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100 Pips a day

  • #1
  • First Post: Feb 11, 2011 5:38am Feb 11, 2011 5:38am
I am no guru.
I am no Profi.

I cam across this EA in another FX website. It opens up 10s of trades in qa very short time. On DEMO and it was wonderful but....

Losing trades ate up all the profits.

Any suggestions or editions to to the EA that could factor in a stop loss?

It was designed originally for the 5mins TF.

Thanks for your time and inputs.
Attached File(s)
File Type: mq4 100 pips a day.mq4   4 KB | 3,920 downloads
  • #2
  • Mar 2, 2011 2:25pm Mar 2, 2011 2:25pm
If the EA worked it would not be for sale or free. If you "could" make 100 pips a day with that EA you would be a millionaire in 3 months. I say it's unlikely
  • #3
  • Mar 3, 2011 5:12pm Mar 3, 2011 5:12pm
Quoting pacosan
If the EA worked it would not be for sale or free. If you "could" make 100 pips a day with that EA you would be a millionaire in 3 months. I say it's unlikely
i disagree with you, if you could make 100 pips a day, you would be a "billionaire" in 3 months. lol

With a 100:1 leverage and a $1000 account. You can double your account each day. Given 3 months, you have at least 60 trading days. So you would have $1000*2^60 after 3 months. That's a lot of money.

By looking at this example, i can say with confidence that no such EA exists. Nor can you find an EA that would give you such high consistent profit on a daily basis.
  • #4
  • Mar 4, 2011 3:33am Mar 4, 2011 3:33am
I only found the EA on a Forex website and thought I d share it on FF.

Have played with a set file taking tp at 10 pips but, the losses also buiöd up.
Had thought some one can tinker with the logic to improve on the logic.
  • #5
  • Mar 13, 2011 11:06pm Mar 13, 2011 11:06pm
Escape and Ilan are at MQL4. I would run them and everything else only on different demos, never live and I would completely ignore the profit lure.
  • #6
  • May 1, 2011 10:34am May 1, 2011 10:34am
this ea makes 17 consecutive plus trades in a row then one losing one because of ( NO STOPLOSS) could any one please code this ea just for simple stop loss
i have been a silent reader of all the great coders of ff
thank tyou for your kind attention
Attached Image (click to enlarge)
Click to Enlarge Name: 100 pips ea.gif Size: 5 KB
Attached File(s)
File Type: mq4 100 pips EA[1].mq4   4 KB | 2,377 downloads
  • #7
  • Edited 2:10pm May 1, 2011 1:20pm | Edited 2:10pm
Quoting garyghouri
this ea makes 17 consecutive plus trades in a row then one losing one because of ( NO STOPLOSS) could any one please code this ea just for simple stop loss
i have been a silent reader of all the great coders of ff
thank tyou for your kind attention
Gary, I really don't like to destroy someone's hope and illusion but honestly, the sooner you wake up, the better for you. This EA won't make you money. Markets are not that simple. The EA takes profitable trades until it misses on the direction, the pair turns on a dime so the EA can't even set its trailing stop and runs away. Unfortunately, this happens more often than one might wish and hope for. No matter what stop you'll set, pips lost will exceed pips made. Most EAs with much more sophisticated trade logic than this one have similar behavior.

Check it yourself, here is your EA with a stop loss setting, and a few tests on recent cable with 50, 100, 200 and 500 pips stop.

I'd strongly advise you to be VERY aversed to everything that looks "too good to be true" in the forex world. Especially avoid all the martingale-based "holy grails"; they seem to make you money day by day, hour after hour, but in reality they are hidden losers determined to blow your account one day.

edit: just looked at the code and the EA is hard coded to take the price and MA values off M5 TF so it doesn't matter on which TF you actually run it. It does the following: it sells if a M5 candle crosess SMA(6) and buys if a M5 candle crosses SMA(7). Then it trails the stop if it makes 5 pips (if long) or 10 pips (if short) profit. That's all. Wish trading was so easy ;-)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: TesterGraph50SL.gif Size: 9 KB
Click to Enlarge Name: TesterGraph100SL.gif Size: 9 KB
Click to Enlarge Name: TesterGraph200SL.gif Size: 9 KB
Click to Enlarge Name: TesterGraph500SL.gif Size: 8 KB
Attached File(s)
File Type: mq4 100 pips EA[1].mq4   4 KB | 1,124 downloads
:-anything
  • #8
  • May 21, 2011 1:01pm May 21, 2011 1:01pm
http://www.forexfactory.com/showthread.php?p=4631023#post4631023
could you please take a look at this one and see if we can improve this
your great attention is appreciated
  • #9
  • Jul 1, 2011 10:45am Jul 1, 2011 10:45am
Quoting pacosan
If the EA worked it would not be for sale or free. If you "could" make 100 pips a day with that EA you would be a millionaire in 3 months. I say it's unlikely
Exactly. So many people keep getting on baits.
  • #10
  • Jul 1, 2011 10:46am Jul 1, 2011 10:46am
Hi enzomarcon,
welcome to the forum.
  • #11
  • Jul 1, 2011 4:07pm Jul 1, 2011 4:07pm
It is more important to figure out how much you are risking to make 100 pips. If you risk less, yes it is logical to give it a try..
  • #12
  • Jul 1, 2011 4:16pm Jul 1, 2011 4:16pm
Hello Akara,

The number of trades is a necessary but not a sufficient condition to the successful testing of your EA. What you should prefer is to trade your system through changing market configurations i.e. different volatility conditions. It will take more time but will tell you exactly what you can expect from your EA in a trending, bursting or range-bound market.

