Greetings Forex Factory!
I have been absent from the forums as I have been focusing on work, family and developing a new EA. This EA is called Gamblers Dream because that is exactly what forex trading has turned out to be for me, Gambling. In a previous life, I was a pretty good gambler. Made a lot of moneyand lost a lot of money. Even did some consulting for online casinos.
Then I found forex. I read many forums here and at other places and was hooked. And for many years I have pretty much done the same. Except, not making a lot of money. Learning about indicators and trends and reversals, etc. All valuable tools, but mind numbing.
A little over a year ago, I start applying gambling methodology to Forex and things began to turn out better. Not great yet, but better and far more stable than when I started. So, the following is the latest result of my endeavors.
I am offering a version below that is FREE and will work on a demo account. But, if anyone wants to use it on a live account, I will be charging for that benefit depending on the feedback I receive from this forum. Please keep in mind, I really have no goal of making money from selling EAs. Personally, I would rather spend my time trading and managing my income and assets than spend time dealing with tech support questions. Plus, there may be some valuable insight gained by those that are experienced with grid trading beyond what I have learned on my own. And that could benefit more people in the long run.
I designed Gamblers Dream, but I am NOT a programmer. I have spent thousands of dollars to a very good programmer who did this work based on my design. There were many failures along the way and a lot of trial and error. But I finally feel that at this stage I can bring in the folks in the forum to get their feedback prior to making the final product available for sale. Maybe get an idea of what this is worth...if anything. My hope in that offering a demo version first will generate interest and a loyal client base prior to its release next month. Or, if there are enough bad reviews, then I will keep it for myself and my personal trading which can be seen here on a live test account
https://www.myfxbook.com/members/FXS...eam-16/2099876
As I mentioned, If all goes well, I will be offering for sale in June, 2017. At that time, I am willing to issue 5 registered copies to people from this thread who offer that constructive feedback and help me make this better. Those users will be announced publicly on the thread so no one can call foul.
I am sure you have heard of Grids and Martingale recovery strategies. This EA uses them. I am a gambler, not a trader. This forum is for gamblers and traders included if it will be of benefit and used properly. I will be discussing risks associated further on. I ask that Martingale haters to consider the EA functionality before immediately seeing the word Martingale and then start rambling about how evil they are. And, I have also designed it so it does not have to be used with Martingale or Grid at all. Just not as profitable. But, an experienced trader could make use of its functionality as well.
Yes, Martingales are considerably high risk trading. But the EA can contain those risks and settings are fully adjustable to limit that risk substantially that I have not seen elsewhere. Which is why I designed it. It is another tool in your trading tool box. Not a HOLY GRAIL I believe if used wisely, it can be very profitable over a long period of time. If not used wisely, it can and will blow your account. Discovering new best practices for its use is why we are here and I look forward to your feedback and constructive criticism.
Enough about me. Lets talk about the EA.
The purpose of the EA is that when loaded on a chart, it will create grid lines for current price and the recovery grid based on user defined settings. It will not trade until you tell it to. The grid lines are for reference only so you can analyze the chart to see if the grid has a high probability to keep your initial order safe. Well talk more about that later.
You can control
Lot size
Number of grid recovery levels
Martingale recovery multiplier
Hard Take Profit (for single trades only)
Trailing Stop Starting Point
Trailing Stop Distance
Hard Stop Loss
When placed on a chart, the EA is waiting for you to click the START button. While waiting, the current price and Grid lines follow price action tick for tick in real time. If the current Heiken Ashi is indicating a LONG position, the indicator will show a Green Line where a LONG trade will occur, and multiple LONG recovery grid levels based on user definable settings below the initial order. If the current Heiken Ashi is signaling a SHORT trade, the indicator will show a RED Line where SHORT trade will occur, and multiple SHORT recovery grid levels based on user definable settings above the initial order. These are waiting for a recovery reversal of price action.
When the START button is clicked, orders will be placed where the grid lines are and then the grid lines will be removed. You wont need them as order, pending orders and stop loss will take their place. An initial market order for current price with pending orders based on the grid lines and finally stop loss. And the status screen shows TRADING NOW.
Once profit has been reached, all orders will be closed on chart, locking in profit and the EA will wait for next candle and place a new set of orders automatically in the direction determined by the Heiken Ashi indicator. This also allows the user to consider current market condition and stop the EA by clicking the STOP button. This sequence will continue until any of the pending orders are activated and close in profit, stop loss is hit, or User clicks the STOP button. If STOP button is clicked, all active and pending orders are closed and EA stops trading until START is clicked again. If no orders are present, EA will enter waiting mode and CLICK START? Will be shown in status.
