Nanningbob 60x90 EA

gr8 work bob as usual

Here is an ugly trade I probably wont put a recovery trade on. This is an AUD/USD I am trading .05 on. It just entered the third level and is sitting on a 45 dollar loss at this point. I will look for some kind of retrace, set a SL in to keep my recovery and then see if it goes for a TP. If it doesnt then I will take a small loss of some kind or hit my TP. That is how I will play this. It is good for you to see how I am actually live trading a trade and why I make my decisions. My decision is based on a commodity currency that tends to run and run with out a major retrace for days. I take a small loss on a retrace to prevent the slow death that could happen. Other currencies have already profited 10 bucks today so I can cover this loss if I dont let it run and run.

Notice I also base my decision on it hugging the first red line. 3 levels is all I will ride a trade like this for. Get some kind of retrace to lessen your loss and dont let a trade like this ruin your account or trading day.

Well guys, you now that eur/gbp trade we talked about that Goodman got cleaned on. I used the recovery EA and took it from a 150 dollar loss to an 18 dollar loss. The recovery EA worked great. I suppose I could have hung on and tried to make it profitable but I was just glad to get out of that one. The problem with the Eur/gbp is not its movement it is double what other currencies are so when you play .01 it really is closer to a .02 I was playing .05 so it gave me a little heartburn the last two days. I am going to use a .02 or .03 with that one so the DD doesnt get so big and its numbers are closer to he other currencies.

hey Bob im jsut demoing on a 5 digit broker atm, expect no trades are working...

i changed the script right at the bottom under the variances to 900 each, also changed the TP and SL and re-entries by adding an extra 0...

hmm dunno whats the story... oh and allow live trading is ticked.

THIS IS FOR BIG MOUTH CRIS

dude can you not clutter up Bobs thread please, start your own if you wanna do that...

no probs with margining out for me psychologically, just one step closer to "perfecting this system"... btw i took a manaul trade on it today and it made a big chunk back...

i think we are getting very close with this system

(btw bob check your pm)

Hi,

I have followed your systems before in the rookie section, and they were really profitable and easy to learn. I would like to thank you for this new EA and the setup for the 22 currencies. Everything is clear and easy to understand.

I have a some questions of DD and account size. What is the largest DD you've experienced and on what account size? What account size is suitable for the whole setup of 22 currencies? If trading a smaller account, of about $500, how many currencies would you recommend trading?

Regards

Archie

Good questions and thanks for the compliments. I have not done this system for very long but the DD is so much nicer than the others. The biggest problem I have faced with my EAs is my greed factor. I lose more money, not because of the death trade but by margining out. So there are several factors.

1. The most important is leverage. You really must understand how that works. I am with IBFX and their 400:1 leverage fits real well with my systems. So if I use 400:1 with 250 that is the same leverage you get at 200:1 with 500 and 100:1 with 1000. So first know your leverage.

2. Know approximately what your DD is at the 3rd level. How many currencies could your account handle at level 3? For instance I have been running 18 currencies at .05 on a 1000 dollars at 400:1. Frankly that was way too much. I have been sitting on 10-20% of my margin most of the day. As soon as a bunch took profit, I closed them down and switched to .02 a trade. Find a mix that doesnt use more than 10% of your account most of the time, so if things go bad on a currency you have room to manuever. Its hard to trade when your back is against the wall but if you still have 80-90% of your margin you have something to work with. Even though I had 20% of my margin in play, when the EURNZD dollar spiked today. I used a level 4 and level 5 recovery on it, then added to my TP from 100 to 140 and ended up with a nice little profit on that baby. It hit the yellow line and I got it with my 5th entry. Was making 80 cents a pip until that 140 line. The other 5 levels broke even and big smile. Hard to do if you have too much tied up in margin.

3. Get a mix of different types of currencies. Dont do all GBP for instance, If one goes bad they usually all do. I also dropped all but 2 of the 5M and dropped several of the AUD, NZD, CAD currencies. This way I have a mix of slow, medium mixed with a couple volatile currencies and I dont have too much invested in the commodity currencies.

4. Mix your currencies so every market has some movers. I keep the AUD/NZD, AUD/JPY, NZD/JPY, EUR/JPY. This gives me 4 currencies that will move during the AUD and JPY sessions. Add a couple of good eur like eur/usd and eur/chf, gbp/usd for the Euro session (3 of those earlier 4 will usually be quiet then) and then everything moves in the morning USA session. You can add maybe one more volatile and couple of slow movers and you have a good mix. Do a good visual backtest and see what currencies like going level 3 or 4 and which ones are only 1 or 2 levels. Get a good mix of them also.

