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As simple as possible: 00 level trading

  • #4,481
  • Jun 20, 2014 10:59am Jun 20, 2014 10:59am
Quoting whatfx
just finished my test trades on a live account. sorry to say , but a 2:1 risk reward is still the problem. this wont cut it in the long run. even with a trailing stop. you folks need to get your head together, think about improving the r:r. iam sure there are many experienced traders here that can come up with a solution. put your brains together and think of something. a 1:2 risk reward is ideal. even a 1:1 is a good start. but as it is at the moment, it doesnt matter if you make 10 pips a day. and with a 40 pip maximum loss per day before you...

Thanks for the hint.

We all know only when win rate is far more better, can we make money.

This definitely a challenge for me, but i will try hard to do it.
Outcome is not important at all, but correct technique is what only matters
  • #4,482
  • Jun 20, 2014 11:00am Jun 20, 2014 11:00am
Not easy to stay green. At least to me, today BE eventually. Not bad.
Outcome is not important at all, but correct technique is what only matters
  • #4,483
  • Jun 20, 2014 11:13am Jun 20, 2014 11:13am
Thank you, Udine, for sharing the system!

My results for today:
E/J > -10
G/J > 5
E/U > 5/5/5
G/U > -10/5
E/A > 5

+10 in total. Great. Actually, there was no need for so much trading, because the first two trades (G/J & E/U) were wins this morning Just one question - I am confused by use of trailing stop in this system. When is it activated? SL 10 never gets hit if TS 3.5 is there from the very beginning of the trade. My trades were done without TS, so not 100% by the rules.
  • #4,484
  • Jun 20, 2014 11:27am Jun 20, 2014 11:27am
Quoting szpowerx
Not easy to stay green. At least to me, today BE eventually. Not bad.
Ending the day breakeven is always better than ending the day with a loss
  • #4,485
  • Jun 20, 2014 12:05pm Jun 20, 2014 12:05pm
This is too hard to trade even with spreads at 1 pip. So many times it hits first target at +5, but not enough to cover the spread and close. Anyone having trouble with that, or is there a way to adjust for it?
  • #4,486
  • Jun 20, 2014 12:49pm Jun 20, 2014 12:49pm
Quoting SunnyFx2002
Hi, Udine's Rule #18 says trade higher ADR pairs. I was wondering if there was an indicator (something) perhaps already buried in this thread that scans the pairs and gives an ADR reading perhaps for past 5 days across all pairs. EJ is only 52 for past 5 days so I wouldn't call this a high ADR pair. Any help much appreciated. Cheers
I was thinking about posting another indicator I made for that. It watches spread and ADR. You can sort by any column (see notes) and you can have it sort once or repeat. Currently it is set to repeat at 75 ticks. I just added another option to set Max spread and Min ADR so only pairs that meet both are lit in the ADR column. ADR is currently straight calculation, not the exponential value used by xADR but I may add that later. You can also choose the number of days. (20 is shown)

If the ADR looks wrong, put it on a JPY pair. I haven't figured that out yet. Here is a template to make a Black chart, too. Use that first. Also make sure to set the StartHour to 0 if your broker does not have short Sunday bars. Otherwise set it back so it calculates whole 24 hour days. Mine is set to 21.

Attached Image (click to enlarge)
Click to Enlarge Name: spreads2.png Size: 44 KB

Attached File(s)
File Type: tpl black.tpl   < 1 KB | 620 downloads

Attached File(s)
File Type: ex4 Spreads2.ex4   43 KB | 569 downloads
  • #4,487
  • Jun 20, 2014 12:50pm Jun 20, 2014 12:50pm
Quoting MKFXTrader
Hey guys, Has anyone had time to test the latest EA with the hidden TSL? Are there any bugs? Thx
Works fine for me
  • #4,488
  • Jun 20, 2014 12:51pm Jun 20, 2014 12:51pm
Quoting Udine
{quote} I believe a lot of people are heading in the right direction and am happy to see more and more profitable trades.., but there are a lot of people still sitting on the fences(reading and not posting).. If your trading post your (demo) trades, the best way to learn, dont be shy it will improve your PDF!! next week the focus should be on the PDF and 100 % according to the rules trading. Udine
Uh,... that would be me . I will start posting next week.
  • #4,489
  • Jun 20, 2014 12:53pm Jun 20, 2014 12:53pm
Quoting Selga
Just one question - I am confused by use of trailing stop in this system. When is it activated? SL 10 never gets hit if TS 3.5 is there from the very beginning of the trade.
TS only kicks in after trade is in profit 3.5 pips. Some people do like a TS that starts moving right away but I'm not sure of the effect on this system because I have had at least one trade that nearly hit SL and then reversed to TP.
  • #4,490
  • Jun 20, 2014 2:07pm Jun 20, 2014 2:07pm
Quoting ericjschroed
{quote} TS only kicks in after trade is in profit 3.5 pips. Some people do like a TS that starts moving right away but I'm not sure of the effect on this system because I have had at least one trade that nearly hit SL and then reversed to TP.
Thank you for clarification. I checked my trades in a smaller TF - with TS I would result in BE or -5 today instead of +10. I have never had success with such a tight stop, so I am reluctant to use it with this system too. In addition, I don't trade on MT4 and I would have to set TS manually when trade is in profit these 3.5 pips. Will continue to test the system without TS next week.
  • #4,491
  • Edited 2:52pm Jun 20, 2014 2:38pm | Edited 2:52pm
Quoting ericjschroed
{quote} Works fine for me
Thanks Eric. I can't seem to get mine to work. Must be because I am still running build 509. It won't allow me to add to chart. When I open it on Meta Editor, it shows a couple of errors when I compile. Both errors say "clrNONE" - variable not defined". I believe it's located under the emergency SL part of the code. Towards the end. Any thoughts on how to fix? I really would like to run this EA. I'm not comfortable updating my MT4 yet though. Any help will be greatly appreciated. Thanks again Eric.
  • #4,492
  • Jun 20, 2014 2:53pm Jun 20, 2014 2:53pm
Quoting MKFXTrader
{quote} Thanks Eric. I can't seem to get mine to work. Must be because I am still running build 509. It won't allow me to add to chart. When I open it on Meta Editor, it shows a couple of errors when I compile. Both errors say "clrNONE" - variable not defined". I believe it's located under the emergency SL part of the code. Towards the end. Any thoughts on how to fix? I really would like to run this EA. I'm not comfortable updating my MT4 yet though. Any help will be greatly appreciated. Thanks again Eric.
Not sure how you avoided the auto upgrade that mine did, but if you just remove this:

