I am relatively new in this and I would like to seek help in creating an EA for my strategy. My rules of the strategy is as followed:
indicator used: Ichimoku Kinko Hyo (9,26,52)
time frame: M15
currency pair: EURUSD
a. trading to be activated at 7am (GMT+8)
b. if current price above Ichimoku cloud, activate buy order; TP @ 5pips; SL @ 100pips
c. if current price below Ichimoku cloud, activate sell order; Tp @ 5pips; SL @ 100pips
d. if current price within Ichimoku cloud, activate buy order AND sell order; Tp @ 5pips; SL @ 100pips
e. lot size = current balance/2/1000 (lot size to be change on every trading day base on the current balance)
Sorry, it is too long to do
If you really want to use EAs, you should try to do it yourself, you’ll spend a lot of time, but you’ll learn something interesting and will be free to test any system you want after that. Start by copying the code of the ‘Moving Average’ EA which is in MT4 and modify it to add your own rules.
Another solution is to go on a website that automatically build EA for you from your rules. I never used it so don’t know which are good, but I think some are free.
I also wish I have the ability to create the EA myself. The sense of achievement of creating something, is just like you see the progress of the growth of your baby. I just lack the skill and knowledge. That’s why I would like to seek help here. Where we can break down into parts and put them together. Starting from how to code trading to be activated at 7am (GMT+8).
That is really easy to make but unfortunately i dont have time for it.Also i dont think it will be profitable, 5 pip TP and 100PIP SL,since you need 95% win rate for that to bring you sustainable profit, and since i tested ALL ichimoku systems before you i can pretty certainly state that ichimoku wont give you 95% accurate signals, maybe around 60-70% if you are lucky, but no more that that, so i guess it will fail in the long term.
And why would you put BUY and SELL order at once so you win with one and lose that winning with the other :18:
thats nonsense, maybe you meant pending order?
thanks proximus, I welcome your opinion. i also know that Ichimoku system has an accuracy of about 70%. But I would like you to know that my strategy is “hit and run”. Correct me if I am wrong but it is easier to hit 5 pips and close the trade for the day, thus the accuracy of my strategy has to be super high in order to be profitable, probably like what u said, I need at least 95% accuracy. And it is not nonsense to put buy and sell order at once, given my SL is at 100pips. I am trading on the volatility of the currency pair when it is in the cloud, which shows it has no clear direction of ups or downs. If it is like what you said, it is easy for you to create this EA, I would appreciate if you could give me some pointers, or some light. Please prove me wrong that this strategy will not work in the long run.
You are welcome. I am not an experienced-profitable trader tough, just giving my half-newbie opinion.
I kinda lost faith in complex indicator systems so I would not comment on the system except for the money management part. I explained not long ago what I am doing concerning lots calculation in this thread: http://forums.babypips.com/newbie-island/58751-opening-new-account-what-parameters-should-i-set.html
I never make a new entry until my stops are moved to secure profit (i.e. risk is back to 0%).
Backtest your system with any reasonable risk% you want, see how much profit you get conpared to the drawdown. Look at statistics on Win% and loss%; pips averages, as the drawdown/profit you get may be purely ponctual depending on the backtest time.
Today I still use an indicator based EA, but it doesn’t open or close orders. All it does is sending me an email when it detects an opportunity from simple indicators (SMAs…). I receive a notification on my phone, I look up at the charts and then apply a system which is not based on indicators to decide to enter or not. Basically I use the EA so that I do not have to look at the charts all the time, but only when something interesting happened, I don’t trade a purely mechanical system.
No offence, but its just stupid idea.If you put a buy and a sell order at once, you can win only 1 of that, and the other one by being a loser will wipe out the same amount of profit won by the other trade + spread so you wont even have 0 profit you have 0- 2* spread profit.
As for the system,it all comes down to a win rate, look here is my formula:
(WINRATEREWARD - (100-WINRATE)RISK )/100 NR OF TRADES =
=(95 * 5 - 5100) /100* 10.000=
=(475-500) /100*10000= -2500$
If we consider 5$ as reward and 100 $ as the stoploss, so you will have -2500$ after 10.000 trades.I guarantee that, but with 96% you get +8000$ after 10k trades.Its just math, since you use fixed RR settings its very predictable
