Forex Robots - legit or scam?

[electronicmaster]

ill have another test with those settings. thanks for sharing

that works on the 'long term' FAP strategy?

Correct. It is only used on long term FAP.

I'm hoping it will be my bail out plan that everyone is getting (for stuffing up) these days.

 

[Stormin_Norman]

some might find this file interesting:

http://www.4shared.com/dir/13166309/67d975b6/EAs.html

 

[electronicmaster]

Live Statement update for today.

 

[Trembling Hand]

electronicmaster How do you get a 88% win rate?

 

[electronicmaster]

electronicmaster How do you get a 88% win rate?

143 total trades divided by 126 profit trades multiplied by 100 = 88.11%

lol, just kidding.

I had only used the values I had found at the member forums.

Then you have to ignore what the trades are doing. Most of the time the trades look like they are going in the wrong direction. But in time they come back down for a nice take profit or a trailing stop loss.

In general, Fap trades along with the long term trend. Currently the EURUSD currency pair is trending down long term.

EDIT: Some trades can go on for days before it makes money. If the trade lasts for over 2 weeks, then cancel the order at the lowest loss. I had to do that with one trade and was lucky to only loss around $7.00 USD. But you could just leave it in there, it might just do ok.

EDIT2: remember that I only mod the Fap (long term) strategy because the scalpers strategy won't work that well with extremely high spreads of up to 11. Some currency pair spreads are down to 5 and 6 today. So I might get a lucky scalp in there later on this week.

 

[Stormin_Norman]

that's impressive setting changes.

 

[Trembling Hand]

So let me get this straight. You have a 20- 50 pip target on an order that open for weeks and no stop in place?

 

[electronicmaster]

So let me get this straight. You have a 20- 50 pip target on an order that open for weeks and no stop in place?

That is correct, but it is normally one or two trades that can stay open for weeks. Most trades tend to make profit within 3 days or less.

No stop loss is used because in my case I only have a capital under $5K USD. You can put one in at say 500 to 600 pips, but if you have a freak price spike? you can lose a lot of money in one hit. And the market can spike from time to time especially these days. I try to trust the long term trends unless it changes. So keep an eye out for the long term trend changes.

I have two Fap (long term) robots running in two different chart windows that is trading the same EURUSD currency pairs. One has a TP of 20.00 with lots of 0.01. And the other is set up to have a TP of 50.00 with lots of 0.02 (I have now changed the lots to 0.05 with prudent enabled).

So far all is doing ok.

I have my first scalp today with USDCAD (still currently scalping). Hopefully it will do good.

 

[Timmy]

So let me get this straight. You have a 20- 50 pip target on an order that open for weeks and no stop in place?

That is correct

Oh god ... gobsmacked ... speechless ...
What's the emoticon for a bellylaugh?

When I recover I promise to post something positive.

 

[Stormin_Norman]

what if the market never comes back?

 

[Trembling Hand]

No stop loss is used because in my case I only have a capital under $5K USD.

Mate this is one of the silliest things I have herd!!

Did you sim this idea. Or test it in any way? Got a guess at your MAE? do you know what happens when trends end? They swing violently in the other direction!

 

[electronicmaster]

what if the market never comes back?

CloseMrktChange: 1 setting will close out the orders if market trend changes. That's way I have really low lots of 0.01 or 0.02 (now 0.05).

 

[Stormin_Norman]

what if the market never comes back?

CloseMrktChange: 1 setting will close out the orders if market trend changes. That's way I have really low lots of 0.01 or 0.02 (now 0.05).

what loss are u looking at generally in that case? it could be quite substantial; will it be covered by the profits from the other trades?

 

[Timmy]

No stop loss is used because in my case I only have a capital under $5K USD. You can put one in at say 500 to 600 pips, but if you have a freak price spike? you can lose a lot of money in one hit. And the market can spike from time to time especially these days. I try to trust the long term trends unless it changes. So keep an eye out for the long term trend changes.

Fortunately, while you are trading only with a small capital base you cannot do yourself too much harm (apart from wiping out what little capital you do have, or hopefully, stopping what you are doing when you get a string of losses). But your “no stop loss” approach will not translate into a workable strategy when, and if, you begin to trade with meaningful capital. You are learning some very damaging habits.

 

[mattlaw]

I am only new at this trading stuff. But shouldnt you trade with the same style whether it is $5k or $50k. As in if you have a system that works with $5k i am assuming it would also work with $50k.

If in the future you have $50k to trade with will you then change your system and use a stop loss?

 

[electronicmaster]

Mate this is one of the silliest things I have herd!!

Did you sim this idea. Or test it in any way? Got a guess at your MAE? do you know what happens when trends end? They swing violently in the other direction!

I have tested this on a $3K demo account and it made me $200.00 short of 1K USD profit, with the most loss in a single trade being no more than $15.00 USD. Fap can close out trades if it thinks it has traded for to long by itself without costing you too much draw down (so the FapTurbo support people say)

I have never looked at using a MAE to help me set up a stop loss before. That might be a good idea.

This is the setting I have been depending on for that sort of change:-
CloseMrktChange: 1


This is indeed the test of tests. Nothing bets live

 

[electronicmaster]

what loss are u looking at generally in that case? it could be quite substantial; will it be covered by the profits from the other trades?

I have not made that much of a loss with the demo accounts, but I have made a lot more profits than losses.

As you have already seen with the live statement, the worst loss (due to my error of over trading) is around $75.00 USD on a single trade.

Lets see how much more cash I'm going to make or brake today

I will keep updating the statement.

 

[electronicmaster]

Fortunately, while you are trading only with a small capital base you cannot do yourself too much harm (apart from wiping out what little capital you do have, or hopefully, stopping what you are doing when you get a string of losses). But your “no stop loss” approach will not translate into a workable strategy when, and if, you begin to trade with meaningful capital. You are learning some very damaging habits.

I do agree, and the approach used without a stop loss is a concern. I will look into TH advise of using the MAE to determine a good stop loss for all trades.

It is better to be safe than sorry. After all, it is taking forever to make a dollar here or there with these trades. But it is better than no trades at all.

I will look into it.

 

[Trembling Hand]

I do agree, and the approach used without a stop loss is a concern. I will look into TH advise of using the MAE to determine a good stop loss for all trades.
But it is better than no trades at all.

No that is not at all what I'm suggesting. I was trying to get a gauge as to how long you hold trades that go against you. But it would make no diff to you. When you do the wrong thing and it works out right it just reinforces your incorrect actions ... until it ends in tears.

But it is better than no trades at all.

BS. Trading incorrectly is never the way to go. IMO.

 

[MS+Tradesim]

I have some of my own ideas that I want to turn into EAs but I know zilch about MT4 and MQL4.

Would any of you MT4 guys mind having a look at this info and advising if it is a helpful place to start learning?

http://www.metatrader.info/node/34

Thanks in advance.