I have a friend that was making $8000 in forex per day starting out with only 10K in demo account with IBFX.
I questioned him how he did it and his method was quite simple. I wanted to create it as an ea so I wrote out the logic to the program here:
EA Name: Winners and Looses
User adjustable Variables:
A - Lot Size Of Both Trades
B - Minimum Profit Run (In Pips)
C - Trailing Stop (In Pips)
D - Loosing Side Stop Loss (In Pips)
Action Rules:
At the time the EA is activated Do the Following
- Open One Buy Trade Of Lot size "A"
- Open One Sell Trade Of Lot size "A"
- Wait until either the buy or the sell has moved "B" pips in its favor
Example:
for the BUY Side, the price would have to move UP "B" pips
for the SELL Side, the price would have to move DOWN "B" pips
THEN apply a trailing stop loss whose value is "C" to the profitable trade
Let Profits add up until the stop loss is activated.
When the stop loss is activated for the profitable trade modify the loosing trade by adding a trailing stop loss equal to "D"
When the remaining trade stops out then start the cycle over again.
Additional Requirements: None... although It would be good to show values of the open positions in the currency pair chart
Does anyone want to take a crack at this one?
I questioned him how he did it and his method was quite simple. I wanted to create it as an ea so I wrote out the logic to the program here:
EA Name: Winners and Looses
User adjustable Variables:
A - Lot Size Of Both Trades
B - Minimum Profit Run (In Pips)
C - Trailing Stop (In Pips)
D - Loosing Side Stop Loss (In Pips)
Action Rules:
At the time the EA is activated Do the Following
- Open One Buy Trade Of Lot size "A"
- Open One Sell Trade Of Lot size "A"
- Wait until either the buy or the sell has moved "B" pips in its favor
Example:
for the BUY Side, the price would have to move UP "B" pips
for the SELL Side, the price would have to move DOWN "B" pips
THEN apply a trailing stop loss whose value is "C" to the profitable trade
Let Profits add up until the stop loss is activated.
When the stop loss is activated for the profitable trade modify the loosing trade by adding a trailing stop loss equal to "D"
When the remaining trade stops out then start the cycle over again.
Additional Requirements: None... although It would be good to show values of the open positions in the currency pair chart
Does anyone want to take a crack at this one?