DislikedHi, instead of having a stop loss, why not have a Zone Recovery system. So if the trade goes wrong it can recover the trade because it will eventually go up or down for a large number of pips. So therefore you will never have a lost trade, ether break even or a good profit.Ignored
For this EA project I have decided to follow the Trading Made Simple strategy (https://www.forexfactory.com/showthread.php?t=291622).
This strategy is well tested, documented and scrutinized. I try to follow that strategy as close as possible. Therefore, I try to avoid discussions about the trading strategy here. In this thread I want to show how I create this EA and I like to discusss techniques about how to best automate the TMS strategy.
This LRSF EA will actually move the stop loss a couple of times to allow so-called additional MEME entries. These are entries in the same direction as the original order. Collectively, multiple entry orders will give a better average entry point. See the example below, where I entered an order at a point where I anticipated resistance, but that never happened. By adding orders I managed to come out without loss.
With "zone recovery" you probably mean a trading strategy where the Expert Advisor creates hedges that are a little bit bigger than the original order. Eventually the order and hedges will move to a break-even point. Besides the EA discussed in this thread I had another EA (never published on ForexFactory) that would follow that strategy.
Unfortunately that stategy has some disadvantages too. When the market is weak during a longer period it tends to stack hedge upon hedge upon hedge and the swap costs can become substantial. Anyway I am planning to rewrite that other Zone-Recovery EA with all my lessons learned in the near future. That will be a new thread.
Would be great if some programmers would help me with that. Anyway, let's not discuss that strategy here in this thread. It will just confuse people.