- 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.
The trading system in the attached pdf
Graeme has posted a trading system from this post onwards:
http://www.forexfactory.com/showthread. ... ost3947683
Chong sent me the link this morning, along with links to the subsequent posts. I have copied the posts and joined them here to create the attached pdf. Our warmest appreciation to Chong.
SwingMan made an indi to give an instant visual realisation of flying buddhas; the indi is attached.
The EA is called Joe after the trader who shared this knowledge with Graeme, even though Joe is not his real name.
Trading rules for sell trades (opposite for buys)
- 4 hour chart.
Trade at the open of a new candle following a 'Flying Budda'.
Sell when FB is above the 5 EMA.
Stop loss is the high of the FB, plus some space.
Stacking (describing sells as this is what the document concentrates on):- Occurs when >0 trades are already open.
Trade at the half-way price of the FB – sell stop if the candle opens above this price, or sell-limit if opens below.
Only stack when the stop of the previous trade has moved to breakeven.
All trading rules apply to stacked trades.
- If the candle closes above a previous down candle, close half of the positions
- Occurs when >0 trades are already open.
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.
Overall trading direction
There is a panoply of trend-detection mechanisms for deciding on the direction of your trades. I have included Hanover and CBI - not sure that CBI has a part to play here but we shall see.
Chong and I cooked up an ea last week that uses a higher time frame FB to decide the direction to trade. The FB inputs allow you a trading time frame and a higher time frame that are entirely independent of the of the chart you are viewing; these default to the H4 and D1. This means you can change the chart tf at will, without compromising Joe's actions. I think. To turn off the htf FB, set it to the same time frame as that of the trading time frame.
Useful posts
Read this superb post: http://www.stevehopwoodforex.com/phpBB3 ... 2527#p2527
Sharing with FF
Feel free to upload the EA to Graeme's thread at FF. I suggest someone does so just once - there is info regarding updates in the screen feedback, so people will know where to come. I do not recommend posting a link; TIT will probably regard this as an infringement of his precious rules and ban the poster. I would upload it, but of course I am a Filthy Commercial member and so cannot.
In conclusion
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