,CLR_NONE

and recompile F7, it should be fine, but I don't know with the older MT4.
  • #4,493
  • Jun 20, 2014 3:27pm Jun 20, 2014 3:27pm
Quoting ericjschroed
{quote} Not sure how you avoided the auto upgrade that mine did, but if you just remove this: ,CLR_NONE and recompile F7, it should be fine, but I don't know with the older MT4.
I was able to do that but then I ran into another error. " End of program" Unbalanced left parenthesis. Any idea? Wait for your response.
  • #4,494
  • Jun 20, 2014 3:41pm Jun 20, 2014 3:41pm
Quoting MKFXTrader
{quote} I was able to do that but then I ran into another error. " End of program" Unbalanced left parenthesis. Any idea? Wait for your response.
Possibly you deleted a right parenthesis? There are 3 lines I see:

fm=OrderModify(OrderTicket(),OrderOpenPrice(),ldStopLoss,OrderTakeProfit(),0,CLR_NONE);


if(OrderType() == OP_BUY && OrderStopLoss()== 0.0)
result = OrderModify(OrderTicket(),OrderOpenPrice(),OrderOpenPrice()-EmergencySL*Point,OrderTakeProfit(),0,clrNONE);
if(OrderType() == OP_SELL && OrderStopLoss()== 0.0)
result = OrderModify(OrderTicket(),OrderOpenPrice(),OrderOpenPrice()+EmergencySL*Point,OrderTakeProfit(),0,clrNONE);

either remove ,CLR_NONE and ,clrNONE leaving the right parenthesis, or replace both clrNONE with CLR_NONE which is the old, original MT4 variable.
  • #4,495
  • Jun 20, 2014 4:11pm Jun 20, 2014 4:11pm
Quoting ericjschroed
{quote} Possibly you deleted a right parenthesis? There are 3 lines I see: fm=OrderModify(OrderTicket(),OrderOpenPrice(),ldStopLoss,OrderTakeProfit(),0,CLR_NONE); if(OrderType() == OP_BUY && OrderStopLoss()== 0.0) result = OrderModify(OrderTicket(),OrderOpenPrice(),OrderOpenPrice()-EmergencySL*Point,OrderTakeProfit(),0,clrNONE); if(OrderType() == OP_SELL && OrderStopLoss()== 0.0) result = OrderModify(OrderTicket(),OrderOpenPrice(),OrderOpenPrice()+EmergencySL*Point,OrderTakeProfit(),0,clrNONE); either remove ,CLR_NONE and ,clrNONE leaving the right...
Tried both. It just causes more errors. Dang it. Sometimes I just get so fed up with MT4. Thanks anyways for your time Eric.
  • #4,496
  • Jun 20, 2014 4:17pm Jun 20, 2014 4:17pm
Quoting MKFXTrader
{quote} Tried both. It just causes more errors. Dang it. Sometimes I just get so fed up with MT4. Thanks anyways for your time Eric.
Upgrade
  • #4,497
  • Jun 20, 2014 4:27pm Jun 20, 2014 4:27pm
Quoting ericjschroed
{quote} Upgrade



Holding out.
  • #4,498
  • Jun 20, 2014 4:58pm Jun 20, 2014 4:58pm
Quoting Udine
{quote} I believe a lot of people are heading in the right direction and am happy to see more and more profitable trades.., but there are a lot of people still sitting on the fences(reading and not posting).. If your trading post your (demo) trades, the best way to learn, dont be shy it will improve your PDF!! next week the focus should be on the PDF and 100 % according to the rules trading. Udine
Agreed. Although I must admit Iīve been sitting on the fence (and demo trading) from page 1, only starting to post 10 pages later...

Remember guys, "sharing is caring" and even if you make the most stupid mistakes, chances are high that your fellow 00 level forexers will learn valuable lessons from your screenshots.

Unfortunately I couldnīt trade today, but will be the first person to post at London open.

Have a good weekend everybody !
  • #4,499
  • Jun 20, 2014 5:10pm Jun 20, 2014 5:10pm
Quoting ericjschroed
{quote} I was thinking about posting another indicator I made for that. It watches spread and ADR. You can sort by any column (see notes) and you can have it sort once or repeat. Currently it is set to repeat at 75 ticks. I just added another option to set Max spread and Min ADR so only pairs that meet both are lit in the ADR column. ADR is currently straight calculation, not the exponential value used by xADR but I may add that later. You can also choose the number of days. (20 is shown) If the ADR looks wrong, put it on a JPY pair. I haven't figured...
Lets catch the arse hole brokers who increase the spread while we are having sex with our wive(s) :-)
  • #4,500
  • Jun 20, 2014 5:14pm Jun 20, 2014 5:14pm
Quoting pannet1
{quote} Lets catch the arse hole brokers who increase the spread while we are having sex with our wive(s) :-)
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