Firebird EA - fixed version - | Page 86 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Firebird EA, please test this one, it is one of the greats 1,228 replies

which version of firebird are you using on live account? 12 replies

Firebird V1.0 an amazing EA ! 33 replies

Going live with Firebird 38 replies

My firebird is a roast cornish game hen 3 replies

Attachments: Firebird EA - fixed version -
Exit Attachments

Firebird EA - fixed version -

  • #1,701
  • Nov 21, 2006 1:35pm Nov 21, 2006 1:35pm
I tried to make a search in the thread before making this question (I know how boring are always the same questions) but I did not find the answer, so I ask here:

How pipstep works? I am using Firebird v. 065G TS with pipstep 37.
I also have an open position loosing 51 pips. What should happen? When an opposite position should be opened?

Thank you and sorry if question could be stupid for many readers

Raffaele
  • #1,702
  • Nov 21, 2006 1:47pm Nov 21, 2006 1:47pm
raffaelegalbiati

with this ea it will add another position after 37 pips in the same dirrection as the last one.

That is why you have to have a good margin and a nerve to see your float go out.

That is why we all have the pipstep high. to reduce the float as much as possible.
  • #1,703
  • Nov 21, 2006 2:07pm Nov 21, 2006 2:07pm
Quoting glenn5t
raffaelegalbiati

with this ea it will add another position after 37 pips in the same dirrection as the last one.

That is why you have to have a good margin and a nerve to see your float go out.

That is why we all have the pipstep high. to reduce the float as much as possible.
Hi Glenn, This is about the most -float I have had since I opened my live account. I may disable the EA if it moves much further against the dollar. I have made a few bucks today in manual trades but I don't want this float to get out of hand. What do you think?
  • #1,704
  • Nov 21, 2006 2:15pm Nov 21, 2006 2:15pm
Hi Melissa


Thats one option and if you recall thats what I did about a week ago just to stop the ea opening more positions then wait for the pair to come back.

You have to feel comfortable with the float level and I must admit I was worried the first time I saw may float blow out , however to date it has returned to profit.

Right now I have 7 open positions and they add to about -10% of float.
  • #1,705
  • Nov 21, 2006 2:21pm Nov 21, 2006 2:21pm
Quoting glenn5t
Hi Melissa


Thats one option and if you recall thats what I did about a week ago just to stop the ea opening more positions then wait for the pair to come back.

You have to feel comfortable with the float level and I must admit I was worried the first time I saw may float blow out , however to date it has returned to profit.

Right now I have 7 open positions and they add to about -10% of float.
I have plenty of margin at this point, but I am concerned if the GBP/USD keeps climbing.....although it seems to be struggling at 1.9000. I have only had one trade hit SL in all my demo's, so I really don't think this is too bad.......yet!
  • #1,706
  • Nov 21, 2006 2:51pm Nov 21, 2006 2:51pm
Quoting glenn5t
raffaelegalbiati

with this ea it will add another position after 37 pips in the same dirrection as the last one.

That is why you have to have a good margin and a nerve to see your float go out.

That is why we all have the pipstep high. to reduce the float as much as possible.
Thank you very much for the reply. I really did not undertood pipstep function

Raf
  • #1,707
  • Nov 21, 2006 8:32pm Nov 21, 2006 8:32pm
rusty105


My intrest with the standard account is mainly the lot size as a mini will only go to $10.00...
  • #1,708
  • Nov 22, 2006 7:16am Nov 22, 2006 7:16am
Does anyone know how to disable the excessive loss alerts? I am a long way the wrong way and they go off every second or so.


Thanks
  • #1,709
  • Nov 22, 2006 7:23am Nov 22, 2006 7:23am
set your pipsloss to a very large number like 99999
TRADE FOR SWAP
  • #1,710
  • Nov 22, 2006 7:25am Nov 22, 2006 7:25am
Melissa , u have to go into the EA and cxl the line that mention alerts .

Thats what I did and worked .
  • #1,711
  • Nov 22, 2006 7:58am Nov 22, 2006 7:58am
Quoting cgldsmth
set your pipsloss to a very large number like 99999
Tried that and it worked. How will that effect the ea?

