mackaozy wrote:I just want to share my experience of the Beast [...] Limited to a maximum of 4 pairs at once. [...]

forextrader-radioman wrote:

mackaozy wrote:I just want to share my experience of the Beast [...] Limited to a maximum of 4 pairs at once. [...]

Thank you for the report, Mackaozy,

is that setting (MaxOpenPairsAllowed = 4) working correct? I think, there was (is) still an issue with this parameter?

I use The Beast (20th of June) since late August in demo and since 13th of December in (small, 600 USD and 0.02 lot initial trade) real money account but both accounts are running only in EURUSD and GBPUSD because my scepsis about the parameter MaxOpenPairsAllowed.

I wish all of you a lucky and healthy 2013,
Dietmar

mackaozy wrote: [...]
Great results on your demo account! Are you running 1.2.6 recovery? Are you just counter trend trading or also trading white box? Really interesting that you get great results with less pairs and risk, I didn't think it would generate enough trades - but it obviously does! Doesn't it mess the ea up trading on 15min?

Are you using lot size formula: (balance/200)*0.01/number of pairs to trade = lot size?

Happy New Year!

mackaozy wrote: .....
As has been discussed at great length by Steve H, Nanninbob & Macman on FF when the Beast was originally developed from the Sixth screen indicator, lot sizing and choices of pairs are critical for success. I now know this myself by experience.

macman wrote:

mackaozy wrote: .....
As has been discussed at great length by Steve H, Nanninbob & Macman on FF when the Beast was originally developed from the Sixth screen indicator, lot sizing and choices of pairs are critical for success. I now know this myself by experience.

Thanks for this useful post. As you rightly say, lot sizing and pairs to trade are critical to the success or failure of this (and many other) bots. Sadly the vast majority of users don't understand that there is no such thing as a 'set & forget' bot. Many just dump a bot on all possible pairs and hope for the best ...

You need to be able to understand why you should (or should not) be trading a particular pair, which means understanding what the market is doing, if you are going to make profit long term. The market changes constantly and keeping up with the changes means adjusting the pairs you trade.

Unfortunately there are no short cuts to making a profit trading forex. Without at least a reasonable understanding of current market fundamentals, long term at best, you may just break even.

Glad to hear you are mastering The Beast -

forextrader-radioman wrote:

mackaozy wrote: [...]
Great results on your demo account! Are you running 1.2.6 recovery? Are you just counter trend trading or also trading white box? Really interesting that you get great results with less pairs and risk, I didn't think it would generate enough trades - but it obviously does! Doesn't it mess the ea up trading on 15min?

Are you using lot size formula: (balance/200)*0.01/number of pairs to trade = lot size?

Happy New Year!

Hy

Yes, 1.2.6. recovery in both pairs (btw my setfiles are attached) and GU is with, EU is without white box trading. The different set files are a result of some backtests (yes, shame on me, I know that a lot of people here in this forum hate back test and I got some very harsh comments about my backtests, so I will not go further here...).

and thats is also the resuly why I use GU in H1 timeframe (that is the recommened timeframe) and EU is (again shame on me!) running here in M15 time frame. Reason, see above.

I killed a demo account last summer because of overtrading as a result of to much pairs at the same time. So i set up a new demo with only those 2 pairs and observed the EA for three months. It performed well and so I refundet an old real money account to give it there a try.

I think, that a lot of people here are looking for new toys instead of new tools for trading. For me it is very important to have a well performing manual trading system (or strategy, or call it what you want, I am not so good in correct english) and -then- I can look for an EA to make trading this manual strategy more easy. (Because trading could be very boring, IMO ).

The Beast is such a tool and no toy (any more). It works if a trader understands the strategy behind and I wonder why so many people here are more interested in more and more new toys and not in well working tools. Could be, that a lot of the peoples here are not trading for their living like me (without any EA) but just for fun like a hobby. (Which is ok for me, but not my intention).

I like "The Beast" very much and am very thankful for all developers

The "European Grid Breakout EA" is also such a wonderful tool, I use it to support my manual trading because there are still some bugs, so I can not leave it alone. A variation of this EA is running in my signature...

best wishes from Hamburg/Germany,
Dietmar

PS: your formula makes a lot on sense imo...

jako wrote: I agree and thank you for your contribution files set. They save me a lot of time.

forextrader-radioman wrote:

mackaozy wrote:I just want to share my experience of the Beast [...] Limited to a maximum of 4 pairs at once. [...]

is that setting (MaxOpenPairsAllowed = 4) working correct? I think, there was (is) still an issue with this parameter?

Dietmar