Here's the new "Goblin" ea...little brother to Predator - page 60
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you nominated MaxTrades7 did you have AccountsProtection on and at what level did the trades close? Would have MaxTrades10 been successful?
I am testing MaxTrades10 and to date it has not been beaten but I was not open fror the NFP so avoided your time frame.
Always interested when large drawdowns occur,
JohnAccount Protection was off. I set MaxTrades=7 because on $10,000 demo and =10, Not Enough Money was continuously in Journal. If it would have made a difference, I don't know. Current Charts are attached.
Wackena
My Goblin Statement
I was really excited about how great Goblin was doing, but that was up until the news this morning. I'm running it using John's settings, on the 4 majors, trading nano lots and H1 time frame.
Right before the news, I had a profit of right at $80. I thought this was outstanding trading nano lots. In the blink of an eye it went down to -$149. Then it finally tanked at over -$600.
BUT.........the good news is looking at John's statement. It's a good one. I should have sat out the news, too. I feel like I learned a lot today. If I would have manually closed out the open trades and turned off the EA, I'd have a great looking statement, too.
Not to worry guys, Bluto is working on the new version
Forward testing
As I expected todays news made impact on my tests.
Goblin with yeoeleven settings got bad hit, but what is interesting EA with default settings survived. Since the EAs are different I attached them and set files in the zip. Timeframe H1, GBPUSD, EURUSD, USDCHF, USDJPY.
I note that you lost on the yeoeleven settings when GBPUSD closed on 1.28 units. That is not a MaxTrades10 progression and should have increased two more times that may have saved the loss but of course it could have increased it. You may have AccountsProtect1 with OrderstoProtect2 that would reduce the MaxTrades.
As per my previous post I would never trade the NFP with these Martingale type EAs.
John
What are the safest currencies to trade with? or what times are usually News times then I can disable trading at those times?
Thanks
Ouch Ouch Ouch that hurts, another hit from the Goblin 40% of the account
Thank you for the info.
When you say Junk Indicators are you referring to the Turbo_J* indicators?
also when are the NFP or FOMC reports done? so I can turn of my EA's?
Thanks again
Major news events
1.Several FX brokers even sent their clients an Email days before these major events, demanding caution on trading
2.IBFX sent out one early yesterday, with a very good series of examples of the past, what has happened
3.Lots of economic calendars out their for free
Jurik indicators means ALL available.
Janus
Money and Risk management
After reading the account reviews on todays NFP trading I am not at all surprised to see some of the accounts blown (should i add as expected or as usual).
No matter how everyone fine tunes the settings and indicators, i like to share my experience on trading 10 point3 and its hybrids like Terminator,Predator and Goblin since several month in 2 IBFX and 1 Alpari LIVE accounts with real money.
1.Do read all available posts in THIS forum and in others
2.Underleverage, underleverage and rethink your leverage ALL the time.Who ever has read my posts in the Terminator/Predator thread has already grasped "my leverage", which is far far far lower than anybody posting its statements so far.I use 1 Nanolot equivalent for EVERY 10K USD account equity, with a maximum of 1:3 on the maximum allowed trades TOTAL $$ amount.If you wish to set "max trades to 10" that means you MUST have 30k USD equity for every Nanolot !
3.Do read articles about correlation of certain pairs and get a basic knowledge about "hedge" trading either on Kokas "HedgeEA" in this forum or in the GMT forum about their approach, when to enter trades on the GBP/CHF and GBP/JPY, if you are brave enough to trade them.I personally do NOT trade GBP/USD at all and the other 2 GBP pairs only in the mentioned hedge system.
4.Try to trade "positive swap" only in the beginning
5.Never trade these EA`s at or before NFP or FOMC reports. Close all positions the day BEFORE and trade a few hours after the reports came out again
6.Use any of these type of EA`s as part of an overall strategy(like "hedge trading"), but never ever 24/6 without monitoring.
7.Once your maximum lots is reached, switch off the EA, use the Bollinger Band hedge strategy to ADD positions(positive swap only) and collect swap until you can exit.Close only single positions manually.
Be prepared, that this exit can take weeks, if not months and that your account will be in a fairly large drawdown during this time.
8.Even trading low volatility pairs is no bullet proofed guarantee to avoid an account blow up, if the leverage is too high.
9.Switch "account protection" OFF, since it will kill your trades on gaps, reenter TP, if you see gaps.
Forget setting max. trades to anything lower than 7.
I like to thank Bluto and all others for the outstanding effort to improve the original 10point3 version. Specially the new Jurik indicators are working excellent to prevent the EA from constantly opening trades.In my opinion this was a key milestone of development.
If you ever go live with Goblin, just remember .............underleverage!
Since several month i am making around 3% p.month in my accounts, which might negatively surprise many folks in here, since the expectation level is much much higher.
I can assure you from my permanent "demo" testing , that any higher target will dramatically increase the wipe out risk of the account, if not today, than maybe tomorrow.
Janus
Here are some helpful reference sheets on the 5 most important news events to be mindful of for currency trading.