I agree with Frank. I have seen Flex wiping out many accounts in the past though the developers claim that this is a Great EA. I have lost 20% of my live account luckily that 35% DD limit was setup. The only thing you would hear from Steve (developer) is unwarranted events can cause all that. So basically if you are using Flex setup some DD limit and be prepared mentally that it can wipe out the setup DD limit any day and keep minting till then. Happy trading
Frank, which strategy is not destined to inevitably crash?
If I can delay the crash till past my days, I'll take it.
Many strategies fail, Martingale is renown for failing because people trade it gunning for big % returns. So it's time is limited to a smaller time frame as it can only make a few mistakes before it's gone, as is with any strategy aiming for high yield.
FX Viper doesn't use martingale, yet he does avg in, and has had success for many years and trades more money than any of us ( just a guess) His targets are much smaller than his 'losing trades' another thing people say a lot is RR and it has to be this way or that. Not to mention he often doesn't have a SL many times.
Not backing up this system, just that EA's with lot increments aren't inevitably going to crash, or are just as any other system...
Hi guys. Don't go with default settings unless you are using the same multi-account strategy that Steve uses. Overall he gets more profit because despite some of his accounts going bust, the ones that make money far exceed his losses, in gains. He's using real money accounts too, not demo accounts like many so called 'Grail EAs.'
You need to change your settings to reflect a single account with more conservative risk. If you set up with true Martingale, which Steve recommends not to do, then you will get that same risk that Martingale's have, which is the eventual bust.
I only use a 5% draw-down and take my losses in stride because I get more wins than losses, and set up to follow the wins with the floating equity trail stop losses to maximize the gain potential. Remember that most experts recommend risking no more than 2% of your account balance on a trade. You can regulate through your trades, the maximum number of trades that are allowed at any given time, and how many trades per currency that can be done at a time. You can set pip step, take profit, stop loss etc... So why not do so? This EA is only a Martingale if you choose to set it up as such.
The beauty of this EA is that you have total control of it's settings. You can even just use it as a confidence meter while you manually trade. Set conservative with 100% accuracy, 6 or 8 virtual trades, then look for manual trade opportunities using price action candlestick patterns. You can see the % sell and % buy to help give you a good idea that you can execute a trade with confidence.
whatever you do this EA has every potential to kill your account not joking but I am serious and telling this from my past experience all strategies Steve's have provided so far I have done forward testing on almost every strategy and ran than for 5-7 months. They all looked very promising 2X , 3X , scalper, full grid all are rubbish and the only thing which is still working is half grid with very lower risk but even that can draw huge draw downs once market is unidirection mode. So my advise to all is stay away from this EA thats all
In 99.9% backtests, it sucks as it takes far too much capital risk. With Risk set at 0.2-0.3 on a 500 leverage account it will bust every pair. I use sub 0.1 risk. And tweak the settings per pair. It has been fairly good with EURGBP for me atleast. USDJPY have given me 15%+ drawdowns twice (but I survived). Remember, 1 pip of AUDUSD is not equal to a pip in GBPUSD in movement. GBPJPY will most likely not work even with 12 trades at default settings.
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