Gamblers Dream - LMFX (tarafından forex_trader_323686)
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Gamblers Dream - LMFX Tartışma
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 07, 2016 at 20:28
(Nov 07, 2016 at 20:53 düzenlendi)
Trying again with Gamblers Dream 1.4. This is a martingale strategy. If you are not fond of martingales, there is no need to waste your time or mine by posting here. The long term path I am on is to not use the pending orders with martingale at all. But since I cannot watch charts all day or at night, this exit strategy is what I have come up with.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 07, 2016 at 20:31
(Nov 07, 2016 at 20:32 düzenlendi)
Trend trading with the use of the SHI Channel Indicator. Trading in direction of trend. Confirmation of direction based on Hitman RSI MTF Indicator (34) with further confirmation to not start trading based on TIPU RSI Indicator (21). Tertiary confirmation by Bill Willaims AO Indicator.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 07, 2016 at 20:38
(Nov 07, 2016 at 20:57 düzenlendi)
If all indicators are in alignment, I click the START button. An initial trade is place at market with 3 pending orders equidistant apart. Stop Loss placed X number of pips below opposite side of channel in event of strong reversal. On the initial start of the EA, there may be many times that the stop loss is before the farthest pending orders. But as the trend continues this will not be the case. It is the most dynamic way I have found thus far to add a stop loss that is realistic, yet not get in the way when the market starts to range.
Initial Target is 8 Pips at which time a 4 Pip Trailing Stop is initiated. 8 Pips were chosen as this value had the greatest number of 100% Exit accuracy as shown in the MyFXBook history column. When order closes in profit, a new initial order and set of pending orders will be opened. The EA will continue trading until one of the following conditions occur.
1. If any of the pending orders are used in a sequence and closes in profit.
2. The global stop loss is hit
3. The STOP button is clicked. This will close all orders (pending and active) on chart.
Initial Target is 8 Pips at which time a 4 Pip Trailing Stop is initiated. 8 Pips were chosen as this value had the greatest number of 100% Exit accuracy as shown in the MyFXBook history column. When order closes in profit, a new initial order and set of pending orders will be opened. The EA will continue trading until one of the following conditions occur.
1. If any of the pending orders are used in a sequence and closes in profit.
2. The global stop loss is hit
3. The STOP button is clicked. This will close all orders (pending and active) on chart.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 07, 2016 at 20:40
Prior to October 26th, I was playing with different settings on the live account, but have been happy with most recent settings and chart data started at that time.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 07, 2016 at 21:21
FXScotty posted:
The EA will continue trading until one of the following conditions occur.
1. If any of the pending orders are used in a sequence and closes in profit.
2. The global stop loss is hit
3. The STOP button is clicked. This will close all orders (pending and active) on chart.
Also, in most cases, I will click STOP myself if I see the RSI indicator enter a red zone as a possible reversal could occur at any minute. Or at then end of the trading day on Friday, or prior to a news event if I do not feel confidant. Hence, a 'mixed' system. The EA does the heavy lifting, but I still have to choose when to start it or not.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 07, 2016 at 22:20
Here is an example of the algorithm at work. All signals were positive for a buy. START button clicked and 1st initial order placed with 3 pending orders. The first sequence closed in profit and a 2nd sequence was started. So far, the price has gone against us, but not quite far enough to trigger the first pending order. We'll see what happens.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 08, 2016 at 12:26
(Nov 08, 2016 at 12:33 düzenlendi)
The trade above cleared in the 2nd order.
If you notice, the first order was negative about 36 pips when the 2nd order was opened, but the 2nd order only had to move 15.7 pips to recover in profit for the trade sequence.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 08, 2016 at 12:28
This USDJPY sequence is doing well. Closed an order in profit, then next sequence is in profit with TS.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 08, 2016 at 12:43
USDJPY cleared in profit and new sequence was opened automatically. Note the stop loss is X number of pips below opposite side of channel. Risk on this sequence even with martingale is limited to two potential orders.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 12, 2016 at 21:19
Stupid me for trading during election. Now attempting to limit Martingale iterations to a single recovery trade with stop loss.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 15, 2016 at 19:37
Think I will change the name of this thread. Past two days I have been trading manually.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 15, 2016 at 22:57
I find it interesting that after chasing the holy grail of EA's, that coming back to manual non-martingale trading is the way to go. I guess that was the learning curve I had to go through. 2 great days of trading in a row. Now I have to prove to myself I can do it for the long term.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 15, 2016 at 23:01
(Nov 15, 2016 at 23:04 düzenlendi)
I have combined several indicators that I have found on other forums and the MQL market. I do not know if there is a way to automate. But for now I will continue looking for the small gains. Rinse and repeat. Keeping the name though.
