Profit Generator EA results - page 9
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Profit-Generator is only making money in markets with average volatility. If things get crazy, we lose. If things stagnate, we lose. Sure, after a big news announcement we see prices shooting through pivot points and maybe two or three S/R levels within 30 minutes. That's forex. No EA with the type of entry logic PG uses should be running in extreme volatilty like we had this morning. Now, trading is very thin because of passover and good friday coming up. So, good judgement about when to have an EA running, even if it's the holy-grail will always need to be used. I do feel programming some logic about the fibo-pivots will improve profitability a lot. Forex is very picky about those levels. Unfortunately, the EA logic enters a trade, a buy for example, just five pips away from the nearest resistence level. Always a loser. Reverse likewise. That should be addressed if possible. Optimizing for the strength of good entries during average volatility should be looked at. If we suspect high volatilty, it should be turned off.
Interested in your comment on the holiday weekend coming up. Wonder if I should shut down (at least live) until Monday?
For example...
I had the EA running today and after the dust settled this morning, Pro-Gen opened a long EUR and a short GBP. Prices were floating around the 50 period moving average on the 1 hour chart, which is also, for the most part the daily pivot on the 4 hour chart. How will this ever generate profits? If possible, I think a cool idea would be to have two different periods for hours to trade. It might be good to trade an EA like this from like 7-10 GMT and 13-16 GMT. Otherwise, it fails when price is just floating.
Or...
Maybe make some logic where if it longs the EUR it can't short the GBP at the same time. Same with CHF. These contradicting trades need to be corrected.
Shut down?
Maybe. You have to follow the news. At forexnews.com, Ashraf Laidi gives a great audio analysis every night around 5 NY time. It's posted on the website homepage. I always listen to it. The guy is good, and it's free.
Narrow focus...
I think if the focus of Pro-Gen was lowered to concentrate on EUR/GBP/CHF versus the dollar, the fibo pivot problem was addressed, logic was modified to only take the strongest signal of the three pairs and not make contradicting trades, we only traded during the best statistically trending hours then Pro-Gen might become what it's name suggests.
I promise, this is the last
For example, only take a long if the signal is given within 10 pips of the nearest S or pivot and the next R is at least 20 pips away. If conditions are met, and the nearest R is reached then the trade is closed at profit regardless of the TP setting. Or something like that. I'm sure you get it.
OK, 1 more...
Remember, we only need to find a statistically profitable logic in forex. From there, the leverage makes the $$$.
OK Folks, I want to stimulate Creativity
There are now so many options for this EA and I am afraid we all need to think outside the box.
If you get settings that are consistently losing money, REVERSE and try it again to see if it can consistently MAKE you money.
If you don't believe me, I found some settings that did TERRIBLE for me so I reversed the trades and look at the results.
By the way, I will not share the settings of this because I am using this as only an example to stimulate creative thought here. I believe there are many settings that simply eat money with this EA, reverse the trade and start making money. Simple. Look at defeat as an opprotunity to succeed. The worst ones are the ones that make some and lose some. I love the currency pairs that consistently lose money on a setting. All I have to do is reverse that trade and start making money. Get it???
I am getting tired of people saying, I keep losing money very quickly with this EA!!! It makes me laugh.
This EA settings was started about 48 hours ago.
Looking better today on the live account
4 winners to 1 loser so far. Open trades are about even.
KISS principle applies here
There are now so many options for this EA and I am afraid we all need to think outside the box.
I am getting tired of people saying, I keep losing money very quickly with this EA!!! It makes me laugh.
This EA settings was started about 48 hours ago.One of the things I think is good about this EA is the application of the KISS principle (Keep It Simple Stupid). I beleive the more complex it becomes, the bigger the chance for failure (or at least makes it hard to figure out what's going on).
What intrigued me about this EA to start with is that it was based on price action alone. Let's keep it that way. If we add too many indicators, I think it will become very difficult to deal with.