[NOTE: The following is from my sales page, but this short article is not intended to promote my BOT. Instead, it reveals everything what my latest Bot does. You can do it manually or make your own Expert Advisor based on it.]
Hi, My name is Jojo, aka StJojo on MQL4 forum. I posted my three RubberBands EA's back in 2009.
Since then I have written many Bots and finally published PinkGaga Bot.
I will describe how PinkGaga Bot works, so you can do the same thing manually or write your own Bot based on this.
Or simply buy my PinkGaga Bot.
Important things in Forex trading:
1. No stress - We don't need to feel any stress. Day trade is stressful, so it must be avoided.
2. No skill required - We don't need to be skillful. We don't need any skills whatsoever.
3. Don't rely on technical indicators - They don't give us any reliable indication of future price actions.
4. Forget mindset. Some people try to sell you meaningless mindset stuff.
5. Only money management matters - We need money to cover order placement plus unrealized drawdowns. Just keep them under a half of your balance at any time.
PinkGaga Bot works on MT4 platform (any version), uses hedging, and uses no technical indicators whatsoever. I use PinkGaga Bot on daily charts.
PinkGaga Bot opens a BUY/SELL pair when started or there are no orders there. And it opens a new BUY/SELL pair when the price has moved by >= a predetermined pip distance (called PipStep) in either direction. It closes BUY orders or SELL orders or both when a profit made by them >= a predetermined profit value (called BuyTP, SellTP, and SessionTP, respectively).
PinkGaga simply repeats this process indefinitely.
PinkGaga never sets hard TP nor SL. It never uses any Stop Loss mechanisms.
In this way, we have always chances to make profits in either direction.
The smaller PipStep places orders more often and gives us more chances to make profits, yet it results in bigger unrealized drawdowns, which must be avoided.
Therefore, we need to use PipStep >= 100 pips.
Our extensive testing shows BuyTP, SellTP, and SessionTP must be at least the value that is realized by one PipStep. If we use 100 pips for PipStep and the size of each order is 0.1 lot, then BuyTP, SellTP, and SessionTP must be at least 1,000 USD (or equivalent in your account currency).