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ForexScotty Manual - Live (By forex_trader_282486)
The user has deleted this system.
ForexScotty Manual - Live Discussion
Oct 25, 2015 at 22:38
549 Views
18 Replies
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Nov 11, 2015 at 18:08
Effective November 10th, began trading manually. Prior to this was an MQL EA called Microbot. I do not recommend it.
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Nov 18, 2015 at 20:09
I don't like the way MyFxBook calculates drawn down. I was down $80 on a $600 account. That is not 58%
forex_trader_29148
Member Since Feb 11, 2011
1768 posts
Nov 18, 2015 at 22:58
(edited Nov 18, 2015 at 23:00)
yes your real dd is 10% are you using some marti components?
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Nov 18, 2015 at 23:20
(edited Nov 18, 2015 at 23:20)
Hi Rob,
I use a limited doubling in lot size to average down my trades if the trend is solid. Only to 5 grid levels. I do not use an individual trade stop loss, but an EA that will close all trades on the account if overall equity reaches a certain amount.
I just don't like the fact that myfxbook calculations are not accurate.
I use a limited doubling in lot size to average down my trades if the trend is solid. Only to 5 grid levels. I do not use an individual trade stop loss, but an EA that will close all trades on the account if overall equity reaches a certain amount.
I just don't like the fact that myfxbook calculations are not accurate.
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Nov 19, 2015 at 02:28
It works VERY well as long as I do not make a mistake on the entry like I did tonight on the AUDUSD. We will see if my averaging down program works to get me out of this one.
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Nov 19, 2015 at 13:37
Was able to close out the AUDUSD trade for a small loss. Better safe than sorry.
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Nov 19, 2015 at 18:14
Now I am thinking of dropping the averaging down strategy. It uses a light version of the martingale, and since my trade entries are accurate 80% of the time. Why place the extra risk?
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Nov 24, 2015 at 15:23
Found a bug in one of my EA's - one was affecting the other. Had to close some trades Manually for loss. Shame.
Member Since Nov 20, 2015
24 posts
Nov 25, 2015 at 07:30
Since its looking good... Keep it going!
Work Hard and Play Harder!!
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Dec 01, 2015 at 14:01
Professor53h posted:
Since its looking good... Keep it going!
I've been reviewing my trades and it is great when the martingale style recovery works, but the risk to reward is just not there. Once again, I am in the 5th level of the grid hoping to recover. I don't like the idea of "hoping" to recover. When I look at my history and see time and time again winning trades where the martingale was not necessary and the session's trading would have resulted in 100 pips in gains if I had only used a standard stop loss of say 30 pips where that level would have been the first level of the grid.
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Dec 01, 2015 at 14:12
Not to mention that without having to spare my equity for the eventual martingale, I can trade with higher lot sizes
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Dec 01, 2015 at 15:33
Sooner or later, martingales will bite you on the butt
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Dec 01, 2015 at 20:13
Adjusted custom analysis dates starting today. Manual trading WITHOUT the martingale
Member Since Nov 20, 2015
24 posts
Dec 02, 2015 at 07:58
So whats your perferred stop loss changed going to be set at?
Work Hard and Play Harder!!
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Dec 02, 2015 at 11:29
Since the first level of the grid was set at 30 and was rarely used, I start there
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Dec 02, 2015 at 13:46
Don't get me wrong, I enjoy the martingale when it does well. I just think when it goes bad, it goes REALLY bad.
forex_trader_282486
Member Since Oct 25, 2015
57 posts
Dec 02, 2015 at 15:00
(edited Dec 02, 2015 at 15:02)
But, I will still play with it on this account. I changed the martingale calculation to 1.7 which allows me to keep 7 grid levels. But saying that, I think I will only keep it until I gain more confidence in my entries, then drop it. It is a nice security blanket to have...until it all goes bad. LOL
Member Since Nov 20, 2015
24 posts
Dec 06, 2015 at 08:16
ok
Work Hard and Play Harder!!
Member Since Nov 20, 2015
24 posts
Dec 10, 2015 at 07:59
Scotty.... my latest chart and cleared out the others.. take a look.
Work Hard and Play Harder!!
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