Thanks
  • #1,712
  • Nov 22, 2006 7:59am Nov 22, 2006 7:59am
Quoting gico
Melissa , u have to go into the EA and cxl the line that mention alerts .

Thats what I did and worked .
Not sure how to do that....I did set the pip loss to a high number and that worked.

Thanks
  • #1,713
  • Nov 22, 2006 8:28am Nov 22, 2006 8:28am
Quoting traderlismiss
I may disable the EA if it moves much further against the dollar.
IMO, not only is it OK to disable Firebird as long as the reason is based on a pre-defined rule, but I think this type of intervention is entirely necessary. I suppose most "rules" can be programmed in, but I lack the skills in that area. In my case, I stop the EA when the open trade count reaches 12 to protect my core account. Gotta live to fight another day...

I've been trading a live account with Firebird since 8/15 using the "old" V63G and basic settings of SL=300, TP=30, Pipstep=40, on 1 minute and recently 5 minute charts with the following pairs: USD/CAD, EUR/USD, and USD/CHF (since 10/26). So far, the account is 131 wins and 3 losses, with 7 trades currently in float.

I also make extensive use of the "only short" and "only long" settings. Newsflash everybody... Firebird WILL trade with the trend if you set it to. It takes fewer trades overall, but IMO they're more reliable trades.

I never ever close trades manually, whether in profit or loss because I have not developed a good formula for doing so. I've done some back testing on the "close everything on Friday" scenerio and results were very bad. I also tested closing everything at the beginning of the month with poor results. The best results by far were when I never manually closed any trades. And I think manual intervention without a defined formula is a sign of undisciplined trading. I have a formula for stopping firebird (12 trades), and I also have formulas for setting the "only long" and "only short" functions based on trend indicators that I am still testing. I'm not trying to brag, just re-stating that discipline is the key to success in trading, whether it's with Firebird or some other system.
  • #1,714
  • Nov 22, 2006 9:08am Nov 22, 2006 9:08am
Quoting sm31
IMO, not only is it OK to disable Firebird as long as the reason is based on a pre-defined rule, but I think this type of intervention is entirely necessary. I suppose most "rules" can be programmed in, but I lack the skills in that area. In my case, I stop the EA when the open trade count reaches 12 to protect my core account. Gotta live to fight another day...

I've been trading a live account with Firebird since 8/15 using the "old" V63G and basic settings of SL=300, TP=30, Pipstep=40, on 1 minute and recently 5 minute charts with the following pairs: USD/CAD, EUR/USD, and USD/CHF (since 10/26). So far, the account is 131 wins and 3 losses, with 7 trades currently in float.

I also make extensive use of the "only short" and "only long" settings. Newsflash everybody... Firebird WILL trade with the trend if you set it to. It takes fewer trades overall, but IMO they're more reliable trades.

I never ever close trades manually, whether in profit or loss because I have not developed a good formula for doing so. I've done some back testing on the "close everything on Friday" scenerio and results were very bad. I also tested closing everything at the beginning of the month with poor results. The best results by far were when I never manually closed any trades. And I think manual intervention without a defined formula is a sign of undisciplined trading. I have a formula for stopping firebird (12 trades), and I also have formulas for setting the "only long" and "only short" functions based on trend indicators that I am still testing. I'm not trying to brag, just re-stating that discipline is the key to success in trading, whether it's with Firebird or some other system.
Thanks for the advice. I think what you have stated is very well thought out and obviously tested. I had not thought about the long only or short only option but I will consider it from now on. I would have loved to catch this trend long instead of short.
  • #1,715
  • Nov 22, 2006 9:20am Nov 22, 2006 9:20am
Quoting rusty105
With all this talk of trading standard lots Firebird, I got to thinking... What is different? Isn't a standard account just scaled up by a factor of 10? If you have Firebird dialed in to where it is running good, really good. And you are happy with the percentages (float and drawdown) Then how is it anything more then just physiological having an extra '0' ? If you look just at the percentages and the pips it shouldn't be as tough on your emotions, yes, no??
....

MoneyMa$ter, any words of wisdom here?

