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Hanover - can you help me with MT4 qs please? 4 replies

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Hanover replies to PMs

  • #401
  • Jan 4, 2016 3:48am Jan 4, 2016 3:48am
Quoting claudia1
{quote} Richard whatever path you take do not ask family and friends or take out loans etc. The pressure it will put on you to make returns will be immense. If something goes wrong .......... just not worth it. Just my opinion. Good luck. (Hi David long time hope you doing good).
Thanks, I`m open to suggestions. This is one of the options but it's definitely the one I favor the least.

So what would you do?
  • #402
  • Jan 4, 2016 3:50am Jan 4, 2016 3:50am
Quoting Sandmann
Hi David, I`m currently about 3 and a half years into trading and would like your honest opinion. I've learned MQL4 about a year ago and developed several EAs which SHOULD BE profitable in the future. The EAs I've developed are currently being tested on a private server for few months now. The best one is trading DAX and currently it is making from 5-7% per month. The system is based on price action with a SL on every order but I don't want to go into any more details. I'm planning to let the test run for several more months, and if it goes according...
If you don't mind blowing other people's money, you can sell your signal through zulutrade or myfxbook autotrade or whatever. If your EA is 'really' good, you can quickly make decent money before it eventually blows your follower's accounts. I don't trust robot trading....
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #403
  • Jan 4, 2016 4:03am Jan 4, 2016 4:03am
Quoting Sandmann
{quote} Thanks, I`m open to suggestions. This is one of the options but it's definitely the one I favor the least. So what would you do?
Save up you don't need a lot to start these days 1k would get you going I guess. Open a trade explorer show some results?

heispark is right and I know from talking to David over the years (he developed an advisor for me) that he will agree ea's are very unlikely to be profitable long term without manual intervention.

Not giving to many positives here sorry.
  • #404
  • Jan 4, 2016 4:51am Jan 4, 2016 4:51am
Quoting claudia1
{quote} Save up you don't need a lot to start these days 1k would get you going I guess. Open a trade explorer show some results? heispark is right and I know from talking to David over the years (he developed an advisor for me) that he will agree ea's are very unlikely to be profitable long term without manual intervention. Not giving to many positives here sorry.
Thanks Claudia and Heispark for the opinions, appreciate it. I`m not looking for positives, just asking more experienced people what they think and what would they do. My EAs are manually calibrated every morning before market opens and it should be profitable on a monthly basis, but you never know what markets will do that's why there's a set SL on every position and it does not use any indicators or martingale. It does over 200trades a month and so far the PF was over 1.3 each month. I don't want to go into any more details as I've put many days into the development...

The markets change all the time and it should be reflected on your EA. That's why I ran the tests each day to get the statistical edge on my side when "calibrating" the EA every morning.

The plan is to let it run for a few months to see if it goes according to the plan. My plan was to develop a system, which so far is going good. Next step will be funding and that's why I`m asking here for your opinions. Thanks for the Zulutrade and myfxbook links I've never paid too much attention to these.

Claudia or anyone else one more question... let's say you put 1k into the account and it goes according to the plan for a set period of time and you have a consistent track record. How would you look for the investors?

Again, thanks for all the comments I really appreciate it.

Richard
  • #405
  • Jan 4, 2016 5:19am Jan 4, 2016 5:19am
Quoting Sandmann
{quote} Thanks Claudia and Heispark for the opinions, appreciate it. I`m not looking for positives, just asking more experienced people what they think and what would they do. My EAs are manually calibrated every morning before market opens and it should be profitable on a monthly basis, but you never know what markets will do that's why there's a set SL on every position and it does not use any indicators or martingale. It does over 200trades a month and so far the PF was over 1.3 each month. I don't want to go into any more details as I've put...
Run the account live linked to zulu and myfx for a reasonable period of time and if profitable you might not need investors. Suggestion - why not open your own thread you'll get lots more feedback.
  • #406
  • Jan 4, 2016 6:10am Jan 4, 2016 6:10am
Quoting claudia1
{quote} Run the account live linked to zulu and myfx for a reasonable period of time and if profitable you might not need investors. Suggestion - why not open your own thread you'll get lots more feedback.
Thank you.

And thanks for the suggestion, I wanted to ask directly via PM but it seems David has that disabled so that's why I posted here. And opening my own thread will probably attract all sorts of people with all kinds of advice. It's more reasonable for me to ask people who I think might be able to help than creating and asking in my own thread.

Thanks again and good luck.
  • #407
  • Edited 6:38pm Jan 4, 2016 1:17pm | Edited 6:38pm
Quoting Sandmann
if you were in my shoes what would you do? Would you look for investors? or would you rather ask your family and friends to invest into your account? Or any other suggestions?
Richard,

I'm an investor and ex-programmer. Trading is merely a hobby for me (Claudia is VASTLY more experienced than I am). Also, there are several threads where people have asked similar questions to yours, and have received answers from other pro traders and money managers; it's not hard to find them. From what I remember, there are some good suggestions in these threads.

Now you asked for my opinion, so for whatever it's worth.........

