Project C (Collective System)

Hi guys & girls of forex factory, i am a relatively new member here, i`m mostly active on babypips, and i have a plan here.My plan is that we all, on this forum build a united system, which will be profitable at the end.I am a 2 year old experienced trader and MQL4,C++,C# programmer with 10 year experience.

I already developed an indicator, which will be the actual system.It will signal trade entries and exits.The original system is on babypips:
http://forums.babypips.com/free-fore...il-system.html

But on this forum we will develop the system even further, because it will be a collective approach, where everyone can participate

The strategy will be very simple,enter in trades when there is an entry signal and exit when there is an exit signal.With trailing stop and stoploss being optional, but no TAKEPROFIT.I found that fixed TAKEPROFIT systems never work, it cuts your winnings way too early,so thats why we only enter/exit at the signals.

So basically: ENTER TRADES ON ENTRY SIGNAL, EXIT ON EXIT SIGNAL , SL & TRAIL STOP & LOT optional, and based on your money-management strategy and NO TAKEPROFIT.

Now, the system will be named Collective System, and for now i am the only author of it, for now, because i expect that you guys too help to develop this system,thats why it will be a collective system.The current system is based on the spearman's rank correlation indicator which you can find on MQL4 forum.But i modified a bit, it's current version is the inverse of it.I found out that the inverse signals of the spearman is way more accurate than the actual.It is a bit modified from the original MQ version but that's the core signalling element of the indicator.

The mission of this thread is the following: everyone has to participate in the improvement of this system, either being a programmer and develop the code of the indicator, or being a trader and suggesting improvements from a trader's perspective (i.e strategy development, market observations), and if everyone helps to improve this system, then we can improve it more efficiently than I can on my own.Of course i already did the first steps by coding the basic version of the indicator with all elements now its you job to improve it.

Requirements: if you are a coder and want to improve the system only upload .mq4 files not .ex4 so that the others can improve it too.The system is now at version 4(based on the original file from the other forum,but here we start from version 1), but we have still a long way ahead

So that's being said, we must all participate and improve this system,and if we put all our minds at the job, at the end this will be a real Holy Grail system.

Best Settings of the indicator: the best settings of the indicator are the default, aka 10,6,10000 (but you can increase the max bars for more precision).Of course after you guys help to improve the system we can find better settings, but my initial testings and optimizations showed that currently this is the best setting.Not to mention that the system works with all pairs on all TFs, so its a universal system.

Installation instructions: Put the file in ...MetaTrader\experts\indicators , and after you launched MT4 you can find it in indicators/custom indicators

So download the system, try it and i wait your feedback and your suggestion how to improve it, so let's get to work guys

"HOLY GRAIL INDICATOR V4"

That's not a good start

The idea to developp collectively a system is great and is part of the purpose of FF ... but you should forget about "holy grail" things. You will be very disappointed at the end.

Yes that is the original name of the system, i originally developed this system over babypips.Here is the link to the original system:
http://forums.babypips.com/free-fore...il-system.html

But on this forum the goal is that everyone can participate in the improvement of the system, so by everyone putting their best in the job, we indeed will achieve a Holy Grail trust me.I think there are many genious people around here we will put together a wonderful thing at the end!

If you believe that you will achieve a Holy Grail, you are wrong. Trust me ...

I am not saying that your indicator has no value ...

At first I thought this post would better fit in the thread "I will code your EAs and Indicators for no charge" as it looks like that's what you want. But you did already code an EA so...

Usually, in any industry a project driven by constraints is doomed from the beginning. So things like "must be MQL4", "must not use TP", "must use my indi", "must be the holy grail"... don't sound like a good approach.

You must define a scope otherwise you'll get a lot of very interesting feedbacks contradicting each other simply because what is very good for someone is not acceptable for someone else. The personal approach of each trader is different, some want to make a huge profit in no time irregardless of the risk, some trade for a living and just cannot afford unsteady equity curve. Some want to be in the market all the time. Some are ready to wait for weeks. Some let grow a handful of positions in a year, others refuse to keep a trade open over the week-end...

And I agree with Ferru, you may achieve a "wonderful thing at the end" for sure. But you and all the geniuses you may gather won't find the Holy Grail. Just because there is no such thing to be found.

Yes you are right, i did not specified the system or the goal very well, so let me explain it better.

