Yeah...I got hit pretty hard on GBPUSD...6000+ loss on 11000 account.
Good thing it's a demo account.
The logic doesn't close out the order until the sum of the orders yields a profit (defined in the SecureProfit parameter), or until you margin call and the broker closes the orders for you. Ouch.
It's my own fault, really...I was running 8 pairs on a single account with high risk parameters. I got greedy. Lesson learned.
Every time it went against me by 20 points, double down and open another order. By the time it all went south it was at the maximum of 50 mini lots...5 FULL lots for a single order. Add up all the lots in play with the other orders and it was a STUPID amount of margin. Not good on a 10k account.
Even without the stupidity on my part...this EA WILL follow a trend in the wrong direction...you need DEEP pockets when that happens. If you can ride it out you'll be fine, but remember that doubling down 10 times leads to a final order that is 512 times the size of the initial order. The sum (assuming you start at 1 lot (standard, mini, or micro...you choose) will be 1023 lots!!! If you're riding down a trend with a pip interval of 20, you'll hit the 1023 lots after a 200 pip slide...which DOES happen.
Martingale money management is a gambler's game...and doesn't pay off too well, usually. If you have deep enough pockets, it just stops you from losing money...IF the trend turns around before you run out of money.
I wish I could figure out a RELIABLE way for it to follow the trend down...keep the double-down happening, but follow the trend with the opposite transaction, too. If I'm buying and start taking a loss on a downturn, I would double down, but also put in a sell to follow the ride...would I call that hedging?
It's an idea...I'll see what I can come up with.
My account got thrashed.....take a look at the equity curve.
Has anyone tested this tool? It works fairly well on forward testing from what I've seen.
Look at files thread: I am updating this small thread almost every day. There are links to elite section treads about this EA:
- Multi Lot Scalper;
- Multi Lot Scalp Daily.