Any Risk Control EA that records actual behavioural data ? | Forex Factory

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Any Risk Control EA that records actual behavioural data ?

  • #1
  • First Post: Mar 29, 2020 2:03am Mar 29, 2020 2:03am
I have been approached by a social worker involved in the field of Early Age-Related Macular Degeneration, Cognitive Function and Dementia to develop a MT4 trading tool for Elderly persons, who prior to retirement, had careers related to money and finance.

He has sent me a study which clearly shows the link between six activities, namely reading, exercise/sports, hobbies, spectator activities, and Card games. The findings show that the subjects who relinquished three activities ,for example, were 3.87 times (95% confidence interval [CI], 1.95 to 7.76) more likely to become demented than subjects who relinquished no activities. The risk for subjects who relinquished five activities increased to 9.54 times (95% CI, 3.05 to 30.43). who want to engage in small real trades

I have no coding skills but based on my own 35-years trading experience, and an elderly myself, I am able to visualise trading games that can engage brain. Among them masterprices suitable for elderly or even a beginner are:

1. Button Interface Trading Tool good for Momentum Trading
Margin Trader
https://www.forexfactory.com/showthread.php?t=954503

2. Button Interface Trading Tool for trading other than Momentum , including Hedging and reversal
Button EA
https://www.forexfactory.com/showthr...9#post12360049

3. EA for Time based trading restricted to one single hour of the day giving signals generated by a single trading strategy. It could be any of the simple strategie.:

4. A trading pattern behaviour analyser based on based on assumptions and actual behavioural data about every single trader, instrument or currency and trade.

5. An EA that replaces a Human Teacher exercising risk control and intervenes by way of alerts, liquidating trades etc. when guidelines for trading like Overtrading, Managing (alerting time to take profit) and Closing positions (alerting time to exit) avoiding DRAWDOWN (by alerting fall in Margin Level percentage) , increasing lots (not allowing to trade if exceeds trading lot restrictions) , Hedging by buying /selling trades in the opposite direction on a platform that permits buying and selling of same instruments without extra margin and thus take a relief from Drawdown. In short, the EA will try to stop traders from breaching the trading guidelines and prepare them for Surprises wipe out their programmes.

I am sure this FF has a lot of coders who might be able to create EAs for elderly traders.

Thank you
Practice makes a person perfect
  • #2
  • Mar 29, 2020 4:16am Mar 29, 2020 4:16am
Hi simmz,

Sure i can contribute something here but i will do during my spare time ...
anyway if u want some professional work better hire some well experience coder in this ff or simply go to mql4/mql5 freelance sections for a better services

anyway enough talk , let start ...

Quote
5. An EA that replaces a Human Teacher exercising risk control and intervenes by way of alerts, liquidating trades etc. when guidelines for trading like Overtrading, Managing (alerting time to take profit) and Closing positions (alerting time to exit) avoiding DRAWDOWN (by alerting fall in Margin Level percentage) , increasing lots (not allowing to trade if exceeds trading lot restrictions) , Hedging by buying /selling trades in the opposite direction on a platform that permits buying and selling of same instruments...

i believe this ea need alot work to do ...

for a start i can make very simple EA whereby consist ;
1) risk control
2) buy/sell
3) trade allowed per day

regards
Cosmas
  • #3
  • Edited 6:22am Mar 29, 2020 6:10am | Edited 6:22am
Elderly people should be in much safer investments the Forex! Please do not put your retirement money into FX or any risky asset.. Elderly should not be using leverage. FX is HIGH RISK and YOU CAN LOSE EVERYTHING VERY FAST!!!! And I certainly wouldn't trust your money to some random coder you found on a website.

You really need to be talking to a financial planner at this stage in your life...

FX is not easy retirement money.. Its very hard.. and takes years to get good.

Please trust me on this!

If anybody elderly in my family thought about trading FX, I'd try to declare them insane and have their money put in a trust for safe keeping. Time is not on your side.. You probably can't go back to work if you need to support yourself due to a big loss. This whole idea is just crazy talk.

I really hope this is just a troll posting BS on the forum. It smells like a troll post!
The only system that will work is one designed by and for yourself.
  • #4
  • Mar 29, 2020 7:46am Mar 29, 2020 7:46am
Quoting bloodpoodle
Elderly people should be in much safer investments the Forex! Please do not put your retirement money into FX or any risky asset.. Elderly should not be using leverage. FX is HIGH RISK and YOU CAN LOSE EVERYTHING VERY FAST!!!! And I certainly wouldn't trust your money to some random coder you found on a website. You really need to be talking to a financial planner at this stage in your life... FX is not easy retirement money.. Its very hard.. and takes years to get good. Please trust me on this! If anybody elderly in my family thought about trading...
This is not an trading tool as such for elderlies who wish to use it to execute trading as virtual game. because MT4 platform is free.

