Sixths trading - an EA by macman, Bob and Steve mk 2 | Page 38 | Forex Factory

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Sixths trading - an EA by macman, Bob and Steve mk 2

  • #741
  • Mar 4, 2011 2:38pm Mar 4, 2011 2:38pm
I've been trading five low volatility pairs and have made only $8 this week on a$5000 demo, with a .1 starting lot size for each pair, and limiting max trades to two. I guess I need to add more pairs. I'm trying to get this to where I can trade it live and make 15-20% profit monthly, without large dd and without long-lasting recovery trades. I've got a long way to go to get there.

I've decided I don't like Recovery or any type of martingale system. I don't like hedging either. I'd like to set a SL with TOB, but in backtests this greatly reduces profit. But I don't like the idea of trades being in recovery for months either. For me, it's a dilemma. If I could find an optimal SL setting, I might use that, but nothing I've tried works well.
  • #742
  • Mar 4, 2011 3:49pm Mar 4, 2011 3:49pm
As of New York close today 2100 GMT (TOB no hedging)
Week: 28 Feb - 4 Mar
Trades Closed: 28 (on 15 pairs)
Winning Trades: 19
Losing Trades: 5
Even Trades: 4
Pips Gained: 433
Pips Lost: 69
Net Pips: 363
Average Trade Pips: 13
Average Trade Duration: 34 hours (last week avg. duration was 15 hours)

Everyone have a good weekend.

Best Regards,
  • #743
  • Edited 4:39pm Mar 4, 2011 4:28pm | Edited 4:39pm
Quoting sevenjones
I've been trading five low volatility pairs and have made only $8 this week on a$5000 demo, with a .1 starting lot size for each pair, and limiting max trades to two. I guess I need to add more pairs. I'm trying to get this to where I can trade it live and make 15-20% profit monthly, without large dd and without long-lasting recovery trades. I've got a long way to go to get there.
This robot will not do it for you. The idea that a robot can make 15-20% a month is ludicrous. Trust me; I have some experience here.

Quote
I've decided I don't like Recovery or any type of martingale system. I don't like hedging either. I'd like to set a SL with TOB, but in backtests this greatly reduces profit. But I don't like the idea of trades being in recovery for months either. For me, it's a dilemma. If I could find an optimal SL setting, I might use that, but nothing I've tried works well.
Then forget about this robot. You clearly lack any kind of understanding of what is going on here and so cannot trade using the robot. Lacking understanding guarantees you will lose money - I am tolerably sure I make this point from time to time.

  • #744
  • Mar 4, 2011 4:34pm Mar 4, 2011 4:34pm
Quoting matrixebiz
I agree, not a big fan of hedging.

Steve, I think Recovery is only allowed to place a trade with the same TYPE as the one it's recovering, correct? (or else we would get a Hedge) Where in the code is it that controls this? having trouble finding it. Trying to find where if I have a Buy open and is in need of recovery but conditions are correct to maybe make a Sell trade but doesn't because the buy needs recovery first.
Thanks
Any variant of DoesTradeExist(). You will find it in all of my bots.

Sometimes it is CountOpenTrades(); tends to depend on whether there can be more than one trade open at a time.

Or what mood I am in.

Or how I decide to code the latest magnum opus.

Unless you are Baldrick, in which case it is, how I decide to code my latest magnificent octopus.

  • #745
  • Mar 4, 2011 5:21pm Mar 4, 2011 5:21pm
Not such a great week this week: 244 pips.

That is still 80 pips a day. Tiny value pips, granted, but profit is profit. Just in case anyone has missed it, read http://www.forexfactory.com/showpost...&postcount=581 for my views on tiny profits; then go back to post 1 and start to do some serious reading.

This week, I am not expressing my profit as a percentage of the balance. I received a small cash boost that I was able to use to fund my tiny account so that it became a less tiny account ($500 became $1500) so the calculations would be skewed unless I did some basic maths, and I cannot be bothered.

The small cash boost has allowed me to up the lot sizes by a similar percentage. Looking forward to next week even more than usual.

