Forex Growth Bot

Naadhan · January 4, 2013, 1:44am

Piparella:

Hi Danny,

There is an excellent article that you should read by this Russian Mathematician Igor Belitsky. (just google him)

Thanks to him I use MACD(13,26,9) BOB(10,1) on RSI(7,simple,close)

You need to drag the Bollinger Bands onto your RSI Chart, not the Candlestick.

“2. Composition of RSI and Bollinger Bands
We apply Bollinger Bands study to RSI indicator. Buy signal is triggered when RSI falls below Lower Bollinger Band. Sell signal is generated when RSI rises above Upper Bollinger Band. There are many signals against the trend so we need to use some trend filter. We add MACD indicator as trend filter. If MACD>0 the trend is upward, if MACD<0 the trend is down.
The main advantage of using RSI with Bollinger Bands is that it helps to catch trading signals inside trend phase while standard overbought/oversold levels are useless inside trend. We believe that RSI(Bollinger Bands) composition study is working good both in range and trend phase while 80% & 20% RSI levels are only suited for ranges.
3. Trading System example
Below is USD/CHF 240 minute chart with sample automatic trading system. Sell signal is generated every time RSI rises above Upper Bollinger Band while MACD<0.
Buy signal is generated when RSI falls below Lowe Bollinger Band while MACD>0.
If we used RSI overbought/oversold levels on the chart above we would have missed sell signals inside down-trend as well as buy signals inside up-trend phase while composition of BOB(RSI) works fine”

I have been running two experiments with Forex Growth Bot Indicator.

One just to buy when 1st-2nd Arrow show up.

I have noticed that many times if you buy on the 3rd or after Arrows the trend is weakening.

Experiment number two is using the Igor Belitsky method to confirm the Arrow signal.

I have found that the FGB Indicator is not as Elliot Wave theory based as the FG Bot and tends to “agree” more with my other indicators.

Today the Bot Indicators pointed to perfect entry levels and the Bot did not enter trades until the 5th, 6th and 7th Buy Arrows!

If the Bot had gone long on the Arrows, 1,2, and 3(instead of 5,6,7) I could have been in and out the trade by now.

Today and last Thursday the Bot went long toward the END of a trend and then the Market went sideways.

So far I am +20 pips but have 3 long open and 1 short.

Please remember that I too am studying this Bot so please understand that I do not consider myself some sort of expert.

Now I will vouch for the Belitsky method as I ended last month trading +11%

Yet only time will tell.

Regards,
Pippa

Hi Pippa,

Thanks a lot for your indicator settings information… will try using them in the demo trades !

Pudding · January 8, 2013, 4:08pm

Hi I’m a Newbie!
I’m watching this topic for a while now and I wonder if some of you could tell me, what your average monthly profit(%) was in the past 12 month with the growth bot. I’m just really interested how the numbers match.

THanks a lot,
Pudding

li21 · January 14, 2013, 1:59am

I didn’t have such a great time with FGB last year on …

But about a month and a bit ago I started up again with Think Forex on a very small $250…
Its been performing alright with some manual closes every now and then when I get nervous about losing my winnings… Still the best performing bot I’ve ever tried…

follow on:

https://www.myfxbook.com/portfolio/thinkforex/270929

(Real money, 1:200 leverage on Think Forex, standard account)

Kurte · January 14, 2013, 6:30pm

“2. Composition of RSI and Bollinger Bands
We apply Bollinger Bands study to RSI indicator. Buy signal is triggered when RSI falls below Lower Bollinger Band. Sell signal is generated when RSI rises above Upper Bollinger Band. There are many signals against the trend so we need to use some trend filter. We add MACD indicator as trend filter. If MACD>0 the trend is upward, if MACD<0 the trend is down.
The main advantage of using RSI with Bollinger Bands is that it helps to catch trading signals inside trend phase while standard overbought/oversold levels are useless inside trend. We believe that RSI(Bollinger Bands) composition study is working good both in range and trend phase while 80% & 20% RSI levels are only suited for ranges.
3. Trading System example
Below is USD/CHF 240 minute chart with sample automatic trading system. Sell signal is generated every time RSI rises above Upper Bollinger Band while MACD<0.
Buy signal is generated when RSI falls below Lowe Bollinger Band while MACD>0.
If we used RSI overbought/oversold levels on the chart above we would have missed sell signals inside down-trend as well as buy signals inside up-trend phase while composition of BOB(RSI) works fine”

Thanks for sharing this dude.

Pudding · January 15, 2013, 3:34am

HeY,

How do I drop the Bollinger bands onto the rsi indicator? No matter how I tried MT4 puts it onto the chart…

Thanks for help;)

Pudding

Naadhan · January 16, 2013, 7:42am

Hey Pudding …

There is an option in the menu where u have to select that you are applying it on the RSI/indicator or by default it will add on the PA. Will try uploading a snap shot !

+Naadhan

Pudding · January 17, 2013, 11:50am

Thanks for the reply Naadhan, I’d appreciate a snapshot:)

You mean this menu? Cause I don’t find the RSI option

Pudding

Naadhan · January 19, 2013, 12:11pm

Hey PUdding …
Add RSI to your charts( as u have done in your pics ) Then drag and drop the Bollinger bands on the RSI(not in your PA chart) , then u will get the options to add it on RSI, for this you have to choose Apply To: Previous Indicator’s Data

Hope this helps you Pudding

night1218 · January 21, 2013, 8:39am

this EA is not a set and forget type of EA & its not for newbie to jump in.

can i put it this way?

websmith · January 21, 2013, 11:22am

FGB is a wonderful expert advisor but:

Lack of support. You will not get answer if you write to them at least I did not get.
FGB lose trades if you restart mt4 terminal while positions open.
FGB is a ancestor of the new EA which is much more profitable with less DD

I’m talking about expert advisor which allows to increase your capital in 800 times for 12 years with 14% DD
EA is not curve fitted and has more than one year of live trading history.

websmith · January 21, 2013, 11:38am

In order to successfully run such expert advisor as Forex Growth Bot you need:

Understand how EA works. Logic of oppenning and closing positions.
You should select your risk and never change risk settings. Remember that trading should be boring. If you feel excited or concerned your risk is too high.
Never intervene manually.
Stop EA only in the case of increasing twice historical DD with chosen risk

Pudding · January 22, 2013, 3:26am

Thanks Naadhan:) unfortunately i’ll have to find out how to get this “previous indicator’s date” into the menu…

blaisen1 · January 22, 2013, 10:59am

Some serious damage to my account from FGB today… -10% in a few hours.

blaisen1 · January 23, 2013, 11:12am

And the bleeding continues. What is the strategy with this EA? It doesn’t seem to make any sense when watching it trade, it seems to be opening trades right before a reversal, and stops them before they could return to profitability (and not at any specific stoploss).

li21 · January 24, 2013, 1:11am

Anyone tried using a Trailing stop EA like Trailingator ?
I have no idea how that will affect FGB’s algorithm though as it might think the position should still be opened and re-open it

I had that problem with doing manual closes without changing the “Internal Control”= false and then turning it back on after restarting MT4

Kurte · February 11, 2013, 4:13pm

Is Growth Bot still in the game?

li21 · February 11, 2013, 5:19pm

Well this is my performance so far…
https://www.myfxbook.com/portfolio/thinkforex-fgb/270929

angelajill · February 20, 2013, 4:21am

Thanks for the note…Is your FXBook link using Forex Growth Bot?? The results Looks good…

xredburn · February 28, 2013, 12:28am

Performance looks great, however the drawdown is quite high…

Kurte · March 4, 2013, 12:16pm

How bad is it man?