SERIOUS WARNING
- 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. Remember to set CriminalIsECN to 'true' if your crim insists on two-stage order sending.
Introduction
Gimme Your Hair is an attempt to automate Bob's latest offering at http://www.stevehopwoodforex.com/phpBB3 ... f=38&t=919. It trades thus:
- draws the daily pivot (DP) on your chart.
- draws the daily open price (DO) on your chart.
- buys if DO > DP.
- sells if the DO < DP
Trade entry strategies
Bob's strategy has advanced quickly. At all times, he has talked about maintaining at least a 1:1.5 Risk:Reward ration - and the higher the better. Early in his system's development, he was using the next level of support and resistance to set tp and sl. For example, a buy would have tp at the next resistance, and sl at the previous support. If the ration of pips in the sl to tp was < 1:1.5, he would not take the trade.
At the time I write this, Bob is talking about entering the trade with a 100 tp and 20 sl, then using the attached 10.3 TM JUMP EA to jump the stop very soon after the trade moves into profit. Read the details in the doc at http://www.stevehopwoodforex.com/phpBB3 ... 747#p28747. 10.3 TM JUMP EA is the EA I coded for him earlier in the week, renamed.
Trade entry strategies
These are based on your TakeProfit pips input:
- To use Bob's tp = 100, sl = 20 strategy:
- TakeProfitPips = 100
- StopLossPips = 100
- Load one instance of the 10.3 TMA JUMP EA onto a chart - which one is irrelevant. Remeber this is a multi-pair manager, so don't do what Shelley did and load it onto umpteen charts. Your cpu will start to smoke.
- sit back and let the manager do its thing
- To use the nearest support and resistance levels to select tp and allow the trade only if there is sufficient room for it:
- TakeProfitPips = 0
- StopLossPips = 0
- set MinimumTakeProfitPips to the smallest tp you will accept. GYH will not take the trade if an obstructing s/r level gets in the way.
- set your RewardToRiskRatio input to the reward you want compared to the risk you will accept. The take profit is divided by this input. For example, if the tp works out at 42 pips, then the sl will be 21 pips.
There are the usual thingies included - Jumping Stop etc should you want to play with them, but Bob's basic strategy takes care of trade exit.
Trading hours inputs
There are instructions for using these in the inputs window. The default is the European market where I live. Use you own local time, so that the times you enter are the times on your clock when you want to trade. Questions about this are banned and will be instantly removed from the thread. If you have got this far in life without learning to tell the time, then now is an excellent time to do so.
Other inputs
All the usual stuff is there. Go to my Shell user guide in the Coder's Hangout if there are any you do not understand. By default, balance filters are enabled and swap filters disabled.
Watch the Daily Pivot line colour. It isn't black because I hate coloured chart backgrounds, so black would not show up on my screen. I have it coloured yellow instead.
EveryTickMode defaults to 'true' so the ea can take the trade as soon as it reaches the DO. To force it to wait until the start of each new candle, set this input to 'false'.
Conclusion
Have fun. Let's see if this can develop into a trading monster.
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
- MaryJane has posted a fabulous utility to allow us to resize EA input windows: http://www.forexfactory.com/showthread.php?t=299017
- 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
