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  • #1,661
  • May 18, 2010 12:35am May 18, 2010 12:35am
Quoting bluemele
Ok, can someone help me out with what I am doing wrong?

I would be profitable, but due to these 'mistakes' I keep losing money (minor amounts) using the EA's....

Ok, I am applying the EA as usual through the template file.

I have updated all the EA's through save--> Compile

Basically, I started demo w/ .07 lots estimating a 50K account....
I think I know what is going on here. When you change the lots you must go into the code and make the changes. Then compile the change. Then drag the new saved EA on the screen and save the template. Then set up all the currencies you want to do and save the profile. I have found out the hard way that MT4 goes to the last saved screen if something goes wrong or even when you just close it out and reverts back to the .07 lots size. If you dont change the template the template has the old saved version at .07 and that needs to change too. Then if your MT4 crashes or your computer crashes MT4 will go back to your last saved default. I got hit with some losses last year when I had to restart my computer and the EA started trading from some older version I used to use. So if you ever change your EA change your template and if you make major revisions safe your profile and resave the default. I once had an update crash my MT4 and it reverted to the default profile and I had a whole different EA system there. Screwed everything up. So now what ever I am trading I am trading off of the default profile setting and I have not had any problems like this since.
  • #1,662
  • May 18, 2010 12:41am May 18, 2010 12:41am
I am going to have to come up with some unhedging rules. I tried to unhedge the trades Friday and ended up making the problem worse. I finally just closed and took my losses. Clearly you cannot unhedge until the market turns back to normal and proves it has. I thought I had the gbp/usd and usd/chf topped and bottomed out and it ran Friday night and Sunday night. This caused me to just close out and take the loss rather than risk wiping out an account. Of course then the market reversed but I couldnt risk it at that point. So you have to wait for the cross to enter the countertrade and close out the profitable hedge. So I definitley have one rule. You have to wait until the full news run is over. Trying to unhedge before that can lead to disaster. I wish now I had sat on the hedge for another week or two. Bad decision on my part and took some losses I really didnt need to take if I was willing to wait another week or so. I am still not sure if the gbp and chf are done with their runs yet. I will be very happy when this Euro thing is done but it may last all summer and into the fall. If it continues I am going to go to a very small set of currencies that arent strongly affected by Euro news and stay with them for the summer.
  • #1,663
  • May 18, 2010 1:54am May 18, 2010 1:54am
Here is the dilemma I see. We have a good system that works over a long period of time. It has one weaikness the super news story. Now in Oct. 2008 we had two big news stories and then the markets went back to sorta normal. The two stories was the trillion dollar bailout and the interest rate change which was a biggie. Ok you could see them coming.

This is different. Greece is going bankrupt. Bailout, no bailout, bailout, some countries threaten to pull out of the Euro, some other countries may face bankruptcy, maybe they need a bailout too, one country wants to do this, another that, .................... and so on. The problem I am seeing is a big super story can come from several different directions at any given time. One thing I read on the news which I did not know until days later but affected the markets greatly when it happened was this. The minister from France at the meeting threatened to pull out of the Euro if all the countries did not get on board of this package. Well, of course that would send the market into a tizzy. The problem is I didnt get to read about that until several days later and then I am already in the hole. That leads me to the next problem, it can happen again at any time in this atmosphere or it may not happen at all. I want you guys to know at this time I dont know if trading is really a good idea other than using MA crosses and going with the flow and forget all the rest of the other indicators. There are just some news stories we are not going to get until its too late. This is not like OCT. 2008 where you knew a big story was coming, it may hit without warning. Dang I loved April and hate May.
  • #1,664
  • May 18, 2010 3:49am May 18, 2010 3:49am
Quoting nanningbob
Here is the dilemma I see. We have a good system that works over a long period of time. It has one weaikness the super news story. ... I want you guys to know at this time I dont know if trading is really a good idea other than using MA crosses and going with the flow and forget all the rest of the other indicators. There are just some news stories we are not going to get until its too late. This is not like OCT. 2008 where you knew a big story was coming, it may hit without warning. Dang I loved April and hate May.
Thank God we do not have those sort of stories every month, otherwise we all be in trouble. Lets not forget that it was not just this system that was in trouble, every system was. I think the only way we can deal with it is to have some sort of money management rules in place to limit losses during such times. That way we can limit the damage and recover within a given time period (one or two months for instance).

Kind Regards
  • #1,665
  • May 18, 2010 7:04am May 18, 2010 7:04am
Quoting nanningbob
I think I know what is going on here. When you change the lots you must go into the code and make the changes. Then compile the change. Then drag the new saved EA on the screen and save the template. Then set up all the currencies you want to do and save the profile. I have found out the hard way that MT4 goes to the last saved screen if something goes wrong or even when you just close it out and reverts back to the .07 lots size. If you dont change the template the template has the old saved version at .07 and that needs to change too. Then if...
Very interesting!!!! Thanks Bob, I was thinking I had ghosts in my basement!