At the same time, it can be used by both beginner and intermediate traders to practise trading of CFDs not necessarily Fx.
Practice makes a person perfect
  • #5
  • Mar 29, 2020 7:53am Mar 29, 2020 7:53am
Quoting CosmasMoses
Hi simmz, Sure i can contribute something here but i will do during my spare time ... anyway if u want some professional work better hire some well experience coder in this ff or simply go to mql4/mql5 freelance sections for a better services anyway enough talk , let start ... {quote} i believe this ea need alot work to do ... for a start i can make very simple EA whereby consist ; 1) risk control 2) buy/sell 3) trade allowed per day regards Cosmas
Thank you. your offer to code a Risk supervisor EA tool is greatly appreciated.
Largely it will use alerts warning the traders when to stop, when to exit, when to suspend trading to control drawdown by hedging (FIFO platforms don't allow hedging) to suspend trading when margin percent falls.
Practice makes a person perfect
  • #6
  • Mar 29, 2020 10:27am Mar 29, 2020 10:27am
Attached Image


This ea look nothing at this moment .

i have attach the ex4 file and u can try to install it , let me know are this file can execute in ur mt4 .

For ur info , the ea have no logic right now so if u click and and insert any input the ea wont do anything .

I need to go cause hv things to do , i will update once i have spare time .

Regards .
Cosmas
Attached File(s)
File Type: ex4 RC_V1.01.ex4   120 KB | 480 downloads
  • #7
  • Mar 29, 2020 11:00am Mar 29, 2020 11:00am
Quoting CosmasMoses
{image} This ea look nothing at this moment . i have attach the ex4 file and u can try to install it , let me know are this file can execute in ur mt4 . For ur info , the ea have no logic right now so if u click and and insert any input the ea wont do anything . I need to go cause hv things to do , i will update once i have spare time . Regards . Cosmas {file}
It attaches to MT4. No problem.
Practice makes a person perfect
  • #8
  • Edited 12:08pm Mar 29, 2020 11:49am | Edited 12:08pm
Quoting bloodpoodle
Elderly people should be in much safer investments the Forex! Please do not put your retirement money into FX or any risky asset.. Elderly should not be using leverage. FX is HIGH RISK and YOU CAN LOSE EVERYTHING VERY FAST!!!! And I certainly wouldn't trust your money to some random coder you found on a website. You really need to be talking to a financial planner at this stage in your life... FX is not easy retirement money.. Its very hard.. and takes years to get good. Please trust me on this! If anybody elderly in my family thought about trading...
Quoting simnz
{quote} This is not an trading tool as such for elderlies who wish to use it to execute trading as virtual game. because MT4 platform is free. At the same time, it can be used by both beginner and intermediate traders to practise trading of CFDs not necessarily Fx.
While trading appears simple it involves a high degree of complexity and also requires an equally high degree of self acquired competence to find one's way - and a host of other factor such as an extraordinary amount of research and screen time..etc.,...etc.,

Trading and Trading Games are activities that tend towards the spectrum of mental introversion concentration and isolation from distraction. Are these types of psychological isolations ideal for early dementia ?

With the exception of reference to trolls my sentiments are along the lines of bloodpoodle's post. I see real danger - the post is sober warning.

If the below is not suitable perhaps it can be suggested for other cases.

A member of my family regularly meet on Wednesday and sometimes on Sundays for Board Games that can be played by groups of players either as a single team against the game or as teams against teams. With the present crises these game meetings are taking place online with full audio of each other.

With reference to your post [quote] Elderly persons, who prior to retirement, had careers related to money and finance. [unquote]

The bulk of my family member's regular board game group are corporate accountants and business process consultants but also include a research scientist and postman and periodically his wife and a 19 year old nephew of a regular member..

I have zero interest or experience with regards BGs - however

  1. any group participation tends towards psychological externalization - I assume to be better than internal isolation for dementia and also offers opportunity for members to keep an eye on each and flag any concerns with appropriate services.
  2. the bulk membership of family members BG group - although not anywhere elderly (30-60) - are more than qualified to vouch for BG as suitable stimulating entertainment for the financially qualified.
  3. provided one can gel with the group BGs offer a democratic means of participation and inclusion irrespective age and professional qualification or absence thereof. (the elderly can interact with other family members via BG participation)

However, BG has a limited time duration due to requirement of group participation - but Trading and Trading Research offer unlimited time duration due to independence of group participation.

TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #9
  • Mar 29, 2020 12:27pm Mar 29, 2020 12:27pm
Quoting Phylo
{quote} {quote} While trading appears simple it involves a high degree of complexity and also requires an equally high degree of self acquired competence to find one's way - and a host of other factor such as an extraordinary amount of research and screen time..etc.,...etc., Trading and Trading Games are activities that tend towards the spectrum of mental introversion concentration and isolation from distraction. Are these types of psychological isolations ideal for early dementia ? With the exception of reference to trolls my sentiments are along...
I see no harm in the development of a tool that will be quite user-friendly for any novice trader. The idea to develop the tool for financial trading came from a social worker from the specialised field. Who am I to decide whether or not it will serve intended purpose.

You say "it involves a high degree of complexity and also requires an equally high degree of self acquired competence to find one's way - and a host of other factor such as an extraordinary amount of research and screen time..etc.,...etc."

I agree FX trading is tough. Financial trading is tough even for Warren Buffet.

I myself have moved away from trading currencies since October. I have shifted to Hong Kong index trading.and teaching a few guys to follow news and keep an eye on daily High Low and use % increase or decrease to trade stock index and stick to first hour of trading and last hour of trading.
No other rules.

So far they are doing good.
Now I am going to introduce them to Murrey Math Lines which is also easier to follow.
I have told them not to overload themselves with unnecessary information and impair decision-making capability.
As far as research and screen time is concerned I have set up for them "8Cs Quality control lab" to help get outsourced help.

In nutshell, this is my *Cs Quality control lab:

The objective of using outsourced analysis is to help yourself take trading decisions swiftly.
It could be just by copying the trades while agreeing with the analyst's reasoning or the rationale to trade.
Trade recommendation without any explanation of the reason to trade should be avoided altogether.
You should not seek to overload your brain with information which impairs your ability to act or make decisions.
As a smart businessman, you should be putting in 20% of effort to achieve 80% of total effect as enunciated in the Pareto principle.
Even the gains could come from 20% of total trades.
What you set up is a vendor evaluation system .
Have a checklist of 8C's similar to 10 Cs employed by purchasing managers for assessing the suitability of a potential supplier. You can prepare your own system suiting your own personal needs.
My checklist is:

  1. Coping with "free" information: You can easily be overwhelmed by free analysis from sites that rely on advertising income or even have hidden sales pitch. You have to set up your own filters to judge what is useful or not. Top priority should be for sourcing analysts or coaches who can provide pre-trading and post-trading commentary by way of maximum 15-minutes videos.
  2. Competency : How long online analysts have been active? History of their work or "trade picks"?
  3. Commitment : Judging from their work, how passionate the analysts seem to be?
  4. Cause (reason): Is the person doing it for income or just wants to share knowledge or experience as a good Samaritan? Bear in mind not everyone does for money alone. Some traders in fact teach to improve their own trading .
  5. Cost: Is it a freebie? If it's good why not? Any promotional price for yearly subscription? Is it worth the price?
  6. Consistency: How consistent is the analysis work in terms of assessing probability, prediction of direction? How close is the analysis as to the choice of the time of prediction happening? You can know by forward-testing the suggested trading ideas on a simulated trading platform for 3 months and using statistical analysis tools or models to look back at past performances.
  7. Copying trades: Don't fall for statistics of hypothetical performance provided by hindsight traders and avoid copying trades for live trading unless they help you understand the market better and empower you to take swift trading decisions.
  8. Communication: How well do you understand the analysis in maximum of 15 minutes and whether it is precise and action-oriented ? or is it so complex that it completely goes over your head?

All of us have different experiences as far as uncertain field of trading is concerned. Each to his own.

Practice makes a person perfect
  • #10
  • Edited 10:14pm Mar 29, 2020 10:03pm | Edited 10:14pm
Quoting simnz
{quote} .... Who am I to decide whether or not it will serve intended purpose.
Apology - I find such remark disturbing.

Besides questions of said Social Workers competence in understanding the ramifications that go with trading including follow on obsessive and addictive trading behaviours, it does not take any great study to appreciate the dangers of the following - Elderly Persons with Early Age-Related Macular Degeneration, Cognitive Function and Dementia who want to engage in small real trades. (see first post).

Again, apology if this sound highly critical -

from perspectives of real world finance and business experience the following concern arises.

  1. No post expresses due diligence regarding any research ruling out possible fraudulent intentions - in guise of charitable solicitations - with regards a particularly vulnerable category of elderly persons.

TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #11
  • Edited 11:23pm Mar 29, 2020 10:25pm | Edited 11:23pm
Attached Image

Finally i have update the ea , and this ea Risk SuperVisor Ver. 1.01 . This ea help user to set the lot size , open trade , close particular trade , close all open trade , set how much max open trade and set max loss per day . This seem not much but the work behind and time spend to make this ea should be consider .

Attached Image

Image above show what section for what and with some description . I hope this explain very well , for ppl have doing forex so many year should have no issues and this guide is for beginner .

Attached Image

User also can save preset EA and can used them in the future . This preset help user without need to reset the EA parameter every time restart EA.

i have other idea for the EA for example ;
1) set limit open and close totals trade per day
2) detect drawdown per day , per week and monthly
3) insert news filter so user will stay alert what going on
4) spread filter and slippage filter
5) set time for trading hour
6) have option to reserves order , if sell loss then buy kick in and vice versa ...
7) set breakeven
8) and the list go on ...


For the moment i need to stop here , because there something else i need to work with .

Regards
Cosmas .
Attached File(s)
File Type: ex4 RSV(Risk_Supervisor).ex4   137 KB | 524 downloads
  • #12
  • Edited 11:34pm Mar 29, 2020 11:15pm | Edited 11:34pm
Quoting Phylo
{quote} Apology - I find such remark disturbing. Besides questions of said Social Workers competence in understanding the ramifications that go with trading including follow on obsessive and addictive trading behaviours, it does not take any great study to appreciate the dangers of the following - Elderly Persons with Early Age-Related Macular Degeneration, Cognitive Function and Dementia who want to engage in small real trades. (see first post). Again, apology if this sound highly critical - from perspectives of real world finance and business...
I am confused as to what are your actual concerns?
Are you suggesting someone will use this EA to solicit charitable solicitations?

If so, then each and every EA on FF or elsewhere can be packaged for criminal use by anyone.

It is just a request to coders to make an EA which can be used by anyone as a virtual teaching tool because of its simplicity of execution.
This tool will cut learning curve of CFD or fx trading by 90%.
That will benefit retirees who are not totally not risk-averse.
They will practice for 1 year before gaining confidence to go live.
Those who are 100% risk averse will remain so whether banks give savings rate interest or not.
Practice makes a person perfect
  • #13
  • Mar 29, 2020 11:32pm Mar 29, 2020 11:32pm
Quoting simnz
{quote} I am confused as to what are your actual concerns? Are you suggesting someone will use this EA to solicit charitable solicitations? If so, that each and every EA on FF or elsewhere can be packaged for criminal use by anyone. It is just a request to coders to make an EA which can be used by anyone as a virtual teaching tool because of its simplicity of execution. This tool will cut learning curve of CFD or fx trading by 90%. That will benefit retirees who are not totally not risk-averse. They will practice for 1 year before gaining confidence...
Such simplistic looking Trade Managers give opportunities for coders also to understand how trading is done without noise. Simple and straight.
It is an education tool for programmers .
Any novice programmer who gets involved in coding such EAs becomes knowledgeable in trading in a couple of days.
With foundation in place, the programmer can build a building on it.

Programmers get distracted by the lure of easy money (which never was and never going to be).
Of course they can build career as algo traders ultimately by spending an hour a day on improving their coding skills which will invariably involve improving trading skills.

Market Noise confuses them. It is then they think indicators are magic pills. And they lose their hard-earned savings and get disillusioned.

Trading is for those who have capital. That does not mean if you have small capital , you can't build wealth. You can . You have to spend 5 to 10 years in building skills.
I have build my wealth from buying index options. It took me 10 years (an hour a day practice on virtual account) to gain proficiency. The time given paid off in a big way. I have been able to generate 5% a day just by buying options since 10 days ago because it is easier to buy straddles and strangles together without thinking of direction and make money. How long this volatility will lost, nobody knows. But if you have acquired those skills, they come handy to you.

Besides this is a source of passive income. Not full time. I have income from a job which keeps my busy mentally and physically.

But the socalled Gurus and sellers of courses, signals, expert advisors make you believe that it can be achieved fast.

Anyway, the world is going to change for ever.
No jobs
No income
What's next?
Practice makes a person perfect
  • #14
  • Mar 29, 2020 11:39pm Mar 29, 2020 11:39pm
If you look at algos all of them have died.
Why?
Because all the forces of demand and supply have gone beresek.
Policy makers are showering helicopter money to prevent the financial markets from crumbling.
In spite of them offering free money to buy equities , things are not working.
In a way they are coercing market makers to ignore forces of demand and supply.
Where is the capitalism ?
It is practically dead.

All algos have died because all the assumptions made for programming these algos are not working.

