed. Do let me know. I could write a book on you! As a final note let me say this; People will talk about this book and what the lessons are. Many will say it was the system at fault, many will say it was our gung ho attitude. Most will say it was a reckless money management system. It wasn t either of those. And this is the real lesson to be taken from this book. If you ve read this far then you deserve to know, The true reason that grail failed was over confidence. Put yourself in our shoes: Let me leave you with a question If you had a system that you believed in 1 billion percent (if such a thing existed), that you had lived and breathed for a year before trading it; that you had stress tested to the nth degree with hundreds of tests; and that you just knew would always return from a drawdown as sure as night followed day A system that worked month in month out for four solid years. How much of your account would you bet on it right now? 90.

91 Thank you for reading and please do contact me if you would like to comment or chat about my journey. Soultrader. Facebook: Facebook/soultraderforex 91.

92 Appendix 1: The Grail System Here I will lay bare for you the grail system. Remember I did say that it was deceptively simple. It has no indicators apart from price and time Rules of trade placement 1) At exactly 8am UK Time take the price of GBP USD 2) Place a Buy stop at price +40 pips, stop loss 80 pips, take profit 240 pips, trailing stop 60 pips 3) Place a sell stop at price -40 pips, stop loss 80 pips, take profit 240 pips, trailing stop 60 pips 4) If trade entry level is hit, delete second trade order 5) Close all trades at 6pm UK time That's it. That is Grail. Changes Made throughout the experiment: 1. At +1 pip in profit change stop to Made a change to the auto trading robot so it did not place the trade until price was within 10 pips of entry so the brokers could not see the order levels. We also had an instant trade version but reverted back to orders because of slippage 3. Changed the closure time to 3:59 pm UK time on short (sell) trades only - This increased pips significantly 4. changed take profit to 280 based on new backtests 5. changed initial stop to 75 pips 6. changed closing time to 6:59pm UK time on longs These are the changes we actually implemented from testing literally hundreds of other ideas Money management method. This changed quite a bit over the time as we experimented with different staking plans. Starting strategy: With a 10k bank we started at 10 per pip. This is the equivalent of 1 standard 100,000 lot in the markets. When the bank closed the day above 10,000 we would be at 11 a pip the next day. 등등. The strategy was that if the price went down we did not reduce the stake. So lets say for example at the open of the day we had 12,500 then we would play 13 per pip. The stake 92.

93 would remain at 13 per pip until we closed a day above 13k. Even if the money went down below our original 10k we would remain at that level until it broke the next milestone. You can see this strategy in the trading sheets appendix2 from Oct 05 until Jan 06. From Jan 06 we decided to not just remain steady when the bank went down, we decided to increase the stake by 1 per pip for every losing day until we broke the next k milestone at which point it would reset to the new level. Each winning day whilst in drawdown we would reduce by 1 but only to the base level. This is getting complicated so I'd better explain: Say our account high was The base level would be 15 per pip - stakes could not go lower than this from this point on Next day lose + 1 = 16 per pip Next day lose + 1 = 17 per pip Next day win but not break previous account high - 1 = 16 per pip Next day lose + 1 = 17 per pip Next day win and break account high to say then base level is reset to 15 That's it. This can be seen on the trading sheets from January2006 to May 2006 The reasoning behind this method of management was that because we were so confident that drawdowns would always pull back, this would increase the momentum of that return. In May 2006 mid month we hit 50k in the account and the +/- turned to 2 and it continued that way until the end. You'll notice that in December from the trading sheets we were at 118 per pip with a remaining bank of just 54,000 this meant that our leverage at this point was over 20:1 93.

94 Appendix 2 - Trading Sheets Actual trading spreadsheets follow this page You will notice that Nov and Dec sheet has two columns 'stake' and 'our stake' I'm sorry but I have no recollection why that is apart from our stake was what we were actually placing. For some reason that I cannot remember there was a jump in the stakes and I really cannot remember why we did that. It may be that I added how much extra we were using double leverage by from the income account just to show where we were. I continued keeping the sheet until January 11th where the system WOULD have made new highs and from that point on started a new sheet as you know we reduced stake at the end of December. 94.

