The EA works great, and I still use it part time, but honestly, I am focusing on NanningBob's 5.0 system right now as it is basically the same thing (well, probably not as profitable), and a little less risk in my opinion.
If/when I get time, I will end up fixing the EA to incorporate the 2.4.2 drawdown system (which I do manually with this EA). Max levels should be 3 so you don't blow your account. Then, when it reaches 3 levels, close the 1st level trade (at a loss) and your 4th level will be the same lots as your 2nd level, the 5th level (close your 2nd trade at this point) will be equivalant to the 3rd level.
Honestly, I have never seen a trade make its way past that including May 6, 2010.... You have to stay the course and take the losses, otherwise you will end up losing more.
Another way which Bob discusses is the 1.3.1 system:
L1 = .01 lots L2 = .02 lots L3 = .03 lots
Close L3 & L1 when they are at BE. If the move continues to retrace, then stay the course on the L2. If the move doesn't, then enter L3 where you normally would and hope for a retracement.
I added a 1x3 cross (best for optimization) and it works beautifully on backtest, and I also added static minimums for Reentry of pair for distance and I found that a multiplier on the reentry to be useful. Again, this is all in my latest, but I need another programmer to work on it as I am too busy at the moment.
EURJPY is the only one that blows up significantly using this method static over the last 9 years from backtesting. But obviously today is different then yesterday! This system is only a 10% a month return type system, but you have to do the drawdown properly.
Just FYI, I have scaled out the double dragon EA/manual trading on this account, and I am now trading blessings 3 USDJPY on a test on Micro. This is a test account.
I have moved the other technique to a live account with about 33K to ATC brokers. Should be set up within 2 weeks for review.
I will most likely be accepting investors for that account (PAMM), so please don't beat me up too badly. :) haha... I am not out to steal anyone's money nor hurt anyone and it is everyone's choice to do it or not. I am also in process on becoming a Commodity Trading Advisor (Licensed) as I am tired of so many criminals running around offering services.
The plan is to keep a large amount of my own capital and if anyone wants to join the technique they are free too... This all started from a recommendation of a friend of mine (who wanted to co-invest) so we will see how it works out long term.......
(FYI, no martingale on anything other than my own accounts, period...)
Yah... Shoot, if I were 100% honest, I don't think anyone would like me.. haha... :)
'Yes, you look fat in those jeans!'
Andrew Dice Clay, 'Forex Trader Extraordinare' hahahaa....
Yes, I have (had) a friend who was a money manager for about $100M while I lived in Hawaii. When the '*hit' hit the fan, guess what.... He no longer lived in Maui! haha...
Funny how people are such experts and have no fear and a big ego, then they pick up, move to another location, delete any record of their failures.
I think what is more interested is how people are sucked into that. They want those people to be 'so wise' and 'so smart' and blah blah blah... Those are communities that get Hitler, Stalin, etc.. elected into offices.... I digress.... :)
ajentha posted: Hi Gil, Best of luck for your managed account, In forex these type of good hearted persion realy want, then only we can know the up and downs, I also try in my best in your managed account,
Any have , god bless your all hand effort
Honest people always get the blessing from heven, sure
Wow, thanks for the support. I am studying up for my Commodity Trading Advisor exam. Seems pretty easy if you have traded for a while! I am surprised at how easy it seems to be. Seems like reporting requirements aren't too bad either so we will see...
I will keep everyone posted and go from there. It is still a few weeks away and like I told someone before, this is long term, no rush.... :)
Key is to hold onto money and make a little more at a time. :)
I am most excited about another technique I am going to be trying soon in my LIVE account. Those who are kind enough to be on my blog here will get a dose of it if it works out. Still a few weeks out, so I hope it keeps up. I don't want to put it up here yet, because I don't want to look like a fool if I am missing something big... haha...
It is nothing I can offer to trade for someone else, but just a concept that seems to work with minimal drawdown that others can try as well with a very small amount. Unlike others, I will not be interested in charging for anything of the sort... :) Just having fun.
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.