For the folks that do not like the Martingale or Grid. It does not have to be used. A single order with stop loss can be used.
User Settings
The settings I use are default, but they can be adjusted to fit your trading style and risk. And through the course of this forum, we may all find better ones.
Lot Size: Size of initial order
Orders: Determines how many grid recovery orders will be added to initial order
Step: Distance in points (not pips) between grid recovery orders
HardTakeProfit: Can be used for trading a single order sequence only. Once HardTakeProfit is hit, EA stops trading and goes into waiting status. In points, not pips.
InitialStopLossBufferPoints: Stop loss of initial order. Can be used in single order trading or grid. Just make sure the value is set higher than the outermost grid level. Stop loss is registered for initial order only, but EA will close all open orders if triggered. In points, not pips.
TrailStart: Target in points for trailing stop to begin. To be used instead of HardTakeProfit and will allow for continuous trading until any of the pending orders are activated and close in profit, Stop loss is hit, or User clicks the STOP button. In points, not pips.
TrailDistance: Distance In points, not pips, that trailing stop will trail current price.
Martingale: Multiplier used to increase lot size of each grid level.
Spread: In points, not pips. That if exceeded should not enter trades.
Chartposition: 0 for left side of chart, 1 for right side of chart.
AutoMagicNumber: TRUE/FALSE EA will create unique magic number for each chart if TRUE. If FALSE, you can choose your own or 0 will be used for all.
Ok, lets talk about risk a little bit. This is always a point of debate. If you do not like high risk, then do not trade a martingale.
A fair explanation can be found here: https://en.wikipedia.org/wiki/Martin...etting_system)
But, in short, most martingale strategies will blow an account if left unchecked. That is why I designed Gamblers Dream to allow the end user to use their own methodology to choose when to start and stop the EA.
Lets talk about chart risk.
In most cases, if you look at the chart and price is going up, make sure the grid levels cover previous lows and there have been several reversals within the grid in recent past. Opposite for short positions.
In this example, the price is going up and recent lows and a recent reversal are covered at the 1st and 3rd grid level. Personally, I would have to look at other indicators to confirm whether I would click the start button or not, but most likely I would not as I prefer the recent price action to be contained within the first couple grid levels.
Lets talk about Financial Risk
The more grid levels you have, the more margin is required to enter each grid level. The more margin required, the less trading equity you have. The less trading equity you have, the higher the probability of a blown account. Especially if you are trading multiple pairs at same time.
I vary my settings. But in general, I use an initial lot size of .01 per $300.00 in account balance on a 1:500 leverage account. After taking a few positive trades, I turn off the EA. You can get away with leverage of 1:50 with $300 per base lot of .01, but you should only trade one pair at a time. And I would consider that extreme risk because you would be using almost all of your account balance for trade entries and equity for a 4 level grid.
With 1 initial order and 3 grid levels calculated at a 1.7 martingale multiplier, I end up with a worst case scenario of 4 orders in sequence of .01, .02, .03, and .05. Total lots is .11. Total Margin used is $22.90 (on a 1:500 leverage account)and with a stop loss equidistant to the next grid line total draw down is about $84.00.
On a $300.00 account that is about $28% risk. Yes, very high. But, better than a blown account. And I have been averaging 120% growth per month and (fingers crossed) I have not hit stop loss with this strategy to date. Now that I have said that, I will probably hit one. But, at least I have shown a martingale can be used as an effective tool.
I am sure there will be some interesting comments going forward and after you all have had a chance to play with my creation.
I mentioned it before but I ask for constructive criticism only. I may make recommended changes, but as they cost money to pay my programmer, I will be very selective. That is the other reason I will be charging for this EA. If I coded it myself, Id be happy to share it. But I find that EA creation is not a cheap endeavor. And I do not think it is an evil thing that if people want to use it on their live accounts that they contribute in some way. If all goes well, I will be offering for sale in June, 2017. At that time, I am willing to issue 5 registered copies to people from this thread who offer that constructive feedback and help me make this better. Those users will be announced publicly on the thread so no one can call foul.
Welcome to one Gamblers Dream. Lets play!
I have added a video of a typical trade sequence as an attachment. As well as analysis of the video trades as attachments.
