Forex MegaDroid review - 12 brokerages

[Batchboy]

Originally Posted by new2ea

even though Expert Advisor is great in make trades for us automatically,
after some time, i still feel that manual trading is better.
Having tried on quite a lot of EA that sound promising, but at the end the EA lose my money automatically.
Recently, my manual trading almost double my account balance from 2600 to 4488 with floating profit 326 within 1 week.
This even enhance my opinion that manual trading is better, even though you have to put a lot of effort and time to learn.
I also found that nowadays, most of the EAs having a few similar features:
using scalping strategy & trading during off market hours- this is because this kind of strategy having high success rate , so that to attract customer by showing the back testing results. But it's killing your account when it hit the stop loss.
if you think carefully, if the spreads on the currency pair is 2 pips, and you are target for 10 pips, then the "cost" of your trade will be 20%. if the stop loss is 50 pips, then you are risking 50 pips for earning 10 pips. Personally i don't think the risk/reward ratio is great. My advice is stay away from those scalping EA that do not set stop loss!!!
I'm more interest in swing trading, and trying to catch the whole trends. During recent volatile market condition, you can easily catch 100+ pips profit.
Anybody can suggest some great swing trading EA?

hi new2eas,
I haven't been seeing any good swing trading EAs of lay, but if you're a successful trader (maybe you can explain how well) then the combo of myself and 1ka can put together an EA for you and the folks here on pipcop as we've gotten a bit experience along this line. 1ka has developed one "SoiftWyer-Lib" that is call-ups for a general EA creation, so perhaps your trading rules could be good in an EA! Message us if interested in "giviong it a shot".
jb

[new2ea]

Hi batchboy,
sounds interesting.
What's the "soiftwyer-lib" used for?
Look forward to hear from you.

[sacrelicious]

Hi PipCop, what is the settings you used with alpari?

[PipCop]

Originally Posted by sacrelicious

Hi PipCop, what is the settings you used with alpari?

As mentioned in the first post, "All settings are default".

[Batchboy]

hi Pipcop,
Quite the number of brokers anymore, is this the new norm to test potential EAs? You must've developed quite the server set-up, with T-1 ???


(half off-topic so members ignore if you like
My Invis is coming along, but it will be optimized for IBFX only (reason I say only half off-topic, amount of brokers question), any problem with that on the day when I pass to you to run there? I'll probably be giving you some money for an account, whether it be $10 or $100 to put in an IBFX account to run live$ promptly I don't know and to me it don't matter, it's simply a matter of size of lots in the running of it It's doing fine so far. I run for 1 or 2 more months before passing to you, is ok? I'm doing live$ running now with live$-data optimizations so no need to go backwards to a demo run. I believe and have believed that live$-data is where it's at and too much demo running is no good as that is simply to initially show you a general ballpark as to an EA functioning.
jb

[PipCop]

More or less. I would like to test robots on multiple platforms in hopes of narrowing things down to a few good brokerages that are robot friendly. Same servers that I had before, same connection, but yeah, they are pretty heavy duty which is why I bought them in the first place. One thing I have learned from past ventures is that if you buy what you need now, you will be under powered in about 6 months. At my current setup, I am only using about 35% capacity with the current reviews., so I have plenty of space to grow.

[Ken Long]

Originally Posted by new2ea

even though Expert Advisor is great in make trades for us automatically,
after some time, i still feel that manual trading is better.
Having tried on quite a lot of EA that sound promising, but at the end the EA lose my money automatically.
Recently, my manual trading almost double my account balance from 2600 to 4488 with floating profit 326 within 1 week.
This even enhance my opinion that manual trading is better, even though you have to put a lot of effort and time to learn.
I also found that nowadays, most of the EAs having a few similar features:
using scalping strategy & trading during off market hours- this is because this kind of strategy having high success rate , so that to attract customer by showing the back testing results. But it's killing your account when it hit the stop loss.
if you think carefully, if the spreads on the currency pair is 2 pips, and you are target for 10 pips, then the "cost" of your trade will be 20%. if the stop loss is 50 pips, then you are risking 50 pips for earning 10 pips. Personally i don't think the risk/reward ratio is great. My advice is stay away from those scalping EA that do not set stop loss!!!
I'm more interest in swing trading, and trying to catch the whole trends. During recent volatile market condition, you can easily catch 100+ pips profit.
Anybody can suggest some great swing trading EA?

