Journal of a Struggling Trader like You - I am pannet1

Hi,

I am pannet1, You are here because you are like me. Interesting knowledge I gained will be in this first post, so you need not go through all remaining pages. I never seriously thought of writing a journal, but some great ones insist. Welcome to this journey and I hope you will learn from my mistakes.

I also made some indicators and an EA.

Expert
====
WUKAR_WB_Trail
It started as a project to merge two EAs. Then I added the ability to trigger orders by deleting arrow. Sound file is from .00 level trading.
v1.9 - removed redundant order lot. Added ability to enable/disable order opening.

Indicators
=====
MyExposure
Very similar to the one that's available free, but added values of TP and SL. For many months I was very much confused about this Stop Loss and Take Profit. You use SL to get profit and TP to get out of a bad trade with a small Loss. This indicator tells really if you are going to take profit or loss irrespective of the confusing names. So you can move a Stop Loss to breakeven and this indicator shows how many dollars you are going to make if its hit. Vice versa for Take Profit. If both SL and TP is set, the indicator will calculate the biggest value and ignore the other one.



CurrencyValue
you know the famous currency value indicators. This is my version. I just assumed all prices started at same point some X days ago and plotted how far they moved.

AussieTrader
Another moving average cross over indicator but nicely plots the breakouts from previous candle.

Screen shot is here-> http://www.forexfactory.com/showthre...44#post8240844



MyMoneyPanel
Here too I modified a simple indicator, so it does not show Account balance and allows me to choose corners.

H4_SR
This one shows the nearest H4, D1 support and resistance. This was mainly done for the H4 Power thread

stRangeCandles
This one is my own interpretation of Range Bars. They paint fixed rectangle bars on a normal chart with real highs and low. They do not alter the price action in anyway but highlights OHLC in the desired Box Size.

version - 3 with bug fixes and Helper Line



Same price action without the highlight of the Range/Box

I am wanted to follow my own strategy (which I will reveal when the time comes) but I did not have the patience. So I was trading without any sort of a plan. Then, I was so attracted to the Millepede thread because it was so similar to what I want to do. Also I am trying to get my entries from Eitan's project. To be precise I just took out the SSL and then traded the trendline break on lower time frame. Well then there were some losers, because price moved against me. So right now I will call this system as millepede, the one which I am trying to build some soldiers for. And for my immediate survival, I am using 00 level trading. So you will have entries from both the system.

Both are winners that got trail stopped.

Earlier I fell for the Bull trap on EURUSD. They previous day was a down day and Daily SSL was bullish.

In between I had several soldiers that were getting ready for the fight. Unfortunately my faulty EA closed it for profit. One such trade is EURNZD carry trade.

June 11, 2014,

Total Points Gained: 32.2 Pts
Percentage Gain : 2.37 %

------
GBPCAD (Millepede)
GBP news Took my soldier out on BE near 3. 4 hours before news i had a BUY in the opposite at 3, Market took that one too. In the night I entered another SELL, that also was taken out.


AUDJPY (Millepede)
I had AUDJPY at the top of the market. Weekly bar showed that this week movement were all above previous week. So unless the market want to turn back, AUD should stay up. Market was Ranging for two days and then there was a spike up. It stayed up for sometime and when it turned down again, I came out with BE.


GBPJPY (00 level trading)
Post news market had gone above daily open line after staying low down it. Then price settled and came back down breaking daily open line. Then price was trying to break the support and pretended as if it could not succeed. So I placed a SellStop below the support. So if support is broken, I will get my profits on the momentum.

june 12, 2014

points = -7.4
percentage = -1..83%

GBPJPY (00 level trading)
2 losers

EURJPY (00 level trading)
1 loser
1 trailstop
pull back got me


EURUSD (00 level trading)
1 trailstop
lucky to get a SELL winner at the day's bottom



GBPCAD (millepede)
1 small loser
1 small winner
trying to get a samurai somehow


GBPAUD
Fidgeting with Median Renko.
Immediately saw this entry. Helped recover some points.
Surprised Broker took my stop before moving so high.

Hi Eric,
See Attached EA. Please put it in your tester and see. All discussion we will keep here, so we need not disturb others trading and the thread.

