DayTrading2 - page 3
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use this EA for builds greater than 186, such as Metatrader build 190
In order to conduct same test that Sadaloma is doing you need to put it on M15 charts with the Swiss MIG Investment broker MT4 platform
and have -TP=20, Sl=100
you can get the MIG MT4 platform here:
http://www.migfx.ch/fileadmin/download/protected/mig4setup.exe
I just re-visited MIG site and was surprise that their minimum account nowadays is 2000$.....before it was 25000$ !!! good news...
I wonder if their demo and real account datafeed is the same. This EA seem to be very sensitive about that.
Has anyone tested this EA with the setting above with another broker and have the same results?
Sada
I just re-visited MIG site and was surprise that their minimum account nowadays is 2000$.....before it was 25000$ !!! good news... Sada
I went ahead and applied to them for a live account. I figure it will cost more to sign up ($50 wire transfer to europe and $4.50 stamp to mail my application to them). However, it will be worth it in the lower spreads. They have the lowest spreads of any other Metatrader 4 broker as far as I know. I think I have checked them all.
Anyhow. I am running the EA on a 5 minute chart and will give you all the statement in a few days. I am running the same 8 currency pairs you are so I will see which ones work and do not work.
I also will be trying a new EA this week or next called "EZ Profits." It is designed only for the GBPUSD currency pair. I will let you all know if it is any good. I plan on having it run for a few days to see the results. Usually, it only takes a day or two to know if something works or does not.
Peace,
Holyguy7
I went ahead and applied to them for a live account. I figure it will cost more to sign up ($50 wire transfer to europe and $4.50 stamp to mail my application to them). However, it will be worth it in the lower spreads. They have the lowest spreads of any other Metatrader 4 broker as far as I know. I think I have checked them all.
Anyhow. I am running the EA on a 5 minute chart and will give you all the statement in a few days. I am running the same 8 currency pairs you are so I will see which ones work and do not work.
I also will be trying a new EA this week or next called "EZ Profits." It is designed only for the GBPUSD currency pair. I will let you all know if it is any good. I plan on having it run for a few days to see the results. Usually, it only takes a day or two to know if something works or does not.
Peace,
Holyguy7M5 charts? I am running them on M15.
Sada
sadaloma which versions are you using? Thanks.
sadaloma which versions are you using? Thanks.
Daytrading3.mq4
M5 charts? I am running them on M15. Sada
Yes, I know you are. I figure, I will try to post some results on the 5 minute charts. That way, we can see if there are any differences and can go with the one that works the best So far, the results have been somewhat disappointing. Here is my setup so far.
Trailing Stop: 10
Take Profit: 50
Stop Loss: 25
I noticed that if I increase the Stop Loss to 60 then I would not have had a losing trade (so far). I really don't like to take those big of losses but since I am trying for 50 pips, I figure the risk is small.
I modified the setup to the following:
Trailing Stop: 15
Take Profit: 50
Stop Loss: 60
I might even try to go the other way and just have a Stop-loss of 10 pips. That way, if the trade does not go my way, it stop out early with minimal loss.
I was even thinking of trying it on the 1 minute chart with only 10 pip stop losses. After all, the name of the EA is called "DayTrading." Most daytraders are looking at 1 minute charts anyway.
I will let you know how it works out. I personally like a smaller stop-loss because I like to be able to know that my losses are very small and controlable. Most systems I try, I like to have only a 10 pip stop-loss, that way if the trade does not go my way right away, I move on. Perhaps I will try that.
Peace
Most systems I try, I like to have only a 10 pip stop-loss, that way if the trade does not go my way right away, I move on. Perhaps I will try that.
PeaceI don't think you are on the right track here. A stoploss of 10 will kill most strategies, that is my opinion. Take a pair like gbpusd - you really should not trade this pair if you can only bare a 10 pip stoploss - you will lose most of the time. I have also learned that patience is needed when trading. I used to be like you, if a trade didn't go my way within 30 mins I would cut out - then 2 hours later I would be saying "damn, if only I stayed in that trade!"
I don't think you are on the right track here. A stoploss of 10 will kill most strategies, that is my opinion. Take a pair like gbpusd - you really should not trade this pair if you can only bare a 10 pip stoploss - you will lose most of the time. I have also learned that patience is needed when trading. I used to be like you, if a trade didn't go my way within 30 mins I would cut out - then 2 hours later I would be saying "damn, if only I stayed in that trade!"
I agree in general, however, this is "Day Trading." It is more like Scalping when you only trying for 20 pips a shot.
The problem with the system seems to be that you can get a lot of consistant gains and then one big loss can almost destroy all the gains. I prefer a more conservative approach with consistant gains and controllable losses. I understand what you mean about "staying in that trade." However, it could also destroy your account too by not cutting losses.
I subscribe to a forex signaling service that recently decided not to "stay in the trade" and cut their losses. Unfortunately, that loss was almost 300 pips!!!
I don't mind a 60 or 80 pip stop loss but more than that seems like you are trying to stretch. That is why I am trying this system out on 3 computers running three different settings. I will share with the groups which ones do the best.
I have decided to have two computers trying the 15 minute charts with a 70 pip stop-loss (instead of 100).
I like the consistant profits this system generates, I just don't like the massive draw-downs. All it would take is for two massive draw-downs in a row to completely whip out any profit you would have made for a month. That does not seem reasonable. Too much risk for trying for only 20 pips.
Just a thought.
Peace.