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Simple H1 GBPUSD EA

  • #3,021
  • May 21, 2010 5:02am May 21, 2010 5:02am
Hi Geoff,

I want to run the V7 EA on demo and live at the same time on separate IBFX MT4 platforms ( the 2nd platform is installed in another folder according to your suggestions a few days ago ).
Question is must I change the Magic Number on the second MT4 and if so, is any 6 digit numbers acceptable (since the default Magic Number is 6 digits)?

For V4A, the magic number has only 4 digits and if I want to change it, must it be also a 4 digit number?

Sorry but I am totally foreign to coding.
Feedback much appreciated. Thanks.

CY
  • #3,022
  • May 21, 2010 5:43am May 21, 2010 5:43am
Quoting ertorque
Hi Geoff,

I want to run the V7 EA on demo and live at the same time on separate IBFX MT4 platforms ( the 2nd platform is installed in another folder according to your suggestions a few days ago ).
Question is must I change the Magic Number on the second MT4 and if so, is any 6 digit numbers acceptable (since the default Magic Number is 6 digits)?

For V4A, the magic number has only 4 digits and if I want to change it, must it be also a 4 digit number?

Sorry but I am totally foreign to coding.
Feedback much appreciated. Thanks.

CY
Each one must have its own unique magic number and the number of digits does not matter, up to 12 digits is fine.

To make sure that I never get the same numbers I give each program a different number of digits, that way they can never be the same!
  • #3,023
  • Edited 7:16am May 21, 2010 6:25am | Edited 7:16am
I had trades last night. Both winners.
They triggered at 23:30.

Broker - IBFX DEMO
Version - Simple H1 GBPUSD EA v6
Trade # 1 - +15 pips
Trade Opened - 5/20 23:30
Trade Closed - 5/20 23:56

Trade # 2 - +10 pips
Trade Opened - 5/20 23:30
Trade Closed - 5/21 00:01
The account is a mini, using 10 cents (.10) per pip.

iMagicNumber=5119
trade_comment=Auto trade
TakeProfit1=14
TakeProfit2=50
StopLoss=130
useTrailing=1
iTrailingStop=14.00000000
UseMoneyMgmt=0
RiskPercent=10.00000000
Low_Risk=0
Med_Risk=0
High_Risk=0
Vhigh_Risk=0
Manual_Lot_Size=1
Lotsize=0.10000000
fast_ema=10
GMToffset=0
Hide_Targets=1
MicroOrdersAllowed=1
MiniOrdersAllowed=1
Show_Settings=1

I'll be running the latest version of 7 in the upcoming week.

Carol
  • #3,024
  • May 21, 2010 6:39am May 21, 2010 6:39am
Quoting Eureka
I had trades last night. Both winners.
They triggered at 23:30.
Well done Eureka

Would be helpfull to the rest of us so we can comapre performance notes if you post which version, what broker, how many pips etc.
  • #3,025
  • May 21, 2010 6:49am May 21, 2010 6:49am
Most importantly - great work Geoff. I appreciate your efforts.

Next - I broker friend of mine forwarded the following to me and I think it is pertinent for the currency conversation. I had another article also sent to me that I will load shortly.

T....

For Europe’s banks, the problems are twofold. Short-term borrowing costs are rising, which could lead institutions to cut back on new loans and call in old ones, crimping economic growth.
At the same time, seemingly safe institutions in more solid economies like France and Germany hold vast amounts of bonds from their more shaky neighbors, like Spain, Portugal and Greece.
Investors fear that with many governments groaning under the weight of huge deficits, the debt of weaker nations that use the euro currency will have to be restructured, deeply lowering the value of their bonds. That would hit European financial institutions hard, and may ricochet through the global banking system.