Sep 27, 2016 zamanından beri üye
9 iletiler
Nov 16, 2016 at 09:11
kind enough to give any tips sir, ive been trading with martingale and hedging but its so risky with small gains but big drawdowns
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 16, 2016 at 12:37
(Nov 16, 2016 at 12:39 düzenlendi)
So far the only tips I have is to look for entry points using whatever indicators you are familiar with and where your target profit is consistently obtainable. Over years of testing automated strategies with and without martingale, for me a target of 8 pips has been consistent. I start a 50% trail at 8 pips. Sometimes I get 4 pips, sometimes over 10. But consistent.
Stop loss is below recent swing low (on a long). If my entry is accurate, It works. If I lose, at least I still can recover.
I am doing the above on single trades. No automated martingale. Although if a trade goes against me I may add a recovery trade if the recovery trades follows the same rules as my initial entry. Otherwise I will rely on the stop loss and work on accurate single trades to recover the loss if it happens.
Stop loss is below recent swing low (on a long). If my entry is accurate, It works. If I lose, at least I still can recover.
I am doing the above on single trades. No automated martingale. Although if a trade goes against me I may add a recovery trade if the recovery trades follows the same rules as my initial entry. Otherwise I will rely on the stop loss and work on accurate single trades to recover the loss if it happens.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 16, 2016 at 12:43
I have made my history public so you can see that I am trading .01 per $100 to test this theory that I can become a consistent trader without the martingale. We will see - wish me luck.
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 17, 2016 at 20:35
merchantFX2 posted:
kind enough to give any tips sir, ive been trading with martingale and hedging but its so risky with small gains but big drawdowns
Patience is another tip. Once you have found a chart/indicator pattern that has consistent win rate, have the patience to wait for that pattern to appear. The 1 Stop Loss I hit today was me not following my own rules.
Sep 27, 2016 zamanından beri üye
9 iletiler
Nov 18, 2016 at 09:11
i wish you a very good luck sir. I have a question regarding to your non martingale strategy, i seems promising but if i may ask, your target profit is about 8 pips, what about your stoploss? (recent swing low lets presume) is it also 8 pips or lower or maybe higher?
Sep 27, 2016 zamanından beri üye
9 iletiler
Nov 18, 2016 at 09:11
its good to have changes in strategy sometimes 😁
forex_trader_323686
Apr 26, 2016 zamanından beri üye
93 iletiler
Nov 18, 2016 at 12:18
(Nov 18, 2016 at 12:20 düzenlendi)
merchantFX2 posted:
i wish you a very good luck sir. I have a question regarding to your non martingale strategy, i seems promising but if i may ask, your target profit is about 8 pips, what about your stoploss? (recent swing low lets presume) is it also 8 pips or lower or maybe higher?
I start a 50% trail at 8 pips. Sometimes I get 4 pips, sometimes over 10. But consistent. So far 😄
SL varies, but I start about 30 pips and look at the recent swing low. Or the recent candle size. Or whatever suits my fancy based on current chart conditions. I am looking for entries where the 8 pips in gain is easily obtainable and the reversal is not likely.
I have learned from trading the martingale that we lose on strong reversals. So, my stop loss is far enough away to allow for oscillations in the market, but would stop out on a true reversal. But since a single trade, the loss is not devastating and rare that all the winning trades offset the loss.
Trade with the trend - using channel indicator, heiken ashi, Awesome Oscillator and RSI
Price must be above several moving averages
If RSI is too high (Above 70), watch out for possible reversal.
