Hello Forex Factory!
So, I've been gone for awhile and working on one of my previous ideas that I believed had value. My recent trials and errors have begun to show promise. I am going to post my results here so I can start a track record of effort made and if it does prove to be of value, then there will be a history of it and I did not just show up out of the blue with "the next best thing...".
And since someone made me a "commercial member", I will post here in the commercial forum to keep everything as legit and transparent as possible.
At this stage I am only posting for record keeping purposes. I am not seeking customers, or clients, or investors, or advice. If this proves itself, I will post live stats from initially a demo account, and then a live account. And then we will see where it goes from there. Or, this will be just one more thread we can toss in the ash can along with many previous threads. But, at least I am persistent and still chasing the dream.
No Martingale - No Hedge - No Grid - Fully FIFO Compliant - Does not require high leverage to work
The goal is not to gain from individual chart movements with arbitrary TP or SL levels and an arbitrary win/loss ratio based on individual charts, but the simple fact that almost all charts have 3 simple behaviors. Flat, ranging, or trending. With a basic stop loss in place to cover false signals and manage risk, markets that are trending have more pips available to profit from than flat or ranging charts. When the pips gained from the trending charts outweigh in gains what the ranging or flat charts lose, the profit is locked in your pocket. Having a single EA to monitor multiple pairs, open and close trades from multiple pairs and consistently lock in pips is the overall goal.
From a Money Management perspective, it can be started with a $100-$500 dollar account trading .01 lots. The math is easily converted from the results below of where that could lead.
Trading .01 Lots.
.24% DD on a $10,000 Account would equate to
2.4% DD on a $1,000 Account
24% DD on a $100 Account
Initial Account Balance and when to increase lot size would vary based on broker and leverage offered.
500-1000 to 1 Leverage: .01 per $100
100-400 to 1 Leverage: .01 per $300
50 to 1 Leverage: .01 per $500
I am focusing on the majors, but have added a few others that I like. I am testing currently and will add Strategy Tester reports as they complete and I pick the set files I like. GBPUSD, GBPJPY, GBPAUD,GBPNZD, GBPCAD, EURJPY, EURUSD, EURCAD, EURAUD, EURNZD.
Why "Faith Based Trading"? Since someone has already asked. Well, beyond my own personal convictions, my algorithm does not use traditional targets. It relies on market movement and price action. The more the market moves, the more that can be made. But, losses are limited by Stop Loss. So, I have to have faith that when a trade is placed, the market will move to capitalize on it. Results show this to be a valid strategy. Instead of hoping my targets are hit, I profit as the market moves. Whatever the move. Small or Large.
Down the road - if sustainable - I will work with the forum to provide PAMM accounts, signals, or something similar. But wanted to make my intentions clear for future reference. As the end result is for commercial purposes, I will not be sharing my intellectual property at this time (charts, indicators, or the algorithm itself). It may be made available for purchase or subscription in some form. I want to welcome the FF folks in following my work, not copying it. I have to prove the validity of the strategy to myself before I would offer it in any large scale way to others.
I am not here to prove my way is right or other's are wrong. Only to find a trading methodology that I enjoy trading and profit from.
I am happy to discuss general forex practices and some of my conclusions that have brought me to this stage, but not the details of the algorithm itself.
Stay Tuned and if nothing else...wish me luck!
Monitoring 6 Accounts for variances. Dropping strategies that prove to fail more than win.
September 23rd, 2019 - Started Demo Account while testing various settings on the EA
October 8, 2019 - Finalized settings on demo account and added live account with same settings.
October 13, 2019 - Added multiple accounts from different brokers to look for variances. https://www.myfxbook.com/members/FXScottyb
October 20, 2019 - All accounts are now set for UK session only. LMFX Accounts are set to 4HR charts, OandA and TW are set to 1HR charts. IG and Forex.com are left alone. UK Session and 4 HR Charts.
October 21, 2019 - once the strategy is stable, next stage is to combine the ea with the dashboard so all trades will be placed on multiple pairs from a single chart from the Dashboard.
October 25, 2019 - FREE GIFT - The original version of my Dashboard. Add to stand alone chart and it will monitor all trades on the account. It does not open trades, but allows you to see value of profitable trades and value of losing trades. With buttons to CLOSE ALL trades or CLOSE PROFITable trades. Enjoy!
November 21, 2019
Redesigned and TE date adjusted for start of new version usage.
November 27, 2019 - Up to version 2.7 now. Started today and TE start date adjusted. Happy Holidays for the US. Everyone else have a great weekend. Will not be trading until Sunday night.
February 22, 2020
New version started. TE date adjusted. Various exits being tested.
March 5th, 2020
2 Live accounts and multiple demo accounts across several brokers looking for discrepancies.
1st Milestone moving forward = to double live accounts
2nd Milestone moving forward = $100 to $10,000 and see how long it takes.