I have been absent from the forums as I have been focusing on work, family and developing a new EA. This EA is called Gamblers Dream because that is exactly what forex trading has turned out to be for me, Gambling. In a previous life, I was a pretty good gambler. Made a lot of moneyand lost a lot of money. Even did some consulting for online casinos.
Then I found forex. I read many forums here and at other places and was hooked. And for many years I have pretty much done the same. Except, not making a lot of money. Learning about indicators and trends and reversals, etc. All valuable tools, but mind numbing.
A little over a year ago, I start applying gambling methodology to Forex and things began to turn out better. Not great yet, but better and far more stable than when I started. So, the following is the latest result of my endeavors.
I am offering a version below that is FREE and will work on a demo account. But, if anyone wants to use it on a live account, I will be charging for that benefit depending on the feedback I receive from this forum. Please keep in mind, I really have no goal of making money from selling EAs. Personally, I would rather spend my time trading and managing my income and assets than spend time dealing with tech support questions. Plus, there may be some valuable insight gained by those that are experienced with grid trading beyond what I have learned on my own. And that could benefit more people in the long run.
I designed Gamblers Dream, but I am NOT a programmer. I have spent thousands of dollars to a very good programmer who did this work based on my design. There were many failures along the way and a lot of trial and error. But I finally feel that at this stage I can bring in the folks in the forum to get their feedback prior to making the final product available for sale. Maybe get an idea of what this is worth...if anything. My hope in that offering a demo version first will generate interest and a loyal client base prior to its release next month. Or, if there are enough bad reviews, then I will keep it for myself and my personal trading which can be seen here on a live test account
https://www.myfxbook.com/members/FXS...eam-16/2099876
As I mentioned, If all goes well, I will be offering for sale in June, 2017. At that time, I am willing to issue 5 registered copies to people from this thread who offer that constructive feedback and help me make this better. Those users will be announced publicly on the thread so no one can call foul.
I am sure you have heard of Grids and Martingale recovery strategies. This EA uses them. I am a gambler, not a trader. This forum is for gamblers and traders included if it will be of benefit and used properly. I will be discussing risks associated further on. I ask that Martingale haters to consider the EA functionality before immediately seeing the word Martingale and then start rambling about how evil they are. And, I have also designed it so it does not have to be used with Martingale or Grid at all. Just not as profitable. But, an experienced trader could make use of its functionality as well.
Yes, Martingales are considerably high risk trading. But the EA can contain those risks and settings are fully adjustable to limit that risk substantially that I have not seen elsewhere. Which is why I designed it. It is another tool in your trading tool box. Not a HOLY GRAIL I believe if used wisely, it can be very profitable over a long period of time. If not used wisely, it can and will blow your account. Discovering new best practices for its use is why we are here and I look forward to your feedback and constructive criticism.
Enough about me. Lets talk about the EA.
The purpose of the EA is that when loaded on a chart, it will create grid lines for current price and the recovery grid based on user defined settings. It will not trade until you tell it to. The grid lines are for reference only so you can analyze the chart to see if the grid has a high probability to keep your initial order safe. Well talk more about that later.
You can control
Lot size
Number of grid recovery levels
Martingale recovery multiplier
Hard Take Profit (for single trades only)
Trailing Stop Starting Point
Trailing Stop Distance
Hard Stop Loss
When placed on a chart, the EA is waiting for you to click the START button. While waiting, the current price and Grid lines follow price action tick for tick in real time. If the current Heiken Ashi is indicating a LONG position, the indicator will show a Green Line where a LONG trade will occur, and multiple LONG recovery grid levels based on user definable settings below the initial order. If the current Heiken Ashi is signaling a SHORT trade, the indicator will show a RED Line where SHORT trade will occur, and multiple SHORT recovery grid levels based on user definable settings above the initial order. These are waiting for a recovery reversal of price action.
When the START button is clicked, orders will be placed where the grid lines are and then the grid lines will be removed. You wont need them as order, pending orders and stop loss will take their place. An initial market order for current price with pending orders based on the grid lines and finally stop loss. And the status screen shows TRADING NOW.
Once profit has been reached, all orders will be closed on chart, locking in profit and the EA will wait for next candle and place a new set of orders automatically in the direction determined by the Heiken Ashi indicator. This also allows the user to consider current market condition and stop the EA by clicking the STOP button. This sequence will continue until any of the pending orders are activated and close in profit, stop loss is hit, or User clicks the STOP button. If STOP button is clicked, all active and pending orders are closed and EA stops trading until START is clicked again. If no orders are present, EA will enter waiting mode and CLICK START? Will be shown in status.
