- Most Forex traders lose all their money.
- Using the robot posted here in trading Forex does not guarantee success.
- Trading this robot could lead to serious financial loss.
- Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
- This is not a set-and-forget ea; there is no such thing and anyone who tries to claim there is, is either stupid or lying. This ea requires frequent manual intervention.
- At best, a trading robot is only 90% as good as the manual strategy it trades. At best. At worst, it can be much less effective. If the strategy is rubbish, so is the robot.
- To trade this robot, you have to understand:
- How to use EA's.
- Moving averages
I wanted a chart pic to illustrate a cross of a moving average whilst writing my getting started from scratch guide (viewtopic.php?p=169343#p169343). I opened a D1 chart and dragged a 20 period exponential moving average onto it, then saved the chart as a picture for the guide.
I noticed how often the market continued in the direction of the cross, often for some considerable time. Not every time, but often. Here are some examples: Moving Day is a multi-pair EA that exploits this feature. It:
- Trades long after a cross from below on the TradingTimeFrame candle i.e.
- The candle two candles ago closed below the moving average.
- The candle one candle ago closed above the moving average.
Trade closure is:
- Hitting a take profit point. I am using 150 pips.
- A recross of the moving average in the opposite direction. This also triggers an opposite direction trade.
- Hitting an emergency or trailing stop loss.
- You can play with take profit and stop loss calculated by ATR. I think this is unnecessary but added it after a request from one of our members.
There has been a glitch in the original trade closure code and I could not persuade it to work. MD was not closing orders following a recross, leaving losing trades to eventually hit their stop loss and losing much more heavily than they should have. I have moved the code to directly after the moving average is read in readIndicatorValues() but have yet to see it in action. Keep an eye on your demo and close trades manually if MD still fails.
Progress has been good even with these glitches. The starting balance of $20,000 is now $21,411. The equity is just shy of $24,000 at the time of writing. I turned on sending results to the fxtestify database yesterday. There are not going to be a lot of trades, so I am trading 1 lot order sizes.
The bot's engine is Slopey Peaky Bob without Slope and Peaky, so download SPB's user guide if you want to check up on the inputs. This D1 moving average looks like a helpful filter for those members of the SPB tribe that are single traders - Candle Power for example. Only go long when the market is above the MA, and short when below.
Enjoy.
Edit 16th Feb 2020
Those of you wanting to demo smaller account deposits that would match your live trading can do so by dividing my lot size. I am taking 1 lot trades, so you would mirror this with 0.1 on a $2,000 account and 0.05 on a $1,000 account.
Edit 26th Feb 2020
I have adopted the stop order idea suggested by guptabhk. Read his post and my reply at viewtopic.php?p=169597#p169597
Matters of general interest
Go here to download and run the script that will fill your platform's missing chart history: http://www.stevehopwoodforex.com/phpBB3 ... f=15&t=254
Read this post:
http://www.stevehopwoodforex.com/phpBB3 ... p?f=6&t=78 Newbie traders, read this for inspiration and warning. Those of you who have suffered losses, read it for inspiration.
Masterly summary of hedging: http://www.forexfactory.com/showthread. ... ost4977179
EA coding
I receive may requests to code EA's. Traders, if I code your EA for free, then I will share it here. If you want me to code your EA without sharing, then my fee is $100 payable into my paypal account. I explain why at http://www.stevehopwoodforex.com/phpBB3 ... ?f=15&t=79, at the bottom of the post.
Useful utilities/EA's/scripts
- http://www.stevehopwoodforex.com/phpBB3 ... =21&t=5190
- Account equity analyser: http://www.forexfactory.com/showthread. ... ost4709098, which includes a template for both USD and the Euro.
- Past-trades display indi by squalou; shows a graphical display of the success/failure of trades in your History tab. Breathtaking piece of work. http://www.forexfactory.com/showthread. ... ost3830610
- My shell EA – the code I use to produce EA's so quickly. http://www.stevehopwoodforex.com/phpBB3 ... ?f=15&t=79
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