- Most Forex traders lose all their money.
- Using the robot posted here in trading Forex does not guarantee success.
- Trading this robot could lead to serious financial loss.
- Trading this robot without understanding its underlying trading strategy guarantees traders will lose their money.
I received this in a pm from GoodBoy:
I have a simple idea, should be an easy on for you.
Goal is to achieve 5-10 pips a day with 90% accuracy. Lot of ppl running after mass of pips and end up blowing their account. I believe if we have 90% accuracy of system, we'll defeat the wall st. single handedly
So i was thinking what system can be 90% accurate.. here is one
1) prevous day's DAILY CANDLE break out. EA to enter once 7 pips have been breached from daily breakout.
2) SL = 15 pips.. TP 10 pips.. trail stop 15 pips..
can you code such an EA if its not too tough of a task for you
Truth to tell, I find the idea faintly ridiculous and told GoodBoy so, but he really wants this so I have coded it.
The inputs are the usual suspects, with these additions:
- TriggerPips: the distance the market has to breakout before triggering a trade. You may need to add the spread to this figure.
- TradingTF: the trading time frame. Defaults to zero, which means the current chart. By setting this to a different figer - say 1440 for the D1 - you can trade a different tf to the one you are viewing.
The ea includes the usual mptm extracts.
There are inputs to allow you to control the direction in which the bot trades. I have also added basic trend detection - my fav D1 Rsi(20). D1 Rsi > 55 = up trend; D1 Rsi < 45 = down trend; in between is ranging. If UseTrendDetection is enabled, the bot will only trade in the direction of the trend. By using a much higher tp and the management facilities, I have managed one slightly profitable back test - not enough to be worth the effort, but profitable none the less.
Frankly, I think a starving pussy cat has more chance of loftily ignoring a passing mouse than this does of being profitable. If any of the great minds here at FF can suggest improvements, then go birdy and I will code the suggestions.