Hi Traders,
I wanted to talk about the issue of Pips versus actual Money.
In a multi pair system that uses a Money Manager to balance out the pairs, you cannot count Pips alone, Percentage of the account is what counts!
What I mean is that our Money Management is designed to balance out the different pairs.
So if the UsdJpy makes 12 pips, but trades 4 times harder than the EurUsd, you cannot count just the pips! This will not tell you whether you made money or not.
In the end what counts is the % you make in your account.
In the following results of Forex Verified you can see what I mean. These are run on Real accounts, by an independent review site not affiliated with us in any way.
Check out the following two examples:
The week starting on Jan 08 lost 5.08%, with Net Pips= -409.8.
This week we already have + 5.05% profit, with only +172.8 pips.
With less than half the pips we made the same amount of money, or percentage of the account!
When you only count pips you disregards the difference in lot sizes that the Money Manager applies, and it distorts the view of what is really going on.
Hi Robert
After all the losses of January Iāve parked Master Scalper 2 weeks agoā¦
Gonna give it a second tryā¦ With all the positive return just have to do it.
Running version 9.01 in EURCHF, EURGBP and EURCAD with default values. I didnāt changed a single parameter.
Are those the best pairs? Any suggestion?
Hi Mendonca,
I trade all 5 scalping pairs, plus the Breakout Hunter.
They work very well as a group, hedging each other in tough times.
In January for example, the BH hedged the MS beautifully, cutting the DD to half.
Ok. Gonna give an opportunity to these 3 pairs first and afterwards IĀ“ll see.
Iām doing this because, as a matter of fact, you are here giving your face, answering everybody and defending your work. Otherwise I wouldnāt be using MS anymore.
Hope this time it runs betterā¦
The point is in January e/u picked up the slack so if in Feb. I decided to increase risk or decided not to trade another pair like eur/cad I would lose much more and the pairs would not be balanced. Robertās right you should trade all pairs.
I learned my lesson now I will manage risk across the board.
Iāve been running all six EAs (BH and the 5 MS) scalpers since the end of January, and my max DD on the account so far has been 4%. At the end of this week will be my 2nd week of running the EAs. I plan on putting them on an OANDA demo account to see how they fare starting next weeks session. IBFX has been good to me, but their spreads are not the best, although as far as I can tell there hasnāt been an issue w/ re-quotes and slippage. Iāll post a myfxbook link once I get that runningā¦
Fraz,
When a report name is highlighted RED in the charts, it means that it is stopping new trades in that pair.
Yesterday we had the European Interest Rate (Minimum Bid Rate) which is a clear No Trade day. Most of the times the volatility that follows the hours following this event make it unsuitable for scalping, so the EA stops trading for our protection.
The EUR/USD short that opened on Wednesday looks like it closed for a profit this morning, Iām guessing when NY opened, as I havenāt had a chance to look.
Looking forward to the weekend already, even though itās turned miserably cold here (-39C with the wind).
Iāll get that OANDA demo started in time for the Sunday evening opening, as I canāt install the EAs until I shut down all my MT4 programs, and I donāt want to interrupt them during the week. I have noticed that the VantageFX demo account has better spreads than IBFX, and from what Iāve been able to learn OANDA should have better spreads than IBFX as wellā¦
Iād be interested to here what you come up with OANDA. I demoād them for a couple of months and had various issues where I didnāt with the other brokers I was testing. I concluded that they werenāt āScalperā friendly but I could be totally wrong. Which is why Iād like to hear what you come up with.
Whatās everyoneās opinion about open orders @ the end of the week? Close the winners and let the losers run, close them all, close the losers and leave the winners or just wait until the market re-opens on Sunday evening?
With another week in the books, I am seeing a good recovery happening with MS/BH. The results on my FXCM Live account are as follows:
[B]
Week: 8.66%
Month: 7.55%
Year: -7.59%
[/B]
I am glad to see the reverse in fortune and I am confident it will continue.
Happy Trading!
Remember, Valentines Day is Tuesday. Donāt forget the other half of your trading team.
My thoughts exactly, and why Iām finally posting.
Hi guys,
First, three year trader/long time lurker here at BP. I read this thread start-to-finish and after getting the āwarm and fuzzyā, I picked up the SFX pair as my first EA. After 8 days the demo went +25.xx% on a mere $500 @ 50:1 leverage, so I funded a live account with $750. The live account was following the demoās lead until it coughed up the previous 4% gains because of open weekend ordersā¦which leads me here to post.
I set my phone alarm for 4:45pm EST to kill any remaining trades for the weekend. Since BH had two trades open @ 0.01 lot that were pretty much even, I thought, āWell, itās just two. Guess they can roll.ā I looked again at 5:10 to see how the day closed and it had 8 trades open, and it did it in less than 15min before closing. BH did the most damage, but the point is they never would have opened these trades on last nights ranging charts, and therefore -
Robert,
Can you comment on this? Personally, Iām looking for:
a) Prevent opening trades 12hrs prior to the Friday close, and
b) Close any open trades - either regardless of profit/loss, or calibratable - before market close to prevent gap-open issues and getting stuck during a wild open as we did last night
So far the EA has been great, and something like this has the potential to limit losses and only make the EA stronger. If this isnāt included, can we request an edit/new build?
One more thingā¦
Upon reading this thread, Iāve noticed that there are some that are doing well with this EA and some that arenāt. Robert has already explained to us the difference between brokers and how they can influence how the EA trades, but when the guys who are losing finally put their cards on the table, it often comes down to leverage, funding, settings and broker.
If youāre having trouble, at least include the following in your post. Itās great troubleshooting for those trying to help, but also helps the an EA be judged fairly. For example, I mentioned above how my accounts were doing. My settings are -
Broker: Hotforex Currenex
Leverage: 50:1
Account size/deposit: $750 deposit
VPS (yes/no/if so, who?): Not currently, but will when account size increases/hits a minimum size.
Stock settings (yes/if no, what was changed?): Stock settings - zero changes
What I did on Friday was close the winners and let the losers run, when the session started up again on Sunday, the remaining trades were both down ~50 pips, but they all recovered for a small profit. I think for my own weekend sanity Iād like the trading to stop at noon Eastern (11:00am local for me) on Friday.