Thank you for the explanation. It cost me about 120.00 thus far on a 600.00 account! So, I guess live and learn. Glad it wasn't on the bigger accounts!

Mind if I ask what broker you decided upon? I am looking for a good Micro broker as mine only does .10 cent lots and I would would like to be cheaper as I test more systems.

Thanks again!

EDIT: FYI, I got about 3 data disconnections for my stopping jumps and several other error messages this morning from MTPM. Funny how the 'criminals' try to keep you from making money. Mystically, all my demo accounts and data feeds for 12 other services were unchanged. Well, it could be that one server right..
We are our own best indicator.
  • #1,666
  • May 18, 2010 9:29am May 18, 2010 9:29am
Quoting bluemele
Very interesting!!!!...
I am going to do FXSol out of the UK. they are a dime broker minumum but give you 400:1 leverage which would be about the same as .03 at 100:1 as far as margin goes. So I will see how it goes. I am waiting for my check from IBFX to get in plus this gives me an excuse to stay out of this volatile market for now. Things are starting to look normal again but .............

I have been having problems with my MPTM also but I am going to assume it is because I had to change it from 4 digit to 5 digit and that is the problem. I have changed some settings so will see what happens.

I also chose them because they will issue checks and you wont have to pay for bank wires. To me that is a big savings.
  • #1,667
  • May 18, 2010 9:37am May 18, 2010 9:37am
May I ask why you choose FxSol? I mean Alpari UK should be the better choice in terms of trading costs (better spreads and much better rollover swaps). Both allow hedging, Alpari gives you a leverage of up to 500:1.
  • #1,668
  • May 18, 2010 9:38am May 18, 2010 9:38am
Quoting nanningbob
I also chose them because they will issue checks and you wont have to pay for bank wires. To me that is a big savings.
Missed that one. Ok that's a reason.
  • #1,669
  • Edited 2:25pm May 18, 2010 2:20pm | Edited 2:25pm
Quoting nanningbob
Here is the dilemma I see. We have a good system that works over a long period of time. It has one weaikness the super news story...I want you guys to know at this time I dont know if trading is really a good idea other than using MA crosses and going with the flow and forget all the rest of the other indicators...
Well Bob, I for one did not have large drawdowns, nor did I have large gains the last few weeks. I use the indicators for the v4 system, and even the signal indicator. All good. But then, I don't enter a trade until the MA cross confirms that direction has changed. I'm trading manually, but using your system in this manner, I don't have to use the 2.4.2 retracement system, and I don't have to go several hundred pips in the hole. I use a stop at the point where the arrow for the signal indicator is drawn. Right now, there was a signal last night on the Pound, but the MA cross didn't happen until today (EDIT - looks like the cross may not actually have happened, so I'll wait.) The system is still valid, but I could never stomach the idea of going 200-400 pips in the hole and then trying to get it all back somehow. Just my trading style I guess.

I was right about the Euro going to 1.24... that's just the last support area from 2008. But now, 1.1825 appears to be the next stop. It may even go down to par, and then we can all look forward to trading the Mark and the Franc again! We'll see...
Disregard all prognostications.
  • #1,670
  • May 18, 2010 6:05pm May 18, 2010 6:05pm
Quoting Pidgeon
Well Bob, I for one did not have large drawdowns, nor did I have large gains the last few weeks....
Good points, Even though I am trading live I really push every possible signal. I got into trouble because I was also doing S/R lines above and below the Gold lines. This worked great in April but did not work during supernews runs. Anyway should be back on board soon live.
  • #1,671
  • May 18, 2010 7:04pm May 18, 2010 7:04pm
Quoting nanningbob
I am going to have to come up with some unhedging rules. I tried to unhedge the trades Friday and ended up making the problem worse. I finally just closed and took my losses. Clearly you cannot unhedge until the market turns back to normal and proves it has. I thought I had the gbp/usd and usd/chf topped and bottomed out and it ran Friday night and Sunday night. This caused me to just close out and take the loss rather than risk wiping out an account. Of course then the market reversed but I couldnt risk it at that point. So you have to wait for...
Bob,
What pairs do you think wouldn't be affected by the Euro story?
  • #1,672
  • May 18, 2010 9:55pm May 18, 2010 9:55pm
Quoting Pidgeon
Well Bob, I for one did not have large drawdowns, nor did I have large gains the last few weeks....
SMART!

I was doing that, then I went live and I started just getting in no matter what in the 6th's area's... I have a large drawdown now because of it. STUPID. I guess I should follow the rules. Another reason to start small!
We are our own best indicator.
  • #1,673
  • May 19, 2010 6:10am May 19, 2010 6:10am
Quoting Toothman
Bob,
What pairs do you think wouldn't be affected by the Euro story?
Go to the 6ths indicator and in the upper corner it gives you the distance from top to bottom of the screen. Using the 4H chart those that are under 800 or better yet those under 600 were the least affected. Those over 800 were. Many currencies are 1000-1400 so that is the best read. I would feel very comfortable trading those under 800 because I know my 2.4.2 system would work if they did make a run and if new news came out I would safely assume they would not be affected again. With 6 or 7 currencies like that I could double my lot size and still make about the same I was doing earlier. Anyway that is my plan. I hope to be live trading again Monday.
  • #1,674
  • May 19, 2010 6:16am May 19, 2010 6:16am
I posted this on the other thread about a week ago.