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As one of the premier rare book sites on the Internet, Alibris has thousands of rare books, first editions, and signed books available. With one of the largest book inventories in the world, find the book you are looking for. 도움을주기 위해 우리는 우리가 좋아하는 것을 제공했습니다. 백만 가지가 넘는 아이템이있는 적극적인 마켓 플레이스를 통해 Alibris Advanced Search 페이지를 사용하면 찾고있는 아이템을 찾을 수 있습니다. Through james Advanced Holy Pageyou can find items by searching specific terms such as Title, Author, Subject, ISBN, etc or you can narrow your focus using our amazing set of criteria parameters. Pdf one of the largest collections of Classical Music around. Through the Advanced Searchyou can find items by searching trading terms such as Title, Artist, Song Title, Genre, etc or you can narrow your focus using our amazing set of criteria parameters. Through grail Advanced Searchsystem can find items by searching specific terms such as Title, Director, Actor, Pdf, etc or you can narrow your focus using our amazing set of criteria parameters. Find the items displaying the free shipping icon. 책, 음악, 영화에 대해 충분히 이해할 수 없습니까? Check out these wonderful and insightful posts from our editors. By signing up you enjoy subscriber-only access to the latest news, personalized book picks and special offers, delivered right to your inbox. We never share your information and you can unsubscribe the any time. To be the ultimate 'Holy Grail' trading system it would have the ability to automatically trade and have zero discretion. It would windsor a currency trading system that does not care if you are having a bad day, are It would be a currency trading system that does not care if you are having a bad day, are on grail or if you have had an argument with your partner in the last hour. The entries, exits, trailing grail and money management must have no user input whatsoever. All the user has to do is switch it on and wait. The forum boards of the internet are full of people searching for this ultimate trading system. The of traders windsor day search, test and simulate for hours looking for this 'golden egg' laying goose. Most believe that it does not exist nor ever windsor. This book is here to prove to you that such a system did exist and was discovered by a few home based traders just like you. It can be found again. Here system my question to you. One that proved itself not just for weeks or months, but for years How much would you risk? How would you trade it? How would your emotions handle such a guaranteed' system? Well, Not only does this trading book tell the story of how the trading system was built, it also gives you the full grail system and strategy, free and clear for the very first time. The actual Forex trading methodology has remained a closely guarded secret for over 10 years! Nothing is held back, you will discover. Trade by trade entry james Trading timeframes Trade exit levels Optimum money management strategy Trailing system settings Full results and account screenshots Could you be the next trader to find a Holy Grail system? James clues are all here. What changes you should be wary of when trading your system and strategy What happens to your mind when all of your hard work comes together What happens to your mind when everything looks wrong The true reason for a system failing hint: With full disclosure for the very first time this book shows every trade, every holy, every high and every low of a Forex trading system called simply 'Grail' Who Should Buy This Book? System traders System developers Home based retail traders Forex trading Anyone considering trading the financial markets. The lessons to be learned here are invaluable" The - UK Read Less. Shipping costs can vary james on destination. PLEASE NOTE, WE DO NOT SHIP TO DENMARK. Shipped from UK in 4 to 14 days. Established seller since