New EA - Faith Based Trading

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.

Then, it will be the start of a marketable product.

As most of the Forex Market was ranging this week, I spent my time exploring various stop loss methodologies. I think I have settled on one that I like which is less arbitrary and should only be triggered during a reversal while staying safe from most candle oscillations. Also, designed a Dashboard that I can trade on as many charts as I want, but only have a single chart open. This managing multiple MT4 platforms and performing housekeeping such as adjustment to SL and lot size SOOOOO much easier.



Also designed the Dashboard to run on one time frame while checking for conditions throughout the day. Watching for trade entries every hour on a 4HR chart or watching for trade entries every 3 hours on a DAILY chart.

This upcoming week, I will be exploring different types of exits.

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!

EA added to first post.

Back to the drawing board

Redesigned and TE date adjusted for start of new version usage.

Found a bug that was resetting my Target Equity (which is part of trade recovery. Updated.

Up to version 2.7 now. Started today and TE start date adjusted.

Made a series of tests this weekend. Different Stop Losses - both dynamic and static - Also entering trades every 30m up to every 4 hours. Win rate results are below.



Profit in pips vary from 2 to over 100. Still have not found a way to automate order close with consistent results. But manual close seems ok for now.

Week did not end so well, but overall, I am pleased with the results of the new settings. It is nice to see this week's win % close to what the tests above showed that I did the previous week.



http://www.myfxbook.com/members/FXSc...x-live/3568871

I do not accept arbitrary targets. Let the market do its thing and grab pips (40-100) when you can.

By simply using the Dashboard to open trades and track progress, it removed the psychological effect of trying to guess what a "chart" is going to do. You simply watch the profitable trades and close the ones you want.

Also, by viewing MT4 orders in pips instead of $$$, removes another psychological factor of greed. And I focus on pocketing pips. I may change the Dashboard to show pips as well. But, there is time for that later.

New version started. TE date adjusted.

Various exits being tested.

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.

Pretty happy with latest results. We'll see if it continues. I can only have 2 Trade Explorers on this thread, so I have other brokers listed on Myfxbook.

https://www.myfxbook.com/members/FXScottyb

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.

No complaints for this weeks's trades. Have a great weekend!

Now, if an account doubles every month, at what point do the brokers start pushing back? Make them partners? Limit the trade size and withdrawals to a certain level to not impact their business plan? Could be an interesting challenge. Any thoughts on this subject?

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

Poll added. As this proves its validity, i want to answer questions of the type of interest people have. Whatever solution I offer, or maybe all 3, the value has to go both ways. And i can determine based on interest if i should invest in developing a marketable EA

Took a major hit Monday with the market fluctuation on Saudi oil announcement. But, only took a few days to recover nicely on signal account. Other account had just moved MM to .02 lots, and now recovering a .01 lots. But same for same behavior very nice.