  • #746
  • Mar 4, 2011 5:53pm Mar 4, 2011 5:53pm
If someone is not trying to make a decent income from forex trading, I wonder why do it at all. The stress and risk is too great if you're just gambling or trying to earn chump change. If that's what I was trying to do, I'd just go to the casino.

On one of my backtests with TOB, I put the aud/cad at .35 lots on a $7000 demo, and it made $1200 for the month of November. That's 17% -- excellent! Of course if the pair gets on a trend at that lot size you would be in major trouble.
  • #747
  • Mar 4, 2011 6:05pm Mar 4, 2011 6:05pm
Quoting sevenjones
If someone is not trying to make a decent income from forex trading, I wonder why do it at all. The stress and risk is too great if you're just gambling or trying to earn chump change. If that's what I was trying to do, I'd just go to the casino.

On one of my backtests with TOB, I put the aud/cad at .35 lots on a $7000 demo, and it made $1200 for the month of November. That's 17% -- excellent! Of course if the pair gets on a trend at that lot size you would be in major trouble.
I can only try to advise you. If you refuse to take any notice, there is nothing I can do for you.

I wrote the ea.

I have been trading it live for what feels like a lifetime. Actually, if forex trading it probably is.

'tis up to you whether you take any notice of me of not. I will engage in no further discussion with you on this subject.

Good luck. You need it.

  • #748
  • Mar 4, 2011 7:31pm Mar 4, 2011 7:31pm
Quoting SteveHopwood
I can only try to advise you. If you refuse to take any notice, there is nothing I can do for you.

I wrote the ea.

I have been trading it live for what feels like a lifetime. Actually, if forex trading it probably is.

'tis up to you whether you take any notice of me of not. I will engage in no further discussion with you on this subject.

Good luck. You need it.

Of course I have taken notice of you; I have read everything you've written on this. I appreciate what you're doing; you've given me the only hope I have left of having a profitable EA.

I'm sorry you won't be replying anymore to me.
  • #749
  • Mar 4, 2011 7:34pm Mar 4, 2011 7:34pm
For anyone who will reply: What is a realistic monthly ROI with this bot -- 5-10%?

Thanks!

I'd like to make a living with this robot, but I don't have the necessary amount of money to trade with - not now.
  • #750
  • Mar 4, 2011 7:47pm Mar 4, 2011 7:47pm
Quoting sevenjones
If someone is not trying to make a decent income from forex trading, I wonder why do it at all. The stress and risk is too great if you're just gambling or trying to earn chump change. If that's what I was trying to do, I'd just go to the casino.

On one of my backtests with TOB, I put the aud/cad at .35 lots on a $7000 demo, and it made $1200 for the month of November. That's 17% -- excellent! Of course if the pair gets on a trend at that lot size you would be in major trouble.
It looks like TOB trading at .01 lots per $100.00 acct. balance per pair will produce nearly 4%/month in profits.
Vincit qui se vincit.
  • #751
  • Edited 9:20pm Mar 4, 2011 8:09pm | Edited 9:20pm
Quoting sevenjones
For anyone who will reply: What is a realistic monthly ROI with this bot -- 5-10%?
Thanks!
I'd like to make a living with this robot, but I don't have the necessary amount of money to trade with - not now.
My friend I am going to reply on this occasion to your posts and lets close this chapter since the Threadmaster (who is our host) does not wish to deviate form the main topic too much.

Long ago Scoobs (a professional trader) gave us good advice and ever since taking his advice I have never feared a blown account. The advice was a simple formula:
Lot size = a/c balance divided by number of pairs traded diveded by 10,000.
eg a/c balance $1000 / 10000 = 0.1 divide by 10 pairs = 0.01 lots or 10Cents.

As for the beast, I have a $2000 account and trade 0.01 lots which I may increase to 0.02 lots pretty soon. Thus far if I liquidate my open positions there is a profit of $460 after 5 months of trading. If I had adhered to the above formula the profit would have been $920 which is 46% in five months or approximately 110% per annum. My caution is due to the ongoing development of the EA. This is a fantastic return and I would be over the moon if the bot consistently produces 50% or 40% per annum. Do not forget markets change and although this EA is profitable now there is no guarantee it would be the case 6 or 12 months from now.

