₦airaland Forum

hisableplc: dat means you dat manually not auto by ur ea since there will be an improvement in ur ea lets see how stop loss hit could be eradicated or reduced if am nt mistaken i think its making sense though

We must understand that no matter how perfect a trading method is, you cant avoid losses so stop loss must be hit but the idea is to make more profits than losses.

This is why professionals tell us that maintaining and sustaining our equity should be our main priority before making profits.

Yes the improvement should go a long way in eliminating excessive positions since there will be no hedging whatsoever. and the lock pips feature will only do a lot of good to the tp levels as we will be seeing over 20pips banked against the present 20pips maximum profit.

hisableplc: hey toks if i may ask when ur trades r initiated are there no stop loss cos i see stop loss vacant except for you losses

Actually i use hedging options as you can see in the pending orders. I place a pending hedge where i believe their should be a change in trend so if that hedge triggers, i exit the losing position after retarcement which usually occurs after a trend change 90% of the time.
But i have removed that hedging option so we will see no more hedge position or no stop loss positions hence forth.

The new modifications will go a long way to boost the profitability of the system especially the pips locking feature that allows more pips to get banked.

I remember a nairalander sent this reasonable post concerning the EA

jtmoneyjt: ok nt bad bt b wary of news it cld go either ways and scatter everytn 4 u. Mayb u try ur strategy on currency without news

And i gave him this anwser

Toks2008: Nice one. I only deactivate the EA during NFP which comes out every first friday of the month. Every other news release is no threat

I decided to take the risk leaving the EA to have open trades till that news release just to se how it reacts to news release so if what happened on friday was used to judge the EA performance despite the streaks of profits it has been making for over 40trading days, i believe such assertion is very bias.Despite the losses you pasted, the Ea is still maintaining profit and equity still looking very ok so i wonder why you jumped into that conclusion tagging the EA bad.

Some traders don't even know how to access performance of a trading system.Many traders blow huge account in less than a week Yet after about 45 trading days,you see a trade performance banking over 900pips with draw down below 15% when most seasoned traders know that draw down below 30% is still manageable. Equity still in positive and trades still running yet you gave that amateur remarks. I believe you need technical training.

I have never seen where a trader that understands what forex trading is all about copying and pasting running positions and using that to judge a trade system. Indeed you are a novice.

And to show that your main intention was to discredit the trading method for no just cause, you intentionally cut off the section where we have balance and equity so that you can only paste your bias picture.What a pity

I have other swing EAs that i have been testing and making profits for over 6 months no matter how minimal the profit is.http://www.myfxbook.com/members/ForexRefuge/long-term-zombie-swing-trading/239420

So please guys, there is nothing wrong in making observations and making necessary recommendation but lets do so in a brotherly and friendly manner and not in a derogatory way. And in my experience, most people who criticize destructively are not even half as good as the person they criticize so lets change our mindset so that we can move forward in life.

I am so sorry for boring some Nairalanders viewing this thread but are these profits not good enough to at least receive commendations for with constructive criticisms?

rozayx5: .

Thanks but if you look at the history you pasted, you will see that was on Friday. And as i wrote. i purposely left that EA to trade that day expecting to see the possible areas i need to improve in Case of news release/extreme volatility and even with these losses, the equity still remains in profit and the balance still +15% so the Ea has good mm and you can't say its a bad EA.

All the days it was making green there was no copy and paste as well as good commendation or comments and this is where i have problems with Nigerian observers.

Just read your comments "an EA opening this amount of trades is bad if you like take my words or leave it i know you are an I T K kind of person, i don't need your EA just giving you my own 1 kobo before you blow a live account on that thing, i hope you also know that there are EAs than run profitable for months"

Was that a constructive criticism or destructive? So unfortunate and this is why we find it hard to make progress in this country. You were so quick to post just one bad day of trades yet you ignored several other profitable days.