March 7th, 2020
EA Fully automated (except position sizing) and Signal Started based on the Faith Based Trading TW account. Recommend watching for awhile before jumping in. But at least it is there from the beginning for all to see. Win or Lose.
https://www.mql5.com/en/signals/708198
So, I've been gone for awhile and working on one of my previous ideas that I believed had value. My recent trials and errors have begun to show promise. I am going to post my results here so I can start a track record of effort made and if it does prove to be of value, then there will be a history of it and I did not just show up out of the blue with "the next best thing...".
And since someone made me a "commercial member", I will post here in the commercial forum to keep everything as legit and transparent as possible.
At this stage I am only posting for record keeping purposes. I am not seeking customers, or clients, or investors, or advice. If this proves itself, I will post live stats from initially a demo account, and then a live account. And then we will see where it goes from there. Or, this will be just one more thread we can toss in the ash can along with many previous threads. But, at least I am persistent and still chasing the dream.
No Martingale - No Hedge - No Grid - Fully FIFO Compliant - Does not require high leverage to work
The goal is not to gain from individual chart movements with arbitrary TP or SL levels and an arbitrary win/loss ratio based on individual charts, but the simple fact that almost all charts have 3 simple behaviors. Flat, ranging, or trending. With a basic stop loss in place to cover false signals and manage risk, markets that are trending have more pips available to profit from than flat or ranging charts. When the pips gained from the trending charts outweigh in gains what the ranging or flat charts lose, the profit is locked in your pocket. Having a single EA to monitor multiple pairs, open and close trades from multiple pairs and consistently lock in pips is the overall goal.
From a Money Management perspective, it can be started with a $100-$500 dollar account trading .01 lots. The math is easily converted from the results below of where that could lead.
Trading .01 Lots.
.24% DD on a $10,000 Account would equate to
2.4% DD on a $1,000 Account
24% DD on a $100 Account
Initial Account Balance and when to increase lot size would vary based on broker and leverage offered.
500-1000 to 1 Leverage: .01 per $100
100-400 to 1 Leverage: .01 per $300
50 to 1 Leverage: .01 per $500
I am focusing on the majors, but have added a few others that I like. I am testing currently and will add Strategy Tester reports as they complete and I pick the set files I like. GBPUSD, GBPJPY, GBPAUD,GBPNZD, GBPCAD, EURJPY, EURUSD, EURCAD, EURAUD, EURNZD.
Why "Faith Based Trading"? Since someone has already asked. Well, beyond my own personal convictions, my algorithm does not use traditional targets. It relies on market movement and price action. The more the market moves, the more that can be made. But, losses are limited by Stop Loss. So, I have to have faith that when a trade is placed, the market will move to capitalize on it. Results show this to be a valid strategy. Instead of hoping my targets are hit, I profit as the market moves. Whatever the move. Small or Large.
Down the road - if sustainable - I will work with the forum to provide PAMM accounts, signals, or something similar. But wanted to make my intentions clear for future reference. As the end result is for commercial purposes, I will not be sharing my intellectual property at this time (charts, indicators, or the algorithm itself). It may be made available for purchase or subscription in some form. I want to welcome the FF folks in following my work, not copying it. I have to prove the validity of the strategy to myself before I would offer it in any large scale way to others.
I am not here to prove my way is right or other's are wrong. Only to find a trading methodology that I enjoy trading and profit from.
I am happy to discuss general forex practices and some of my conclusions that have brought me to this stage, but not the details of the algorithm itself.
Stay Tuned and if nothing else...wish me luck!
Monitoring 6 Accounts for variances. Dropping strategies that prove to fail more than win.
September 23rd, 2019 - Started Demo Account while testing various settings on the EA
October 8, 2019 - Finalized settings on demo account and added live account with same settings.
October 13, 2019 - Added multiple accounts from different brokers to look for variances. https://www.myfxbook.com/members/FXScottyb
October 20, 2019 - All accounts are now set for UK session only. LMFX Accounts are set to 4HR charts, OandA and TW are set to 1HR charts. IG and Forex.com are left alone. UK Session and 4 HR Charts.
October 21, 2019 - once the strategy is stable, next stage is to combine the ea with the dashboard so all trades will be placed on multiple pairs from a single chart from the Dashboard.
October 25, 2019 - FREE GIFT - The original version of my Dashboard. Add to stand alone chart and it will monitor all trades on the account. It does not open trades, but allows you to see value of profitable trades and value of losing trades. With buttons to CLOSE ALL trades or CLOSE PROFITable trades. Enjoy!
November 21, 2019
Redesigned and TE date adjusted for start of new version usage.
November 27, 2019 - Up to version 2.7 now. Started today and TE start date adjusted. Happy Holidays for the US. Everyone else have a great weekend. Will not be trading until Sunday night.
February 22, 2020
New version started. TE date adjusted. Various exits being tested.
March 5th, 2020
2 Live accounts and multiple demo accounts across several brokers looking for discrepancies.
1st Milestone moving forward = to double live accounts
2nd Milestone moving forward = $100 to $10,000 and see how long it takes.
March 7th, 2020
EA Fully automated (except position sizing) and Signal Started based on the Faith Based Trading TW account. Recommend watching for awhile before jumping in. But at least it is there from the beginning for all to see. Win or Lose.
https://www.mql5.com/en/signals/708198