5. I would not trade the 4 level or use more than .01 starting lots until I understood the system. Save the 4th level for the rescue EA. If you use 4 levels and then have to do a rescue you will eat up too much margin.

6. All this assumes you have .01 = 1 penny. If .01 equals a dime you are really limited with 500 bucks. I wouldnt trade more than 1 or two pairs that would be active in a session. One bad spike and you would be in trouble. My demos I use 3000 dollars to use dimes with. So far so good.

When in doubt use .01 and fewer currencies until you get the hang of things. I posted last week gbp/usd. It had 8 solid trades. For most people that would be a great week. 8x60 pips = 480 x .02 would be about 9-15 dollars depending on 2nd and third level trades. That would be a 2-3% increase of your account. That is only 1 currency. My goal is 10% a week. 3-5 solid currencies would do that.

I hope this helps.

Thanks for your answer. It gave me some things to think about. I will try with different currencies, starting with just a few. I will keep posting in the thread from time to time.

Cheers and thanks again!

Archie

Hey guys, I have everything downloaded for this new EA with 20 pairs but when I switch on the EA it freezes up my platform with an hour glass on my charts. Can someone tell me whats wrong here? Tried shutting down and restarting but same problem. Thanks

Depending on your computer how much ram it has etc. Try getting 5 or 6 working and add them on one at a time until the are all on. Some companies MT4 can handle it some cant. I still have not gotten FXDD to work. Dont know why. I got all the currencies running but the EA wont work. This program is using a lot of EAs and drawing a lot of lines. Scale back and see what happens.

I'd just like to let you know that I am currently running 17 pairs on FXDD demo account alright. They offer only the 17 pairs among the profiles Bob has prepared. FXDD offers a few others such as Mexican, Turkish, and even gold and silver in case anyone is interested.

Mind you 0.01 lot at FXDD is $.10 a pip. They call it micro lot trading. By the way, FXDD's spread on AUDNZD is fixed at 17 pips.

Bob,
I added charts one at a time and have them all up now. Did notice that trades were opened between the green and red lines for AUD/JPY and AUD/USD on 30min charts. That shouldn't be should it? It should wait until price crosses either the red or green line right? I closed these two trades and EA opened up two more trades.

you may notice that on live accounts slighty with say the audnzd cos of big spreads... otherwise dunno

Bob, Sorry I bothered you, it was a mistake on my end. I had these two pairs on the hour EA when they should have been on the 30min. I'm trading 17 pairs (dropped a few with very high spreads) 3 levels, starting at .05. with $1000. Will see what kind of DD I get. Hey, can't thank you enough for the huge effort you've put into this.

Hey i was just wondering if any of you programming whizzes no how to help regarding this EA and it working through an ECN mt4 platform as it wont open trades based on the current script...

refer to this thread i started: http://www.forexfactory.com/showthre...99#post2510499

thanks for any help

Make sure you have the right EA on the right chart. In other words the 30M EA is with the 30M chart. I will check to see if it is doing that on my charts. Thanks for the info.

I just noticed on some of my demos with other companies, other than IBFX, that some currencies are not even trading. Is anyone else, having this probelm??

Just to let you know with a 400:1 leverage, I cut back to 15-18 currencies on my 2 live accounts. Got rid of the GBP/NZD and took away some of the commodity currencies AUD, NZD, CAD. The one with a 1000 dollars I am trading .02 2 pennies with 4 levels and the 250 dollar account .01 one penny using only 3 levels. I will report from time to time on how they are doing. .05 was clearly too much for a 1000 account.

Yesterday was an exciting day and I managed profit on both live accounts. Once I got rid of the .05 lots my margin usage is fluctuating between 1-5% and that is much easier on the heart. If a couple of currencies take off past level 4 I now have enough margin room to deal with them instead of having Margin heart attack. My 250 account hit 9% on .01 lots and my 1000 account did 2% gains. Because we havent been doing this for very long, I would imagine if you keep gains at 5% of the account or less you are not overbearing your account. If you are doing over 5% daily you probably are pushing the account to hard. We will have to see over time as we test. You will have days you will make over 5% but if it is happening every day, you probably are over margining the account and you will get hit at some point.