WINNINGWAYZ: Good morning house... Am thinking of using FXPRO, anyone with an experience? No wanna make money and be scared of withdrawal. Took 10k off instaforex, hope to get alert on monday.
Also, Does anyone uses broadband internet here? this dial-up is not very reliable. am in the north-central zone of the country. please, which do u advice?

Before you choose any broker, read their review very well. I always go to Google and type in the phrase "....broker review" and you will see many links for you to visit especially Forex peace army.

It is always good to spread your trading capital across 2 or 3 reputable brokers.

Bollinger: Na fight!!!

Please help ask him just once more because i am beginning to see the kind of personality this guy is made up of.

He has asked this same rhetoric question and i have giving him very clear answers but because of his type of person i guess he cant seem to see the good side of things but always looking for ways to bring others down and i have come across his type many times so people like him don't even bother me. These are series of some of my posts here concerning the EA.

Toks2008: I have found out as a swing trader that making fast 20pips on each position you take can really add up and thats why im testing the strategy presently to see how formidable it can be. Maximum of 6% exposure.

Toks2008: Thanks. I am expecting some questions and recommendation on this method im testing. This is the paramount reason for sharing it.

I have noticed that leaving positions too long to gather huge pips is not easy especially when trading manually. I am so used to leaving positions too long which sometimes reverses on me and sometimes even wipe out the profits by the time i exit. This is why i developed this quick profit taking method but i will be modifying it to lock in 20pips with max tp of 40pips rather than exit out-rightly at 20pips so that i can make more pips in a fast moving market.

So you can ask any question concerning this method so that you can understand it better.

Toks2008: All the test account im running are done with EAs and as you know, EAs have no emotions. What you see now is what you will see on real account. It is only normal for me to test the EA on demo first to see if its functioning as coded.

But just be patient as i wrote, lets make observations and recommendations if necessary on the test account. When i go live by September, we all will be around to see how it fares.

Toks2008: 3 different supp/res levels are usually used to initiate the trades. If euro moves lower to supp 12524 then another position will be opened and if euro descends even further to tests supp 12498, the last position will be opened with all 3 positions having a maximum risk exposure of 5% using 100pips as standard stop loss to give room for random moves. The sl is modifiable with hedging options.

so lets see how it goes.

Toks2008: In a forum like this, it matters how you comport yourself and proper decorum is very vital. You don't need to write"He can call it hate of course" haba. If you are not clear on any issue please ask and you will get answers.

You wrote:
1[i].I saw a post where he said he opens 5% per trade and not more than 15% at once. Now, if the 15% ends in profit, he has already made the 10% for the months[/i]:You misunderstood me. I wrote 5% total lot exposure which means i risk about 1.7% on one position. The trading system is configured to enter 3 maximum trades in a defined trend using 3 different strong supp/res levels to initiate the trade.

You also wrote:
2.Again your calculations are based on 1.0 lots but the two trades am looking it were opened with 2.0 lots, meaning $800 for today alone.: Not at all, different brokers have some variations in lot size. You should always try to scrutinize any info you see before making conclusions because if you took time to check the closed trade history you will se that 2.0lot represents 2usd per pip and not 20usd per pip.

Finally you wrote
3.So I'm still wondering where the 10% preaching is coming from: Please dont wonder, ask and this is the essence of testing this strategy with the public.

Hope these explanations go a long way in explaining the anomalies you observed. And please lets stop this egocentric atitude, in forex trading no one knows it all so lets be open minded and be objective to new ideas.

now it beats my imagination to still see you ask same question you have been asking in such a derogatory manner.

Now for you to write about the EA not making profit today goes a long way to show that you are either a novice in this business or outright pessimist. For the records i believe i should be proud of myself sharing a strategy which is open and accessible to the public to follow and not just a noise maker that comes to a thread and shout about having a profitable system making tons of pips or sending signals that the sender cant give proof of profit/loss.

I am a practical oriented fellow and i don't believe in claiming to be what i am not.

I actually left the 20pips hacker EA today to see how it will react during news release or crazy moves and this is the essence of testing and even many traders will agree that this Friday was exceptionally crazy.And this has made me to get the best observation and necessary areas of improvement.

