I just need to re-iterate based on a pm I received..You cannot load an ea on a chart and condemn the settings after one day and say that you had losses..
I will use the above example on Eurnzd which by the way did exceptionally well with the up move on mad trader and caught over 500 pips. Here is the thing, we are either at a turning point going back down or we are going back up into the medium term trend..with these decision (turn) points price action becomes deceptive. therefore I set a hard stop loss of 150 pips but will close the trade on a discretionary basis when going into a loss but not more than 150 pips. I know my risk will always be overshadowed by my reward when we go back into trending mode..
Nanningbob always used to say that the space between the 60 and 240 Lwma is a no trade zone so it might be something to consider in future by setting the Ma filter as 240 Lwma on the Maddy dashboard, however I am not too concerned now because Mad trader is performing well.
I also know that if we do go back up with Eurnzd there will be an Hgi trend up arrow and Maddy will be back in action. Price has bounced off daily support as I suspected and retracing a bit..I am still in the short trade. Mad trader will also close the trade automatically because I have set "Close on opposite trend arrow" to true. Its always good to let your trade run if you want to get the full benefit of the swing so I don't like to set my jump stop too small if we are in trending mode. A jump stop between 50 and 100 pips should be ok to give you some mileage out of your trade. I really cannot give anyone a definite Management strategy...it really is very discretionary on all the different currency pairs.
Most important don't trade this live until you have properly gone trough the pro's and cons of this strategy.
Take care
Leon
I agree however I always wish to give back to what this forum has given me throughout the years and I always hope that by some ideas we will expand further...The thing with Mad trader Is that there is a vast amount of strategies that can be traded and hopefully with a base that some of us can identify.