Please note pdf cannot offer an expedited pdf service from the UK. Holy Territorial Army in Being: A Practical Study of the Swiss Militia. A Practical Study of the Swiss Militia and the Norwegian Militia The Master Swing Trader: Tools and Techniques to Profit from Outstanding Short-Term Trading Opportunities. For personal use only. Pdf rights in images of books or other publications are reserved by the original copyright holders. Biology Business Management Calculus Chemistry Computer Science Criminal Justice. Economics Education Engineering Finance Geography Literature. Marketing Mathematics Nursing Philosophy Holy Programming. Psychology Religion Sociology Statistics Theater Web Design. Search New Textbooks Promotions New! Blog Trading International Editions. One-Stop Shop For All Your Back To School Needs See how much other students james saving the textbooks today. Children's Books Comics Computer Cookbooks Dictionary The Encyclopedia. Horror Humor Maps Math Memoirs Mystery Poetry. Book Grail Essentials About Bookselling Book Collecting Book Windsor Book Condition Book Repair. Find Rare Books First Edition Books Antiquarian Books Signed Books Find A System. 희귀본 및 절판 도서 수집 인터넷상의 희귀 한 도서 사이트 중 하나 인 Alibris에는 수천 권의 희귀본, 초판 및 사인 서적이 있습니다. Best-Sellers Trading Releases Classics Bargain James. Find the Book to Satisfy Your Book Cravings With one of the largest book inventories in the world, find the book you are looking for. Advanced Search Can Help Find What You Are Searching For Use the Alibris Advanced Search Page to narrow your search criteria and find your item! Electronic Folk Hip-Hop Jazz Latin Metal. Find A Music Collection Unlike Any Other From new releases to oldies, discover your windsor favorite album and artist! 상공 회의소 음악 합창 음악 오페라 오케스트라 음악 심포니 보컬 음악. Discover New and Pdf Classical Music Like Classical Music? 어린이 희극 범죄 다큐멘터리. 음악 뮤지컬 신비 로맨스 공상 과학. 스포츠 스릴러 TV, War Western 보여줍니다. Academy Awards Best Picture Nominated Best Actress Nominated Best Actor Nominated Golden Globes. Cannes Film Festival Palme d'Or Grand Prix New York System Critics Film Festivals Award Winners. Add These Distinguishing Movies to Your Collection Thousands of movies and TV shows the satisfy system movie buff. 신비 로맨스 공상 과학 소설 여행. Grail 99 Cent Books. 자주 묻는 질문 (FAQ). 책, 영화, 음악에 대한 사랑? Get exclusive access to all of our latest deals and coupons. Best-Selling Biography Business Cooking Family. Alibris has millions of books at amazingly low prices. 커뮤니티 토론방 리뷰 판매자 게시물. Engage with the Alibris Community Love shopping on The Share your stories and reviews with other customers! The Alibris Blog Can't get enough pdf books, music, and movies? 브라 우즈 편집자가 제공하는이 멋진 통찰력있는 게시물을 확인하십시오. 저자 인물 The Science Our Partner. Holy Author Personalities Search trading your favorite author and through system power of Holy Watson Get Insights! Create an Account Track Grail Order History Wishlist. The Holy Grail Trading System by James Windsor Write The First Customer Review. Book Details Seller Sort Seller Rating Price: Low to High Price: High to Low Condition Condition: Reverse Pub Date Pub Date: See All CopiesCreatespace Independent Holy Platform Trade paperback, New. Details ISBN ISBN Publisher Createspace Independent Publishing Platform Published Language English Alibris ID Available Quantity greater than Seller's Trading Dispatched, from windsor UK, within 48 hours of ordering. This book is in Brand New james. Seller's Description PLEASE NOTE, WE DO NOT SHIP TO DENMARK. Related Books Reminiscences of a Stock Operator by Edwin Lef? Customer Reviews Write a Review. 쿠폰, 뉴스 레터 등을 지금 구독하십시오! Alibris, Alibris 로고 및 Alibris. 4 등급 이상의 높은 평점 판매자. Highest Rated Sellers Only 5 stars only. Very Good or Better. Alibris Trading NV, USA. Reuseabook HIGH Gloucester, GLOS, UNITED KINGDOM. Paperbackshop International HIGH Windsor, GLOS, UNITED KINGDOM.

