- Most Forex traders lose all their money.
Using the robot posted here in trading Forex does not guarantee success.
Trading this robot could lead to serious financial loss.
Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
This is not a set-and-forget ea; there is no such thing and anyone who tries to claim there is, is either stupid or lying. This ea requires frequent manual intervention.
At best, a trading robot is only 90% as good as the manual strategy it trades. At best. At worst, it can be much less effective. If the strategy is rubbish, so is the robot.
To trade this robot, you have to understand:
How to use EA's.
Read the genesis of this robot, read post 2 here, which is a copy of forexpippy's post 1 in his own thread.
EA inputs
You will find descriptions of many of the inputs in the attached Shell User Guide. I wrote it for issue with bots I code in the future. Where you see inputs described that you do not see in the EA's inputs list, ignore them.
Time inputs
I have broken with my usual practise of entering times in our own local time. Instead, you enter them in your criminal's server time. You will see that the screen display shows this. I have done this because we are aiming for a box calculation between roughly 4.00 and 7.00 am gmt; few brokers have candles that are gmt-based. It is easier, I think, to input the box and trading times in crims terms. Some of you will find these hard to work out; sorry but there is nothing I can do to help. YOu need to work out your trading hours and then translate them to your crim's server time. Good luck; they confuse the Hell out of me.
The indicator
Thanks to George, you no longer need the indicator running on your chart. FP has the calculations 'in-house' and will draw the lines for you. It may well be worthwhile keeping the indi running, so you can study the recent past behaviour of the markets.
The Box
Now that FP will draw the box for you, you need to decide on these inputs:
- BoxStartHour: the start of the breakout box. The default equates to 4.00 am gmt, converted for my gmt+1 Cowboy IBFX account. I think.
BoxEndHour: the end of the breakout box. Your trading time start_hourm should be the same. I think.
BoxExtendHour: the time to extend the box lines. Once these are left behind by the candles, there will be no further trading for the day.
MaxPipsHiToLo: this limits the size of the trading box. If it is bigger than this input, then there will be no trading. The default is pure guesswork and probably needs adapting to individual pairs.
Line-based 'pending' trades have the advantage of hiding your activities from the crims. Buys look a little strange unless you also have the Ask showing on your chart, as it looks as though they are being sent prematurely.
Hanover
The Hanover module allows us to trade in the direction indicated by hanover's Recent Strength indi. I consider this to be the most significant development in my time at FF. Details in the Hanover thread at http://www.forexfactory.com/showthread.php?t=319709 If you use Hanover, I recommend lawgirl's ratio of 1:4 to 1:6 between your trading and higher-direction time frames. For example, if trading the M5 chart, use M30 as your Hanover time frame.
As well as Hanover, there is lots of extra stuff not in the spec - take profit, stop loss, management etc. I have left it all there so I don't have to add it later when contributors ask, "Steve, can we please have................"
Coders
TrendDetectionModule() looks at all the choices made by the user and sets RsiTrend etc to the appropriate direction, then consults them as part of the trade decision process in LookForTradingOpportunities(). This makes adding your own fav filters easy.
In conclusion
FP is only at the start of its construction and there are a number of subtleties to be added; the first one will be min/max box sizes. The basics are there, so have fun.
Matters of general interest
Read this post:
http://www.forexfactory.com/showthread. ... ost4923611 Newbie traders, read this for inspiration and warning. Those of you who have suffered losses, read it for inspiration. There is a thread devoted to Sam's trading method at http://www.forexfactory.com/showthre...25#post5118825
Masterly summary of hedging: http://www.forexfactory.com/showthread. ... ost4977179
EA coding
I receive may requests to code EA's. Traders, if I code your EA for free, then I will share it here. If you want me to code your EA without sharing, then my fee is $100 payable into my paypal account. I explain why at http://www.forexfactory.com/showthread. ... ost4431794, at the bottom of the post.
Useful utilities/EA's/scripts
MaryJane has posted a fabulous utility to allow us to resize EA input windows: http://www.forexfactory.com/showthread.php?t=299017
Multi purpose trade manager: http://www.forexfactory.com/showthread.php?t=89371
Account equity analyser: http://www.forexfactory.com/showthre...16#post4693716 Also at http://www.forexfactory.com/showthread. ... ost4709098, which includes a template for both USD and the Euro.
Past-trades display indi by squalou; shows a graphical display of the success/failure of trades in your History tab. Breathtaking piece of work. http://www.forexfactory.com/showthread. ... ost3830610
My shell EA – the code I use to produce EA's so quickly. http://www.stevehopwoodforex.com/phpBB3 ... p?f=5&t=15
Most promising trading EA's
jiva: http://www.stevehopwoodforex.com/phpBB3 ... hp?f=5&t=3