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Nanningbob 60x90 EA

  • #2,201
  • Jul 8, 2009 11:33am Jul 8, 2009 11:33am
well today everyone should get a little practice at 242. im in 3rd level for gj and ej myself and 2 levels deep in several. not good day for this countertrend system
  • #2,202
  • Jul 8, 2009 11:34am Jul 8, 2009 11:34am
Here's a little reminder on initiating a 242 recovery:

TURN OFF THE EA BEFORE CLOSING THE LEVEL 1 POSITION!!!

I screwed myself just now this way with the EJ trade.

AUDJPY is approaching the level 4 area so I've actually deleted the EA from this chart so I don't do that again.
You are in a maze of twisty little passages, all alike.
  • #2,203
  • Jul 8, 2009 12:55pm Jul 8, 2009 12:55pm
OK, if I hadn't botched my 242 initiation, I would have been able to trade my way out of that scary trade, just for the record. Price retraced adequately.
You are in a maze of twisty little passages, all alike.
  • #2,204
  • Jul 8, 2009 3:27pm Jul 8, 2009 3:27pm
In case anyone was losing sleep worrying about me, I've sorted my no second level trade issue.
My demo platform will only take lot sizes in multiples of 0.1 so I've changed the lot size to 0.1 and the multiplier to 2.
What a day to get it sorted!!
You don't have to be right, just don't be too wrong
  • #2,205
  • Jul 8, 2009 3:37pm Jul 8, 2009 3:37pm
Quoting El Dee
What a day to get it sorted!!
"These are the times that try men's souls."
You are in a maze of twisty little passages, all alike.
  • #2,206
  • Jul 8, 2009 7:00pm Jul 8, 2009 7:00pm
Quoting El Dee
In case anyone was losing sleep worrying about me, I've sorted my no second level trade issue.
My demo platform will only take lot sizes in multiples of 0.1 so I've changed the lot size to 0.1 and the multiplier to 2.
What a day to get it sorted!!

Man get with the program. LOL you are having all kinds of trouble aren't you? I haven't had one bit of trouble with IBFX or FXDD who are you using?
  • #2,207
  • Jul 8, 2009 11:38pm Jul 8, 2009 11:38pm
Quoting Zandra
Nanningbob, thank you so much for this strategy. I have been trading a ea similar to 180x200 and I am going to use this strategy for a situation I am in right now. Can this be used on a trade that has gone 7 levels, 8 levels, etc? Is there a formula we can use to calculate this out? I like your martingale ea and have been demoing it for 2 weeks. Going live with it soon. Thanks
You can adapt it probably to any trading method. The real issue is always enough margin. As long as you have enough margin you can wait out any price movement. Of course to have enough margin you have to trade small enough lots. So that is the key. Again, we have not said this lately but greed kills any trading strategy no matter what it is. If you will be happy taking 5% profit a month you keep yourself safe. If you go for 100% profit a month sooner or later price action will catch you with your pants down and bye bye account. I feel I have been very lucky getting 20% + with my 100x180 but I think I can put my one of my IRAs with it and very safely trade for 2-4% on it a month. A very dynamic return but easily and safely trade the IRA. I can keep my margin usage down to 2% of the account at all times and do much better than my bank has done. Slow but steady growth. I will wait to see what the NFA does next, now that is a very interesting organization. Talking about what will happen next sheesh.
  • #2,208
  • Jul 9, 2009 12:55am Jul 9, 2009 12:55am
Your timely reply is appreciated.

TimeFreedom

Quoting nanningbob
I use 3 levels if you want to use the 242 recovery system. I use 2 levels if I want to manually enter a third trade level. I do this if the next major S/R is less than 180 pips away. For example on a big news story day I will use 2 levels and not use a third until the JPY session where you usually can get a retrace if price goes against you. Also S/R levels are always made during the JPY session, so I go for my best entrance then for a retrace.
  • #2,209
  • Jul 9, 2009 1:03am Jul 9, 2009 1:03am
just an FYI and not getting greedy with lot sizes... if you earn 10% a month which is very do-able with this system, an initial account size of $20,000 compounded monthly, after 10 years you have almost 2 BILLION dollars.... if your thinking more short term, in 5 years you will have enough to retire on at roughly $6 million, or if you wanna 'work' one more years you will have around $19 million dollars...