Rusty
Rusty,

The factor of 10 makes a considerable difference. Consider for example the capital requirement, the number of currency pairs in your trading basket, the number of trades open at one time which of course impacts the margin requirement. Currently, I'm working with one standard lot and up to five currency pairs which means as much as $5,000 in margin and as high as a couple of grand in float. Psychologically, it's easier to walk away because you don't want to keep seeing those high negative floats!!

My theory is the settings we use successfully for mini accounts are in an inverse relationship to standard accounts so we would ratchet the settings down by some factor of "X". My current settings, posted elsewhere in this thread, return 90%+ success, but when a trade goes bad, it really goes bad.

Also it may be that one of the earlier versions is better for standard lots (I don't understand why but it's possible), perhaps v.63gTS or even the "H" version. I'm currently trading with v.2 and have not used the hedge version as of yet.
  • #1,716
  • Nov 22, 2006 11:27am Nov 22, 2006 11:27am
I am using version 63g-TS2,on a 5 min chart on 4 major pairs and in 2 days it managed to cut in half my account: over 50% lossess. All the trades were coutertrend!!!

I am happy that this was on a demo account..otherwise
  • #1,717
  • Nov 22, 2006 11:33am Nov 22, 2006 11:33am
Yes. Firebird is "out of the box" a countertrend trader. Watch your settings, pipstep no less than 40 will help some. Hang in there and it may reverse just a little off this big trend.
Don Life is expensive, but includes a free trip around the sun.
  • #1,718
  • Nov 22, 2006 12:05pm Nov 22, 2006 12:05pm
Quoting MoneyMa$ter
My theory is the settings we use successfully for mini accounts are in an inverse relationship to standard accounts so we would ratchet the settings down by some factor of "X".
Do you anticipate more slippage or slower fills due to the use of standard lots? For my part, I plan to stay with a mini account until forced to change. I haven't checked with IBFX... With my other broker, mini accounts have a $50k limit.
  • #1,719
  • Nov 22, 2006 1:11pm Nov 22, 2006 1:11pm
Ok.


Trending market combined with hoilday trading. gave me the first losses to the tune of 40% of my account.

No pair was safe they all took losses....

So after nearly 8 weeks of 100% profit I took losses..I belive thats still very good, now I know the downside of FB I will start working on reducing it.

Iam allso running 63h04 and version1 (hedging)...I belive the answer is in the middle.

my thinking is some pairs on version 1 and the others on 63h04 or 63G.....thats the way iam going to test.

I have tested version 2 and my finding are not good so I will concentrate on the above...

in the mean time my live account will still run 63G.....

  • #1,720
  • Nov 22, 2006 1:33pm Nov 22, 2006 1:33pm
isn't the problem with limiting trades that the trend will go way against your feew trades and take ages to come back, so balance stagnates possibly building up negative swaps?

surely just not overleveraging and having a healthy margin is key? I also think a very large stop-loss is essential.

Quoting sm31
IMO, not only is it OK to disable Firebird as long as the reason is based on a pre-defined rule, but I think this type of intervention is entirely necessary. I suppose most "rules" can be programmed in, but I lack the skills in that area. In my case, I stop the EA when the open trade count reaches 12 to protect my core account. Gotta live to fight another day...

I've been trading a live account with Firebird since 8/15 using the "old" V63G and basic settings of SL=300, TP=30, Pipstep=40, on 1 minute and recently 5 minute charts with the following pairs: USD/CAD, EUR/USD, and USD/CHF (since 10/26). So far, the account is 131 wins and 3 losses, with 7 trades currently in float.

I also make extensive use of the "only short" and "only long" settings. Newsflash everybody... Firebird WILL trade with the trend if you set it to. It takes fewer trades overall, but IMO they're more reliable trades.

I never ever close trades manually, whether in profit or loss because I have not developed a good formula for doing so. I've done some back testing on the "close everything on Friday" scenerio and results were very bad. I also tested closing everything at the beginning of the month with poor results. The best results by far were when I never manually closed any trades. And I think manual intervention without a defined formula is a sign of undisciplined trading. I have a formula for stopping firebird (12 trades), and I also have formulas for setting the "only long" and "only short" functions based on trend indicators that I am still testing. I'm not trying to brag, just re-stating that discipline is the key to success in trading, whether it's with Firebird or some other system.
TRADE FOR SWAP
3 traders viewing now