So for you to write here asking why the EA did not make profit today goes to show the level of your understanding in this business.

Nevertheless friends.

After about 40 trading days of testing the 20pips hacker 940pips was banked with 15% profit made.Nevertheless I have observed the errors and areas of improvements such as.

1. Not having more than 3 maximum positions opened towards a specific direction at any point in time.

2. Adding a pips locker function on the EA to lock 20pips in progressive manner and give room to make more pips in a fast moving trend rather than pin the target to 20pips. This means that the ea will lock 20pips in series so if price moves in my favor with 23pips,20pips get locked and if it moves even higher to 43pips, the lock pip feature will move another 20pips higher to lock 40pips but i may place a maximum tp pips to 50.

3.Increasing the standard stop loss which is modifiable to allow even crazier moves yet risking not more than 2% per trade position and still maintaining maximum open position of 3.

4.Removing the hedge option so that at any point in time we will have maximum number of 3 positions.No more hedging.

http://www.myfxbook.com/members/ForexRefuge/20pips-hacker/349461

In view of this, i will be halting the test account and open a new live account which will be accessible on myfxbook where the trade history will be made public but you will not be able to view open positions.

Thanks to every trader especially Non Nigerian traders who have giving me very useful recommendations.

Forex trading is a very tactical business and we need all hands on deck to make it work.

Wishing you all a profitable carrier in this business.

hisableplc: u've spoken well

just about 7mins to the close of trading activity for the week, i can see euro making a preliminary bearish conquest but it pays to still wait till Sunday night.

Toks2008: hmmm, seems euro may just test res 12635 before a serious pullback occur. so if you are caught hedging euro, simply leave the hedge position to run and lets see how res 12635 reacts. If that res holds then it will be advisable to exit the hedge buy and let the sell run.

12635 is a significant res level to watch.

Indeed this week was very challenging and we may just see the bears taking over next week but lets wait till Sunday night before knowing the next line of action.

Happy weekend to you all.

Eawealth: Base on the NO LOSS system I am developing, it does not respect news. Buy stop order placed yesterday on eur/usd @ 1.25140...with 30 pips TP already closed. Buy stop on 1.25750 executed with 15 pips TP. Any how it goes, let me see No pip locker. Am still testing. Don't follow me please as there is little emotion involved lol.

Although, am still testing on a micro account (NOT DEMO ACCOUNT). $100 loss would hurt much at least.

15 pips TP taking again base on the NO LOSS system am developing. Oh yeah if I add pip locker to it...well.

Is there a way we can monitor this and make some observations if necessary? im interesed in making quick pips.

Toks2008: hmmm, seems euro may just test res 12635 before a serious pullback occur. so if you are caught hedging euro, simply leave the hedge position to run and lets see how res 12635 reacts. If that res holds then it will be advisable to exit the hedge buy and let the sell run.

12635 is a significant res level to watch.

this level is really doing a good job.

Every indication points to 12635 as a very formidable res level so if buying euro on a neutral note without any hedge then i advice you exit anywhere before 12635. If this res get breached successfully then we confirm a definite bullish take over.

Now please lets not get carried away. If a candle breaks 12635 please dont rush into buying but wait for the one hour candle that breached that level to close.Then if the next candle stick breaks the high of the closed candle by say 20pips we then confirm a definite bullish surge.

I made this mistake yesterday.I was actually surppose to wait for the next candle to break the low of the closed candle that first breached supp 12500 and that candle that breached 12500 went as low as 12486 and no candle has breached that low since that candle closed yet i jumped into the sell. Thats a leson to learn from.

hmmm, seems euro may just test res 12635 before a serious pullback occur. so if you are caught hedging euro, simply leave the hedge position to run and lets see how res 12635 reacts. If that res holds then it will be advisable to exit the hedge buy and let the sell run.

12635 is a significant res level to watch.

Please don't be deceived by this present euro surge, i still see a blast down unless res 12589/12600 get breached which is the ultimate res.