Now regarding making a living from forex, it can be done and many people do it. But for every success story there are 45 to 50 failures. You need knowledge and mot importantly EXPERIENCE which can only be obtained by hard work front of the screen. AN EA WOULD NEVER EARN A LIVING FOR YOU. Please forget about this fantasy. I suggest you go and read the profile of ROLAND RAYGUN, he started trading when he was 14 years old and after 7 years he was a professional trader. He uses 37 EAs of which 34 are free ones from FF. Read his threads and you would understand.

Kind Regards
  • #752
  • Mar 4, 2011 10:33pm Mar 4, 2011 10:33pm
Quoting Pippopotamus
It looks like TOB trading at .01 lots per $100.00 acct. balance per pair will produce nearly 4%/month in profits.
Thank you for this information.
  • #753
  • Mar 4, 2011 10:44pm Mar 4, 2011 10:44pm
Quoting astral77
My friend I am going to reply on this occasion to your posts and lets close this chapter since the Threadmaster (who is our host) does not wish to deviate form the main topic too much.

Long ago Scoobs (a professional trader) gave us good advice and ever since taking his advice I have never feared a blown account. The advice was a simple formula:
Lot[color=black][font=Verdana] size = a/c balance divided by number of pairs...
Thank you for your detailed information and response.

Yes, I've traded with EAs, and done some manual trading too, for nearly two years, and I have spent an enormous amount of time in front of the screen even while using EAs.

I like TOB, and if I had $20,000+ to put into an account, I believe I could almost make a living with it, if it returned a profit of 5-10% monthly.

I really don't understand why anyone would bother trading forex if the goal is not to make a decent income. Why would anyone invest all the time, effort, stress, and risk that it involves only to get a very small monetary reward in return? Is this a game or hobby to many people? If so, it doesn't seem like a fun game or hobby to me, and it doesn't seem to be worth it, monetarily.

I like TOB and Beastie very much; my goal in using them is to get to the point that I can make a decent income with them. I wouldn't put this much into it otherwise.

And I do thank Steve for these EAs, and for making them available to us without monetary cost. I appreciate his support, too. These are the only EAs I have any confidence in any more, out of all the ones I've tried or still trying.
  • #754
  • Mar 5, 2011 12:58am Mar 5, 2011 12:58am
Quoting astral77
My friend I am going to reply on this occasion to your posts and lets close this chapter since the Threadmaster (who is our host) does not wish to deviate form the main topic too much.

Long ago Scoobs (a professional trader) gave us good advice and ever since taking his advice I have never feared a blown account. The advice was a simple formula:
Lot[color=black][font=Verdana] size = a/c balance divided by number of pairs...
Hello...I am new to this EA, and have been wondering about lot sizes. Re. your above description, rather than the formula may I suggest that it's simply 1:1 leverage? Meaning if you have a $1000 account you trade $1000 lot sizes?

I mention that because using figures like 0.01 is confusing. At most brokers, 0.01 means a "1000" lot size, but at MB Trading 1000 is expressed as 0.10 instead. But 1000 is still 1000 anyplace Somebody earlier said re. lot sizes to use "0.01 per $100 account balance." If 0.01 is $1000, then that would mean using 10:1 leverage, which I would consider insane for this EA, hence the confusion.

So anyway I'm pretty sure we're talking about the same thing here, but honestly it was confusing until I realized it's just 1:1 leverage.