But, as you mentioned the other half of the risk/reward ratio is the win/loss rate . If you can mantain a high 90+% win/loss rate , with very few consecutive losses, than using a higher SL than TP can work, at least theoreticaly. The problems seem to come from assuming too much reliability and setting a high risk level. Sooner or later any system will take a series of losses, and these scalpers could easily wipe out an account if your not prepared.

That said, I think these scalpers, and this EA in particular, are fine toys to add a few pips during an otherwise slow trading period. However, I can not think of them as stand alone money makers. As new2ea has mentioned, the majority of my trading profits also come from capturing swings and short term trends.

I dont know how you could mechanicaly automate the entire proccess as a good percentage requires discretionary choices, candlestick analysis, chart patterns, and multiple time frames. However, once the trading world gets over the idea of paying for fully automated EA's, as if they ever will, what is really needed is a semi automatic trading platform that can execute and manage manualy chosen trades. Something beyond the simple SL , TP , and Trailing Stop settings. This could be as simple as setting an entry point based on a breakout or reversal, with confirming oscillator and moving average, and several filters, and then following it with a manualy trailed SL and a TP .

If you can write an EA to manualy trail a stop based on a combination of support/resistance, fractal positions, moving average trend lines, and individual bar sizes, and automaticaly adjust its method of trade managment to allow for an oscillating trend or to capture a parabolic move, you might have something.

If you could then analyze the current risk, and add to the position as the stop rises, maintaining a maximum risk level, and holding several open orders, taking partial profits by closing some orders at ATR targets, and holding others on the trend line. Constantly adding to, and taking profits as the trend oscillates, untill it eventualy breaks down and closes all the position, or possibly goes parabolic triggering a different strategy involving a shorter time frame and tighter stops.

If you could write a program to do this automaticaly, or on a semi automatic basis where the user specified the trend and trend line to follow, and the EA picked out the different sorts of breakouts to initiate and close trade segments on. This would certainly be interesting.

[Batchboy]

Originally Posted by Ken Long

But, as you mentioned the other half of the risk/reward ratio is the win/loss rate . If you can mantain a high 90+% win/loss rate , with very few consecutive losses, than using a higher SL than TP can work, at least theoreticaly. The problems seem to come from assuming too much reliability and setting a high risk level. Sooner or later any system will take a series of losses, and these scalpers could easily wipe out an account if your not prepared.

That said, I think these scalpers, and this EA in particular, are fine toys to add a few pips during an otherwise slow trading period. However, I can not think of them as stand alone money makers. As new2ea has mentioned, the majority of my trading profits also come from capturing swings and short term trends.

I dont know how you could mechanicaly automate the entire proccess as a good percentage requires discretionary choices, candlestick analysis, chart patterns, and multiple time frames. However, once the trading world gets over the idea of paying for fully automated EA's, as if they ever will, what is really needed is a semi automatic trading platform that can execute and manage manualy chosen trades. Something beyond the simple SL , TP , and Trailing Stop settings. This could be as simple as setting an entry point based on a breakout or reversal, with confirming oscillator and moving average, and several filters, and then following it with a manualy trailed SL and a TP .

If you can write an EA to manualy trail a stop based on a combination of support/resistance, fractal positions, moving average trend lines, and individual bar sizes, and automaticaly adjust its method of trade managment to allow for an oscillating trend or to capture a parabolic move, you might have something.

If you could then analyze the current risk, and add to the position as the stop rises, maintaining a maximum risk level, and holding several open orders, taking partial profits by closing some orders at ATR targets, and holding others on the trend line. Constantly adding to, and taking profits as the trend oscillates, untill it eventualy breaks down and closes all the position, or possibly goes parabolic triggering a different strategy involving a shorter time frame and tighter stops.

If you could write a program to do this automaticaly, or on a semi automatic basis where the user specified the trend and trend line to follow, and the EA picked out the different sorts of breakouts to initiate and close trade segments on. This would certainly be interesting.