This is why it is very vital to use good mm. I am still selling with a pending hedge buy at 12600. if this gets triggered then i forget the bears but for now i still hold on to the notion that if res 12600 remains unbreached then we are likely to see the news coming up later today take euro far down.

erniok: bros toks, i'll still wait make i see wetin fed chairman go talk tomorrow. im talk fit resurrect EU.

Today is Bernake speech Lol!

Berbnake or no bernake, i see euro crashing down more to supp 12460/12340 so the best thing bernake speeach can do is to move price down swiftly in that direction. News release is a catalyst for established trend movement.

Toks2008: if selling euro please relax,this pullback is necessary for a lower low to form and euro still looks good to test 12430 so relax your nerves as we may see res 12518/12525 putting the bears back in dominance

We saw how res 12518 pushed the bears back in motion. Nevertheless traders are still expected to wait and sell euro as we are still likely to see a bearish voyage to supp 12465/12430. Trade with care and use good money management which remains the only way to making consistent and sustainable profits in this risky business.

Happy pipping

JAkpayen: @Toks2008, I'm still taking it that the sudden fall in EU is all about SL hunting. Well let's see what tomorrow holds, may the green pips alwayz fill our accounts.

I remember writing this before the break out happened[b] "In Forex trading, its not just about knowing where a trend is heading and placing crazy lot. Random motion is every traders nightmare and this usually happens 90% of the time. So please use good mm at all times because smooth price movement is never guaranteed."[/b]

if selling euro please relax,this pullback is necessary for a lower low to form and euro still looks good to test 12430 so relac your nerves as we may see res 12518/12525 putting the bears back in dominance

For those who would like to join me on skype.

If you are on skype just add forex refuge to contact and i will accept you right away and if you don't have Skype simply google "download skype" click on any download link and install it on your system.

JAkpayen: Which do we see first: 1.2400 or 1.2600?

This euro im looking at may not make any significant bullish pull until supp 12452/430/340 is tested.
Just use good mm because the 4hr chart has not even started its break out. You can plot bolinger bands on 4hr and you will see an impending bearish explosion.

Trendline: ITS TIME TO SHORT EURNZD SELL STOP AT 1.5628 SL 1.5701 TP:1.5478 THIS IS JUST A TRADE RECOMMENDATION! CONSIDER YOUR MM FIRST.

From the way i look at the chart,supp level 15625 should be breached before the bears can have full dominance. However we have spontaneous traders and conservative traders. I prefer the conservative type because they place trades only after proper confirmation of trend change according to their trading method. So your parameters for selling might be clear to you but i still see euro/nzd bullish until that supp is broken.

FEMI OLA: pls with the same strategy can we say if usd/cad see resistance 0.9938 on daily time frame it might likely good for short?

splendid my dear, splendid. Just wait to se if series of daily candle stick formed after that res is tested breaks that res. If the subsequent ones say one or two do not break the res by say 20/30pips then wait for the 5hr candle to close bearish and place a sell stop like 20pips below the low. If the signal triggers then you can sell for good.

this business requires patience

JAkpayen: hahahahaha! bros na over-skill/over-confidence sometimes dey kill monkey oooo! Hope this is not a trap for the bears?

I agree i could get overconfident sometimes and this is why good mm is vital so that you don't over do but its not overconfidence. I have been in this business for a long time and my analysis are 80% accurate except for my greed. so just sell euro with absolute peace to supp 12430/455 and ignore any 20/30pips pullback so use good mm.

Trade with care.

erniok: bros toks, i'll still wait make i see wetin fed chairman go talk tomorrow. im talk fit resurrect EU.

If you are in my skype room, you would have seen this hours ago.

[2:57:27 PM] Forex Refuge:if 12500 get breached i see no news in the world that will stop euro from testing 12470/439/340"

so don't be a spectator waiting for a fallacy called news release, better join the train because we are likely to see further down pull to 12430.

omaojo1: what is the reason for this fall; usd power

Nop, Its simply trend power. I have seen the move long time ago but we only need patience to get into a trade at the right time. As i wrote before, Forex trading to me is 100% technical.

