ForexScotty Dashboard

I'm happy to report that my request to have PlexyTrade added to the Trade Explorer broker list was approved by FF. I'll be the lab rat and post my live account results running my dashboard here on the dashboard forum as well as on my profile.

We like it when target gets hit early in the session. And with only 2 trades!

Dropping Cedarfx and adding my live PlexyTrade account to the daily reports.

I think I am pretty settled on set files. New reports will show Yellow Text for Demo accounts and Green for Live account on my new PlexyTrade account.

PlexyTrade will be offering PAMM accounts in the future where, as long as everything stays solid, a PAMM account could be a future offering for US clients. So far, the Median account has been the most stable with an average of 1% daily returns. The aggressive settings are returning more revenue, but I would prefer something more conservative when it is other people's money on a managed account. But there may be options available for various managed accounts for different risk appetites.

We shall see.

What's the difference between good and bad days in forex trading, and how does your recovery algorithm work to maintain equity with 1-2% daily gains?

What are the key features of your automated trading algorithm? How do you manage risk and ensure consistent gains? What challenges have you encountered during live testing?

EA uses multiple trades, trending pairs offsetting ranging pairs resulting in a daily account target. When reached, EA shuts down and awaits next day.
If not reached, recovery algorithm calculates amount needed to reach target and adjusts lotsize accordingly.

In other words, daily target reached = good day. All orders close at the end of the trading day if target not reached = bad day.

One of my own design. Using multiple pairs to reach a specific daily target. Over multiple years of testing, found that good days are reached more often than bad days. During that time, I've not had more then 3 consecutive losing days. Guesstimate an average balance needed to start and survive that up to 4 bad days or more.

If it were to happen that a long period of consecutive losing days were to happen it would equate to a blown account. So, I tried to mitigate that by not trading holidays or during the Christmas/New Years break.

Since 2019, I have had many blown accounts and adjusted the sliding scale between risk and target looking for the sweet spot where 1-2% gains are possible and always recovers. Current settings have been running since November although the accounts running it for the public eye are newer.

The metrics I am currently using are these.

These are for initial session only as when in recovery would be more dynamic can can very as the the degree of the bad day.

Good day target 1-2%
Account load 5% or less
First Bad Day Draw Down optimal 5% or less
Second Bad day Draw Down 10%
Third Day Drawdown 25%

I'm testing a max drawdown emergency stop of 50%.

Anyone who knows me knows I am a gambler, not a trader. I built this to be similar to playing all seats at the blackjack table with a martingale strategy, but being more dynamic as to trade entries and not as arbitrary as a pure martingale.

I guess the difference between my algorithm and others is that using the blackjack analogy , my revenue is driven from the table (account) not the individual seats (Trades) each trading day. With the goal of producing daily, budget-able results.

Accounts did not hit today's target. They will be in recovery mode Monday. Have a great weekend!

What's your take on balancing risk and reward in forex trading, especially with strategies like recovery algorithms? How do you manage drawdowns effectively?

Due to the random nature of the forex market, I think it is less about managing draw down and more about having a strategy that is successful in not having drawdown in the first place. The more iterations of a martingale or recovery strategy it takes to recover, the greater the likelihood of a blown account.

In the case of my strategy, in 4 years of trying various versions of the EA, I have observed that there has never seen more than three consecutive losing days in a row. Those losing days would offset any gains it made on the string of days where target was made.

So, recently I developed and added to the EA, a recovery algorithm to focus on recovering up to four or more losing days. That is the current test we are in right now.

The sliding scale of risk versus reward is something that varies for each gambler/trader. I prefer more aggressive settings to reach that 1-2% target per day. Someone else might deposit more money with the same settings to lessen the risk, but it would also lower the reward/equity curve.

With a $1000 deposit, these settings generate about 1-2% per day and it should be able to handle up to 4 consecutive losing days. A person could take the same settings, deposit $10,000 and generate 0.1 - 0.2% per day and handle 10 or more consecutive losing days in a row. But, if the algorithm has that many losing days in a row, it would prove the algorithm/strategy is flawed.

Second day without recovery. Still pretty low drawdown. We will see what happens tonight.

3 consecutive losing days. We'll see what happens tonight.

Well, it looks like this test has concluded. Median and aggressive Blackbull accounts are pretty much done, lot size iteration required is too high for current balance. Higher reserve Blackbull accounts is still holding on but can't hold out much longer. The PlexyTrade account recovered. So my early conclusion is that the higher 2000-1 leverage saved the day by allowing less balance to be used in trades and allowed for the drawdown. I'll analyze the data, make adjustments, and start the next test.

A couple factors identified are the higher leverage helped. But also, the PlexyTrade micro account does not charge commission, so that made an easier recovery target as the EA includes commissions in its target calculation.

Final results for the 4th consecutive day without a recovery.

Blackbull accounts with various settings at 500-1 leverage have drawn down to a point that the recovery algorithm cannot recover. The low pressure settings account may recover, but who wants a draw down of 42%? Not me. So, I will consider it concluded as well. I will tweak the settings similar to the PlexyTrade account which did recover due to the higher leverage, no commissions and slightly more aggressive recovery settings and see how it does. The only way to make a 500-1 leverage account behave like a 2000-1 leverage account is to adjust the MM calculation for a higher reserve. This will reduce risk, but will also reduce reward. It may not be beneficial to an investor to only make less than a 1/2 percent per day. But it is more than a savings account. We shall see.

Down to 1 test account and 1 live account. PlexyTrade live account still going strong with the higher leverage. Blackbull demo with the MM adjusted is new test. Both hit targets today.

Both accounts hit target today. Have a great weekend!

Memorial Day in the US. No trading.

Accounts did not reach target today. In recovery mode for next session.

Demo Account recovered. Live account I held up exploring other options that are less risky.