Nanningbob V5 auto-trading robot. Newbies, fearlessly ask your basic questions here

Thanks for your insight, Forexpippy. Good explanation.

Murph

That is a masterly summary of the pros and cons of hedging; a link to this post will go in page 1o fo all my future threads. Your post will help anyone who reads it.

Cheers

Glad to be of some help.

I'll give it a bit of a tidy up in that case!

Fantastic. Cheers.

Thanks a lot for this detailed explanation. It is very informative. You won't believe but today only I faced 4 L3 trades on my demo and then I enabled the hedging just to see how TB handles the situation. I will monitor how it goes. I believe TB is one of the best EAs.The only problem is the huge DD in case of massive trend.

Agree, thanks for the great post, starting to evaluate my options as I seem to be stuck in the Gbp/Usd hole too. Will have to make a decision next week, either to hedge or start adding to a retracement to lower the magic BE point.

My feeling (which is worthless until price action reveals) is that we are due for a retracement after such an aggressive move down. I usually work on the 50% fib rule so will look to add to get out at 1.5970, or hedge short should next week continue with the carnage.

Either way, it would be dangerous just to bang in one single order to acheive that. For the retracement case, looking to buy dips with a quarter of the size required. Then add on minor retracements say with 100 pip spacing but then placing a BE stop loss between the first 2, then with a 3rd trade and so on, perhaps some profit locked in to cover swaps. I have attempted this 3 times already with some success but protected with stops to ensure that DD does not get out of hand, just got to keep trying.

Probably need to do this 5 or 6 times to drag the BE point down, a similar strategy will be implimented in the opposite direction should all hell break loose and we are in 2008 territory. However, look back to that infamous move, it did not go in a straight line! Plenty of retracements (1200 pips or more) available even then! So not panicking just yet.

Last Fri showed some reprieve, some signs of a base building, shorts will cover at some stage and the rest will get squeezed to a certain extent, just needs a trigger which I believe would be a move to 1.57 - 1.58. Of course this will depend on IMF and Euro probems at the fundumental level, the USD soared as a safe haven and Gold dropped sharply with rumours of hedge funds liquidating to pay for margin calls, therefore a correction may be expresssed better in another pair, say the Ausie so I will not necessarily rely on Gbp to reduce the DD.

Hopefully anyone else in this hole is using low leverage, 10% DD for me but not overly worried, just treating this as a monkey puzzle!

So looking at either scenario, hoping that it is a retracement option but all we can do is wait and see.

Steve

when dsugums EU Intraday System is active any manual "sell trade" is immediately closed.

Journal log:
2011.09.28 08:51:19 '3275528': instant order sell 0.01 EURUSD at 1.35758 sl: 0.00000 tp: 0.00000
2011.09.28 08:51:19 '3275528': request was accepted by server
2011.09.28 08:51:19 '3275528': request in process
2011.09.28 08:51:19 '3275528': order was opened : #234842110 sell 0.01 EURUSD at 1.35758 sl: 0.00000 tp: 0.00000
2011.09.28 08:51:20 '3275528': close order #234842110 sell 0.01 EURUSD at 1.35758 sl: 0.00000 tp: 0.00000 at price 1.35768
2011.09.28 08:51:21 '3275528': request was accepted by server
2011.09.28 08:51:21 '3275528': request in process
2011.09.28 08:51:21 '3275528': order #234842110 sell 0.01 EURUSD at 1.35758 sl: 0.00000 tp: 0.00000 closed at price 1.35768

expert log
2011.09.28 08:51:21 dsugums auto-trading EA by SteveHopwood EURUSD,M5: close #234842110 sell 0.01 EURUSD at 1.35758 at price 1.35768

buy trade works fine

prozor7

Hi Steve,
Great EA by the way and thanks so much for sharing. I have been demoing this for around a month but after downloading the latest version I keep getting a warning window pop up saying the the trade is rejected because of invalid stops? (Error 130)

I am using recovery and I have disabled stops as per your advice. Is there anything I'm doing wrong? Some trades are going thru and I have checked the min lot size - that all seems to be ok?

Thanks in advance!

Had a number of attempts to reduce the cable drawdown, all ended at break even stops. tricky trying to find a bottom.
Decided to get get in long EurUsd today, saw those wicks around 1.3250 ish, support evident all yesterday. Went long at 1.3270 with 0.1 lot matching the size on Cable, nice to see the DD being gobled up at twice the rate!
Currently up 150 pips, a way to go but BE stop, NFP could blow it out of the water but heres hoping for a good distance maintained for volatility and a continuance of "risk on".

Strategy worked to some extent, caught the bottom and got out of everything after NFP. ABout 220 pips on the Eur lot positive and the same on the cable less negative!
The market rallied just after the announcment but then retraced until NY close. Got out of everything near the top with a 5% hit. May regret this but do not have a christal ball but reduced the potential loss by half so quite happy with the decision. The general economic sentiment still looks fairly precarious and cannot see a recovery in the short term but who knows.

I'm still holding on to my GU trades. If one look soem out on the 1H chart and look back to 18 August. This set up looks like a W formation. this formation only have to move 1/2 up to take out all the trades with profit. Only my opinion.

Yes, difficult decision but that trading, there is always the danger of a severe move against, all smiles when its in a range, will have to further temper the balls and think about the hedging a bit more. However that scares me a bit, easy to get into a bigger mess.
Annoying thing is my demo continues to rack up insane profits, 40% since August. Trying to think back if this was just lucky timing, it didnt get into those swissie drawdowns a while back or the Cable, Euro. Then again, I was wacking on the lots to get out of drawdown much more quickly on demo!
Probably not something that comes easy with the real dosh though.