If you go to the daily chart you will see that since the 23rd of august no candle has breached that res level 12589. Subsequent daily candle sticks have been trying but failing. My trading experience has taught me that when such scenario occurs,we are almost likely to se a strong pullback but only 10% cases that we usually have a bullish break out.

infofirst: atleast we don wait well now, n by tomrrow, make we zoom am to 1.2388 abi wetin

12340 is the ultimate supp euro is heading to but i see a strong supp around 12430 so maybe we wait for a pullback then sell back far down to 12340
kai! this kind move i don see am tey tey.

Toks2008: a breach of supp 12500 will set the bears in motion and we may see a bearish surge on euro to supp level 12424. so traders should sell with peace of mind once supp 12500 is breached.

Trade with care.

Toks2008: Euro should better move up to save brokers from paying so much because if it breaks supp 12500 i bet i will risk 20% of my account to rake in good pips as it glides down to 12430 banking smooth 70pips.

That is greed calling i guess.

Make una sell euro with annoyance to 12430

Toks2008: Euro should better move up to save brokers from paying so much because if it breaks supp 12500 i bet i will risk 20% of my account to rake in good pips as it glides down to 12430 banking smooth 70pips.

That is greed calling i guess.

This is why i love automated trading with EAs. No matter how the pips might be falling, it will never open crazy lot but will stick to the inputted lot size.

In Forex trading, its not just about knowing where a trend is heading and placing crazy lot. Random motion is every traders nightmare and this usually happens 90% of the time. So please use good mm at all times because smooth price movement is never guaranteed.

Toks2008: a breach of supp 12500 will set the bears in motion and we may see a bearish surge on euro to supp level 12424. so traders should sell with peace of mind once supp 12500 is breached.

Trade with care.

Euro should better move up to save brokers from paying so much because if it breaks supp 12500 i bet i will risk 20% of my account to rake in good pips as it glides down to 12430 banking smooth 70pips.

That is greed calling i guess.

Eawealth: I don't believe all these signal service they are all SCAM including this thread. I have tested the signal here and my account paid darely for it. If you want to be successful in fx, you must learn this business and know how to generate signals yourself. Flee from signal service providers

You are not really doing justice to this thread.

Signal service is like a compass and not to be mandatorily followed in a dogmatic manner.

When you see a signal, you are surppose to take a look at it and compare the suggestion with your trading method(except you have none which is not proper).

I have a test account that i have been running for about 45 trading days now and i have the link open for anyone to see and compare and believe me, many traders have mailed me that they have made so much profits using that account as comparison. Some say they go for 10pips and not 20pips so you see what i mean.

Tagging all signal service a scam is not the way to go but spend time to develop your trading method and you can decide to use a good signal service as comparison.

Toks2008: a breach of supp 12500 will set the bears in motion and we may see a bearish surge on euro to supp level 12424. so traders should sell with peace of mind once supp 12500 is breached.

Trade with care.

For now the crazy drama continues until supp 12500/12480 is successfully broken then we can sell with peace and confidence.

The difference between manual trading and automated trading can be seen.The 20pips hacker EA has opened 3 new positions because the entry config was met no second guessing but if im to trade manually,i will not sell now until 12500 gets breached even if my intraday sell entry config was met.

Emotions. This is the number one factor that makes it very difficult for traders to make a head way.

1. Fear of letting your profits run thereby cutting profits and letting losses run with hope that price will reverse and go your way.
2. Indiscipline in adhering to your very own trading rules that you have come t trust.
3 Greedy placement of lot size thereby losing even more trying to make big profits that is not commensurate with your equity.

God will help us.

erniok: NPF is next week friday. what we have this friday is the jackson hole symposium. thats why market is ranging cos the news from there may start a new trend.

oh my, i taught this Friday is Sept 1. Ok then no wahala. Lets still hope to sell euro once 12500 gives way. The only news i respect is Non Farm which comes out every first Friday of the month due to its driving force but every other news release is a child's play to me.