- 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.
- Stochastic
Introduction
Go to http://www.stevehopwoodforex.com/phpBB3 ... ?f=5&t=168 to read about the early version of Gday, first posted in December 2011.
I lost interest in the EA and forgot about it until Shelley posted that she is still trading the method successfully, some 8 months or so after I coded Gday. I decided to do a revamp in light of developments in Shelley's method and improvements in my own coding.
Trading method
This remains essentially the same:
- D1 timeframe.
- buy when Stochastic has left over sold.
- sell when Stochastic has left over bought.
- buy when Stochastic was over sold at the close of the previous candle and out of over sold at the first tick of the new candle.
- sell when Stochastic was over bought at the close of the previous candle and out of over bought at the first tick of the new candle.
- buy when Stoch was over sold at the close two candles ago, came out of over sold during the previous candle, and remained out of over sold at the open of the current candle. Vice-versa for a sell at the overbought level. Whether buy or sell, the trade still takes place at the first tick of the new candle.
Stochastic is fully configurable via the inputs. The meaning of OverBought and OverSold is obvious. ShortTradeTrigger and its partner LongTradeTrigger allow you to experiment with different trade trigger levels. For example, you might want to show ob at 80, but not to trigger a sell until Stoch drops to 75; you would make ShortTradeTrigger = 75.
Trade exit
There are the usual take profit and stop loss inputs. The trade also closes if not at breakeven and Stoch Main crosses the Signal in the wrong direction.
Shelly has innovated dealing with winning trades:
- Lot size must be divisible by 3.
- close one third of the trade at +50 and move the stop to breakeven + 2.
- close one third of the trade at +100 and jump the stop by 50.
- keep going with a +50 jumping stop until the market retraces to hit the stop, or manual closure.
I have learned to trade small lot sizes, so a trade can go a long way against me without it causing bother. I am happy to leave a loser up and running so long as it is making positive swap. KeepOpenPositiveSwapLosers is the input that allows Gday to override the normal trade exit if the trade is losing but the swap is positive.
Conclusion
Gday Mark 2 is a robust implementation of an excellent trading strategy.I trade it on my live account.
Have fun.
MrLong's multi-pair version
Andy has posted this at http://www.stevehopwoodforex.com/phpBB3 ... 126#p29126. Initially he posted it in this thread and I added it to this post, so there are a few posts from pages 11 - 13 that might appear confused. They were discussing Andy's multi-pair ea.
Read this post at http://www.stevehopwoodforex.com/phpBB3 ... 652#p28652 for the details.
Nice one Andy. Cheers.
Matters of general interest
Go here to download and run the script that will fill your platform's missing chart history: http://www.stevehopwoodforex.com/phpBB3 ... f=15&t=254
Read this post:
http://www.stevehopwoodforex.com/phpBB3 ... p?f=6&t=78 Newbie traders, read this for inspiration and warning. Those of you who have suffered losses, read it for inspiration.
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.stevehopwoodforex.com/phpBB3 ... ?f=15&t=79, 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.stevehopwoodforex.com/phpBB3 ... ?f=21&t=64
- 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 ... ?f=15&t=79