Trading other folks' money can create new types of problems, both legal and logistical, and also increase your stress levels; whereas, if you use only your own money, everything remains simple, and ALL gains are yours. So if your EA generates 5-7% per month at low risk, why not save up $10,000 and run it yourself? 6% per month compounded is ~100% return per year. Then if the EA remains profitable, and you can maintain your composure as the account grows, you'll be a millionaire in less than 7 years (which is probably the kind of live track record you'd need to attract serious investors, anyway, and also allows time to get yourself accredited and regulated, if you ultimately want to manage money 'professionally'. Also, during the 7 years, you'll accumulate and test new ideas, which could be used to further improve your algo, and of course you'll be adding further savings to the account........)

Beyond this, if you're willing to take bigger risks to get there faster, you could use more aggressive MM (some starting ideas here. Personally, I'd prefer the slow way, as I like to keep drawdown manageable, but everybody's situation is different). Hence at a consistent 6% per month (and without too much 'tuning' on top of that) you could potentially reach a million in 4-5 years, instead of 7. That's not a long time in the investment business, especially if you're young!

On the downside....... a few months' track record is not really enough to test all possible market conditions, especially with automated traders (which are invariably less intelligent and adaptable than experienced humans). Also, if you're trading stock indices, as the saying goes, the bulls climb the stairs slowly, but the bears fall out the window! So in the event that market conditions change, and everything does happen to turn bad, if you trade only your own money, you're accountable to nobody except yourself.

Good luck,
David
  • #408
  • Jan 8, 2016 1:51pm Jan 8, 2016 1:51pm
Hi, David

Have you ever seen a MTF indicator that can show H, L, O, Close price labels for any (for customized numbers) previous TFs intraday?
One can choose what is labeled - High or/and Low or/and Open or/and Close.

Best
D.P.
Hunting High and Low
  • #409
  • Jan 9, 2016 9:54am Jan 9, 2016 9:54am
Quoting Dr.Phoenix
Hi, David Have you ever seen a MTF indicator that can show H, L, O, Close price labels for any (for customized numbers) previous TFs intraday? One can choose what is labeled - High or/and Low or/and Open or/and Close. Best D.P.
Hi,

I am sorry, I have never seen an indicator that does that.

David
  • #410
  • Jan 10, 2016 1:06pm Jan 10, 2016 1:06pm
hello Hanover,
Do you know an EA where you can put up to ten pending orders, with tp and sl manually ? Like, as soon as the first order sl is hit, the next order is triggered and so on .
  • #411
  • Edited Jan 11, 2016 12:21am Jan 10, 2016 8:18pm | Edited Jan 11, 2016 12:21am
Quoting metta87
Do you know an EA where you can put up to ten pending orders, with tp and sl manually ? Like, as soon as the first order sl is hit, the next order is triggered and so on .
No sorry, I haven't seen one like that.

Also, it seems strange to me that anybody would want to open an order (if it's same pair, same direction, same size) as an order that just got stopped out. Simply leaving the original order open would have the same effect (same equity P/L, same exposure, same margin), except that it saves having to pay additional spread/commission.
  • #412
  • Jan 10, 2016 8:23pm Jan 10, 2016 8:23pm
Quoting hanover
{quote} No sorry, I haven't seen one like that. Also, it seems strange to me that anybody would want to open an order (if it's same pair, same direction, same size) as an order that just got stopped out. Simply leaving the original order open would have the same effect (same equity P/L, same exposure, same margin), except that it saves having to pay additional spread/commission.
The orders are on the same pair, not always the same direction and the size is according to martingale.
  • #413
  • Jan 24, 2016 8:15am Jan 24, 2016 8:15am
Hi Hanover,

i came across your csm indicator but it seems it doesn't work on new mt4 builds. This is what i get in my terminal:

Attached Image (click to enlarge)
Click to Enlarge Name: image_195568[1].png Size: 30 KB


Can you please tell me how to make it work?

thanks in advance
friendly regards
First rule is not to lose. Second rule is not to forget the first rule...
  • #414
  • Edited 10:23am Jan 24, 2016 9:48am | Edited 10:23am
Quoting thefxpros
i came across your csm indicator but it seems it doesn't work on new mt4 builds. This is what i get in my terminal: Can you please tell me how to make it work?
I can't reproduce your error -- the latest version of the indicator (attached) works fine on my computer (Axi Trader build 940 -- see screenshot), using the settings shown. I am running Windows 7 Home Premium edition Service Pack 1.

The only thing I can think of is that you might not have installed the 'Placard MT Condensed' font (in the attached zip file). Also, make sure that you DON'T have the indicator's .mq4 file installed (i.e. delete the .mq4 file), as this will compile with errors. Restart MT4 after you've installed the font.

If that doesn't fix the problem, you could contact your broker's helpdesk, and ask if any other clients are having problems with similar indicators, and what they did to fix them. (It seems that there are display problems with several indicators in the latest MT4 builds, e.g. here and here).

