Version 6.45 of Cross Trader with added options suggested by AKCodingEye
No guts, no glory
- #1,084
- Sep 28, 2016 11:14pm Sep 28, 2016 11:14pm
- Joined Sep 2012 | Status: AlgoTrader | 3,610 Posts
No guts, no glory
- #1,085
- Edited 2:08am Sep 29, 2016 1:56am | Edited 2:08am
- Joined Nov 2015 | Status: Trader | 2,525 Posts
{quote} Actually the Major Trader will not be easy to implement. For example if we want to trade GBPUSD, which crosses should we consider ? All GBP Crosses : EURGBP, GBPJPY, GBPAUD, GBPCAD, GBPCHF, GBPNZD. and All USD Crosses (which happen to be majors themselves) : EURUSD, USDJPY, AUDUSD, NZDUSD, USDCAD, USDCHF Now should we compare each related crosses : EURGBP x EURUSD, GBPJPY x USDJPY ... etc. or we take the whole currency basket ? both options will require a smart scoring system. it is very interesting to test, but requires a lot of work.
It's a very interesting tool to do forward-testing. I will use micro-lots to test your EA on 14 pairs and find out which of the pairs can really hit it big with brokers offering leverage of 1:888 (Chinese lucky numbers) .
Micro-lot traders can get up to 800 pips for each $1 equity - calculated based on 888 leverage offered by a few brokers and deducting from it minimum initial margin amount and minimum distance for placing TP or SL . Some brokers open account for as less as $5 deposit.
Micro-lot account will facilitate testing position sizing methods .
I am sharing here my drawdown management system which can be used as a "set and forget" trading strategy for one planning with deep pockets (whether in cents or dollars).
So the tool will have two roles to play - trader and risk manager.
I request you to code a drawdown management tool to work on similar lines that of the attached indicator. I hope it does not take much of your time for it has been re-coded by a veteran programmer-cum-trader Igor.
If it is modified as an indicator then it can work with this EA on the same chart and can show the progress both for the trade and risk management in real-time and quite graphically.
My selection of trade and drawdown management is presently done manually:
1. (a) Risk factor: I normally put trading margin as 150% of the pip distance (between the extreme high and low of the 120-day period ) chosen by me by using immediate lookback period or the one linked to particular dates and years in the past.
(a) Selection of symbol: I will use multi-currency dashboard to find out high low points of 20 weekly bars back. Depending on the buffer margin I can afford I will chose the symbol if it shows regular range-trading pattern or seasonal pattern.
if I think say from October USD/CAD will turn bullish because of less oil demand in the winter I will check last 10 years October to December pattern and establish a seasonal pattern. If 80% of the 10 years, the pair has moved up during this period, I will go for this trade.
Selection requires study. Good indicators are there to help you out in saving time. I am a discretionary trader.
(b) Selection of distance of pips between the high and low of the period based on my capital affordability , trading strategy and risk management. How much can I afford to lose, is the main criteria for my trading. How much can I make is not on my mind. So TP is not fixed. As and when depending on the volatility, news event and directional view, I take profit.
(c) I only plan plan for handling losses because I never use stop loss. So adverse trade management is the critical component of my trading plan.
(d) For risk management, I only use constant lot , averaged at a distance of (high-low of 120 days/divided by 8) to reduce break-even. I have always trade two currency pairs - EURUSD and GBPJPY. In both cases maximum time taken for the constant lot position to reduce breakeven level has been 60 days. If I can have buffer margin to handle 60 days volatility I am doing alright.
Now I want to try using progressive lots so that the breakeven point can be reduced in faster time. With progressive lots it will be easier to break even if 50% Fibo level is considered. In such a case the breakeven or profit can be achieved by using varying lots.
2. Show me the average entry indicator ( attached) gives me a visual picture by showing on the chart Average Buy Entry, Market Entry and Sell Entry and the profit or loss in pips/percentage as a shadow. This indicator has been re-coded by veteran trader Igor.
3. If you can modify the indicator or (develop an EA) by incorporating additional inputs and Chart printing capability, it will be a good simple trade and margin management tool.
(a) Total pips to be used for trading: Example: 1000
(b) No of lots to use: example 10
(c) Constant lot or Varying (not necessarily progressive) Lot:
(d) If select constant lot, the risk factor selected will be 1.
(e) If select Varying Lot risk factor will vary and so risk factor has to be input for each lot.
If no of lots selected is 10 then show 10 risk factor inputs
(f) Stop loss: pips input by user - Stop loss limit order will be executed in trading account .
All stop limit orders generated (for constant lot or progressive lot) and for Stop Loss will be shown on the chart.
(g) Breakeven Profit : Input for Pips or % to be added to cumulative breakeven point.
Averaging Entries linked to Market Entry will be shown with a shadow on the chart just like the indicator shows.
(d) Average Buy Entry
(e) Market Entry
(f) Sell Entry
Profit Mode input in the indicator shows: 0 (No figure) 1 for pips 2 for percentage.
If the indicator can print Breakeven Profit line (which will move with the shadow) it will be excellent.
This visual tool will provide a real-time emotional and risk management tester. Micro lot account will be ideal for testing.
i wish to compliment you for helping out traders here. I hope you will find some time for me too.
Practice makes a person perfect
- #1,086
- Sep 29, 2016 6:21am Sep 29, 2016 6:21am
{quote} Alaikumossalam Hirangan, Why not. I am always open to new ideas. Kindly post your thoughts directly on the Big Candle thread, and I will see you there.
Regards