Also, try to distance yourself from the daily pip goal. It will take your attention away from the critical features that you need to work on. Before making your system a winner, try to not make it a loser. Take it from there and then optimize it as much as you can within the three different market configs that I cited above. Just beware of overfitting when backtesting.
  • #13
  • Jul 1, 2011 4:19pm Jul 1, 2011 4:19pm
To all of you guys who are apparently in search of a holy grail EA.
Even with my modest experience I can assure you there is no such thing.
It is not to say there aren't people making money trading automatically. I am sure there are plenty of them. But trading using EAs if it is to succeed (by which I mean - to be able to bring consistent profits over a long period of time) requires at least as much market knowledge and trading experience as manual trading.
  • #14
  • Jul 3, 2011 4:56am Jul 3, 2011 4:56am
Quoting Giansar
To all of you guys who are apparently in search of a holy grail EA.
Even with my modest experience I can assure you there is no such thing.
It is not to say there aren't people making money trading automatically. I am sure there are plenty of them. But trading using EAs if it is to succeed (by which I mean - to be able to bring consistent profits over a long period of time) requires at least as much market knowledge and trading experience as manual trading.
Right on the money, IMO. One of the best posts I've read in the Rookie forum for a long time.

And then, even after you have the market knowledge and trading experience, you must reduce your strategy to a mechanical approximation, so that it can be coded as programmable rules.
  • #15
  • Jul 3, 2011 5:54am Jul 3, 2011 5:54am
I'll just chime in and add my vote to the last 2 posts. There is no single EA that will work consistently for you, making money on a daily basis completely hands-off.

Automated trading can definitely be an element of a successful trading setup, but statistical edges come and go. A "holy grail" EA may work for a while but will stop working eventually and then what will you do?

Every day new people come to this site after downloading MetaTrader and learning how to use the platform. Many of these noobs think that "trading" is the same thing as "searching for someone else's profitable EA and using it to get rich."

No wonder products like Fap Turbo continue to be offered for sale; there are literally hundreds of gullible noobs appearing every day.
You are in a maze of twisty little passages, all alike.
  • #16
  • Jul 3, 2011 7:28am Jul 3, 2011 7:28am
I think it would take a simple experiment to set straight any guy (or girl) who thinks he can find an EA that will make him whatever amount of pips daily (let it be even 5) without any effort and competent supervision.
Just ask the person to go to the Trading Systems forum section here at the FF (which in my humble opinion is the best such on the net) and challenge him to browse the hundreds of great strategies there and try and find one, which can be traded in a purely mechanical manner, without any discretion on part of the trader. Let him find only one.
  • #17
  • Edited 1:28pm Feb 1, 2012 12:20pm | Edited 1:28pm
Quoting akara
I am no guru.
I am no Profi.

I cam across this EA in another FX website. It opens up 10s of trades in qa very short time. On DEMO and it was wonderful but....

Losing trades ate up all the profits.

Any suggestions or editions to to the EA that could factor in a stop loss?

It was designed originally for the 5mins TF.

Thanks for your time and inputs.
hi akara, I am no guru,infact i just opened an Alpari live account 2 months ago with 1000USD, I have been making between $1 to $5 a day because i scalp and i have had more losses than profit, just today i discovered MT4 platform comes with a free EA called Moving Average. I used it and this is its 4th trade today and I have made 500$. i dont know if it'll keep making this much money but as long as it makes it, I am game. so if you are using MT4, i suggest you try out the EA, works fine by me
  • #18
  • Feb 6, 2012 4:55am Feb 6, 2012 4:55am
Quoting handsome2006
hi akara, I am no guru,infact i just opened an Alpari live account 2 months ago with 1000USD, I have been making between $1 to $5 a day because i scalp and i have had more losses than profit, just today i discovered MT4 platform comes with a free EA called Moving Average. I used it and this is its 4th trade today and I have made 500$. i dont know if it'll keep making this much money but as long as it makes it, I am game. so if you are using MT4, i suggest you try out the EA, works fine by me
May I know what TF are you using ? Is it still making money for you ?
Never Say Die
  • #19
  • Feb 6, 2012 9:01am Feb 6, 2012 9:01am
Quoting rezky
May I know what TF are you using ? Is it still making money for you ?
lol, its a miracle. honestly it just makes trade on any time frame, all i know is my views vary btw 15mins to 1hr and before i know watsup its already trading for me. usually on 1hr though, trades all the pairs.
good luck, i hope you it works for you as it is for me
  • #20
  • May 13, 2014 9:02am May 13, 2014 9:02am
Interesting in any pips gain as myself are training in a pip keeper journal. Try to make more pips and keep more in pocket.
Flappy Pips - How to keep your hard earn PIPS
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