POOLER/SAN Stunning generosity

[Anpar]

First time poster, but have lurked a bit. I've traded this on a small $1k account this week and I'm up $72 trading only EURUSD and EURJPY at .02 a lot (no martingale, meaning no increasing lot size). Going to continue to let it run and see what happens.

[Forexman1972]

First time poster, but have lurked a bit. I've traded this on a small $1k account this week and I'm up $72 trading only EURUSD and EURJPY at .02 a lot (no martingale, meaning no increasing lot size). Going to continue to let it run and see what happens.

Are you using stop losses then?

[That Trader]

Highest drawdown of the week, and maximum margin used.

[That Trader]

One hour after highest floating drawdown

I think thats enough from me for a bit

[Forexman1972]

Question - once the Asian session is over, i assume any open positions are left open?

[Pooler]

Thanks everyone,

Everything asked above is answered in my posts.
That Trader, thanks mate for demoing but the original OTB settings as in post 1 are not effective. The settings 2 spreadsheet are the best--save for some tweaks here and there. I also used that EurJpy trade (ur last chart on 9 Nov 10h32) to test my new strategy and it worked perfectly--with slightly different results to the EurUsd example I used before.

Got to do the groceries thing quickly with the wife--then I'm going to try and get my head around trying to explain this without confusing everyone. I'll use the EurJpy example That Trader has on his last chart above.

I got a couple of pm's from folk saying that they do get it--which is encouraging. At this stage it looks like I'm going the paying route again to get Fx Pooler 2.1 to incorporate strategy 2. (Thanks Peter--I've made contact with Christine already)

Its just easier to direct and control that way--and I can get it done quicker and exactly to my specs. I'll continue to post--the aim being that if I can explain it so that others understand it then it helps me also clarify it in my mind. (Forgive me --that sounds patronising...but I'm sure you understand what I mean).

[That Trader]

Hi Pooler, sounds great. Next week be running a new clean demo as layed out in your Settings2 settings with your trading time. Another one with Settings2 my trading times, and I'll keep my original one running. I look forwards to reading your next posts outlining your changes/improvements. Although I do like the original concept a lot already ( with some saftey measures added to it, I like the ideas set out by Nanningbob in the link Jem posted ). Thanks for your efforts and your sharing, I am very curious to see where this goes

[DING]

Hi pooler,

I LIKE YOUR IDEA TO improve the strategy

As your strategy2 mentioned " Then simultaneously trail Sell trades with Chandelier exit set at 2 ATR. Move the sell trade stop loss to whatever is nearer price between the buy TP or trailing chandelier stop.", could you share which indicator could calculate the Chandelier exit ?

Thanks your effort and sharing !

[Pooler]

This not a rant--just want to provide some clarity.

The definition of Martingale as per Investopedia. (I underlined the relevant sections)

"A Martingale is any of a class of betting strategies that originated from and were popular in 18th century France. The simplest of these strategies was designed for a game in which the gambler wins his stake if a coin comes up heads and loses it if the coin comes up tails. The strategy had the gambler double his bet after every loss, so that the first win would recover all previous losses plus win a profit equal to the original stake. The martingale strategy has been applied to roulette as well, as the probability of hitting either red or black is close to 50%.
Since a gambler with infinite wealth will, almost surely, eventually flip heads, the martingale betting strategy was seen as a sure thing by those who advocated it. Of course, none of the gamblers in fact possessed infinite wealth, and the exponential growth of the bets would eventually bankrupt "unlucky" gamblers who chose to use the martingale."

This not a Martingale strategy as there are no losses. Each trade will always be profitable-no matter how many levels are opened. The reason the lot size is increased with each level is so that your Take Profit target follows ("shadows") the price as closely as possible so you don't need a large retracement to hit your take profit. If you keep the lot size the same for each level than the TP will get further and further away from the price with each level. The secret to this strategy is the logic/arithmetic used to ensure that TP is the same for all trades and is placed so the sum of all the trades will be equal to your profit target. The only weakness is drawdown if you do not apply sensible money management according to your account size. If I had $ 15 000 I'd let this EA run on 15 pairs with the settings as per post 1 and I'll double this account in a year. Then I'll raise the starting lot to .02 and the account will grow exponentially quicker. I've done this on demo but that means zip. I'm also not a great fan of back testing as there many factors you can't replicate in real time.

There are 4 settings you can adjust. Lot size, TP%, Levels (OR) and trading times. Each setting you adjust will have the advantage of hitting your TP earlier but also increases/decreases draw down. I've played around with 100's of different combinations on all the currency pairs and Gold/Silver. What you use depends on your appetite for risk. For eg. You can set lot size the first level at .03 then .01, .02 after that. You can make the first 3 levels only 15 pips each and the TP% 30. You will have a lot of trades hitting TP very quickly but the danger is the one trade that takes off to level 6-7 and then goes sideways before taking off on another run. You cannot close a trade manually because you will almost have a loss (that's the problem).

All pending trades are closed when your trading session closes. Open trades will continue until TP is filled and any pending trades still open will be closed when TP is hit. BUT If a trade reaches TP after the open of a new session then the pending trades will remain until the close of that session. For e.g.--My session is set 23h00-06h00 which opens 1 hr. before Asian and closes 1 hr. before London. If a trade is still open after 06h00 and only profits at 23h30 that evening then the pending (and there is always a pending trade in case price goes to the next level) will stay open until 06h00 the following day. Close it manually and wait for the start of the next session. It's not a huge problem because if that pending is filled it will just start at whatever the lot size is for that level and the EA will work everything out from there. But you don't want a pending trade of .08 (level 8) hanging around as the problem is once again draw down. Currently, the EA is only set at ten levels--I'm going to change it with the next EA because with strategy 2-- the more levels the better and draw down isn't a such big issue any more.

If you don't understand this strategy which the current EA applies then the second strategy I've designed will make even less sense.

Please invest some time with this. I spent more than 18 months getting to this point--but you shouldn't as I started from scratch (and I'm a bit slow)

Regards

Pooler

[SWG123]

Baie dankie, ek verstaan nou