Yes, since this will be eventually marketed outside of this forum after proper testing, account and expiration coding has been put into it in for those wanting to lease the EA commercially. It will be free to all registered members of this forum and doesn't expire until 3/13/2009. If at that time you need a new version, the EA will provide you a message regarding how to contact me on getting a fresh one.
saragosa, these are on a demo account as we will be extensively testing this before any live trading will be done.
mastergunner, backtesting this EA is completely worthless as you need to use this with a little discretion regarding your entries. I only trade this during the hours of 07:00 to 17:00 which is the Frankfurt open to the London close and you can't specify that in a backtest. That is why this has to be forward tested only. With regards to what timeframe, the EA will work on any timeframe. I use 5 or 15 minute so I can view how the sequences progresses.
mastergunner, backtesting this EA is completely worthless as you need to use this with a little discretion regarding your entries. I only trade this during the hours of 07:00 to 17:00 which is the Frankfurt open to the London close and you can't specify that in a backtest. That is why this has to be forward tested only.
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To add a filter on the hours in an EA is very easy to do. We could put that in parameters in order for everybody to adjust according to the broker server's time.
To add a filter on the hours in an EA is very easy to do. We could put that in parameters in order for everybody to adjust according to the broker server's time.
That's great if it can be done, but as we all know backtesting can be very unreliable. That's why I will be sticking to forward testing only.
That's great if it can be done, but as we all know backtesting can be very unreliable. That's why I will be sticking to forward testing only.
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Yes that can be done but requires to modify the source code....
Backtesting quality depends on the data quality you have and also on how the EA is coded (working on close prices only, no scalping...) .
But I think it is anyway useful because if your system crashes once every 6 months that means a lot of waiting time in forward testing. And anyway you will forward test it fine during several months and as soon as you will put it live it will crash (Murphy laws still apply)
Well I won't be modifying the source code just to improve backtesting results, and your opinion is noted, I don't agree, but again that's just the way I see it.
What settings would you recommend for a $10,000 account and trading what pairs?
Thank You,
Jeff
quote=mer071898;1932054]Well I won't be modifying the source code just to improve backtesting results, and your opinion is noted, I don't agree, but again that's just the way I see it.[/quote]
Well, Eur/Usd is probably the most stable pair, but I'm kinda starting to like Usd/Chf. I try to stick with the lower spread pairs with the default settings because once you use pairs that go past 5-6+ pip spreads you have to increase your TP and stop, which in turn you'll have to increase your bankroll to not get margin called. Some guys have used Eur/Jpy because of the low spread (3 pips on ODL) and higher daily range (roughly 150-200 pips). But in turn you get more erratic behavior. Sort of a catch 22 if you know what I mean.
If your using standard mini account you'd start out with .01 lots ($.10 a pip). At 100:1 leverage you'd be able to trade 1 pair or at 400:1 you could actually trade two pairs. Just make sure the broker can trade odd lot sizes like .11, .36, and so on. On a nano account you could actually trade up to 10 pairs at 100:1 leverage or 20 pairs at 400:1. But that's figuring you'll use default TP, BE, and stop levels. Use the calculator in post #1 and play around with the numbers to see what you'd need to trade with beforehand, it'll help.
I, personally, like the idea of the nano account better because you can spread out the risk to up to 20 different pairs so if one pair backfires, 19 others will lessen the sting. The other option I'm looking into is to possibly add a few more levels to also decrease the risk but that is on the back burner for now.
Also, as others have mention before there won't be a substantial account growth (2-4% a month) with this EA but as I said before, take those profits out frequently and put them in your primary trading account and use money that you can afford to lose because, as I will admit, this is a riskier than average EA to trade with.
Question on times.... couple of you said you hit the EU first time today, took me 9 trades, with one breakeven in there....
You also mentioned you started at GMT-1... what time is that? Up to now, we have been starting at 7gmt (I think?), so did you start an hour earlier, 6gmt? (not broker times, but actually GMT times....)
I start the EA at the Frankfurt open which is normally 07:00 GMT. With daylight savings here in the states it will show 06:00 in the EA's input and on the statements.
Well, Eur/Usd is probably the most stable pair, but I'm kinda starting to like Usd/Chf. I try to stick with the lower spread pairs with the default settings because once you use pairs that go past 5-6+ pip spreads you have to increase your TP and stop, which in turn you'll have to increase your bankroll to not get margin called. Some guys have used Eur/Jpy because of the low spread (3 pips on ODL) and higher daily range (roughly 150-200 pips). But in turn you get more erratic behavior. Sort of a catch 22 if you know what I mean.
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I agree, stick with the 4 majors for this particular EA.
Great job Chartist, no issues with the larger TP I see.
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Nope! So far its been well within the eur/usd range. Granite, I vary the entry times but always enter during the European trading session.
Last session was no different:
EUR/USD OPENED AT 08:00 GMT and was out with the 4th trade at 08:23GMT (wow! it whipped around good!) with 50 TP. No Break evens to report for this one.
My 2cents on backtesting this EA: It doesn't work for me even if I had perfect data and coding because I vary the entry times to better take advantage of volatile sessions. There are some days I don't even trade!
