This thread is closed because Philip has started a new one at http://www.stevehopwoodforex.com/phpBB3 ... 625#p40625
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.
In a stunning piece of generosity, Pooler sent me this earlier:
This was not Philip and my first exchange about this. We made sure that the original coder was happy to have the code distributed in a public forum. He had already signed a non-disclosure agreement with Philip, stating that the coder would not release the code anywhere. Philip is free to do what he wants with it.Dear Trader/Colleague/Fellow Forex sufferers (FFS's),
I designed this EA and paid to have it coded because I'm useless at coding. I can't even remember my postal code--never mind code an EA. It's free for your use--I hope many pips will flow into your coffers.
I only have 2 requirements 1) Don't try and sell it and 2) Please let's all improve it and try and solve its weaknesses.
This is a scalping EA that operates during Asian Session (hence the Pooler"San"--hur hur). I start 23h00 and switch it off at 06h00. It relies purely on retracements--"psychotically deranged" price action as Steve calls it...is not good.
This EA is a tinkerer's paradise. All settings I mention below can be adjusted. Use this on the 15min chart only. I have attached all the settings I use per pair on a spreadsheet.
The idea is I want to make a certain amount of pips/$'s from each trade and this EA will have the TP chase price until this is achieved. There are no stop losses
PoolerSan places a line at the opening of 23h00 candles
This is called the Pivot Line (PL)
The trading time is 1 hr. before opening of Asia session (my time--in South Africa). Please...no questions about opening times, GMT etc--- this just makes my head hurt. If you ask I'll leave Steve to shout at you--and that's not pleasant
PSan places a (pending) sell limit (SL) above and (pending) buy limit below the pivot line. The distance in pips between the pivot line and respective pending limits is predetermined according to currency pairs.
This distance and these pending lines are called the Operating Range (OR)
To work this out I took Average Daily Range / by 10. So Eur/Usd is 20, Gbp/Aud 40 etc. Thanks Bob for your great work on the volatility of various pairs which I also used.
For ease of explanation let's say this first trade is set at 1 lot. Again--There are no Stop Losses.
Ideal trade is as follows. (I'm only going to explain one side--just flip for the other). OR from PL is 20 pips. TP is 60%--so its 12 pips below SL1
Price rises and fills pending Sell limit. (SL1 at 1 lot). Take Profit is set at 60% of the OR. Price retraces and TP is filled..voila happiness--you've made 12 pips. The amount each currency pair tends to retrace after reaching OR is also a predetermined % of OR.
Or inevitably..price does not retrace but continues. As price comes within 3-5 pips of SL1 (set at 1 lot) then EA immediately sets SL2 the OR distance (20 pips in this case) above SL1--but at 2 lots. If SL2 is filled then TP will move so that if you add the 2 trades together then it will = 12 pips (give or take because of spread etc). If it fills SL3 then it's at 3 lots. Now you have trade 1 at 1 lot + trade 2 at 2 lots + trade 3 at 3 lots--TP will move up so that if price retraces the total of all 3 trades = 12 pips. Please see attached example where AudCad went to SL4 before TP. When you look at it you see lots of minuses but the total is always your designated TP. You'll see the settings on the EA allows you to go to level 10.
Aaand...herein lies the problem. If a trade runs to OR level 10, even if you started at .01 lots then you have .01 + .02 + etc and you have .55 lots open in total. If you are trading 10 plus pairs and you have a small account ...ye olde draw down is gonna getcha.
Yet this EA is a pip machine (I got between 3000 and 4000 per month on demo from Nov last year) but it needs fairly deep pockets. But I would like this to work for the average trader (like me) who can't afford a huge account (yet).
I'm thinking somehow there must be recovery/method to prevent draw down while this happens. (Today I was thinking to use Bobs new scalping method with Opening price and Daily Pivot after Asian close to offset any trades in deep draw down battling to TP with PoolerSan. Just a thought. Whenever I'm confused Bob normally has the answer somewhere in his threads.
Please use this EA to get a feel for it ( on demo) and when you experience a JPY charge or even NFP payroll then you'll see what I mean re draw down.
I hope we can solve this because then this will be a very productive EA.
Thanks in advance
Kind Regards
Philip
Guys, if you have only ever paid me for an ea, then the price Philip paid would blow your socks off - hence my 'stunning generosity' tab.
So, why is Philip sharing it here? Fact is guys, that somehow this forum has attracted some of the best brains in the Forex trading business. By sharing, Philip both meets his stated aim to me of giving something back and stands to benefit from the deliberation of the Brains Trust.
I have yet to look at the code. Putting the bot onto demo is for tomorrow. Even so, simply from Philip's comments I can see that the bot needs the usual balance and margin filters. I shall add these in time for Monday.
Use the Settings 2.xls to get the inputs that Philip has developed.
To quote Philip in a subsequent pm to me: "This strategy is a work in progress. Please read my post on pg 11 for the latest..." Here is the link: http://www.stevehopwoodforex.com/phpBB3 ... 868#p28868
So, have a play guys and see what you think.
Philip/Pooler, you are a true gentleman. We salute your generosity.
Two versions
- FXPooler EA modified.mq4 is the version we are working on to improve. This is subject to editing by a number of coders. Coders, when you edit the code, please make a note of your edits into the 'Updates history' section at the top of the file, so that everyone can see at a glance what you have done.
- FXPooler EA v2.1.mq4 is the original, untouched version. This will be superceeded soon and will probably be removed. I leave it here just in case we need it.
