Hey rcloud! Thanks for your post.
1: What proportion of your trades are eventual losers that you will clean house and exit and realize the loss?
I only took two loses (manually) which were in May. That was to free up two pairs for trading and to minimize draw down. I did this because my margin was really getting chewed up and my lot sizes vs. account size was a bit ambitious at the time. I have since scaled way back to allow for market fluctuation. - always learning.
2: Since you do not trade losers, what EA trigger is used to execute the Martingale trade? In one point it in the thread it seemed that if a .01 trade was open at the time the RSI found another trade meeting the RSI conditions, it would automatically take a .03 position (vs .01).
Correct, the EA will fire off a trade when the conditions are right (in this case the condition is that the RSI has either hit 70 or 30). If that condition hits again and a position has already been opened by the EA, it then opens a triple-sized position to average up or down - requiring less pips to break even. This is coded into the EA.
3: Forgive my newb status, but what specifically causes a “lock up.”
Locked up refers to the fact that a double position (a .01 and a .03 lot) has opened on a particular pair. This means no new positions will open on that pair until the current open positions close. Locked up means they are not generating money...i.e. they are not trading...just eating up valuable margin
4: What are the exact conditions that the EA trades the Martingale? You mention after some set number of candles a position has not closed at the TP, or is it simply when the system finds another RSI trigger while a new position remains open?
When the system sees another buy pattern. In the case of the EA I use that would be another RSI trigger. It is the same trigger that fired off the original smaller lot. For instance, GBP/USD goes down to 29 on the RSI...it is way over sold. The EA opens a small long position. The pair goes sideways for a few candles, goes up some but not enough to trigger a TP, goes back down and hits that RSI at 29 again. The EA sees that, sees that there is already a smaller position open at .01 lot size and then fires off the triple position. Now I have two trades open on GBP/USD. No new GBP/USD trades will fire off even if the conditions say it should. Nor will it fire off a counter trade in the opposite direction. After two trades, the pair is locked up until A) the EA closes it for profit or B) I manually close it. There is no stop loss. If the RSI goes down again for a third time, the EA does nothing. There is a two trade limit for the pair...a small lot size and a triple.
I hope these answers help. If you need more clarification let me know. Good luck out there in Forex world!