- 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 the nearest I have come to a set-and-forget EA but I recommend frequent monitoring.
- 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.
Spready 'n Bob is an offshoot of Spready. Read about her at viewtopic.php?p=175923#p175923. Unlike Spready, this version can be used even if your broker does not allow hedging or has to invoke FIFO rules.
The difference between the two bots is the " 'n Bob" bit. Bob (nanningbob) suggested using HGI to trigger trades then take advantage of big moves by sending a grid of stop orders with the take profit being the fill price of the next order in the grid. There are never more than two orders open at a time.
Here is the system Spready 'n Bob trades:
- Pairs: the four majors and GJ.
- Wait for a zero spread event then:
- Send a grid of buy and sell stop orders starting at DistanceBetweenTradesPips away from the current market price and continuing for x orders the same distance apart.
- Take profit and stop loss are both DistanceBetweenTradesPips away from the order fill price.
- One side of the grid will be closed eventually, either because all the orders have hit TP or SL. Delete the stops on the opposite side of the grid and start again.
- Large lot sizes in relation to the account size because there is never more than one market trade open per pair traded, at any one time.
- GridSize = 3.
- 20 pips for DistanceBetweenTradesPips, take profit and stop loss.
Not so great in a choppy market. There are periods when the buy and sell stops alternately fill and then collapse to SL; these hurt but once one side of the grid has finished for good or bad, the other side is deleted. Using the default inputs there can never be more than one open market order open at a time, so the maximum number of losing trades is 5 and pips is 100.
SnB started to become profitable once I started to use the defaults this week (0.1 lots on a starting demo balance of $4,000): This might just be luck because there were some decent moves during the last three days of the week. All we can do is try it for a while and see how SnB performs.
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
- Multi purpose trade manager: http://www.stevehopwoodforex.com/phpBB3 ... ?f=21&t=64
- 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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