- 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:
- basic support and resistance applied to Forex trading.
- the principles of Nanningbob Recovery trading.
- trend and retracement trading.
Welcome to Rip. This is a combo of two highly successful trading robots:
- Reversi detects a trend, awaits a reversal then enters a trade in the direction of the trend. I am trading this on my live trading account.
- Pippo uses Murray Maths lines to calculate areas in which the market has moved a long way in one direction and is due a retrace. I am only not trading this on my live account because I was waiting to combine this with Reversi.
Do not trade Rip on a live account yet. The amalgamation of the two bots will inevitably throw up bugs. LUC and his pals should have a fair few hangovers or epic proportions to overcome before this project reaches completion.
I am going to keep this first post short. You can read about the two robots in their original threads:
- Reversi: http://www.forexfactory.com/showthread.php?t=294255
- Pippo: http://www.forexfactory.com/showthre...96#post4675196
In combining the two bots, I have renamed a lot of the inputs by placing 'Reversi' or 'Pippo' in front of their names. Most of them should be clear once you have read the two threads listed above. There are a few new inputs, so flounder around until either you understand them or someone produces a user guide.
Old stagers please note: the mptm-style management features apply only to the Reversi trades. At least, that is the intention; LUC could well prove me wrong.
One clarification note: Rip is entirely independent of your chart time frame. There is a tf input for both R and P trading systems. The defaults represent the tf's I am demoing H1 to enter the Reversi trend trades and H4 for the Pippo retrace trades.
Ok guys. This baby represents: the pinnacle of everything I have learned so far; a distillation of expertise handed down to me/us by fantastically generous trading gurus; the inevitable outcome of so many hours of testing and experimentation by so many of us. This has every chance of becoming the killer EA.
Have fun.
Oh, and before anyone asks, yes, I chose the name with care and am fully aware of what RIP stands for. In using it, I am referring to those poor unfortunates unlucky enough not to come across it.
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Issues to consider
The overriding thing to bear in mind here is this: the Murray Maths lines drive this robot so
- when the market lies in between bands 5 to 8, Rip looks to trade Reversi trend trades. It will manage the trades according to the principles incorporated within R.
- when the market lies above or below these levels, then Rip looks to trade a la Pippo reversal. It will manage the trades according to the principles incorporated within P.
So far so good and so easy. Once the bugs are squished, then all is easy.
Until you consider this:
- MM lines are derived from the high and low of a specified period of time.
- When the high or low of a specified period of time changes, then the MM lines change. Please note this apparently insignificantly obvious statement. It is huge.
Rip recognises R and P trades thus:
- if the market lies within the bands 5-8, then the trades are Reversi trades to be managed accordingly.
- if the market lies outside bands 5-8, then the trades are Pippo trades to be managed accordingly.
Therefore, following a MM line change, then Reversi trades can suddenly become Pippo trades. Pippo trades can suddenly become Reversi trades.
Experienced R & P traders are already shuddering at the impact this has on Recovery as applied to ......... and Hedging as applied to ........
Got a headache yet? You should have. If not, then you have failed to understand the complexities involved.
So, what solutions do we have here? I am open to suggestions, but the most obvious is this: we fix the MM extremes at the pervious monthly/weekly high-low and investigate from there.
Ideas guys?
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A note to newbies
Congratulations. You have to be the single most fortunate noobs ever to discover a new sphere of activity. I code the odd robot from time to time and have become reasonably good at doing so. More to the point, my pathetic floundering around in the dark has attracted the attention of some of the most formidable minds at FF. A number of these individuals have given help and advice that has benefited the rest of us hugely.
You have a long road ahead of you. The threads I have listed above are not easy to understand. Within them, they require you to read still more threads that are even harder to understand. Becoming a successful Forex trader requires ridiculous amounts of hard work. Try to do it alone and you will most likely fail; stick with what is offered here and you stand a chance of succeeding. Good luck. Be patient. Work hard. The rewards await you.
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.forexfactory.com/showthread.php?t=89371
- Account equity analyser: http://www.forexfactory.com/showthre...16#post4693716 Also at http://www.forexfactory.com/showthre...98#post4709098, which includes a template for both USD and the Euro.
Most promising trading EA's
- The Beast: http://www.forexfactory.com/showthre...=1#post4135863
- Pippo: http://www.forexfactory.com/showthre...96#post4675196
- Reversi: http://www.forexfactory.com/showthread.php?t=294255
- Ibuks: http://www.forexfactory.com/showthre...88#post4656888
- FTLR: http://www.forexfactory.com/showthre...85#post3831885
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Posting restrictions
I have restricted the ability to post in this thread to: traders with at least 1 voucher; and traders on my 'buddy' list. I have done this because I do not want the thread cluttered with 'newbie' questions about the basics. New/inexperienced traders, this is not intended as a direct insult. What I want here is discussion with traders who fully understand what it is they are doing; when you newbs have been around a while, you will come to understand what a difference experience makes to the posts a member writes and shudder at the recollection of some of the questions you asked. I do. http://cdn.forexfactory.com/images/s..._the_floor.gif Go to your profile page; there is a link to the FF page that describes the voucher process.
Do not attempt to get around this by sending me pm's asking for help with your basic problems. Doing so will earn you an automatic ban from all of my threads.
I have set up a partner to my restricted threads at http://www.forexfactory.com/showthre...66#post3948666
There, you can post the questions that you cannot post here, about anything you need to know. Someone with the knowledge and experience you need will answer.
Traders/coders with experience who have not yet been vouched for, can get around this restriction be being added to my 'buddy' list; all you have to do is pm me to ask me to do this.