Basic Balanced System (Expert Advisor included)

[Oshaban]

Hi Oshaban

I propose adding lotsize risk management that will work on multicurrency trading

Risk_Manager_for_BBS.mq4

regards kjell

Rom,

Thanks for this. You really did a good job.

I used different way for calculating lot size by distributing the total risk on a predefined maximum number of trades that ea allow to open.

Anyway, I already delayed this step because I have been concentrating on how to make ea more profitable by tweaking the rules of filtering entry or settings.

Thanks again

[Onyebuchim]

Hi Oshaban

I propose adding lotsize risk management that will work on multicurrency trading

Risk_Manager_for_BBS.mq4

regards kjell

Rom,

Thanks for this. You really did a good job.

I used different way for calculating lot size by distributing the total risk on a predefined maximum number of trades that ea allow to open.

Anyway, I already delayed this step because I have been concentrating on how to make ea more profitable by tweaking the rules of filtering entry or settings.

Thanks again

I think the basic rules of entry and filtering is sufficient enough. While i traded my personal moving average system, i depended on my two MA's to cross over a higher SMA (200 or 150) to determine a BUY or SELL. What made it profitable is that sometimes is that when a cross occurs, a trend could last for weeks and my challenge was getting in at that cross. I never used the RSI nor STOCH to determine when to enter, i just base my decisions on the cross.

Tweaking the rules of filtering entry might cause further confusion. Moving Averages is dependent on crosses to detect the side of a trend and how fast and reliable a trader can get in a good cross would depend on his profits gained.

[Onyebuchim]

Hi, Oshaban

To further add to your intention of tweaking the EA further, i would like to suggest that the Version 2 be coded in a way that the EA would automatically place an order after the 10 & 5 EMA crosses over the 20 MA all things being equal. This would enable quick entry when the trend is building at the beginning.

[MMGold]

Hi Onyebuchim,
Thanks again for your explanation.
Now AUDUSD & GBPUSD are in position by itself and seeing some profits.
I am not sure which version made position as I open both versions 24/7.
I didn't check manually for v1.

Regards
MMGold

[Onyebuchim]

Hi Onyebuchim,
Thanks again for your explanation.
Now AUDUSD & GBPUSD are in position by itself and seeing some profits.
I am not sure which version made position as I open both versions 24/7.
I didn't check manually for v1.

Regards
MMGold

Check your Expert Tab or Journal Tab to verify which EA placed the Order
My EA Version 1 placed the order for GBPUSD H4 BUY and its almost hitting my SL at 18 pips from 50 pips. The next candle would tell if it would continue upwards
AUDCAD H4 hasnt moved further. Still at -3 pips (BUY)
AUDUSD H4 is at -33 pips (BUY)
GBPUSD H4 is dangling btw 40 to 50 pips (BUY) I'm considering taking it off.
EURCHF H4 is at -8 pips (SELL)

I'm using only the EA Version 1. I'm having a difficulty considering when to close off profits since i'm hoping for 100 pips

The other problem i'm facing is that when the EA hits a SL it immediately places an order sometimes without your knowing it.

If Version 1 is left without disabling it, it would still perform its usual routine but its decision might be wrong.

[Onyebuchim]

Yes, tweaking is important.

Problems that can be researched, using same version of BBS, and backtesting

What are results 6 months by 6 months for one currency? How much variation is there?
What currencies give good and bad results? This is some kind of research everyone can do and publish here.

The relevant data to publish is (H4 assumed):
Broker
Currency
Startdate and Endate
Gross profit
Gross loss
Number of profit trades
Number of loss trades

People should not be too worried about what are profitable results. The purpose is different, finding out why performance differs between years and currencies. When we start to get a feeling why some currencies are bad we later can develope a filter based on this knowledge. That kind of statistics is important for knowing what to tweak, creating no-trade filter?

Another kind of research is a two step approach for entries

1.Checking main setup conditions, no immediate action
2.When main setup is ok, robot can move to M1 timeframe and wait for best entry


regards kjell

Ok i agree with u now. Probably some statistics would help. Although i'd always prefer forward testing

[Oshaban]

Hi MMGold,

Looking at the design behind the V2 of the EA, its an automatic EA that trades according to the rules of the strategy AUTOMATICALLY. In otherwords, it would evaluate the market in accordance to the rules of the logic and if the rules are met, it takes the trade on its own. You can manually alter the SL, TP and TRS. Although from experience, most pairs in a fresh trend may go as far as 100 pips to 200 pips a day.

For V1 of the EA, if a trader evaluates the market and sees a possible entry and therefore enables the EA, the EA would as well perform its own evaluation (like a pre check) and place an order (open position). But the caution there is that the EA can be wrong when your evaluation is wrong or when the market reserves abruptly.

Onyebuchim,,,
You are 100% right.
For your question, following the strategy rules by EA dosen't mean that the decision will be 100% right. At least it has a good percentage to be good.

[Oshaban]

Hi, Oshaban

What do you think about this? Its one thing to know the original strategy so well and its another to understand how the EA works and its also important to combine Fundamentals and other techniques to harness the overall system and i think its only TEAM WORK from everyone who have the time to contribute live that would help others to benefit from this system.

I'd wish FSR had an inbuilt live chat here. It'll be much easier too.

For my personal analysis for those using V1,

There seem to be an opportunity on the EURUSD H4 for a BUY. price rebounded after the MAs passed the resistance at Pivot line 1.3048. That resistance had been there quite sometime. I'd advsied waiting for the next candle before enabling the EA and 50pips should be the mark.

Finally the AUDUSD couldnt beat its support at 0.8919 ans the Stoch is reversing up north. I'd wait for two more candles to confirm the strength of the next trend.

NZDUSD is in a dicey position. The rules seems met and the crosses are valid for a SELL but the Stoch is saying otherwise and its signaling OVERSOLD.

Made about 69 pips in GBPUSD and its still going up. I intend to place my SL at the next candle bcos i got in late

Currently enabled the EA on AUDCAD. currently at -11pips. Stochs is heading up north the RSI is at 55. It was a dicey decision but worth the try.

Onyebuchim,,,

I know that the right invistigation of the market will mostly lead to better results, but the cost is time and concentration, ....
From my point of view, I'm reading about forex and trading since about 7 years ago. I have been concentrating all the time to find or build a profitable robot trader. I have been concentrating on price action strategies, grid trading but not technical analysis. Finally, I got this one, I believe it is near to be a perfect strategy. As EA's are made to trade as robots, I will try to enhance it as much as to work with less human intervention. But how? I don't know yet!.

For the chatting room, I wish if there is any, but sure for myself that most of the time I will be far away. I will try to be in as much as I can.

[Oshaban]

Hi, Oshaban

To further add to your intention of tweaking the EA further, i would like to suggest that the Version 2 be coded in a way that the EA would automatically place an order after the 10 & 5 EMA crosses over the 20 MA all things being equal. This would enable quick entry when the trend is building at the beginning.

Do you mean the EA should enter the market Long after the cross of EMA5 and EMA10 (EMA5 is above) and they are above SMA20 and vise versa for the Short!

[Oshaban]

Yes, tweaking is important.

1.Checking main setup conditions, no immediate action
2.When main setup is ok, robot can move to M1 timeframe and wait for best entry


regards kjell

Rom,

Would you please tell me what you mean by point #2 ?

Thanks