Yes indeed Ken, this is what I did for invisible-fx-landscape.com Multiple levels of sophistication. To handle one level of discernment I have as part of the optimizations the start and duration of the trading time! This I found was important beyond belief! Then there is set-up indicators, followed by Ichimoku 1min-bar capture indicators using 3 parameters also optimized, so its the full puppy! It's only been a few weeks of usage so it's so new still, plus as I go along optimizing each week I have more live$-1min-back-data collected to use in optimizing. It's got still a couple months to prove itself out still, but at least I'm using a live$-micro-account on the journey, not a demo nor its data! I even had to examine (due to going with variable time-slots) the periods of the year (re: EURUSD) when US & Europe have differing Daylight Savings time, decided to simply have the EA not trade during those 20 & 5 day periods.

Well, I piped-up not to advertise, but mainly because you seemed intrigued by the possibility of multiple levels of sophistication to handle real trading. Are you a real profiting fx trader, you sound like it from your discussion? I worked with 1ka to conceive, design, and program (his forte) this "Invis", so message me if you have successful trading method and we see if we can hash something out. There is one big problem right now, 1ka is "out" due to major programming jobs, his work, so not sure if and when all this could come about.
1ka just did one EA put-together for a "BerryBlonde", it's a thread in general area, it was succesfull in optimizations/back-test which I did, but it be up to anyone to use because it spent a lot of time in that during that back-test period's equity of just up 'n down flat, otherwise it did fairly well.
jb

ps: to avoid too much off-topic please message me if interested in new EA.

[Ken Long]

Semi real and profitable. Forex has been more of an advernture into shorter time frames so far. Previously, prior to the great bear, I was predominately trading options on a 2-10 week time frame based on earnings growth and technical swing and trend . Once the volitility set in option prices grew to large for comfort, and my time frames didnt hold. So this has been an experiment to gain experience with true short term swing trading and the intraday time frames, as well as the leverage and inherent volitility of the Forex markets.

So far, I've gotten quite wraped up in EA's and scalping techniques, but the prior methods still hold, and are the only way that I've made good consistant profits trading. Further, these methods should transfer to any time frame and any market, within the individual variables of the specific market. Obviously, theres no need for earnings trends in this market, or on the shorter time frames. Its much more about the other players and which way they want to go.

As far as a Forex EA. I would be most interested in something that could enter or manage my trades for me when I wasnt there. Short of full "end of day" trading, I find the intraday time frames difficult to manage and maintain. I often find great patterns, with great potential, but miss the entries or mismanage the trade by not watching it constantly.

My first thoughts on trading EA's was more as a trading aide than a fully automatic robot. Something that could manage intraday time frames and 24 hour trading. Something that could be placed onto an existing trade, and be modified for changing conditions while the trade is running.

[mitaji]

Ive really been thinking about these EAs. I'm begining to see the light. There is a cult-like mentality with those of us that follow these EAs. Lets step out of the box and think for a minute.Ask yourself the following questions:-

• If I had a system that is going to break 1000% a year, why would I sell it? especially when in 1yr...I can make a cool million for every 1k in my account.

Possible answer: I'm full of sh**.The system will never make these kind of returns but as long as I make you believe it can, more money for me.

• Which brings me to my second point .If the EA is so accurate/profitable why am I posting back-tested results?Why don't I have Live results?

Possible answers:
You guys must be nuts, if you think we are going to risk any of our money on this.
My EA is far from perfect. A live account statement will not look anything as good as the backtest.

• How can I sell the most copies in the shortest time possible??

Possible answer:
Hype up the launch of the EA. "Limited no. only!!!"...... "Price to go up after x units are sold"......"Hurry! while stocks last!!!" etc etc

• Incase sh** happens?

Possible answer:
Well......in terms of cash I'll have lost nothing or very little.
Anyway.....you cant get to me, I'm registered in the republic of taxhavenonextradition...

Enough of that. This is my point ... none of these EAs have worked as well as they are marketed. What these guys are selling you is a 'Dream' and we are too blind/stupid not to ask the right questions. The key weakness about EAs/robots is that they cant think!!Therefore, without discretion they are bound to fail sooner or later. If you are using these EAs, use money that you can afford to loose. Open a small account (not more than $300) then grow it if you can. Your risk will always be $300 that is if you are profitable.Guys, there are no short cuts to riches, so quit thinking about 'making money while you sleep' and try to be a better trader.