Portion always uses the latest and greatest balance. If you leave $2000 as your initial balance, that's figure used for "hard stop". Equity Protection will always use 50% of the portion you give it. As your account balance grows it will do this:
Hmmm, account balance is now $3000 and he has portion control of 2 on this pair. I will used $1500 as the amount to trade with. If my P/L drops below 50% of $1500, I will close all my trades so I don't lose anymore! My account balance is now $2250, should I keep trading? Let's see...
He still has $2000 as his initial balance and my account balance is $2250 so yup, I can keep trading! My new portion balance to look at is half of $2250 or $1125.
By the way, Portion control controls your lot size base on it's portion share. Portion control is powerful control over how you want the EA to trade with your account. Heck, you give it a portion of 10. On a $2500 micro account, it will tell the EA that you only have $250 to play with on that pair and if you set 50% EP, you will only accept a loss of -$125. You see?
Thanks for your clarification.
To understand better on how Portion works, allow me to ask you this.
Let's say the initial account balance is $2000. Equity Protection = 50% and Portion = 2
Now, the account has grown to $3000.
I have had questions on direction trading. MT4 allows you to trade both long and short. When you place an EA on a chart, a window will pop up so you can set the menu items. This is where you load your set files and check your EAs settings. On the other tab there is a bounty of info as well.
One trick I alway use is to NOT allow live trading initially. I will uncheck that box and when I select OK, I will get a frowny face on my chart BUT I will get an EA overlay (if it's programed into the EA) that tells me good stuff, like starting lot size. If I am happy with that, I will hit F7 on the chart and the menu window will pop back up and then I will check the box to allow live trading.
Additionally, in that same window is a drop down menu box on how you want to trade. Click the attachment picture and you will see what I mean. You can select whatever "direction" you want to trade!
So, with this new version of Piplite and the GBPUSD set file, select short only! Piplite now rock the GBPUSD in the short direction!
Idea for improvement to EA
Iron and All,
I think you are all ready for my next idea to improve this EA. It will take a little coding but it will be worth it.
Instead of selecting SHORT ONLY, why not have RSI over MA determine the overall trend. Here is how we do it.
We need four vars added to the EA:
Before a new GRID starts, the EA checks RSI-MA Cross on which chart (Say Monthly) we want to determine overall Trend. Using the GBPUSD as an example, On the Monthly, it would be Short, on the Weekly it would be LONG. From then on until the close of the Grid it will only trade LONG or SHORT depending on the overall trend. This would make the EA much safer as we would be avoiding trading against the overall trend.
In my opinion, the GBPUSD should go on the Weekly chart because it is so trendy and the trends can change quickly. However, on the EURCHF and EURGBP, we would probably set that to the monthly charts.
As you can see on the screenshots, on the monthly chart, the GBPUSD is saying SELL but on the Weekly chart, it is saying BUY. The weekly could be indicating a reversal. Weekly will find the reversal quicker than the Monthly will.
Thus, what we are doing is turning this EA into a Multi-timeframe EA. The RSI/MA Cross on the Overall trend (Monthly or Weekly) and then the RSI/MA Cross on Hourly trend for additional orders.
This should reduce risk greatly and make for a much safer EA.
Could any coder add this to the EA?
limiting piplite trading times
how can i set the following trading times on piplite
day1 start trade 22:00pm till 2:00am end trade on day2 ( eg 4hrs trade between GMT days)
day1 start trade 7:00am till 9:00am end trade on day1 same day ( eg 2hrs same day trade)
hope it makes sense
Is StartTime and EndTime working for Piplite 1.0 and pipmaker v 15?
I'm using IBFX
I'm trying to trade EURGPB only in Asia hours
for EURGPB I have used
Piplite ignored it.
Maybe I'm doing something incorrectly?
I would like to END trading Friday at 10 AM to avoid gaps.
How do you set this up?
Test 2 1AM - 2AM
currect server time is 21:37:11
And it still entered the trade
Test 3 1AM - 2AM
I'm working on adding a timetrading feature to piplite. I've coded and EA that works fantastic in the European market and the code is very simple. I am also considering adding a no trade on Fridays and Sundays Feature as well.
As for trading with the trend, Piplite trades against the trend if reverse is set to true. This is where it trades best. I have several projects going on at the moment so I hope folks can take a little time and backtest Piplite with the new features that have already been added. Cooperate and graduate!
I have problem open trade with this EA, trying but not running at all, what is the basic setting?
Watch those Portion sizes!
I have been in this thread for 3 days and have started to trade Piplite on demo. I considered this as a counterweight to Blessing 2 as it is for trends. I misunderstood the Portion size field, thinking that portion size of 1 = $2500. So I traded 3 pairs on a $7500 demo account and assigned each a portion size of 1. BIG MISTAKE! Thank goodness for DEMO trading!.
The run on the EUDGBP hit an EP with half the account being wiped out, as the pair thought it had the full portion of 7500 and stopped all trading at 3750. It was trading lots at 3 times the size that it should have.
However, the set file on EURGBP should be looked at as even with the right portion size of 3, the EP would have been triggered with 1250 being lost of the 2500 in available funds for that pair. I saw that it had as high as 12 sells on for that pair before it stopped trading.
I hate to say it but Piplite needs some help. Seems DrawDown just happens way too much. My risk is 10X smaller than what is recommended and I am setting on a Draw Down of 17%. The Max Draw Down is over 30%. Currently, I have been running the EA for 5 weeks now.
Seems it needs some directional (trend) guidance to only trade with the overall trend.
I am going to stop testing this EA until it is fixed.