i don't think the market is moving that fast now. just tried manually to enter a GBPJPY trade and it went through within 1 second. the ea is still not "adjusting" itself to post logging off. i wonder why...
as for starting up, all my 19 pairs with ibfx started trading within 5 minutes. most of them started as soon as the ea was started. i noticed that those that were late were lacking in activities.
that's the caveat of Most martingales - you need infinite capital to sustain it.
Complete EA change
As I have stated from the get go, this EA has a major flaw and I am pretty certain its not how rifo wants it anyway.
The EA needs to be setting multilevel (or at least 1 level ahead of current trade) limit orders, therefore you would literally see them on the chart (the lines). Refer back to one of rifo's posts, he has a chart paste there.
This then gets rid of the whole worry of whether your position will be filled or not in a fast market.
IF TP is made, then the whole thing resets, present limit orders are 'recalibrated' to reflect the correct number of lots and the cycle starts once more.
Bottom Line - Start again with this EA
It goes against money management principles even if you did have infinite capital and this is just not right. If it can be balanced, then very good.
couldn't agree more
you're right. something's not right or is not complete with this ea.
i've even re-installed another MT4 program but not all the pairs are running now...
if you guys have at least a year's worth of data in 1 minute tf ( or ticks better still ) then you'll have something to base your arguments on. all it takes is a mere 20 pip retracement on a 160 pip trend. don't you think it's possible on the 4 majors? of course mm is the utmost important thing for this strategy to work in the long run.
Never said this cant work
I never said this is impossible like some have blindly stated without barely glancing at the system. I just stated it DOES go against every principle in trading in the hope that price 'MUST' come back.
Yes, I believe in retracements, I also believe where I have sat and watched post news announcement a currency drop 200 pips with nary a glitch higher than 10 pips. Now that is terrible for the little gut who doesn't have the capital to stomach it and thats why it is 100% wrong.
MM dictates that position size and SL risk failure should rarely exceed 2% of your overall capital. It would take a horrendous 50 trades in a row wrong to lose your account. People for get that when you wipe 50% of your trading stake (easy to do) it takes a 100% return just to bring it back to break even.
When was the last time you mad 100% in a year? Its a big ask.
Hence when you have been doing this awhile you will understand why MM is on top before anything else.
I'm not bagging the system, just look closely and view the worst case scenario, because it happens plenty more often than you think.
Just checking in
Popped my head back in to see how you guys were moving along... good stuff.
FXnorth, this a natural progression for a trader's psychological journey. I know - I have been at this point as well. It's that stage where you gain enough knowledge to think along the lines of 'boxing in the market'. By that I mean completely taking the risk out of it. This is an obvious dream... one that has been pursued since the market began (beginning of modern man). It also goes without saying, that it is only a dream (it sounds like you understand that concept as well). However, you will not be able to dissuade any of the guys on here who are attempting to 'crack the code'. This of course is not a bad thing, because along the way this little side project will shed a lot of light on technique which 5% of them will incorporate into their 'edge'... to creating a profitable methodology for themselves.
Peace, love, and pips.
Calmness at last
Yes, No worries.
I understand the eternal pursuit of the 'free lunch' and as you say, many discoveries are made along the way.
It's a shame some get upset when you try to do nothing more than impart a little reality on what should not be broken.
i didn't say that it's not risky
maybe i've worded myself poorly...
with no doubt the martingale system is one of the oldest (if not the oldest) systems around. it's not merely a "double up your previous loss" system but in fact it's a "all your losses plus 1" system. so in an actual situation, if you have lost this 1 unit on your first "bet", your next "bet" is 2 to cover for your previous loss of 1 unit. if you win, you'll have gained 1 unit. if lost, you'll need 4 units on the next one and so on... Understandably, this is a VERY risky system. it will take a huge amount of capital just to secure your 1 unit of profit.
thus, the question is how many times has there been a trend straight up or down on the 4 majors without at least a 20 pip retracement? i don't have enough 1M tf data with me to back this up. so if you guys have it, you could check it out. if it does happen so often, then what shall we need to do to improve on this system?