Or you could try one of the other strength indicators here (see the section in green typeface).
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 091.png Size: 220 KB
Attached File(s)
File Type: zip Placard MT Condensed font.ZIP   27 KB | 347 downloads
File Type: ex4 CSM original.ex4   44 KB | 325 downloads
  • #415
  • Jan 24, 2016 10:44am Jan 24, 2016 10:44am
Quoting hanover
{quote} I can't reproduce your error -- the latest version of the indicator (attached) works fine on my computer (Axi Trader build 940 -- see screenshot), using the settings shown. I am running Windows 7 Home Premium edition Service Pack 1. The only thing I can think of is that you might not have installed the 'Placard MT Condensed' font (in the attached zip file). Also, make sure that you DON'T have the indicator's .mq4 file installed (i.e. delete the .mq4...
Thank u a lot Sir. Now, with this file it works. Just an issue, how can i remove the trend summary or move it? See pic.

Attached Image (click to enlarge)
Click to Enlarge Name: Cattura.JPG Size: 100 KB
First rule is not to lose. Second rule is not to forget the first rule...
  • #416
  • Jan 24, 2016 10:57am Jan 24, 2016 10:57am
Quoting thefxpros
{quote} Thank u a lot Sir. Now, with this file it works. Just an issue, how can i remove the trend summary or move it? See pic. {image}
Discard my request, i think i got it.

Thanks again for your kind help.

friendly regards
First rule is not to lose. Second rule is not to forget the first rule...
  • #417
  • Jan 24, 2016 2:03pm Jan 24, 2016 2:03pm
Quoting thefxpros
Discard my request, i think i got it. Thanks again for your kind help. friendly regards
Good to see you got it working.
To remove the summary, set SummarySpacing to a value less than 1.
  • #418
  • Jan 24, 2016 9:35pm Jan 24, 2016 9:35pm
  •  regme
  • | Joined Mar 2010 | Status: Planning to be like Warren Buffett | 115 Posts
Dear Hanover thanks for your indicators. You have extensive experience in currency strength calculations.

Please guide me, I am looking for answer of False Currency Strenght/Weakness.

- How to determine if Currency Weakness is due to extra weakness of only one pair instead of all relevant pairs.?

AUD calculation involve all AUDxxx and xxxAUD pairs( MA based).
e.g: AUD was strong, then JPY turned very strong and taking AUD CCY down. Hence false indication of AUD weakness happens.

Above kind of false weakness/strength disturbs new trades of xxxAUD or AUDxxx pairs base on AUD strength.

I am scalper. This thing disturbs calculations on small TF. Please guide me how you tackle this kind of situation.
  • #419
  • Edited 1:29am Jan 25, 2016 1:09am | Edited 1:29am
Quoting regme
How to determine if Currency Weakness is due to extra weakness of only one pair instead of all relevant pairs.? AUD calculation involve all AUDxxx and xxxAUD pairs( MA based). e.g: AUD was strong, then JPY turned very strong and taking AUD CCY down. Hence false indication of AUD weakness happens.
I don't scalp myself. I use the strength indicator plots for H4/daily/weekly/monthly only.

If JPY > AUD, but AUD remains strong relative to all other currencies, then AUD should still plot as being stronger (e.g. with CSM, have a higher value) than the other currencies (USD, EUR, GBP, etc). If JPY alone is excessively strong, then it should reduce the values of ALL other currencies, not just AUD.

If JPY suddenly becomes massively stronger than AUD, then it must be because either (1) JPY is stronger than all other currencies, or (2) AUD is weaker than all other currencies, or (3) both. One pair can't become stronger/weaker without having some effect on other pairs, e.g. if AUD suddenly weakens then all AUDXXX pairs will fall; if JPY suddenly strengthens, then all XXXJPY pairs will fall (because JPY is strong). This is due to the triangular equilibrium that is always maintained, i.e. AUDJPY is always equal to the price of AUDUSD x USDJPY. And same with all other pairs.

If you are using the Recent Strength indy, and one currency becomes extraordinarily strong -- e.g. JPY in your example -- you can reduce its Cx_ScaleFactor from 100 down to a lower value (e.g. 50 would reduce its slope by a factor of 2; 25 would reduce it by a factor of 4; etc), which causes the plots (in every timeframe) to be rescaled so that it is easier to see all of the other currencies' strength relative to each other. And/or you could set SetBaseCurrency to a currency which 'flattens' that line -- e.g. AUD in your example -- so that you can compare all other currencies' strength relative to it. But there are no similar facilities in CSM, this works for Recent Strength only (you didn't say which strength indicator you are using).

There are a lot of different strength indys available on the internet. I have posted links to some in the green typeface in this post. Although the concept should be the same, all of them use different calculations. You might be able to find one that plots more balanced values if one currency becomes excessively dominant, like in your example.

[EDIT] This thread is massively popular. If I understand cortrectly, the folk there are doing a lot of intraday trading based on strength analysis. Hence they are probably more qualified to answer your question than I am.
  • #420
  • Jan 25, 2016 4:14am Jan 25, 2016 4:14am
  •  regme
  • | Joined Mar 2010 | Status: Planning to be like Warren Buffett | 115 Posts
Thanks Hanover for your guidance.
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