Hello. I'm not a big EA fan, but I do find some to be useful or worth trying. I found this one some time ago on the internet somewhere (don't remember exactly where anymore). I tweaked some of the parameters so that it is geared more towards the average trader. It's not going to double your account in 10 days, but it won't blow it up either unless you have an incredible string of bad luck/consecutive losses or have it setup over-leveraged to begin. It does have an escalation (exponential increase) in lot sizes as consecutive loss count increases, although it isn't your typical martingale-type system (not as dangerous). I advise that you test it first in strategy tester and/or forward demo testing to get a feel for it and to maybe tweak some of the parameters towards your preferences.
It is highly advisable that you don't over leverage your account on the first several trades. Some of the parameters that may be tweaked to alter relative drawdowns are take profit, stop loss and breakevenStop; as well as Lots Progression. The lot progression in the default settings are as conservative as it gets for mini lot sizes. So changing them will only increase risk or make it unprofittable. With this EA you must have patience and let the trades play out through their progression. Failure to do so may seriously alter its ability to be profitable. As always, each trader is soley responsible for their trades.
Okay let me list the pros & cons of this EA:
Pros:
1) Only one open trade at a time (not simultaneous open hedged positions)
2) Can be used with a US broker (non-hedging broker)
3) has martingale component, but not full blown (semi-martingale)
4) has a set take profit and stop loss (if disconnect from broker or power outage your trade still closes, even though BreakevenStop and next trade in progression will not execute unless connected)(still better than most other EA's)
5) Will work on any timeframe
Cons:
1) Must be patient (consecutive losses can add up and bring account balance down, but with an account of sufficient starting size has a good chance of withstanding and making up all the loss)
2) Won't make earth shattering profits quickly (it's small & steady growth)
I share this EA for those of you who struggle and want a simpler "hands off" approach. I am not a coder so please do not ask me to code something into this EA. I do welcome any comments or parameter setup recommendations that can improve the effectiveness of this EA.
Good Luck!
EDIT: It has been determined after my starting this thread that this EA was originally created by the name PowerSM by Scott Merritt. Mr. Merritt has been generous enough to share this EA with the online community and therefore all credit should be given to him. He has allowed me to continue to share this modified version with others on here. Thank you Scott.
It is highly advisable that you don't over leverage your account on the first several trades. Some of the parameters that may be tweaked to alter relative drawdowns are take profit, stop loss and breakevenStop; as well as Lots Progression. The lot progression in the default settings are as conservative as it gets for mini lot sizes. So changing them will only increase risk or make it unprofittable. With this EA you must have patience and let the trades play out through their progression. Failure to do so may seriously alter its ability to be profitable. As always, each trader is soley responsible for their trades.
Okay let me list the pros & cons of this EA:
Pros:
1) Only one open trade at a time (not simultaneous open hedged positions)
2) Can be used with a US broker (non-hedging broker)
3) has martingale component, but not full blown (semi-martingale)
4) has a set take profit and stop loss (if disconnect from broker or power outage your trade still closes, even though BreakevenStop and next trade in progression will not execute unless connected)(still better than most other EA's)
5) Will work on any timeframe
Cons:
1) Must be patient (consecutive losses can add up and bring account balance down, but with an account of sufficient starting size has a good chance of withstanding and making up all the loss)
2) Won't make earth shattering profits quickly (it's small & steady growth)
I share this EA for those of you who struggle and want a simpler "hands off" approach. I am not a coder so please do not ask me to code something into this EA. I do welcome any comments or parameter setup recommendations that can improve the effectiveness of this EA.
Good Luck!
EDIT: It has been determined after my starting this thread that this EA was originally created by the name PowerSM by Scott Merritt. Mr. Merritt has been generous enough to share this EA with the online community and therefore all credit should be given to him. He has allowed me to continue to share this modified version with others on here. Thank you Scott.