Ok, good. I see several things already.

1. You spelled it WAKAR in the code. (he he)

2. You have DeleteAllLines() when it closes the trade successfully but it would be better to close when no orders are found, like in my new code. Just in case MT4 bugs out.

3. in this line:
if (OrderStopLoss()>0 && BreakEven) BreakEven();

If they choose not too set a hard stop, the BE won't do anything.

Also on BreakEven, it is risky to use the same name for a Bool and a Void function, AND the BE function tries to calculate BreakEven as an integer too, but it is never declared. Best to use 3 different names to be safe.

Also, BE function checks only if price is > Open, not + BreakEvenPips.

And BE is not hidden. Would be nice to add that too, especially if there really IS stop-hunting by brokers.

4. Why did you choose a multiplier for TP rather than just pips?

Isn't coding fun? (a pain in the butt sometimes!)

Hi Eric,
Its 5 A.M. here. I did not blink my eyes the whole night. I do not have any more strength. Just saved my energy to send another update. I will review your comments tomorrow and make necessary changes. Its not only pain in arse, every inch of my body pains. sorry mate. good night.

Mate,
forgot to comment openposition(). please do so or it opens orders in live environment.

Hi, I am sorry for the confusion, I did not know you were working on this too. I just finished editing and testing my last one and all is working perfectly, with everything hidden. I will attach it here so you can check it. I would like to post it, if you don't mind, but I will wait for your reply.

Also I tried to use the OpenPosition in Tester but it did not open a trade.

Hi Eric,
Fixed OpenPosition. You dont need mind my permission to release it mate. Please go ahead and do so. I tested it and fixed Open Position. I am not a good coder and tester too. So please check it once again in the tester by changing all the user inputs once again.

See my inputs >> below in small case
1. You spelled it WAKAR in the code. (he he)
>>> corrected
2. You have DeleteAllLines() when it closes the trade successfully but it would be better to close when no orders are found, like in my new code. Just in case MT4 bugs out.
>>>done
3. in this line: if (OrderStopLoss()>0 && BreakEven) BreakEven();

If they choose not too set a hard stop, the BE won't do anything.
>>> setting Emergency Stop Loss is made compulsory.

Also on BreakEven, it is risky to use the same name for a Bool and a Void function, AND the BE function tries to calculate BreakEven as an integer too, but it is never declared. Best to use 3 different names to be safe.
>>> changed bool and void function to different names. I am lost on the third one (BE function tries to calculate BreakEven as an integer too, but it is never declared). can you elaborate.

Also, BE function checks only if price is > Open, not + BreakEvenPips.
>> done

And BE is not hidden. Would be nice to add that too, especially if there really IS stop-hunting by brokers.
>> we have BE and TS doing the same function in the EA. The difference may be in the pips user can enter, but otherwise. so i changed BE for those ones who is not afraid to have a Server SL. If one wants their BE to be hidden they can disable BE and use TS only (in Profit Only mode).

4. Why did you choose a multiplier for TP rather than just pips?
There was so much discussed on RR ratio. So I thought this will remind traders about it and be conscious about it.

PS: You seem to be a fantastic coder. You coding is so neat and also you seem to have great knowledge on programming standards. cheers man. Could be password breaking experience helps.

In these lines you are adding BreadEven which doesn't exist as a value of Points. Perhaps you meant to use AddCommission?
NewStop = OrderOpenPrice()+(BreakEven*Point);
NewStop = OrderOpenPrice()-(BreakEven*Point);

Thanks, it just makes it easier for me to follow the logic if everything is lined up nicely. I just hope my trading skill exceeds my coding skill SOON! Nope, never broke a password

I think the OpenPosition did not work for me because my broker requires minLots 0.10. It worked now!

Dear Eric,
Breakeven is expressed in PIPS if I am right. Thats why I am multiplying with point. Please confirm if my understanding is correct.