For what it's worth...
  • #755
  • Mar 5, 2011 1:58am Mar 5, 2011 1:58am
Quoting TC East
Hello...I am new to this EA, and have been wondering about lot sizes....
Hi
This EA is base on a strategy where you trade all available (sensible) pairs , reason being , if one is in DD then the others are still adding to the balance hopefully , The reason the formula is there is because to calculate the right lotsize you need to know the amount of pairs you will be trading
Hence its very important
What they mean by 0.01 per $100 is
ie if I have $500 I can safely trade 5 pairs at 0.01
or if $1000 I can safely trade 10pairs at 0.01 or 5 pairs at 0.02

Get it
  • #756
  • Edited 3:43am Mar 5, 2011 3:24am | Edited 3:43am
Hi All

My weekly update:

http://www.myfxbook.com/widgets/88014/medium.jpg

Week 28 Feb - 5 March

Total of 28 Trades with 24 Winners and 4 Losers = 85%/15%

Made a total of 343 pips but I must confess some closures was manual as I was not going to let those profits go. (I think this is where the 100pips difference came in compared to Steve's 244 pips)

Week 1 = 4.4% growth
Week 2 = 3.5% growth
  • #757
  • Mar 5, 2011 3:50am Mar 5, 2011 3:50am
Quoting Krypty
Hi All

My weekly update:

http://www.myfxbook.com/widgets/88014/medium.jpg

Week 28 Feb - 5 March

Total of 28 Trades with 24 Winners and 4 Losers = 85%/15%

Made a total of 343 pips but I must confess some closures was manual as I was not going to let those profits go. (I think this is where the 100pips difference came in compared to Steve's 244 pips)

Week 1 = 4.4% growth
Week 2 = 3.5% growth
Excellent returns. Congrats!
  • #758
  • Mar 5, 2011 6:20am Mar 5, 2011 6:20am
Quoting sevenjones
If someone is not trying to make a decent income from forex trading, I wonder why do it at all. The stress and risk is too great if you're just gambling or trying to earn chump change. If that's what I was trying to do, I'd just go to the casino.

On one of my backtests with TOB, I put the aud/cad at .35 lots on a $7000 demo, and it made $1200 for the month of November. That's 17% -- excellent! Of course if the pair gets on a trend at that lot size you would be in major trouble.
The only way to "make a decent income from forex trading" is to invest a decent income in the first place.

Leave your money in a UK bank right now and your return will be about 3.5% a year - so anything paying above this is interesting.

Forget trying to turn $100 into a million - it is never going to happen

IMHO the vast majority of guys fail at forex because they have totally unrealistic expectations.

Just my $0.01 worth.
  • #759
  • Mar 5, 2011 6:24am Mar 5, 2011 6:24am
Hi Guys,
My attachment shows an error message in the Experts Tab. "Error 130 Invalid Stops." However, I have stops at false.
Anyone know the problem please? I had many of these today on first day of testing.
I had a PM from Tamas (who can't post here) and he says he has the same problem.

A reply would be appreciated even if it includes insults!
Attached Image (click to enlarge)
Click to Enlarge Name: error message.png Size: 19 KB
  • #760
  • Mar 5, 2011 7:40am Mar 5, 2011 7:40am
The discussions here regarding lot sizing are becoming increasingly confusing and perhaps misleading
Obviously each individual needs to consider their own risk tolerance levels when assessing lot sizing and number of pairs to trade etc and not necessarily rely on others .... this is what demo accounts are for

However, for general guidance and as a starting point we can do no better than seek clarification from the ea creator
The information on page 1 is not perhaps completely clear ( and the maths may be incorrect ... I am being very brave suggesting this ! )
So Steve, if you will please confirm ...

· You are trading an IBFX 100:1 leverage account ( assumed to be a mini ? at 1,000 units per 0.01 lot )
· You are trading 15 or 18 pairs ( there is duplication in your selections on page 1, so not sure )
· Your account balance is now approx $1,500
· Therefore in accordance with page 1 calculation of 0.01 lots per $100 of account balance your initial trade on each pair, regardless of how many pairs are actually trading, will be 0.15 lots ( 15,000 units ) ?
· When recovery is required this will increase accordingly

I am trying to clarify that you do not take into account the number of pairs being traded when using this calculation ... or maybe, this calculation is relevent when trading 15 ( or 18 pairs )

If you will be good enough to confirm, or otherwise, it will enable individuals to do their own calculations and adjustments based on these figures

Thanks
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