That's why I am only focussing on Trade Managers which can make trading easy and not so time consuming.
And majorly use the time to do manual trading and get the signals either from their own brains or rely on tried and tested experts brains.
Practice makes a person perfect
  • #15
  • Mar 29, 2020 11:53pm Mar 29, 2020 11:53pm
Quoting CosmasMoses
{image} Finally i have update the ea , and this ea Risk SuperVisor Ver. 1.01 . This ea help user to set the lot size , open trade , close particular trade , close all open trade , set how much max open trade and set max loss per day . This seem not much but the work behind and time spend to make this ea should be consider . {image} Image above show what section for what and with some description . I hope this explain very well , for ppl have doing forex so many year should have no issues and this guide is for beginner . {image} User also can save...
You have a good understanding of manual trading.
I am sending by PM mql file of a master piece.
You have to study two masterpirce of trade managers and code the one you are doing it.
Please don't underestimate your own skills.
Logics are not at all complicated.
But you are trying to make it complicated by including news . Let manual traders use calendars to plan their trading. For time being , following calendars is a folly.

How to live with Drawdown is main concern. It needs at least one year of practice. You have to choose Murrey Math as your plot. And Lock the trade to pause drawdown, gain time to think over it when to unlock it. Murrey Math will provide unlocking opportunities. Again there is a possibility of unlocking eight times also you get deeper into drawdown.

You should provide 8 to 10 unlocking Pending Orders provision. And calculate how much will be the possibility of 8 to 10 unlocking opportunities hitting your pockets (equity) and then decide whether you should take risk for 1 unlocking or 8 unlocking depending upon your equity.

If your margin % shows 600 how many unlocking positions (worst scenarios) it will cover. Then the trader has to decide if the equity level supports it and stop-out level not hit 150 pips even after taking unlocking positions then the trader may like to take the risk. Trader will take the risk only when he feels worthwhile to do it. It could be a day, a week or even a month. Only cost will be swap cost which can easily be covered by profit.
Practice makes a person perfect
  • #16
  • Mar 30, 2020 8:15am Mar 30, 2020 8:15am
Quoting CosmasMoses
{image} Finally i have update the ea , and this ea Risk SuperVisor Ver. 1.01 . This ea help user to set the lot size , open trade , close particular trade , close all open trade , set how much max open trade and set max loss per day . This seem not much but the work behind and time spend to make this ea should be consider . {image} Image above show what section for what and with some description . I hope this explain very well , for ppl have doing forex so many year should have no issues and this guide is for beginner . {image} User also can save...
You have a clear mind which is reflected in your design and logics.
Practice makes a person perfect
  • #17
  • Mar 30, 2020 8:31am Mar 30, 2020 8:31am
hope my very humble ea can contribute something here .

Regards
Cosmas
  • #18
  • Mar 30, 2020 8:59am Mar 30, 2020 8:59am
Quoting simnz
{quote} I....
Are you suggesting someone will use this EA to solicit charitable solicitations?
If so, then each and every EA on FF or elsewhere can be packaged for criminal use by anyone..
No -

Statements would point in direction of -

  1. financial naivety
  2. prevalence of criminal cases of vulnerable persons having their financial assets appropriated and transferred out of their ownership by fraudulent means - in many instances the fraudulence is perpetrated by persons in service to caring for such vulnerable persons.
  3. while there can be no accusations or any proof of fraud no due diligence to the contrary is initially provided.

Good luck with endeavour - no further comments.

TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #19
  • Last Post: Apr 1, 2020 11:47pm Apr 1, 2020 11:47pm
Quoting CosmasMoses
{image} Finally i have update the ea , and this ea Risk SuperVisor Ver. 1.01 . This ea help user to set the lot size , open trade , close particular trade , close all open trade , set how much max open trade and set max loss per day . This seem not much but the work behind and time spend to make this ea should be consider . {image} Image above show what section for what and with some description . I hope this explain very well , for ppl have doing forex so many year should have no issues and this guide is for beginner . {image} User also can save...
A good job. I would not call it an effort. It's actually well done.
Your request at your blog prompted me to give this idea of risk supervision.
You have too many ideas which does not help smooth management of the trades.

What is useful are:
5) set time for trading hour: Good idea
6) have option to reverse order , if sell loss then buy kick in and vice versa.
It can't be done casually and impulsively. You have to have some projected point which is touched at least 2 or times before the reversal should take place. A fractal closed candle logic .
7) set breakeven: Good idea

When you have time, you may resume it and complete it with your 5 and 7 ideas.

All the best to you.
Fight coronavirus by what you enjoy doing.
Practice makes a person perfect
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