My idea is never to go beyond the 7th trade as it eats a lot of margin ..any suggestion for that . I am new to FOREX so I really dont know the martingale system ..can anyone explain ... Yes when the take profit is hit the system will start everything all over again ...correct
Martingale simply means fading into a position so that you can gage your entry point better... For example if you think the market will go up.... If you have 10 lots to invest you may start out and just long the market with .1 lot first - then if the market still goes down but you feel strongly that it will come up then you long .2 lots... if the price keeps going down but you know that it will come back up (and also now that it is at a better price for someone going long you can buy .4 lots) as soon as the price increases X pips you will have your profits and more than the first losses - that is what is meant by a martingale - since i saw your trade progressions - i noted that it looked like martingale style by entering greater position size as you enter your position till you take your profits.
Could you explain this system with chart to make it clearer?
Also, could you check this link https://www.mql5.com/en/forum/general
May be there is some similarities with your idea. Thanks.
The ea is also there. I am running it at the moment and it's still profitable but ... scarry
They do have similarities.... i need to read more into the thread.... BRB....
It looks like there are a few differences but i wanted to catch your experience because they seem quite similar - Tarun suggested very tight stop losses and very tight take profits compared to the ones on the other thread. Certainly the EA could be modified and used for Tarun's method described though?
It looks like it makes money supprisingly... Steady by jerks... But it looks good.
WOW ... The attachment you added , It is quite similar to what I am thinking and this is what I meant ... The only diffrence is I dont want to put on many trades after the 4 trade is in action so I have increased the spread as we go along . Also I always close previous trade to keep margins in control . BUT you are right on track Thanks so much for your input . Maybe we can have something solid after a few post . thanks again ....
Tarun - Here Are The EAs from the other Thread:
However this is not a hedge because...
#1 it closes all losing positions
#2 it has set take profit and stop losses for each position
The noteworthy difference here is that Tarun said that if it moves 18 pips in any direction it will be profitable... we all know that EUR USD does that all the time... So I'm not sure how similar or different these are... Guess i need to get this one figured out more to determine that.
I can start to run the CrisX EA to see how it acts ... But your results were good wibitiens? what Size lots did you start out with etc...
Ok.. thanks for the explanation
OK - There is actual brilliance in this one....
If you look at the Chart of Trades it is like PIP CAGE - - look at the trades... they ricochet back and forth till one of two things happen - the price has to move out of the tight range - when it does you have profits.
As soon as the price moves beyond.... ______ (you fill in the blank) a very tight range - you have a profit in your hand
This is very cool! WOW - The safety would seem to be the tight range...
You have to study the progression of trades in the Attached text file on His First posting.
If the price goes up you profit
If the price goes down you are stopped out soon and short
if the price keeps going down you are in profits
if the price turns around and goes back up a very short way you are stopped out for a small loss and the EA would enter a long -
basically as soon as the price moves anywhere - you have a profit. The brilliance in this system is that by using a small pip range you are almost certain to break out of it quite soon.
Tarun's system and Criss system basically is almost the same. They're also almost the same like Harry's ideas. They are good actually, but when I tried this system, there is always a constant fear that my ea will take an unnessary trade, for instance it takes price spike as a new trade.
Like in 10Points3 that we've been testing, if we want to have more progression, we need to start with a very low lot (0.01). However, with this system, if we use micro lot, it will be not worthy when we get many progressions since the end profit will be the same. So, I think we must set the appropriate channel size and take profit to be able to stay safe.
I am using default setting, SL=20 TP 30 and $1000 deposit. But the last possible trade could be opened is only 0.8 (4th level) and I was so worried at that time. The ea at Criss thread close all losing trade, so when I was at 0.8 lot trade, my balance is quite smaller Scarry mate Btw, I also closed the trade manually
Ok.. I am working on making it more safe I will be back with my ideas .. What I am doing is I dont care where the market moves ..the only thing I want is the market should move in any direction . Maybe we can have 2 settings .. One for flat market where I see that it can put on more trades without taking profit and the other where the market are volitile where this present setting would work very well as it will not put on many trades and will hit profit soon .