last three trades for copier
2011.05.13 sell 1.41393 closed @ 1.40996 +39.7 pips
2011.05.13 sell 1.40870 closed @ 1.40996 -12.6 pips
2011.05.13 sell 1.40938 closed @ 1.41004 -6.6 pips
How did they closed still showing open on the myfxbook and same on my mt, or are you referring to the market closing
another manually closed???
The team closed them before the weekend started, I use the trade copier, last friday they left two trades open over the weekend and it didnt go well so i think they have learnt their lesson and closed yesterdays before the market closed.
About what stevek11 said about those three trades on the 13th he said where closed before the weekend, since no one has addressed this yet I would like remind everyone that this was not the case with the FGB EA. If the copier closed the trades as he stated then the copier is not truly following the basic FGB EA that is on this ThinkForex account.
The terrible thing is, as often is the case when FGB loses big, it's because it doesn't know when to close profitable trades that are near major support/resistance levels and also during ranging market conditions. Even though when looking at the chart it's obvious as heck that a reversal is forming FGB just ignores the reversal and ends up closing trades that were all big winners! For example, those 3 trades that were held over the weekend- the next trading day there was a downward gap in the market and over the next 4 hours the price moved down 55 pips at the close of the lowest 15min bar at which time the market started a very strong reversal that lasted 14 hours for the first wave and was a move of 172 pips. Before the reversal all 3 trades would have had very good profit with the largest one at 90 pips! Since the trades where held over the weekend- they were in profit well over 18 hours so the Smart Exit should have closed them in profit. It looks like Smart Exit isn't so smart... and what does 40% of take profit mean when take profit levels are not set with the default settings? BTW FGB opened one buy trade right near the end of that bullish reversal- there was only one more upward 15 bar before yet another reversal that lasted 12 hours and 107 pips. That trade had a profit of 41 pips before the reversal. But again, that trade should never have been opened because it was a bullish reversal during a two week bear market trend. Another and even more important reason for not opening that trade was that the price was right smack in the middle of the primary and most significant S&R level of the previous day. The level I'm speaking of started at the 4th hour and lasted for 4 hours. So the market rested for 4 hours near the low of that morning until it came alive with a powerful 135 pip bullish breakout that started at the 8th hour. Then came the 8 hour/256 pip bear trend during which FGB opened the 3 losing trades that were held over the weekend. The thing is like I said before those trades were all winners and gained 55 pips the next trading day after the weekend. They should have been closed and we would have had a great day of profit. The only people that won were those that were able to close them in profit or those that were using the Compuforex Trail EA. Also that last buy trade on the 16th would have been a winner with the trailing EA. But I don't think we should have to use another EA to babysit FGB and to try to fix or minimize the huge losses. FGB needs to be updated to know how to trade in ranging markets, or at least be updated not to trade at all in these conditions. Also, I don't understand why it waits so long to open trades during strong trend waves. In the example of the last downtrend when it opened up those 3 trades that should have been closed in profit, it did not open the first trade until the last 15min of an strong 8 hour downtrend! It let 187 pips of trend go by before it decided that there was a trend. Now please don't get me wrong. I think FGB is the best EA currently out there and it has a ton of potential, but as a trader I can't stand seeing it make mistakes that only beginner traders would make. I can't stand seeing it have trades that are much bigger then 99% of most EA's (where take profit is a common fixed 15, 20 or 25 pips). I see FGB trades that are 90(!) pips in profit like the trade on 5/13 16:00, be in profit for 9 trading hours (not including all the hours held over the weekend) and then lose all the profit over the course of 7 hours. FGB had 7 hours of 15min bars to see that the trend had reversed and 7 hours is more then enough time to figure out that you better close the trade while there still is some profit, but FGB did not close the trade until another 5 hours and 15min. During that time there was a even a period of 14bars when the trade went back into profit up to 47 pips- still a much better trade then most ea's- and after losing 90pips this was a great time recover about half the profit but FGB let the trade lose again. After this slow downtrend of 14 bars/47pips, the market shot back up and moved 81 pips in only 8 - 15min bars. FGB trades only at the beginning of each bar, so it makes its decisions by checking each prior 15min bar and checking x number of previous 15min bars to determine trends, judge volitility and so on. Also in my studying the EA, the size of each bar in pips- which shows the strength, and how clean the bar is (minimal shadows), and the number of successive such bars- these are some of the most important things the EA looks for to open and close trades. What I don't understand in the actual trade example I detailed above is that after that trade moved back into profit 47pips, the EA had several very strong, clean bars of uptrend to see that the trade was going bad again very quickly, buy it still did not close the trade. It took only 4 - 15min bars to move over 50pips. If it would have closed when the next bar opened it would have been a loss of only 3pips. Instead, FGB waited another hour- 4 more bars, the 4th bar moving a huge 34 pips, after that FGB finally closed the trade at the opening of the 5th and next bar- losing -25.7 pips. To remind you, the other two losses were -5.1 and -50.9, but all were winners before with the largest at 90pips. Like many bots before it, this one was well suited for the market conditions at the time when the bot was created. But this month has been ranging much more then months before and the trends have been shorter- the perfect conditions for FGB to lose. And remember a ranging market is much more common and normal then a trending market. For FGB to really succeed it has to be updated to deal with these common market conditions. Yes, overall when you look at the whole account it has done very well. But what if you started after May 5th with a small account. You would have some serious loss and would be very worried. Small accounts can only handle so many huge losses like what we have been seeing. Another month like this and a small account could be gone or to the point that if there is a good trend, there is not enough margin to open all the trades FGB wants to open. I would hate to see new users have to keep funding their account just because they are waiting for the great trends to happen and the hope and promise the FGB will make up all the losses if you just wait long enough. That has worked in the past, but as we now see, one month can change everything. Look at the EUR/USD history. Just quickly looking I see 5 months in a row in 2006 where the ranging is far worse then this and there were no long trends that FGB needs. The bottom line is right now the conditions are bad for this bot- but really a better way of saying it is that this bot is trading in bad conditions- in conditions it was not designed for, and we are having the first losing month. If it is not designed for these conditions then it should not be trading at all. That should be the first update. Don't trade in a market ranging. Then work on programming it to know when market is ranging and how to trade it. Part of it may be to just change the settings to match the market. In my backtesting I've tested losing periods and then did some optimizations and then those periods were big wins. I've done the same on whole months, where one month made say $150. After optimizing in the MT4 Tester I was getting $800 to over $1000. Some of that is most likely curve-fitting but it shows that changing the settings even on the basic version can make a big difference. Maybe the author can provide some better .set files for us. Only he knows what will work best. I just hope this bot really is the one with staying power and not like all the others that die out. Only time will tell...