Event Driven Trading System - News Trader - Free Program

Down $130 for my live 6k account since 21st June. My broker has moved me to another LP so we'll see how that goes.

Hi Teamaker,

Thanks for sharing the code.

The results from your three accounts are really amazing.

I have several questions regarding the script.

1. Why you emphasize "small amount account"? You tried on the large account and it lost money due to liquidity and slippage issues?

2. The free lunch makes not quite comfortable. You maintained a website, which is apparently not free, but you share the code free. At the same time, the code expires every month and the code requests frequently from a server. Can I assume that beside the news trading list, the code will request something else from the server to work on my local desktop (which you forgot to tell the users)? Mining crypto coins?

3. I will appreciate your kindness if you could share some regarding the logic of the code. Could you share some info about how you filter events, how to set stop order prices and how to determine the stop-loss order price?

Thanks!

Hi MeiFan, thanks for those interesting questions. and please see my answer below:

Q1. Why you emphasize "small amount account"? You tried on the large account and it lost money due to liquidity and slippage issues?
A1: there are couple reasons. 1. i want to provide free EA to help those in-experienced retail traders as most of them will fall in 90/90/90 rule (90% retail traders will lose 90% money in 90 days). and most of them don't have account with big balance. 2. i need trader to come to my website to request standard version. And FF have concern that it looks like a commercial arrangement as management account service. That's the reason i more the stand account content from web and only focus on small amount account.

There are traders running this program on live account with more than 1K balance. the result is vary due to broker and luck. Some of them are sharing the result regular in this thread.

Q2. The free lunch makes not quite comfortable. You maintained a website, which is apparently not free, but you share the code free. At the same time, the code expires every month and the code requests frequently from a server. Can I assume that beside the news trading list, the code will request something else from the server to work on my local desktop (which you forgot to tell the users)? Mining crypto coins?

A2: The website was hosted at wordpress and dropbox. It doesn't cost me too much money to maintain them. For 1K version, there is NO expiry date concept. The expiry date only apply to standard version. i use this method to push trader to use the latest version. Currently, i have no plan make it as commercial software. I hope can make this program free as longer as possible. The program will only pull news event from my server. There is no additional calculation or "mining" on your machine. And you are very creative to ask this question :-)


Q3. I will appreciate your kindness if you could share some regarding the logic of the code. Could you share some info about how you filter events, how to set stop order prices and how to determine the stop-loss order price?

A3: The trading logic is pretty simple. I put both BUY and Sell stop order on the market and wait for news being released. If it is a surprise, the market will move to one directly and hit the stop order and continue running for some distance. And profit order will be close based on profit taking rule. The news event is selected from those popular websites, like ForexFactory, Investing.com, etc. the program will try to keep 10 pip distance from the market price before news being released. The stop lose is set 10pip after the real order being release/hit in the market.

Good Luck.

Hi Teamaker,

Thanks for your detailed reply.

One quick question regarding exit: I guess each trade exits by a hard SL (10 pip) and a trailing stop loss to take profit? If so, how does the trailing works?

Thanks.

i am not using stop lose for profit trailing with fixed points. it was calculated based on profit in program.

Thanks.

Finally up and running with new liquidity provider and OK so far with 10 pips on GU last night 6k live account. No trades on eu or cad

Sounds good.

last trade usd/cad,.in XM,.i get 6.5 pips

I lost 10 pips on the last trade with OANDA. I don't really know how I did it.

last trade usd/cad,..17pm,..lost 10 pips

Me too. Had a bad day. The good ones outweigh the bad.

EURUSD isn't populating with news events on my live account.


It finally came in.

what do you mean ? is it a setup issue at your end or due to event filtering at my end ? or market just didn't react to the EURUSD related news ?

I finally populated with the news info about 10 minutes after the other pair did.

Hello,

Very nice and simple good-working EA
@teamaker, could you please share the .mq4 source file?

Thanks!

Tell me why i should share the source code.

LP?? Whats that...????..LOL Can i ask witch broker you use??

Liquidty Provider. Private broker

In last two week, the market looks pretty rational and there are no too much surprise news and trading opportunities which pushing the market towards one direction. So we need to be patient and wait for market to change its behaviour.

As we know, the one of key success factors of news trading is right broker. If broker widen the spread or provide unreasonable price at news release period, it will impact our profitability.

So i start to search those brokers can provide either zero spread or fixed spread, or even guarantee stop order.

Here are some brokers on my radar:
- Zero spread: XM
- Fixed spread: easymarkets, cityindex
- guarantee stop: easymarkets, ig market.

does any trader try their service using my News Trading program ? how is the result ?