Readme to be supplied with EA.
README for WUKAR_WB EA_Trail_v1_5.mq4
===========================================================
DISCLAIMER: This EA is free. We do not assume any liablities out of using this
EA. Use it at your own risk. If you are using this EA it means you have agreed
to the above terms.
-----------------------------------------------------------------------------------------------------------------------
This readme is for providing additional documentation to users of WUKAR_WB EA.
We will illustrate the usage in a typical SELL order. Please reverse for BUY. The
purpose of the EA is to perform many functions in stealth mode.
SECTION A ( STOP LOSS )
------------------------------------------
This is one of the main reason why this EA exist. Several traders complain of
notorious brokers, who are involved in Stop Loss hunting.
We will determine many of the other functions with the Risk you specified in PIPS.
This avoids extensive inputs from your side. Also it helps to visualise everything
in relation to the Risk you are willing to take for the trade. Hence StopLossPips
is mandatory.
HIDDEN STOP LOSS ---------------------------------------------------------------------------
SELL ORDER ---------------------------------------------------------------------------

SECTION B ( HARD STOP )
----------------------------------------
This is your emergency stop to save you from loss on power outage. Major news
release etc. Ideally this emergency stop should not be hit. It just serves you from
having major drawdown in the rarest of rare occations. This is mandatory because
we calculate many function from this emergency stop loss.
ACTUAL STOP LOSS ---------------------------------------------------------------------------

HIDDEN STOP LOSS ---------------------------------------------------------------------------

SELL ORDER ---------------------------------------------------------------------------

SECTION C (TAKE PROFIT)
------------------------------------------
This is the reward you expect for your trade. Expressed in no of times your
risk. WAKAR uses 1:1/2 Risk:Reward ratio. Set this to False is you want your
profits to run.
Add commission is in Pips. You can roughly work out the commission your
broker charges you for the Order plus differncence in fills. Commission is
expressed in PIPS. This simply added to your Take Profit has no effect
if you set Hide Take Profit to false.
ACTUAL STOP LOSS ---------------------------------------------------------------------------

HIDDEN STOP LOSS ---------------------------------------------------------------------------
SELL ORDER ---------------------------------------------------------------------------

HIDDEN TAKE PROFIT ---------------------------------------------------------------------------

SECTION D (BREKEVEN)
-------------------------------------
Breakeven is expressed in PIPS and do not set if you are afraid your broker
will hunt the stop. Breakeven overrides emergency stop and sets a hard strop
once order becomes profitable
SELL ORDER ---------------------------------------------------------------------------
ACTUAL STOP LOSS ---------------------------------------------------------------------------
|
|
v
price
HIDDEN TAKE PROFIT ---------------------------------------------------------------------------

SECTION E (TRAIL STOP)
--------------------------------------
- Trail Stop can be used to reduce loss by preventing hitting of hidden SL by
setting OnlyProfit to False.
- It can be used to increase your wins by preventing profit trades from becoming
a loss by setting setting EnableTrail to true.
- It can be hidden all the time by setting HideTrail to false.
WARNING: Setting trail stop can vastly create differene for the trade. For example
if you did not set Trail Stop, you may have hit Take Profit.

ACTUAL STOP LOSS ---------------------------------------------------------------------------

HIDDEN STOP LOSS ---------------------------------------------------------------------------


SELL ORDER ---------------------------------------------------------------------------
|
HIDDEN TRAIL STOP ---------------------------------------------------------------------------
|
v
price
HIDDEN TAKE PROFIT ---------------------------------------------------------------------------
Happy Trading !

Ok, so far I have not tested yours but will.

You did it again under section C you said WAKAR.

The only declaration for BreakEven is a Bool so the formula will only add 1 or 0 to OrderOpenPrice. If you want specific pips past Open, create a variable call AddToBreakEven and use that instead.

P.S. Let me know when you plan to release so I can double check your spelling in ReadMe

Eric,
Ok, so far I have not tested yours but will.
>>> please do so with the latest one.

You did it again under section C you said WAKAR.
>>> Uh, you got me. Wakeup And ... Wake Up .., its so similar. thats why.

The only declaration for BreakEven is a Bool so the formula will only add 1 or 0 to OrderOpenPrice. If you want specific pips past Open, create a variable call AddToBreakEven and use that instead.
>>> The variable BreakevenPips is already there, only I did not use it.

