T,

Sometimes what starts looking like a pullback (profit taking), turns into a reversal (example: a pin bar on the hourly or 4 hour chart). There are usually hints and signs for this occurrence. Once you begin to recognize these "setup failure patterns", you'll avoid them all together... in turn bringing up your overall hit rate average.

Howdy Simba,

Thanks for dropping in, big buddy... and the kind words. The EA keeps a tally on the +/- pip or $ count. It never actually places hard stops or tp's into the order ticket info. Once the count is reached, it simply runs a "close all open orders" script. So yes, it is averaging from the initial entry.... if that's what you were askin'.

MM

The win rate better be astronomical because you need a win rate of 84% to break even granted you played with a fixed % of starting capital.

Higher than 84% will get you money. Maintaining such a high success rate is hard no?

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My personal up to date trading journal.

Some would say that it's virtually impossible...

Hi Mr. Marketz,

Thanks you very much for your sharing experience.

I am newbiew, my knowledge about forex is constraint and my english is not quite good. Therefore, i read this thread a few time but I don't know how to use this EA. Could you pls help to guide when putting 1-click buy EA, putting 1-click sell EA or putting multiposition expert EA.

Thanks you for your help.

Sonata95

http://www.forex-tsd.com/metatrader-4/

Search, read, and learn.

You can find an article on how to assign hotkeys to scripts here.

TimeFreedom

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"Believe none of what you hear and half of what you see."

Mr Marketz, outstanding job on the thread.

Its nice to see the tried and true methods coming back out amongst all the indicators chaff. Take note ladies and gents this is how trading should be done. Clean charts, gut instinct. As Simba eludes, practice using a trading simulator. Run through a couple of months in a couple of hours and you will see what market flow, price action, and even pattern setups come into play and from that point forward something will click and you will start seeing almost in advance what is going to happen.

As the trades are progressing ask yourself where would you take profit, is the market quiet/noisey, what about money flow (has it reached current price quickly or is it slowly plodding along). Each currency has its own characteristics. Take a look at the EUR/USD vs. GBP/JPY. EUR/USD will show brilliant reversal setups, usually on the longer timeframes, but played out at the lower levels with nice steady wave like flows. The GBP/JPY will jump, dive, turn consolidate all within one chart screen. Trading each takes a different mind frame with different rules for each (well not so much rules, but discretion and attention).

Mr Marketz also alludes to the fact the this cant be programed into an EA...True true...I like that, it takes the fun out of learning the trade. Discretion and attention with the iron will to stay off the trigger at every little jump or spike will see your trading improve. Once you learn how to trade like this add an idicator and take note how many times you could have been in and the out again of a trade before the indicator even thinks about showing you what to do.

Again well done on the brilliant thread, I especially like the cost averaging part..

Timefreedom,

Thanks for helping Sonata95 out. I chose not to, solely on principal.


TradingtheBeast,

Thanks for the kind words, and the added incite. Also, good luck on your trading room.

Thanks..yes that`s what I was asking

Regards
Simba

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