Here is the doctrine of the project:

1) Must be MQL4 format, thats obvious, so that everyone can edit it (since most of us use MT4)
2) Must not use TP is not really a characteristic, thats subjective but i would correct that sentence to, not being TP and SL oriented, so that 1 person would use TP and SL or trail stop is optional, but the system should be more dynamic oriented, i.e ENTER ON SIGNAL / EXIT ON SIGNAL, if you additionaly choose to use TP,SL,and TRAIL STOP thats your own choice, as the lot size, that will be your duty to determine based on your risk management

3)The system will be an intraday system mainly, that doesnt mean that it wont work on high timeframe, since the nature of the market is fractal based, but it wont work on really small timeframe like M1,M5 being way too noisy for our goal.So atleast M15 for scalpers and up to MN1 for long term traders.

4)The system should be compatible with all pairs at the end, so we may emphasize the LONDON OPEN-NY CLOSE time interval for european pairs but other than that, no more restrictions.So any pair with decent volatility and liquidity will be acceptable at the end.

5)The system will be a trend reversal system, so the entry signals will be always market tops and bottoms.So in principle it is a trend following, but only enter when a new trend emerges from the previous one, and follow that to its end.Its a trend -to -trend system, and enter/exit points will be at reversal points.

6) The system is obviously and should not be a quick get rich scheme, but raither a long-medium term money maker one.The lot size and risk management is the individual traders burden,but by this i mean that trades will and should never be forced with this system.
We will develop and trade only very high probability trading situations (tops and bottoms are really high though) and only trade those.If there is no such setup in the current markets, then we dont trade, but we never force trades, we wait and hunt only the good ones.
So the system is high win rate oriented,with medium or low frequency number of trades.

7) The Profit size will always depend on the size of the trend, so its imperative that only big moving trends should be traded mostly, but also small ones to diversify our portfolio.While the same dynamics for the losing ones, the rule is from the DOW THEORY, a trend exists until all signs show that it has ended, so we must keep the trade open until all signs show that we must close it because it will turn against us.So because of this losses will be low to medium just as profits, that is why we must diversify and not trade always the same setups.

8)NO martingale,hedging,cost averaging,and any other types of grid system approaches should not be included in the system

9) I hope that at the end of our work for the system should give at least 5-10% return each month (this is is the golden rule, it may not be that easy but i said only at the end it will be that much, but for now we should concentrate on sustainable profits, and no negative months!)


Thats my doctrine,approach on the system.Now these are not unchangeable doctrines (except point 9 which is very important), but i just listed my expectations and properties which i would like the system to drift to.But if you think that any point up there is not fit for the system, then we can debate that, but please tell good argument against it or else it will be disregarded (i dont like trolls).My research on the markets showed that a system should have those 9 points incorporated.

Now that i gave you a good image where should this thread go for, we can now start working on this project
So let me hear your ideas and improvements.

EDIT: And by Holy Grail i only mean a sustainalbe income making system, not 1 billion dollar in 1 day (although that would be nice too ).That in itself is a holy grail i guess, since so many newbie traders fail, this project should be a good starter system for novices too and even for experienced traders like me.I think everyone's dream is to become financially independend and forex trading is a good tool for this,so holy grail for me means more like full time trading with good income from forex
And dont want you guys to make the system for me since i already made a good chunk of it, it will be a coop system, each one of us should work on it and put our heads together, and we will share together the benefits afterwards.

Hello,

Have you noticed how many threads there are in the sector trading systems here alone atFF?2135 and you think you can unite people?I'm openminded for the idea but did you calculate human behaviour and intrest?factors as -fear-greed-jealousy-working for brokers and banks.I've seen great traders around but alot vanished,ask yourself why?

Greetings,

Deepfx

PS:nice to meet ya

Nice thread and will check it out but "holy grail"?? Wouldn't count on it..

Well if anyone is interested in this project they can help here too.This project is not about greed or stuff like that, its about cooperation, everyone wants to make money from forex, so here is a great opportunity to unite and put our heads together.

So i`m waining for any suggestions!

the problem with a system that has no take profit and it's a buy until a sell until a buy until a sell repeating over and over is most of these (i've checked many) will result in moves where you might be too late on your entry and it'll just be a big loss or you'll miss your profit and end up with a small loss etc..