For the folks that do not like the Martingale or Grid. It does not have to be used. A single order with stop loss can be used.
User Settings
The settings I use are default, but they can be adjusted to fit your trading style and risk. And through the course of this forum, we may all find better ones.
Lot Size: Size of initial order
Orders: Determines how many grid recovery orders will be added to initial order
Step: Distance in points (not pips) between grid recovery orders
HardTakeProfit: Can be used for trading a single order sequence only. Once HardTakeProfit is hit, EA stops trading and goes into waiting status. In points, not pips.
InitialStopLossBufferPoints: Stop loss of initial order. Can be used in single order trading or grid. Just make sure the value is set higher than the outermost grid level. Stop loss is registered for initial order only, but EA will close all open orders if triggered. In points, not pips.
TrailStart: Target in points for trailing stop to begin. To be used instead of HardTakeProfit and will allow for continuous trading until any of the pending orders are activated and close in profit, Stop loss is hit, or User clicks the STOP button. In points, not pips.
TrailDistance: Distance In points, not pips, that trailing stop will trail current price.
Martingale: Multiplier used to increase lot size of each grid level.
Spread: In points, not pips. That if exceeded should not enter trades.
Chartposition: 0 for left side of chart, 1 for right side of chart.
AutoMagicNumber: TRUE/FALSE EA will create unique magic number for each chart if TRUE. If FALSE, you can choose your own or 0 will be used for all.
Ok, lets talk about risk a little bit. This is always a point of debate. If you do not like high risk, then do not trade a martingale.
A fair explanation can be found here: https://en.wikipedia.org/wiki/Martin...etting_system)
But, in short, most martingale strategies will blow an account if left unchecked. That is why I designed Gamblers Dream to allow the end user to use their own methodology to choose when to start and stop the EA.
Lets talk about chart risk.
In most cases, if you look at the chart and price is going up, make sure the grid levels cover previous lows and there have been several reversals within the grid in recent past. Opposite for short positions.
In this example, the price is going up and recent lows and a recent reversal are covered at the 1st and 3rd grid level. Personally, I would have to look at other indicators to confirm whether I would click the start button or not, but most likely I would not as I prefer the recent price action to be contained within the first couple grid levels.
Lets talk about Financial Risk
The more grid levels you have, the more margin is required to enter each grid level. The more margin required, the less trading equity you have. The less trading equity you have, the higher the probability of a blown account. Especially if you are trading multiple pairs at same time.
I vary my settings. But in general, I use an initial lot size of .01 per $300.00 in account balance on a 1:500 leverage account. After taking a few positive trades, I turn off the EA. You can get away with leverage of 1:50 with $300 per base lot of .01, but you should only trade one pair at a time. And I would consider that extreme risk because you would be using almost all of your account balance for trade entries and equity for a 4 level grid.
With 1 initial order and 3 grid levels calculated at a 1.7 martingale multiplier, I end up with a worst case scenario of 4 orders in sequence of .01, .02, .03, and .05. Total lots is .11. Total Margin used is $22.90 (on a 1:500 leverage account)and with a stop loss equidistant to the next grid line total draw down is about $84.00.
On a $300.00 account that is about $28% risk. Yes, very high. But, better than a blown account. And I have been averaging 120% growth per month and (fingers crossed) I have not hit stop loss with this strategy to date. Now that I have said that, I will probably hit one. But, at least I have shown a martingale can be used as an effective tool.
I am sure there will be some interesting comments going forward and after you all have had a chance to play with my creation.
I mentioned it before but I ask for constructive criticism only. I may make recommended changes, but as they cost money to pay my programmer, I will be very selective. That is the other reason I will be charging for this EA. If I coded it myself, Id be happy to share it. But I find that EA creation is not a cheap endeavor. And I do not think it is an evil thing that if people want to use it on their live accounts that they contribute in some way. If all goes well, I will be offering for sale in June, 2017. At that time, I am willing to issue 5 registered copies to people from this thread who offer that constructive feedback and help me make this better. Those users will be announced publicly on the thread so no one can call foul.
Welcome to one Gamblers Dream. Lets play!
I have added a video of a typical trade sequence as an attachment. As well as analysis of the video trades as attachments.