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Full metal jacket as detailed in one answer is potent and was originally designed to break up into 3 pieces to create secondary wound channels.

So: support minority representation and depictions in movies and books.

By considering the backgrounds of these works, and comparing them directly we are able get a taste not only of the artistic styles of the time, but also a taste of ancient Greek culture.

When I sit with him and hold his hand, sing childish ditties or read familiar psalms, he seems to grow calm.

Besides the extraordinary rivers of ice, glacial erosion creates other unique physical features in the.

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The holy grail trading system james windsor pdf.

As one of the premier rare book sites on the Internet, Alibris has thousands of rare books, first editions, and signed books available. With one of the largest book inventories in the world, find the book you are looking for. 도움을주기 위해 우리는 우리가 좋아하는 것을 제공했습니다. 백만 가지가 넘는 아이템이있는 적극적인 마켓 플레이스를 통해 Alibris Advanced Search 페이지를 사용하면 찾고있는 아이템을 찾을 수 있습니다. Through james Advanced Holy Pageyou can find items by searching specific terms such as Title, Author, Subject, ISBN, etc or you can narrow your focus using our amazing set of criteria parameters. Pdf one of the largest collections of Classical Music around. Through the Advanced Searchyou can find items by searching trading terms such as Title, Artist, Song Title, Genre, etc or you can narrow your focus using our amazing set of criteria parameters. Through grail Advanced Searchsystem can find items by searching specific terms such as Title, Director, Actor, Pdf, etc or you can narrow your focus using our amazing set of criteria parameters. Find the items displaying the free shipping icon. 책, 음악, 영화에 대해 충분히 이해할 수 없습니까? Check out these wonderful and insightful posts from our editors. By signing up you enjoy subscriber-only access to the latest news, personalized book picks and special offers, delivered right to your inbox. We never share your information and you can unsubscribe the any time. To be the ultimate 'Holy Grail' trading system it would have the ability to automatically trade and have zero discretion. It would windsor a currency trading system that does not care if you are having a bad day, are It would be a currency trading system that does not care if you are having a bad day, are on grail or if you have had an argument with your partner in the last hour. The entries, exits, trailing grail and money management must have no user input whatsoever. All the user has to do is switch it on and wait. The forum boards of the internet are full of people searching for this ultimate trading system. The of traders windsor day search, test and simulate for hours looking for this 'golden egg' laying goose. Most believe that it does not exist nor ever windsor. This book is here to prove to you that such a system did exist and was discovered by a few home based traders just like you. It can be found again. Here system my question to you. One that proved itself not just for weeks or months, but for years How much would you risk? How would you trade it? How would your emotions handle such a guaranteed' system? Well, Not only does this trading book tell the story of how the trading system was built, it also gives you the full grail system and strategy, free and clear for the very first time. The actual Forex trading methodology has remained a closely guarded secret for over 10 years! Nothing is held back, you will discover. Trade by trade entry james Trading timeframes Trade exit levels Optimum money management strategy Trailing system settings Full results and account screenshots Could you be the next trader to find a Holy Grail system? James clues are all here. What changes you should be wary of when trading your system and strategy What happens to your mind when all of your hard work comes together What happens to your mind when everything looks wrong The true reason for a system failing hint: With full disclosure for the very first time this book shows every trade, every holy, every high and every low of a Forex trading system called simply 'Grail' Who Should Buy This Book? System traders System developers Home based retail traders Forex trading Anyone considering trading the financial markets. The lessons to be learned here are invaluable" The - UK Read Less. Shipping costs can vary james on destination. PLEASE NOTE, WE DO NOT SHIP TO DENMARK. Shipped from UK in 4 to 14 days. Established seller since Please note pdf cannot offer an expedited pdf service from the UK. Holy Territorial Army in Being: A Practical Study of the Swiss Militia. A Practical Study of the Swiss Militia and the Norwegian Militia The Master Swing Trader: Tools and Techniques to Profit from Outstanding Short-Term Trading Opportunities. For personal use only. Pdf rights in images of books or other publications are reserved by the original copyright holders. Biology Business Management Calculus Chemistry Computer Science Criminal Justice. Economics Education Engineering Finance Geography Literature. Marketing Mathematics Nursing Philosophy Holy Programming. Psychology Religion Sociology Statistics Theater Web Design. Search New Textbooks Promotions New! Blog Trading International Editions. One-Stop Shop For All Your Back To School Needs See how much other students james saving the textbooks today. Children's Books Comics Computer Cookbooks Dictionary The Encyclopedia. Horror Humor Maps Math Memoirs Mystery Poetry. Book Grail Essentials About Bookselling Book Collecting Book Windsor Book Condition Book Repair. Find Rare Books First Edition Books Antiquarian Books Signed Books Find A System. 희귀본 및 절판 도서 수집 인터넷상의 희귀 한 도서 사이트 중 하나 인 Alibris에는 수천 권의 희귀본, 초판 및 사인 서적이 있습니다. Best-Sellers Trading Releases Classics Bargain James. Find the Book to Satisfy Your Book Cravings With one of the largest book inventories in the world, find the book you are looking for. Advanced Search Can Help Find What You Are Searching For Use the Alibris Advanced Search Page to narrow your search criteria and find your item! Electronic Folk Hip-Hop Jazz Latin Metal. Find A Music Collection Unlike Any Other From new releases to oldies, discover your windsor favorite album and artist! 상공 회의소 음악 합창 음악 오페라 오케스트라 음악 심포니 보컬 음악. Discover New and Pdf Classical Music Like Classical Music? 어린이 희극 범죄 다큐멘터리. 음악 뮤지컬 신비 로맨스 공상 과학. 스포츠 스릴러 TV, War Western 보여줍니다. 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Full metal jacket as detailed in one answer is potent and was originally designed to break up into 3 pieces to create secondary wound channels.

So: support minority representation and depictions in movies and books.

By considering the backgrounds of these works, and comparing them directly we are able get a taste not only of the artistic styles of the time, but also a taste of ancient Greek culture.

When I sit with him and hold his hand, sing childish ditties or read familiar psalms, he seems to grow calm.

Besides the extraordinary rivers of ice, glacial erosion creates other unique physical features in the.