Cable Big Trend Catcher Long Term Low Risk
A less risky alrorithm compared with the other version.
1. Make sure you trade only with GBP/USD on an 1h chart as this model is built specifically for hourly Cable trading.
2. If you are backtesting the EA during weekends, make sure to specify a reasonable spread (such as 30 or 50) instead of using current spread because the market is not trading and the current spread may be some awkward number. During weekdays, feel free to use current spread as it is the correct current spread value.
Overview (Watch trading performance on YouTube https://www.youtube.com/watch?v=BkT3qzQtGBA)
This EA is a sister-product of the Cable Big Trend Catcher (CBTC), check https://www.mql5.com/en/market/product/50373#!tab=tab_p_overview It places higher criteria for the EA to place a trade than the CBTC. Therefore, it places fewer trades with more safety. Similar to CBTC, this EA aims at forecasting/detecting big trends of the GBP/USD (Cable) pair on an 1h basis. It is based on an AI bot built in Python that learns to detect trend patterns such as "rectangles", "double-tops (bottoms)", etc. It learns and acts just like a trader, a very intelligent, fast-learning and experienced trader.
Please be aware of the following: if you would like to have an EA that gives you instant profits or a continuous inflow of money immediately (at the risk of losing a large amount of money at any time), use a scalping EA because they typically have very high accuracy (percent of profitable trades), something like 99%. However, you'll never know when the 1% chance of loss will happen (and it will happen for sure), in which case you may lose every penny you have earned, if not every penny you have in your account. That's why so many EA creators only include 5-10 years of backtest results, because their EAs won't survive some periods in the longer run.
This EA is very simple to backtest and live trade. The lot size "LOT" is only useful when "VariedLotSize" is set to "NO", in which case every time you invest a fixed amount of money each trade. The VariedLotSize input is set default to "YES", which means your lot size increases with your increased balance and decreases with decreased balance. It makes more potential profits but also bears more risks. The "RiskIndex" value represents the risk you are willing to take. It's up to you to configure this value but keep in mind that the maximum drawdown increases almost in proportion to the increase in this risk index. A value between 1 to 99 is recommended. The default risk index value of 99 generates a maximum drawdown of about 12% and a total profit of 699% over the backtesting period of 20 years (2000-2020). Some other EAs have smaller drawdowns but their backtesting periods are usually much shorter, i.e. 1 -10 years. All considered, this EA has a very small maximum drawdown.
In order to live trade, use a virtual server because this EA may open/close orders 24 hours a day during a trading day. Otherwise you'll have to keep your computer on all day and constantly worry about internet connection problems. For details on how to rent a virtual server, check the following YouTube video created by MetaQuotes Official
It is also highly recommended that you try this EA on a demo account before moving to a real one.
It is important for you to use this EA only for the GBP/USD pair and only with the 1h timeframe. This is because every currency has its own distinct patterns for different timeframes and the AI which this EA based on learned to trade with GBP/USD with 1h timeframe. In many of the top investment banks and trading companies, there are traders who only focus on one or two currencies on a narrow range of timeframes. This enables them to learn more thoroughly about the pair and more expertise will be gained from time to time.
More EAs on other currency pairs will come in the near future.
This EA is recommended based on its past performance. It may give you evidence of potential good performance in the future but there is no guarantee of that. There never will be (for any EA, I believe). Therefore the creator of this EA does not hold any responsibility for losses (or profits) as a result of implementing this EA.
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