Here's the new "Goblin" ea...little brother to Predator - page 63
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StringFX.............
I assure you that nothing is wrong with the Goblin code and you do not need a programmer to solve any problems, you might suspect.
The only thing "wrong" was your used leverage= starting lotsize
Your account was way way way too small funded, in order to sustain big moves like yesterday.
1 Nanolot= 100 USD lotsize(yes you read that right and it is NO typo) is the start size for EVERY 10 000(ten thousand) USD in account equity.
This is my setting , which i use for several month now and i limit the max.trades to 8.
If you let the EA take 10 trades, the minimum equity goes to 30 000 USD.
JanusExactly. I had only $1300 dollars in a LIVE mini account yesterday while using Goblin, and I was trading EUR/USD during the big decline in the dollar. My account was not only fine, but it was also in the Black with $185 dollar profit. I simply set my max trades to 3, and merely traded three pairs at once (two would have probably been even better.) If this EA can help my account survive through Friday's madness, then my faith in it is only strengthened.
I think we can use a volatility indikator for the save from big moves.
The volatility of the last 3 or 6 or 12 hours.
Algorithm:
If the volatility get rapidly high (over the range) then the system need to switch in a another mode. A "safe" mode.
"Safe" Mode= hedge (or close) all (i think better is to hedge). And NO open new trades. Wait for lower volatility.
The system wait and if the volatility get down then end the run in the safe mode and go in the "after safe" mode. Then check the trend, check the hedges, open the hedges with the trend.
Then back in to "normal trading" mode.
I think this is a good way.
A another (but with more risk) way ist is if the volatility get rapidly high then the system need to switch the checking of the trend from 1H to 1M or 5M. (self) And trading this in normal mode. When the volatility get back then switch back in to 1H (or a current timeframe).
And the third way is the time management.
Feel free to use and put my ideas in the code of Goblin.
I can not so good the mql4 code.
We work.
Bye
heres my 1st weeks results using different majic#'s for buy and sell.
The floating P/L can be large at times like now, cause I am running it on 3 currancy pairs.
Dave
Dave
Could you give me a thumbnail idea of why you are using different Magic #s for buy and sell or point somewhere where I can find the info? What do you see as the benefit over the standard param? I am not the familiar with the inner functioning of MT and would like to educate myself.
Thanks
Greg
But on the other hand.
I am glad these positions are open and hope price does reverse. This could be a great opportunity to test my other theory. The charts you see in my pic goblin is buy only. I have sell only loaded on other charts with different majic numbers. So if trend does turn I will still get trades in the new direction and hopefully negate some of the draw down on the longs opened.
DaveGreg,
Here is the post where I explained my theory.
It is a hedging methodoligy. If orders are left open the ea can trade the other direction while waiting for open orders to become profits. If the market keeps moving opposite direction of the open orders it will keep making money in the new direction. So if I have to close any open orders that got left behind, the new profits will offset the bad trades.
Dave
Leverage
In currency trading many folks actually loose money, because they can not sustain severe drawdowns.
Main and in my opinion only reason is that they overleverage the account.
Lets look at leverage:
Starting with 1oo USD(Nanolot) on Goblin with max. trades 10 means:
100+200+400+800+1600+3200+6400+12800+25600+51200 Currency units.
102300 total
Now lets look at some common and quite often happening swings without big retracements to exit trades.For simplicity lets forget for the moment the swap, but i encourage you to take a serious look at the posted Goblin Long+Short statement above to visualize this swap effect in dollars.
GBP/JPY frequently 300 pip moves
GBP/USD frequently 400 pip moves
USD/CHF frequently 250 pip moves
EUR/USD frequently 200 pip moves
All of these moves would cause the Martingale Ea`s to go "full size".
Each additional pip in the wrong direction, without the ability to add further positions is 8.5-10 USD per PIP!!!!
Not unusual is that the trend continues another 200-300 pips beyond the "last EA trade".
