- 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 tells you there is, is either a liar or an idiot. This EA will need manual intervention when NoOfTrades buys and sells are open, and the only recourse from there is to manage the basket manually.
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.
- forexhard's Consolidation Zone Breakout strategy at http://www.forexfactory.com/showthread. ... ost4745056
- - How to use EA's.
Ehup all
Gertje contacted me with an idea that looks like fun:
- - open a pair of buy and sell trades
- send a grid of pending buy and sell trades x pips apart.
- market movement will fill the pending trades in one overwhelming direction.
- take profit when a sufficient number of buy or sell trades have taken the basket into x cash profit.
- rinse and repeat.
The difference
SWG123 sent me a pm. Read the details at http://www.stevehopwoodforex.com/phpBB3 ... 759#p10759
So, G++ attempts to automate what SWG suggested, with a few changes:
- - G++ works with the attached sqDynamicBreakoutBox1 indicator.
- - this goes in your Indicators folder.
- it does not go on your chart.
- jb68 modified sq's indi to deal with a 'divide by zero' error. I have further modified it so it does not show the Fib extensions when called by the EA.
- - If the market reaches the buy line from below, G++ takes a buy and draws the remaining buy grid, so the trades will trigger if the market continues to breakout.
- It moves the pending sell stop line to half the extent of the CZ box. If the market falls back that far, then the sell is sent and the sell grid drawn.
- everything reversed if the first line hit is the sell stop line.
- - this goes in your Indicators folder.
We have been jopined by forexhard, which is fantastic. In his post at http://www.stevehopwoodforex.com/phpBB3 ... 845#p10845, he writes this:
"Make your settings:
Cable (only): M15 (only); bars: 30 (or more); height: 30p (or less).
This year alone I've already had close to 30 successful trades on Cable with these settings.
Don't test any other pair or TF for now. You don't need more of either. One pair and one TF is all you really need. If you can find more/others that work just as well as time goes on, that's great. But they are not needed."
US citizens
It is possible for you to trade this EA. For details, read:
Sam's post at http://www.stevehopwoodforex.com/phpBB3 ... 038#p10038
TehCount's post at http://www.stevehopwoodforex.com/phpBB3 ... 064#p10064
makeda's post at http://www.stevehopwoodforex.com/phpBB3 ... 133#p10133
swg's post at http://www.stevehopwoodforex.com/phpBB3 ... 519#p10519
Inputs
There are few inputs. The few that need explanation are:
- -PipsBetweenTrades: the distance in pips between trades.
- NoOfTrades: the maximum number of possible buy and sell trades. If the market seesaws outrageously, then twice this number is the maximum of trades that can be opened by the EA.
Escaping a ranging market
Taking the next buy as an example, close the basket if:
- the next buy trading line is touched
- there are RangeBoundClosureTotal / 2 sell trades open
By default, RangeBoundClosureTotal = NoOfTrades * 2, or the maximum number of grid lines. It has to be divisible by 2, so there is an idiot check that rounds up one digit should you forget.
Once there are > LookForBreakevenAfter trades open and the difference between total open buys and total open sells is 1, the bot will look to close out at breakeven.
Closing a successful basket
There are a three strategies available:
- 1) CashProfitTarget: the profit target in dollars that the basket is aiming for.
- CashProfitPerLot: multiplies your Lot size by this number to arrive at an adaptive CashProfitTarget. Set this to zero to disable the feature.
2) Cash jumping stop loss. By default, G uses- CashProfitTarget=1000;
CashJumpingStopLoss=50;
JslStartsAt=100;- This will jump the basket stoploss by $50 once the profit reaches $100.
- CashProfitTarget=1000;
This allows G to calculate your lot size and to protect you from over-trading.
- - Lot: the lot size if you do not want auto-calculation.
- LotsPerThousandOfBalance: lot size is calculated by rounding down the balance to bare $thousands, then multiplying this figure by LotsPerThousandOfBalance to produce a lot size that will grow with the account. Set this input to zero to disable the feature.
- IncrementalLotMultiplier: multiplies the lot size of the most recent trade by this number. The default of 1 disables lot incrementing. This feature might need adaptation, as a badly ranging market might lead to alternate buy/sell trades opening, each of which has successively higher lot sizes. This will unbalance the basket, so we shall have to see if this is a problem.
- MaxPairsAllowed tells G to allow no further trading if there are already this number of pairs trading on the account. The pairs do not have to belong to G; they merely have to be open trades. Set this input to zero to allow unlimited trading.
Bear in mind that when the market screams off in one direction in rocket-style, the 'pending' trades are unlikely to fill. A combination of Empty4 and criminal activities will prevent trades being sent.
Honours list
Not a lot of all this is down to me. A warm round of applause goes to these individuals:
- - Gertje, for bringing me the hedged grid strategy in the first place.
- SWG for having the idea to merge forexhard's strategy with G.
- squalou for his incomparable indicator.
- forexhard, for sharing his strategy at FF.
- jb66, whose enormous contribution was to send me the code that interrogates sq's indi.
In conclusion
On the face of it, this is a guaranteed winner. Where is the catch? Let's see.
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
Matt's chart-population script at http://www.stevehopwoodforex.com/phpBB3 ... 5733#p5733. Use this every time you start a fresh platform.
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/showthread. ... ost4693716 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