nickster posted: Here is the author of that EA stats.
Yah, don't know him, but the stats are pretty screwed up. Seems like he is mixing several versions together under one account and siphons by magic number.
I have been testing it live on 2 different accounts for about 2 months. You have to give it a lot of money and let's say you have 20K that you can lose.
I would put it to work on 8K or so, and use the rest to get you out of trouble. So, even if you are getting 30% returns per month, you are actually getting 10% returns or thereabouts. I have done extensive back testing as well as forward testing and this EA is about as good as I think someone could create using this concept.
It blows up on forex.com for some reason a lot and just closes my trades, so I moved it to ibfx. :)
thanks for the information, i will start demo testing. ... i am currently demoing an old version of fxpromaker which is straight martingale which opens position in both direction ... i have TP set to 100 / steps set to 100 also, on backtest shows little drawdown ... will see if blessing have options to modify number of pips for each step.
junglist00 posted: thanks for the information, i will start demo testing. ... i am currently demoing an old version of fxpromaker which is straight martingale which opens position in both direction ... i have TP set to 100 / steps set to 100 also, on backtest shows little drawdown ... will see if blessing have options to modify number of pips for each step.
I did something like the fxpromaker EA which was powerSM on forex factory. It doesn't work.... :) It isn't really similar. It doesn't pick up the trend using RSI and only enter upon so many seconds as well as an MA crossover, BB/Stoch, or CCI signal. It is a blind EA and you could get eaten up as I tested it for 2 months and it always ended up losing on big moves. :) Good luck though. If you run it on 200-300 pip movements each level and trade off 4HR, then I could see it working, but you need the entries to be buy/sell stops that follow the price. That way on big moves you won't get sucked in too early. EURJPY moved once like 3100 pips without 38% retracement! :)
Well, I put GBPNZD on my list of pairs to be traded and thus far, I am finding it to be a bit 'hairy'. (To be removed upon close)
I was warned not to use it, but thought I would give it a try as the backtests worked out OK. However, due to large spreads, it missed closing out several lower level trades and I think I am at Level 11 now. Much higher and sooner than I expected. All other pairs are working perfectly. I have another 20K I can wire into this account immediately if I get close to issue with DD. So far only at 6% DD or so. :)
junglist00 posted: Thanks again for info. , am currently testing blessings on eur/usd ... still trying to understand how it makes trades
Best pair to use it on in my opinion is gbpusd. It has the most up/down movement and if you look at my summary is the most profitable with the least drawdown. Worst is GBPNZD or GBPCAD/GBPAUD. Anything that trends heavy with the market.
It is quite simple in a way.
It figures out the trend using SMA/RSI. Default when a certain MA cross occurs it reenters if the drawdown is greater than X pips. X pips is decided upon the 'matrix' you have specified. By default 25,25,25,25,50,50,50,50,100,100,100,100,200,200,200 I believe (15 levels). It is funny, GBPNZD just missed TP which are double the entry at 50,50,50,50,100,100,100,100, etc. by just a couple pips each time until level 7 where has been nowhere close to recovery.
If you are going to go live, you have to make a decision of cutting certain pairs off at a certain amount of loss, or riding it out to 15 levels or forever. :) For now, since I am investing just 11K into the account and have 9 more times that in reserves to jump in if there is an issue, I will just hang back and see if it makes 15 levels. I hope not! :)
Dumped GBPNZD as it is just too perfect to destroy this EA. It moves quickly, stops (for an entry), moves quickly stops, etc...
I was at 12 levels and only 900 pips and it could easily move 2,000, so I decided to bail after a 38% retracement on the last pivot. :) I have also been exiting and doing some manual manipulation on some currencies. :)
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.