👉 Exclusive Discounts https://linktr.ee/covetrader
Transcript
Auto-generated from the video audio — expect imperfect punctuation.
What’s going on guys? So, before I get into it, be sure to subscribe below. I stream live every single day. Smash the like button as well. If you want to support the stream, be sure to use code Cove Trader. All right. So, last couple weeks, I have been building indicators. I’m going to release them for free. It’s going to be a suite of indicators, but I got to clean them up. All right. I have a lot of a lot of indicators
That are like 80 85% of the way there. But, I wanted to show you this cuz I made this post today on Twitter or X as you guys now know it as, and I did the backtesting. And what you’re going to see, I did this a while ago, and you could see crazy profits, right? I ended up running this uh live, and it was literally awful. So, any of these guys posting these indicators with massive win rates and things like that,
A lot of times these backtests aren’t correct. As much as NinjaTrader or um TradingView and some of them, you know, I think it gets more incorrect as it starts getting to like unrealistic numbers. I think a lot of the realistic numbers are when you see the profit factors at, you know, 1.7 to maybe three or four. Uh you know, win rates between 60 and 70% 75. Maybe 80 depending on, obviously, TP, stop losses, things like that. Um but people are selling
This crap. I’ve seen a lot of it. And they’ll show you the backtest numbers. And I’m going to be honest with you, if you had something that produced this type of results, you would never sell it. Um or never even tell anybody about it. But yeah, I mean, I just don’t want to see you guys lose money. I’ve seen so much of it recently about indicators and this and that and paid Um it’s just a lot of it’s just junk. You’re
Better off um you’re better off just kind of formulating uh indicators. Here’s one I’m working on right now. You can kind of see it’s more of a you know, there’s drawdown. Uh 73% profitable, profit factor basically 1.9. You know, and then you go in between and you kind of look to see like, oh, let me click on this. And it brings you and it’s like, well, why did that fail? You know, I would never just blindly follow this. You got to
Look at the what it’s giving you buys and sells. And then, you know, maybe use some other indicators and things like that. Not every time a indicator says buy. Oh, here it was. So, here was a buy. And then it finally took a loss all the way down here. Like, you know, you got to know like once there’s break of structure, you know, like once you start getting low around here, I’m probably out. But if you’re an idiot and just following
The indicator, you’re going to lose. So, I think these buy sell indicators are great, but I think you got to use other things and judgment as well to really make it a solid strategy. Um you know, this is one of those I got to clean up. But yeah, I I you know, I just want I just want to put this video out so you guys don’t start wasting money on paid indicators that are just garbage. Um and things like that. Everything
That you really want is free out there. Uh TradingView has a ton of indicators. Um there’s so much free stuff. You don’t need to pay for anything. But I’m going to try making a a bunch of different ones, maybe like three to five different indicators that represent uh things that I used to trade. And you have any ideas of something that you want, even if it’s something simple and I can do it quick, I’ll make it and put it in the
Suite. Just kind of let me know what you were thinking of. But other than that, um I got a couple things brewing, couple ideas going on. And uh what’s crazy is uh ES has been outperforming NQ. I’ve actually forward tested this for about 3 days. The profit total is uh is over five grand so far. And obviously, some of that is cuz I copy traded accounts. Um but yeah, things are things are looking good, but there’s definitely uh there’s definitely losses
That are that happened that you just got to know to get out. Or uh if you’re in profit, just kind of like, hey, I’m getting out of this. Or news. None of these indicators uh you know, taking part news. So, if news comes out, you got to know to exit. Um You know, it’s things like that. So, these indicators are great, but I just want you to be careful. Don’t pay for anything. Don’t get ripped off. And uh no, I’m not
Charging for anything. If you read the rest of the post, uh I was just kind of explaining that a lot of the backtests are are fake. So, I’m going to get back to coding this right now, and hopefully I can roll some of this out next week or the following week. I owe it to everybody to forward test my own stuff before I put it out to the public. So, I will keep forward testing next week and the week after. And
Then maybe start rolling um some of this out. Got any questions? Come on the live stream and ask.
Leave a Reply