The 23 pairs are all the pairs offered by Global Prime - this broker is highly recommended by Stevehopwood at his site and I must admit that their demo account (at least) when compared to other brokers running the same EA shows significant difference in terms of speed of execution, number of executed/completed/closed trades, much higher profits and much lower spreads. The unfortunate thing is they don't offer micro/cent account - I highly recommend you all to check what Stevehopwood says about this broker and download the demo account and try it out for yourself.
Once again, thank you so much for your generosity and I sure hope that the EA will trade faithfully according to the intended strategy. Will report tonight. Am at my work place now - the demo account is being run on my computer at home.
Market is half-dead maybe due to Easter. Not a single cycle was closed. EA functioning 100% properly so far, it is replacing the stop pending orders properly. Nothing much to report so far, I guess we need to wait for tomorrow, hopefully the market will become more alive tomorrow.
1) As per your strategy, what is the EA supposed to do once it hit the universal TP? Does it take the First Oder again (at market price) and create the 2 Pending Stop Orders?
2) How did you come up with the 15pip SL, 15 pip depth and the universal TP of $200? I am thinking we might need some more optimal settings here. I will explain my theories and concerns why these settings might not be optimal based on least DD and max profitability.
3) Any considerations about the spread? There are times when some of the pairs you have chosen could have really wide spreads....many times more than 15-20..and even 30 pips.
1. Yes, it is suppose to restart the whole cycle again by issuing a fresh First Order immediately at then market price and issue two fresh stop pending orders;
2. This is just to push the EA to the limits - we will get into optimal tweaking later on once the bug is confirmed sorted out - once the EA is bug free, you guys can try out all sorts of settings according to your theory and perhaps we all can share here - I definitely have my own theory but its just too early to talk about it now. Lets focus on getting rid of the bug first.
3. You are spot on again Yal, yes, you would have problems if the depth is set very close to the spread or even below the spread - please see the screen shot at my post (30 - last screen shot - see the gbpchf pair) which shows the precisely what would happen if the depth is set too close to the spread. So, the answer is yes, those pairs with high spread needs higher depth. Yal, I traded on all 23 pairs here to demonstrate the potential of the EA and nothing more - in reality it would not be so practical to trade those pairs with high spread - better stick to those pairs with lower spreads. The broker Global Prime has relatively lower spreads compared to other brokers - before I started this thread I had ran the EA on Global Prime and other broker and the EA executed and closed significantly far more trades at Global Prime than the other - at least 30% more trades executed and 30% more profits.
Your EA is running perfectly so far - the bug is obviously removed as I observed twice the EA successfully reissued a fresh First Order when the SL of the previous one was hit and also the universal TP also function properly - so far two cycles closed successfully.
Yal, forgotten to answer your question on the Universal TP of $300 - I had tried $500 before but I observed that it is a bit more difficult to hit than $300 - please observe those screen shots I had posted earlier - at $300 it takes only two subsequent order to be triggered and another 10 pips before the $300 is hit. I feel comfortable with $300, you guys can experiment with different level - I was even thinking about incorporating trailing stop as an option - what do you guys think?
What do you guys think if a trailing stop is coded in - you know the the often-touted-but-impossible-to-follow 'cut your losses and let your profit run' maxim? Sometimes I do observe that the momentum is pretty strong (in our favour) and it is such a pity that the TP kicks in - there were obviously lots more to be taken if we had allowed it to continue to trade instead of 'cutting our profits'.
Is there anyway we can incorporate it in terms of $$ profit or in terms of pips??? You would have to take into consideration that there are already multiple opened positions and new positions are constantly being added on as the price moves in our favour - I honestly think that if this feature could be coded in, the profitability of this EA would increase tremendously.
I think sorting the Account History on the "Closing time" column instead of "Order" column will be much more of value when analyzing the history of trades.
What do you think?
Update on Tictac-nur EA after 24 hours of trading - it made $5,443.96 with a current drawdown of $3,171.73.
Yal, I still prefer to look at the History tab in order of the time the trades are closed, I find it easier to follow up that way - I will give the Investor password in my post below so that all can follow the progress more thoroughly.
May I humbly suggest that we name the two EAs separately as follows in order to avoid any confusion???
Tictac-nur EA to be named as Forex RM (TTN)
Rockit EA to be named as Forex RM (ROCKIT)
Once they are properly tested and verified to be bug free, I will update Page 1 and put them all there.
I would appreciate if we all could refer the two EAs as above in order to avoid/cause any confusions.
Anyway Rockit, I would like to concentrate on testing Forex RM (TTN) to ensure that it is working perfectly before I move on to test yours. In the mean time, maybe someone here could test Forex RM (ROCKIT) using a demo account from Global Prime as well??? Any takers???
I have some concerns that I have explained below. I hope I am not coming off as negative. I am just thinking of all possible cases.
I was wondering about something and wanted to run this by you to get your thoughts on it. In your own words can you explain where is the edge for this system? My thoughts are what if the edge is just your selection of the direction for the trades you are taking? If that is the case you would get very similar results without all these rules in the system. So that said, have you thought about filters and basis or taking or not taking trades for any of these pairs? When and when will you not enter the trade and the basis if direction you will pick?
We will also need to figure out a way to avoid and manage the death trades? My definition of death trade is when you get the direction wrong (which you will much more often than you would want) when the price moves against you in a zigzag pattern. Example lets say you enter a "Buy" trade...and the price goes up by 30 pips then goes down by 45 pips....then goes back again 30 pips....then goes down 45 pips....and it goes down in this pattern around 200 pips (I don't consider this a rare pattern of price movement) Imagine what it will do with the account!! Very Scary to me!