Gomega Xray Results for May 22nd 2009

Its been a exciting week for Gomega Xray forward tests and perhaps for most automated EAs. Gomega has been trading a $5000 demo account with Alpari since the 21st of April, and it started the week with a balance of $6188. During the week it took a number of successive loses drawing its account balance down to well under $6000. Yet at the same time its equity balance was hovering around $7000. So on the one hand the results didn’t look so good at first, it was in a very good position overall.

Part of the explanation behind the string of losses in my opinion is Gomega Xray trades multiple currency pairs and one of the entry factors is the cross currencies strength for each of the pairs being traded. This is one of the factors that gives Gomega an edge when calculating whether to enter a position. However it is a 2 edged sword. So if the market direction changes or goes against Gomega, Gomega will likely have many little losses in a row as the stop losses are hit. Naturally the opposite is true when Gomega is on the right side of a market swing, the result being multiple giant wins in a row.

This is exactly how last weeks trading had been. Gomega found itself on the incorrect side of the market movement a couple of times as well as some positions that were peaked out as a result of some major news events. Those news events without doubt had sent a cascade of stop losses rippling across the markets. Perhaps a great oppurtunity for a dedicated manual trader? However regardless of this, Gomega was still in the trade on many positions since the start of the week and earlier. And as the Euro continued to strengthen throughout the week, Gomega’s equity position continued to grow, though its balance was down.

By the end of the week, Gomega had closed out many positions it had been holding and finished the week with a balance of $7296 and equity of $7478. So that was a gain of $2296 or 45% in less than 1 month.

While the weeks trading failed to produce a nice smooth balance curve, the end result is still very impressive. If only Metatrader were in a position to show an equity curve that encompassed the equity balance, it’d be better to visualise the real progress of the trading through the week. Another limitation of the chart s produced by Metatrader are that the horizontal axis is constructed on a trade by trade basis rather than a fixed unit of time. So the end result is a somewhat distorted view.
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Filed under: Forex Auto Pilot Software

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