Day Trading robot review - BUSTED! -$3071

[PipCop]

From http://codebase.mql4.com/481 comes the DayTrading EA. It is running on the EURUSD 5 minute chart.

The EA is attached to this post.

The author says:

DayTrading Expert Advisor must be used on 5 min charts with 20 pips profit limit. Do not place any stop loss.

Here is the data:

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Should I buy/use this EA on a live account? - Government Required disclaimer - Earnings disclaimer

daytrading

SE6

[geekguy]

This ea does not seem to be working. Any errors in the Expert logs?

[PipCop]

I think you just had to wait until the "day". It's up $400 right now.

Perhaps it doesn't trade at 1am, hence why it's called "DayTrading"!

[geekguy]

boy, not one losing trade. Pretty cool. At 1 standard lot on 5k its pretty risky it would seem

[Batchboy]

Seems like a hot EA. But shouldn't we at least have a catastrophic size SL ? Something like say 300 pips? That way at 1 lot per $5K account you'd be "only" left with an account down to $2K from original $5K (LOL). Some kind of modicum of protection, no? Afterall, there could be a day when that tiny percent that slips under these Stochs/MACD kind of TAs A-N-D also has a big market jolt (HAPPENS!!!) will have some safety net to grow from later.
In fact, why not design a similat TA combo to cut-out of a trade should these TAs see opposite sudden move, that way trade is cut-out well before 300 pips. This could be VERY EXCELLENT EA, V-E-R-Y, but work on stop-loss I feel is needed for obvious reasons. Every EA I've played with w/o SLs eventually "comes acropper".
jerry

[Batchboy]

I've gone ahead and put SL =200, what does someone (author?) think? That would save 60% of account since here we have 2-minis per Thou instead of 1. Besides, if Stochs+MACD settings is that good to foretell high likelihood of 20 pips continuation then in order to be in such trade "taking heed" then what is chance it is going to back-up to 200 pips the other way? Rare I'd say, and worth the disastor level protection, no?
jerry

[PipCop]

I'm always a fan of a SL , that's for sure. 200 pips seems quite large, but I have not reviewed the source code to see exactly how it works. So far it doesn't seem to need any changes, though, so I can't recommend anything.

[vanupips]

can someone explain me please; in the statements every trade has a s/l, who put it there?

[Batchboy]

Originally Posted by vanupips

can someone explain me please; in the statements every trade has a s/l, who put it there?

It means when a trade is opened a "hard" SL & TP is set-up simulataneously at broker . "Hard" meaning it is there at broker independent of what other things EA is "thinking of doing".
Actually, after discussion with sargent James of pipcop I find dynamic stops/TPs would be better (at close of 15Min or 1Min bars) because hard-stops can only be simulated by tick -data, and I don't have that set-up with back-tester/optimizer currently, thus that is probably at least ONE reason this EA will fail. My humble apologies.
jerry

[Batchboy]

Could someone or author please check attached EA, mine operarting in a server with default setting did not have any trades open for past few days, and even the last one on Thanksgiving did't open. Is it identical or different settings I should be on? Maybe Alpari's tick movement had managed to open a trade when mine on IBFX didn't?
jerry