Be PATIENT... dont over leverage or over margin... especially other young guys like me, there is no need to rush it and be overly risky

**However it may be difficult to show this type of consistency, its just goes to prove the power of patience and compounding
Grabbing the bull by the horns!
  • #2,210
  • Jul 9, 2009 1:37am Jul 9, 2009 1:37am
Quoting jtmoore007
Man get with the program. LOL you are having all kinds of trouble aren't you? I haven't had one bit of trouble with IBFX or FXDD who are you using?
Well, went into deep drawdown yesterday with many 2nd level trades kicking in; this morning all but 2 2nd levels have retraced and closed with a healthy positive floating balance for the remainder.
My respect for this method is growing rapidly!
I'm using ODL (UK) for this demo btw.
You don't have to be right, just don't be too wrong
  • #2,211
  • Jul 9, 2009 1:42am Jul 9, 2009 1:42am
Quoting whitegoodman
just an FYI and not getting greedy with lot sizes... if you earn 10% a month which is very do-able with this system, an initial account size of $20,000 compounded monthly, after 10 years you have almost 2 BILLION dollars....
I get requote and off quote issues on my Alpari account with stakes over 2 lots - I hate to think how their server would respond to that size stake!
You don't have to be right, just don't be too wrong
  • #2,212
  • Jul 9, 2009 4:45am Jul 9, 2009 4:45am
Quoting El Dee
I get requote and off quote issues on my Alpari account with stakes over 2 lots - I hate to think how their server would respond to that size stake!
yeh if you used this strategy you would probably have to have a rethink around 500k account I'd imagine, but you get the idea
Grabbing the bull by the horns!
  • #2,213
  • Jul 9, 2009 5:01am Jul 9, 2009 5:01am
Quoting whitegoodman
yeh if you used this strategy you would probably have to have a rethink around 500k account I'd imagine, but you get the idea
It will be a nice problem to have!
You don't have to be right, just don't be too wrong
  • #2,214
  • Jul 10, 2009 7:34am Jul 10, 2009 7:34am
Didn't know if you guys were aware of this but NFA isn't the only regulator planning on limiting leverage.http://www.e-forex.net/regulatory-ro...Latest+Article. Looks like opening an account outside the US. to get away from NFA won't work . I think our days are numbered for using these EA's as we are now.
  • #2,215
  • Jul 10, 2009 8:09am Jul 10, 2009 8:09am
Quoting Toothman
Didn't know if you guys were aware of this but NFA isn't the only regulator planning on limiting leverage.http://www.e-forex.net/regulatory-ro...Latest+Article. Looks like opening an account outside the US. to get away from NFA won't work . I think our days are numbered for using these EA's as we are now.
The one thing that is always overlooked in the margin argument is the cost of a learning curve. In other words, if I want to learn this business, at 400:1 I can use 250 dollars or at 100:1 I would need a thousand dollars to do the same kind of trading. The argument that the guy with 1000 is less likely to lose his account compared to the guy who has 250 is stupid. A 1 lot trade at 1.00 a pip loses 20 bucks whether he has 250 or 1000 in his account. The difference is the guy with 1000 has more to risk than the guy who has 250. Everything I see coming out of the NFA is designed to hurt the little guy in the name of protecting him. To me I would rather lose 250 dollars learning this business rather than a 1000. I have argued with these guys in other forums and they have never yet been able to answer this simple argument. I want to spend as little money as possible to learn this business and margin allows me to do that. Just my foolish rambling thats all.
  • #2,216
  • Jul 10, 2009 8:20am Jul 10, 2009 8:20am
Not foolish rambling at all. This NFA stuff is the same thinking that produced the PDT rules in the equities market. The people with > $25K have *more* money to lose than those with less. Yet it's the folks with a smaller account that are restricted. It's bass-ackwards. Actually it's just dumb all around.
You are in a maze of twisty little passages, all alike.
  • #2,217
  • Jul 10, 2009 1:21pm Jul 10, 2009 1:21pm
Quoting nanningbob
The one thing that is always overlooked in the margin argument is the cost of...
Excellent point. I wish I would have thought about that to include in my complaint I emailed to Joseph Bata ([email protected]) at NFA this morning.
  • #2,218
  • Jul 11, 2009 12:57am Jul 11, 2009 12:57am
Quoting whitegoodman
just an FYI and not getting greedy with lot sizes... if you earn 10% a month which is very do-able with this system, an initial account size of $20,000 compounded monthly, after 10 years you have almost 2 BILLION dollars.... if your thinking more short term, in 5 years you will have enough to retire on at roughly $6 million