I am "stuck" in my real account in a USD/CHF long trade with the last trade @
1.2293.The cross was as low as 1.1868 on friday............this is another substantial drawdown, before we closed aboce 1.20 again late friday.
Fortunatly i collect swap each day and my account is part of an overall strategy including hedging, which i am not explaining.
having said that, it is indeed very possible to get into a drawdown of a few thousand dollars, even with a starting position of as low as 100 USD and that within a very short timeframe of hours.
Now blaming this on the EA is totally wrong...........this "problem" has to be blamed only on the trader, who carelessly overleveraged the account.
Since margin requirements can be easily checked with brokers BEFORE you start trading, they are not to be blamed either.
Solution i use................30 000USD vs 100000CU is a leverage of 1:3 and sufficent to sustain drawdowns for a while.....
I trade positive swap only for 2 reasons:
1.Over the longer term, positive pairs tend to increase in value
2.I collect on a full lot the swap, which is quite healthy
I hope this pretty much explains the trading plan, every trader should have made before the trade.
A basic understanding of "how to hedge", which FX cross, combined with some currency specific chart analysis certainly helps to prevent account blow ups.
Whoever thought, making money is as easy as uploading an EA from a public source , attaching it on a chart and just check the account balance grow 30% per month at each 30th, is certainly not qualified for even opening a demo account.
But certainly everybody knew that before my post.
Janus
StringFX.............
I assure you that nothing is wrong with the Goblin code and you do not need a programmer to solve any problems, you might suspect.
The only thing "wrong" was your used leverage= starting lotsize
Your account was way way way too small funded, in order to sustain big moves like yesterday.
1 Nanolot= 100 USD lotsize(yes you read that right and it is NO typo) is the start size for EVERY 10 000(ten thousand) USD in account equity.
This is my setting , which i use for several month now and i limit the max.trades to 8.
If you let the EA take 10 trades, the minimum equity goes to 30 000 USD.
JanusAND don't open bad trades!!!! Need add to code NON TRADING HOUR.
Exactly. I had only $1300 dollars in a LIVE mini account yesterday while using Goblin, and I was trading EUR/USD during the big decline in the dollar. My account was not only fine, but it was also in the Black with $185 dollar profit. I simply set my max trades to 3, and merely traded three pairs at once (two would have probably been even better.) If this EA can help my account survive through Friday's madness, then my faith in it is only strengthened.
Hello Yoda,
Are your other settings default other than maxtrades at 3? How did the ea perform through the week prior to the news on friday?
Thanks
Techniques to use Goblin
This is a post about my techniques to trade Martingale Ea`s, not demanding to copy and paste it:
1.Do not trade GBP/USD, due to unfavourable risk/reward ratio
2.I do trade GBP/JPY and GBP/CHF only long and in a hedge setup, which aims for swap collection and either is 100% hedged or hedged with CHF/JPY short 1:1.8 ratio
3.Do not use the EA on big US news events(repeat!). Switch off the EA and close all positions at laest 12 hours before, due to flat market condition and a 50/50 chance to be on the wrong side during the news swings.
4.Get a daily chart setup with the 20/2 Bollinger bands.........do NOT let the EA trade , when upper or lower Bands are hit for Long and Shorts. Only trade long close to lower BB and short close to upper BB.
5.Do not trade the first 2 hours on Sundays
6.Switch the EA off, before mid week holidays and long weekends
7.Do not trade international holiday seasons, like christmas.
8.Adjust your lotsize to pipsize in USD
This list is not complete and i constantly adopt it to the market.
Janus
Hello Yoda,
Are your other settings default other than maxtrades at 3? How did the ea perform through the week prior to the news on friday?
ThanksI just started using Goblin last week, and to be honest with you, I over leveaged a bit last week (got greedy and increased the lot size,) and took a series of losses because of that. Check back with me at the end of next week's trading session, I'll let you know how things went then.