“This bailout wasn’t done to help the Greeks; it was done to help the French and German banks,” said Niall Ferguson, an economic historian at Harvard. “They’ve poured some water on the fire, but the fire has not gone out.”
The European rescue plan, totaling 750 billion euros, is intended to head off the risk of default but would vastly increase borrowing. That could hamstring Europe’s nascent recovery.
Those steps were not enough to prevent a flare-up in money market funds, a crucial but little-noticed corner of the financial system in which American investors provide more than $500 billion in short-term loans to help European banks finance their daily operations.
The cash comes from conservative funds that hold the savings of big American corporations and individual American consumers.
So far, the proposed rescue package has failed to ease worries at these funds, which have cut back on loans to European banks and are demanding higher rates and quicker repayment.
“More people are making the yes or no decision to pull out of the market and keep their money closer to home,” said Lou Crandall, the chief economist of Wrightson ICAP, a money market research firm.
Initially, it was Greek and Portuguese banks that got the cold shoulder from American lenders. But over the last two weeks big banks in Spain, Ireland and Italy have struggled to secure short-term funds from the United States as the anxiety has spread.
By Friday, even banks in solid European economies like France, Germany and the Netherlands were caught in the undertow, according to market analysts and traders
“The liquidity problems in European markets were showing signs of creating dangerous illiquidity problems in our own country’s financial markets.”
While the direct exposure of American banks to Greece is minimal, American financial institutions are closely intertwined with many big European banks, which in turn have large investments in the weaker European nations.
For example, Portuguese banks owe $86 billion to their counterparts in Spain, which in turn owe German institutions $238 billion and French banks $220 billion. American banks are also big owners of Spanish bank debt, holding nearly $200 billion, according to the Bank for International Settlements, a global organization serving central bankers.
After borrowing trillions to stimulate their economies and ease credit concerns during the last wave of fear in late 2008 and early 2009, governments cannot borrow trillions more without risking higher inflation and shoving aside other borrowers like individuals and companies. Short-term interest rates, already near zero in the United States, cannot be lowered any further. And vital steps like raising taxes or cutting spending increases could snuff out the beginnings of a recovery in northern Europe and worsen the pain in recession-battered economies like Spain, where unemployment recently passed 20 percent.
With the exception of wartime, “the public finances in the majority of advanced industrial countries are in a worse state today than at any time since the industrial revolution,” Willem Buiter, Citigroup’s top economist, wrote in a recent report.
  • #3,026
  • May 21, 2010 7:19am May 21, 2010 7:19am
Quoting tsquad
Most importantly - great work Geoff. I appreciate your efforts.

Next - I broker friend of mine forwarded the following to me and I think it is pertinent for the currency conversation. I had another article also sent to me that I will load shortly.
Many thanks!

I don't think I need worry about my credit card debt!
  • #3,027
  • May 21, 2010 8:38am May 21, 2010 8:38am
Quoting Haishang
I backtested a lot and came up with the following set up to be the best with 6 losses over the course of 2010:

t/p 1 31
t/p 2 47
s/l 135
tr s/l 31
GMT offset 2
start time 22

so you start 1 hour earlier than GBPUSD

I am just abt to test the beast and eur/jpy for different start times as in asia opening this does not work too good with the definitions in the current ea. Additional point is that I want to increase uncorrelated risk and not correlated one......I will keep you posted...
Thank you.. Sorry for the late response.. Not in trading for the last 2 days.. This thread goes so fast.. good job Geoff.. takes time to catch up..
  • #3,028
  • May 21, 2010 12:30pm May 21, 2010 12:30pm
Quoting cprao
Thank you.. Sorry for the late response.. Not in trading for the last 2 days.. This thread goes so fast.. good job Geoff.. takes time to catch up..
  • #3,029
  • May 21, 2010 4:50pm May 21, 2010 4:50pm
Quoting geoffb65
I think the US will protect their own interests whatever happens!
They always have and always will....
  • #3,030
  • May 21, 2010 5:24pm May 21, 2010 5:24pm
Quoting dambuster
Well done Eureka

Would be helpfull to the rest of us so we can comapre performance notes if you post which version, what broker, how many pips etc.
Hye dambuster;

He/she stated in the post, read it :

EA V6 (for me,one big lost few days ago, i only use v7a, and the camvcvoo)
IBFX
Trade 1 & 2 : +25pips

Thanks
  • #3,031
  • May 21, 2010 5:25pm May 21, 2010 5:25pm
hi!

I'm opening an account on alpari UK.

is my first experience with forex and I will try a micro account.

I belive to start with 500euro.

I've notced that this ea as a high stop loss value 140, so I'm wondering what is the correct value of lots to set.

I belive to set 0.1 as minilot but i'm afraid that is not sufficent like Drawdown.

how do you suggest like minimal lot?
consider that i wouldlike to use also boss ea in the same account...


thanks and congratulation for your works!

P.S. sorry for my english
  • #3,032
  • May 21, 2010 6:01pm May 21, 2010 6:01pm
V6 Live alpari back in the winning seat.

tp1 & 2 hit
Have a good weekend Geoff.....
Drew










7
  • #3,033
  • May 22, 2010 12:26am May 22, 2010 12:26am
Quoting gabri
hi!

I'm opening an account on alpari UK.

is my first experience with forex and I will try a micro account.

I belive to start with 500euro.

I've notced that this ea as a high stop loss value 140, so I'm wondering what is the correct value of lots to set.

I belive to set 0.1 as minilot but i'm afraid that is not sufficent like Drawdown.

how do you suggest like minimal lot?
consider that i wouldlike to use also boss ea in the same account...
....
Who is able to answer that question without gettin' angry? I'm not.
What about to learn a little bit about Forex before you start??

If you need advise where to learn, read in FF or pm me!
  • #3,034
  • May 22, 2010 12:54am May 22, 2010 12:54am
Quoting stevehooks
Who is able to answer that question without gettin' angry? I'm not.
What about to learn a little bit about Forex before you start??