Just thinking how much this EA would make!?
Here is my edited version of Bob's EA earlier introduced by der stratege
This places Stop orders instead of market orders so the result is, if there is no enough retrace between orders some orders are skipped so that overall profitability is increased and it gives enough time to delete order in case of sudden spurts.
I have used it on GBPJPY, EURJPY, EURUSD and GBPUSD. Most of the trade is done by GBP pairs. Since I have used a maximum TP of around 35, range is limited but this TP is easy to achieve within a range of 200 pips. So far this has touched a maximum level of 8 or 9 before getting this TP.
I have demo trading since exactly 2 months, and in the first month account doubled from $3000 (dime account) to $6000! and by the end of second month, balance is $12000. I have doubled the lotsize to 0.2 during the past week.
Max draw down was 30% during the first month and around 10% max nowadays. I have added AUDUSD, USDJPY, EURCHF etc recently, but these pair produce very fewe trades compared to GBP. You can do with just two pairs.
This is a VERY RISKY EA with risky settings but you can alter settings to suit your requirements. But in settings like 100x180, this Stop order may not be of much use as enough retrace is very likely to happen before the next order. This retrace gap is also adjustable (StopGap setting). recent EURCHF spurt was entirely missed by this EA and I could delete whole bunch of order. That is the main advantage. Right now yen pairs are trending a lot, so it could be very risky but with my present account level, it produced $1k for the last two days.
I have used 50MA, Buffer of around 30, TF of 15 and multiplication of 1.8 or 2.0 for 8 steps. TP and step are 35 and 30 for GBP and 25and 20 for EURUSD, USDJPY.
Attached Image (click to enlarge)
Click to Enlarge Name: DetailedStatement.gif Size: 6 KB
Attached File(s)
File Type: mq4 NanningBobV2.0BuySellSTOP-Master.mq4   22 KB | 418 downloads
"Put all your efforts in becoming effortless"
  • #2,219
  • Jul 11, 2009 4:14am Jul 11, 2009 4:14am
Quoting IamTHAT
Just thinking how much this EA would make!?
Here is my edited version of Bob's EA earlier introduced by der stratege
This places Stop orders instead of market orders so the result is, if there is no enough retrace between orders some orders are skipped so that overall profitability is increased and it gives enough time to delete order in case of sudden spurts.
I have used it on GBPJPY, EURJPY, EURUSD and GBPUSD. Most of the trade is done by GBP pairs. Since I have used a maximum TP of around 35, range is limited but this TP is easy to achieve within...
Thanks for the input. I like it when a guy posts something and also comments on the weaknesses of his system. This way guys can try things and know what they are getting into. Every system has its weaknesses, however if you just want to sell something you wont talk about them. That is why I never buy any of the EAs being sold. The sellers are never honest enough to tell the weakness of their system. But they do mention all its strengths even though they may greatly exaggerate. I will definitely take a look at this one. The truth is all currencies will trend at some point in their lives and also range. Trying to get an EA to cover both is difficult. The European currencies are all ranging right now and make it easy to trade. However, when the economic recovery starts they will start trending strongly again as people begin putting their money into other investments. It is interesting to see everyone complain about the good old USD but when trouble is brewing that is where the investors put their money, not in the Euro, chf or gbp. When economies start recovering eveyone can go back to bashing the dollar again. Good input and info. Thanks.
  • #2,220
  • Jul 11, 2009 5:18am Jul 11, 2009 5:18am
Quoting IamTHAT
Just thinking how much this EA would make!?
Here is my edited version of Bob's EA earlier introduced by der stratege
This places Stop orders instead of market orders so the result is, if there is no enough retrace between orders some orders are skipped so that overall profitability is increased and it gives enough time to delete order in case of sudden spurts.
I have used it on GBPJPY, EURJPY, EURUSD and GBPUSD. Most of the trade is done by GBP pairs. Since I have used a maximum TP of around 35, range is limited but this TP is easy to achieve within...
thanks for posting!

sorry i don't think i quite understand though.

how does the EA skip orders? you say 'step' is 30. does that mean there is 30 pips between orders? if that's what you mean then that would create a range for 8 steps of 240? sorry, i'm just trying to clarify. you're results are very impressive btw!
change the future, not the past
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