I have a demo account which has been running the same versions of TB that i've been running on my live account since May.

I never intervene in the demo account, I use it to pick up coding problems (it alerted me to the sameprice trailing profit issue when in recovery, which would have cost me £500 on my live account) and to use as a crash test dummy.

It's quite frustrating, since it AWLAYS seems to work itself out of trouble! I haven't touched it, and it's 120% up since May.

BUT.....whilst dd is generally no more than 10%, I've watched it on a couple of occasions dip down to 50%.

It's very easy to watch a demo and see whether or not it recovers, but the simple fact is that it's just pure gambling. When every bone in your body is telling you that you're in a bad trade and you need to get out of it, allowing TB to wait for the retrace is just like sitting with your eyes closed and hoping. It's always a bit of news that swings the price back in your favour, but there will always come a time when the news goes against an already toxic position, and then your account is toast.

As soon as L3 recovery opens, I watch that particular pair like a hawk, completely ignoring the fact that TB even exists. From the moment the L3 trade is placed I'm back in control. Whilst I'll always give TB room to work, if the L3 trade doesn't look right, I'll begin to plan my own exit.

I am comfortable with how TB recovers from initial losing positions, but you've always got to remember that regardless of how small your lot sizes are or how much margin you have left, you've JUST MADE 3 BAD TRADES IN A ROW!

It's crazy to sit tight and ride out the storm at that point. You've got to take back control and prepare yourself for the fact that this pair might not be heading homewards anytime soon.

I know this isn't 100% related to your post, i've sort of gone off on a tangent, but it's something that's been on my mind for a while now. It comes back to Steve's mantra that there is no such thing as a set and forget robot. While our demo accounts might suggest otherwise, it's nothing more than a lucky streak and foolish gambling. It's not trading. That black swan is ALWAYS lurking around. The way TB can limit the number of pairs open means that you can often avoid those huge moves on a particular pair by pure luck because you already had 5 pairs open etc.

I guess my point is this (sorry it took so long to get here!).....TB is awesome for picking reasonably accurate points of entry and exit, but at the end of the day it's just a mechanical beast. There is no secret behind it, its just playing the odds of a likely retracement (which is where it's edge lies). So if you tend to use it more like an indicator, you're far more likely to stay on your toes and spot when TB is wrong (which is very often is of course).

It's my humble opinion that long term success of any strategy or EA lies in the users ability to identify when the strategy IS NOT working as it should be, when the market conditions ARE NOT right and when a trade is just simply not sensible.

I know that sounds so obvious, but when TB is hoovering up all those pips in a ranging market, it's easy to forget that 10% of the time it's going to be wrong and you're about to hit a trend. TB has made me a better trader all round, and where initially is was my guide to the markets, it's now nothing more than my mechanical companion to stop me missing applying my own rules. Which is exactly what a good EA should be

Sorry, i was rambling there! Ahhhh, it's good to talk

http://www.myfxbook.com/widgets/138876/large.jpg

Good ramble lol, inclined to agree and prefer pre defined risk but I can see the benefits of this strategy and the warnings about using it "intelligently" rather than head in the sand ostrich style. It is still the best EA I have come across but as mentioned, it is just an algorithm that cannot think its way out of a problem.

Hi Steve, and all
This a good thread with many lessons.
I have been using MTPM for almost 1 year now and mainly to manage my manual trades. I must say it works very well once you fully understand the parameters and its function. The basket trade management feature is really good.
I also learned learn mql4 programming about 2 years now and must say this MPTM program structure makes it a joy to follow and learn the logic sequence in writing mql4 programs.
Thank you very much Steve for this awesome trade manager EA. It’s a ‘monster’ for us to tame and the numerous programming lessons.
Great work and generous sharing.

Hi Steve,

I'm backtesting Trumpcard and had a question regarding your statement below:

In the EA in post 1 the defaults are tp/sl 10. Did you try different settings?

Hello Steve, thank you for your endless effort and support. I did some backtest with SPIDER with different setting and the results were not promissing. I was wondering if you use a special settings and also if you dont mind sharing ur set. Thanks

Hi Steve:

With your approval, I would like to PM you to share experiences with your new Ea ( which clearly has major potential), and with another which takes a similar approach.

Easier said than done, however. I not allowed to post on the Trumpcard thread, and as an 82-year old "Junior"( with many years of trading and programming) , neither I am I allowed to PM you from the site.

Hence this roundabout request. If interested in admitting one more to your buddy list, would you please PM me at < [email protected] > ?

Of course, if not interested, then you will hear no more from me.

Thanks for your major contributions.
Best wishes,

Salbine (FXAW)

I'm playing with the newest toy Hanover.

I've read Hanovers first post, downloaded the indy, created a presets file with the provided tool and attached the indy to a chart after loading up all charts and timeframes the give the indy some data to work with.
So far all seems well.

When I load up Hanover.ea I get a weakest currency (currently AUD) but no strongest wich I guess is responsible for the comment 'This pair is not provided by this criminal'.
The Indy shows the strength numbers but the EA only shows 0(0).
I suppose something is wrong, but I can't figure out what?

Previously I also got a bunch of 'invalid handle -1 in FileClose' and 'invalid handle -1 FileIsEnding' errors but they seem gone now so I guess I probably did something in the wrong order?

Hope someone can point me in the right direction.

Hi Steave Thank you for your work
The same problem appear in my charts too.