If you need advise where to learn, read in FF or pm me!
Why angry?? Is only a question...
I'm try to' learn from several week, i have some demo account where i'm testing before to go in real and i'm reading a lot about forex.
I'm not an expert so i belive that is better to' do more questions even if the arguments seems stupid..
  • #3,035
  • May 22, 2010 2:04am May 22, 2010 2:04am
Quoting gabri
hi!

I'm opening an account on alpari UK.

is my first experience with forex and I will try a micro account.

I belive to start with 500euro.

I've notced that this ea as a high stop loss value 140, so I'm wondering what is the correct value of lots to set.

I belive to set 0.1 as minilot but i'm afraid that is not sufficent like Drawdown.

how do you suggest like minimal lot?
consider that i wouldlike to use also boss ea in the same account...


thanks and congratulation for your works!

P.S. sorry for my english
With such a small account even 0.01 (10cents) lots will be high risk.

At 10 cents, 140 stoploss is $14, that is almost 3% of your balance risk per trade which is high but not too high with such a good EA.

If you are still going to go ahead with this you should use v4a which will only open one trade, v7a opens two trades therefore doubling your risk.

Our EA is very reliable but this cannot be said for other so called "robots" so I would not risk using any other EA's on such a small account.
  • #3,036
  • May 22, 2010 2:37am May 22, 2010 2:37am
Quoting stevehooks
Who is able to answer that question without gettin' angry? I'm not.
What about to learn a little bit about Forex before you start??

If you need advise where to learn, read in FF or pm me!
I know, it is difficult to hold back with this type of query but I take a slightly different attitude because there is something to admire when someone new to forex decides to go straight in there with a live account.

Clearly, an account has been set up, the stoploss has been considered and gabri has decided, rightly, to ask our advice on the lot size, so do we help gabri to stay out of trouble or do we send them away to learn forex first?

Fortunately for gabri, our EA is exceptionally good, so their first experience is not going to be as dangerous as it would be with other EA's and for this reason I propose that we help gabri stay out of trouble while learning about forex, hopefully, in a way that will give them confidence!
  • #3,037
  • May 22, 2010 2:58am May 22, 2010 2:58am
Quoting geoffb65
I know, it is difficult to hold back with this type of query but I take a slightly different attitude because there is something to admire when someone new to forex decides to go straight in there with a live account.

Clearly, an account has been set up, the stoploss has been considered and gabri has decided, rightly, to ask our advice on the lot size, so do we help gabri to stay out of trouble or do we send them away to learn forex first?

Fortunately for gabri, our EA is exceptionally good, so their first experience is not going to be as...
When I entered Forex - as gabry wants to - I didn't aks his question, and my acc. or at least - nobody answered me so honestly - si I got wiped out. I admire your attitute - Geoff... I also started with a EA, that very easily wiped out mine hard earned 500€. I tested it before on demo for 2 months - and I was sure it'll make me money... . And it did - for 14 days until may 6th. So now I am reading this thread and learning... I guess 500€ for a lesson was not too much because since then I really got involved in studying Forex...

Gabry - if you care much for 500€/$ - go for SimpleH1 EA since it make only 1 to 2 trades daily - mostly successfull. If some day EA don't trade - it is because it SAVES your investment. If you want to try other EA's out there - be prepared to pay a lesson Or at least - set them to use max 3% of your account balance TOTAL.

P.S.
Back testing and even forward testing is not a guaranty. Merelly an indicator that EA works - but can easily happen that it will fail in some market conditions.
  • #3,038
  • May 22, 2010 4:13am May 22, 2010 4:13am
Quoting geoffb65
With such a small account even 0.01 (10cents) lots will be high risk.

At 10 cents, 140 stoploss is $14, that is almost 3% of your balance risk per trade which is high but not too high with such a good EA.

If you are still going to go ahead with this you should use v4a which will only open one trade, v7a opens two trades therefore doubling your risk.

Our EA is very reliable but this cannot be said for other so called "robots" so I would not risk using any other EA's on such a small account.
hi!

thanks for your reply, in this case i will use the v4a version!

i will test for a period and I test in demo the v7a version too.

i'm testing the other ea too, it seems very good, but I'm off topic

thanks for your availability, is rare to meet person so kind.
  • #3,039
  • May 22, 2010 5:04am May 22, 2010 5:04am
Quoting geoffb65
I know, it is difficult to hold back with this type of query but I take a slightly different attitude because there is something to admire when someone new to forex decides to go straight in there with a live account.

Clearly, an account has been set up, the stoploss has been considered and gabri has decided, rightly, to ask our advice on the lot size, so do we help gabri to stay out of trouble or do we send them away to learn forex first?

Fortunately for gabri, our EA is exceptionally good, so their first experience is not going to be as dangerous...
Yes! I love it!! Thank you Sir Geoff.
  • #3,040
  • May 22, 2010 7:24am May 22, 2010 7:24am
is it right sir Geoff?
i just need confirmation...because..wheter this work or not?
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