P.S. Let me know when you plan to release so I can double check your spelling in ReadMe
>>> LOL. The readme is same as above. I changed WAKAR. You go ahead and release your version after testing. I will test it post trading too. I am planning to close the source, so no body sees my ugly code.

>Sorry if I am not explaining it well. Right now, after changes, you check if there is a hard SL and if BE is True:

if (OrderStopLoss()>0 && BreakEven) BreakEvenTrade();


>if so, you call BET and set NewStop to 3.5 pips above Entry (for Buy):

NewStop = OrderOpenPrice()+(BreakEvenPips*Point); // stop is OrderPrice + BE
if(Bid>OrderOpenPrice() && Bid>NewStop) _BreakEvenTrade(NewStop);


>If price is above NewStop level you send NewStop to _BET:

void _BreakEvenTrade (double newstop=0) {
if(newstop != OrderStopLoss() && newstop>0 )
{
if( _ModifyStopLoss(newstop)==1)


>which sets NewStop to 0, then checks to see if NewStop is > 0 "no", so it will never modify SL. HOWEVER, if you did not set newstop=0, then your new SL would be 3.5 pips above Entry, NOT at BE Entry. Now if you set newstop=OrderOpenPrice() then it would be fine, except a) it does not include commission, and b) it is not hidden.

Hope that is a clearer explanation.

Hi Eric,
Lovely. Please see below comments >>> in UPPER case

>Sorry if I am not explaining it well. Right now, after changes, you check if there is a hard SL and if BE is True:
if (OrderStopLoss()>0 && BreakEven) BreakEvenTrade();
>>> CORRECT

>if so, you call BET and set NewStop to 3.5 pips above Entry (for Buy):
NewStop = OrderOpenPrice()+(BreakEvenPips*Poi nt); // stop is OrderPrice + BE
if(Bid>OrderOpenPrice() && Bid>NewStop) _BreakEvenTrade(NewStop); //WE ARE SENDING THE NEW STOP AS A PARAMETER.
>>> NEW STOP IS 3.5 PIP POINTS, NOW AND ITS SENT TO _BreakEvenTrade()

>If price is above NewStop level you send NewStop to _BET:
void _BreakEvenTrade (double newstop=0) { // newstop DEFAULT VALUE IS 0
if(newstop != OrderStopLoss() && newstop>0 ) // HERE newstop IS 3.5 PIP POINTS.
{
if( _ModifyStopLoss(newstop)==1)

>which sets NewStop to 0, then checks to see if NewStop is > 0 "no", so it will never modify SL. HOWEVER, if you did not set newstop=0, then your new SL would be 3.5 pips above Entry, NOT at BE Entry. Now if you set newstop=OrderOpenPrice() then it would be fine, except a) it does not include commission, and b) it is not hidden.
>>> OBSERVE CASE DIFFERENCE IN newstop AND NewStop. THESE ARE DIFFERENT VARIABLES. I THINK THIS CONFUSED YOU. WE WANT BREKEVEN TO BE SET AT ANY PIPS ABOVE ORDEROPEN PRICE. WE DO NOT LOOK AT ADDING COMMISSION TO THIS BUT WE CAN DO IT IN FUTURE RELEASE. AS MENTIONED BEFORE BREAKEVEN WILL NEVER BE HIDDEN. IT WILL BE VERY SMALL TRANSACTIONAL COST. IF ITS HIT AGAIN AND AGAIN THEN USERS CAN USE TRAILSTOP FOR THE PURPOSE AND SET BREAKEVEN TO FALSE.
Hope that is a clearer explanation.

Yes I should not have used NewStop for newstop, but you are passing the value from one to the other. But in the first line:

void _BreakEvenTrade (double newstop=0) { // newstop DEFAULT VALUE IS 0

Doesn't this set newstop to 0? If so, newstop is never > 0.

if(newstop != OrderStopLoss() && newstop>0 ) // HERE newstop IS 3.5 PIP POINTS.

However, either way, if you do set newstop to be 3.5, then you are passing the value 3.5 to the next function, NOT Entry price +/- 3.5 pips. So the next function will attempt to set SL to 3.5 for Buy and fail for Sell, you see?

if( _ModifyStopLoss(newstop)==1)