OK now here is my recommendations for trading pairs for now. If you look in the top left corner of the sixths EA, it will give you the distance from top to bottom. You can check to see which pairs are going wild and which ones are still tradeable. From this info I would choose the following to trade this week.
I choose these because you could stay within range reentering every 200 pips.

Under 800
usd/jpy, eur/aud, aud/usd,
under 600
nzd/usd, nzd/chf, eur/gbp, aud/chf, aud/cad

just over 800
aud/nzd, eur/cad, nzd/jpy, usd/chf

The under 800 would give you
aud, 4
cad 1
chf 2
euro 2
jpy, 1
gbp 1
nzd 2
usd 3
That would give you 8 pairs. I think that is too heavy with AUD so I would dump the aud/eur (dont trust the euro right now and would add the usd/chf or eur/cad. Until the market settles that would give you 8 safe pairs to trade in these crazy markets. Anyways that should do it.
  • #1,675
  • May 19, 2010 6:12pm May 19, 2010 6:12pm
Quoting nanningbob
I posted this on the other thread about a week ago...OK now here is my recommendations for trading pairs for now... Until the market settles that would give you 8 safe pairs to trade in these crazy markets. Anyways that should do it.
Thanks for the guidance. It would be interesting to see if EURUSD does the 1000 pip or not.

I think we would all benefit learning your hedge recovery system. I would be most grateful if and when such situation arises you could be kind enough to work it through here in FF so we can all learn.

Kind Regards
  • #1,676
  • May 19, 2010 6:40pm May 19, 2010 6:40pm
Quoting astral77
Thanks for the guidance. It would be interesting to see if EURUSD does the 1000 pip or not.

I think we would all benefit learning your hedge recovery system. I would be most grateful if and when such situation arises you could be kind enough to work it through here in FF so we can all learn.

Kind Regards
I am still learning it to a point. If you are going to hedge getting out is a very patient game as I am finding out. You have to wait until the currency develops a new range of a high and low so you know when to try. I tried getting out too early and it cost me. If I had waited another 10 days I would be sitting much better.
  • #1,677
  • May 19, 2010 7:08pm May 19, 2010 7:08pm
Quoting nanningbob
I am still learning it to a point. If you are going to hedge getting out is a very patient game as I am finding out. You have to wait until the currency develops a new range of a high and low so you know when to try. I tried getting out too early and it cost me. If I had waited another 10 days I would be sitting much better.
I think I understand what you mean, (i.e. once a range has been established wait for swings and close parts or whole of shorts and longs). Am I right?

On a different topic I have spoken to IBFX and they say opening of the UK branch can be any day, they are just waiting for the final approval from the FSA.

Kind Regards
  • #1,678
  • May 19, 2010 7:55pm May 19, 2010 7:55pm
Quoting astral77
I think I understand what you mean, (i.e. once a range has been established wait for swings and close parts or whole of shorts and longs). Am I right?

On a different topic I have spoken to IBFX and they say opening of the UK branch can be any day, they are just waiting for the final approval from the FSA.

Kind Regards
Yeah well I have been hearing that story for 6 months now.

Once you see the new highs and lows you can enter a countertrade and start reducing your debt or you can just trade until your new profits equals out the old debt and close.
  • #1,679
  • May 20, 2010 8:59pm May 20, 2010 8:59pm
Quoting nanningbob
Yeah well I have been hearing that story for 6 months now.

Once you see the new highs and lows you can enter a countertrade and start reducing your debt or you can just trade until your new profits equals out the old debt and close.
Good idea on the last Paragraph.

I ended up on the wrong side of the AUD this week. Great lesson in Hedge as I did it a little too late in my opinion. I guess you just never know when.

Now, I am just taking retraces and dips to pay for it over the next few weeks it looks like. I didn't realize that when you hedge, they cancel out your margin deduction for those trades and credit you back. Tricky thing is though, what happens when you let go or they accidentally hit your stops (be watchful)...

This was a great lesson all for the drawdown of 300.00! Wow...
We are our own best indicator.
  • #1,680
  • May 21, 2010 10:41am May 21, 2010 10:41am
hi nanning,

just a quick question on your 6by6

i've manage to load everything properly and i have read the instruction given in yr document...

there is one thing that im not quite sure of, or somehow i didnt read the document properly..

if the white/blue/red is below 15 , and the price is below the bottom gold/yellow line on the 6by6, which EA should i run/enable ?

cause there are 6 sets of EA buyML/buy2ndL/buy3rdL and their opposite sell,

if im not mistaken, for the scenario above i should load the "buy3rdL" ea ?
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