The Active Forex Traders Discussion

[mt_myke]

Does anybody have an experience in creating an expert advisor?

Expert advisor == lots of coding. If you're up for that the official docs at docs.mql4.com are surprisingly good as far as software documentation goes. If you feel completely lost in space reading those, you need more programming experience before tackling something like an EA. There are freelance coders who'll create custom EAs for you.

Also keep in mind the name: Expert Advisor. The purpose of an EA is to automate part of a trading strategy. Notably they are not called "automatic magic money making machine" [emoji4] If you don't have something worthwhile to automate the EA won't help. They are also very useful for all kinds of nasty hacks, somewhere I have a remote command-line interface to metatrader implemented in mql4 and python (!)

 

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[Freedom Pips]

Expert advisor == lots of coding. If you're up for that the official docs at docs.mql4.com are surprisingly good as far as software documentation goes. If you feel completely lost in space reading those, you need more programming experience before tackling something like an EA. There are freelance coders who'll create custom EAs for you.

Also keep in mind the name: Expert Advisor. The purpose of an EA is to automate part of a trading strategy. Notably they are not called "automatic magic money making machine" [emoji4] If you don't have something worthwhile to automate the EA won't help. They are also very useful for all kinds of nasty hacks, somewhere I have a remote command-line interface to metatrader implemented in mql4 and python (!)

its true and it is much better to pay a Signal Provider.
been using this for many years now and im very happy with it. I also created my own signal service for forex trading in collective and and have 38 trades with 100% winning trades

 

[Martinv678]

Expert advisor == lots of coding. If you're up for that the official docs at docs.mql4.com are surprisingly good as far as software documentation goes. If you feel completely lost in space reading those, you need more programming experience before tackling something like an EA. There are freelance coders who'll create custom EAs for you.

Also keep in mind the name: Expert Advisor. The purpose of an EA is to automate part of a trading strategy. Notably they are not called "automatic magic money making machine"

If you don't have something worthwhile to automate the EA won't help. They are also very useful for all kinds of nasty hacks, somewhere I have a remote command-line interface to metatrader implemented in mql4 and python (!)

Thanks for the heads up. I'm a pro coder for my main income at the moment. I've checked the documentation as you said and it looks fairly simple. Once i've got a strategy down i'll code a bot to do some trading for me. Or start a fastlane business selling EA's to hungry traders.

 

[DiemTrader]

I tend to agree with you I dont want to feel responsible for anyone elses trading...

You can give someone a successful system but if they don't have the discipline or psychology to trade it they will lose.
That said, a lot of people sell their systems and are Fastlaners getting passive income.

 

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[DiemTrader]

Does anybody have an experience in creating an expert advisor?

One of the best EA coding sites is Forex-Tsd
There are a lot of good resources and help.
I've used it a lot in the past.

 

[Martinv678]

One of the best EA coding sites is Forex-Tsd
There are a lot of good resources and help.
I've used it a lot in the past.

Awesome thanks for the tip!

 

[CarrieW]

If I did anything it would just be sending out signals. I don't think it's possible yet for me to explain it to someone else lol

 

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[BlueAtom]

Has anyone here been successful investing in forex, long term? Based on technical or fundamental analysis (or both)?

 

[CarrieW]

I have been using a combo of both...

 

[P3HSB]

Bagged a total of 42.8 pips today on USD/JPY

 

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[CarrieW]

Do you like that pair? It looks like the potential to make a lot on it if you can trade it... I tried a while back. It was way volatile for me. (When I used hard stops) I couldn't withstand the movements...

 

[P3HSB]

Do you like that pair? It looks like the potential to make a lot on it if you can trade it... I tried a while back. It was way volatile for me. (When I used hard stops) I couldn't withstand the movements...

I like it! So far I've traded this pair twice on my live account and both were successful. I agree, it is volatile. Sometimes it will go 20-30 pips against you in a heartbeat and then reverse and go 60 pips the other way. For this pair, I usually decrease my lot size to mitigate risk. What I like about this pair is if you see the right price action, you can get in and out of this trade fairly quickly. For example, the trade above, I ended up exiting in less than 5 hours.

 

[CarrieW]

Yep. My stop was 20-25pips back then I would get so pissed because I ultimately was right but I'd get stopped out first... Grrr. Lol

 

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[CarrieW]

I decided to try to trade another pair yesterday because the eur/usd wasnt going to open. I did the aud/usd and made 84 pips on it I am at 205% now. I have a pending order on 2 pairs that I am expecting to open shortly. (eur/usd aud/usd)
I think I am going to start watching the usd/jpy again. now that I am trading differently maybe I will have different luck with it lol

 

[Martinv678]

CarrieW you're doing really well!! A lot of pro traders I know would like 205%! Just a little heads up to all, the ECB will be realeasing news tomorrow about quantative easing. If they go ahead it should make a weak euro giving a good sell opportunity.

 

[CarrieW]

usd been moving its a$$ off today. I am sittng at 231.57% now... banked pips 2x today. going in for a 3rd go. 2 more trades just opened up. looks like its still on the move.

 

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[Martinv678]

Yea it'll move down for the a couple of weeks but should rebound once the QE kicks in and the economy makes a move. Also the CAD/USD is good to trade upwards at the moment due to low oil prices and the drop in the canadian interest rate. When did you start your account to get it to 231.57%?

 

[CarrieW]

opened on 9/21/14

 

[CarrieW]

it was transferred from my old broker who closed on that date

 

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[mt_myke]

I haven't traded in a while but EU shot for parity looks good. stop around 1.25 for for a RR of 1.1 for a high probability trade. Not sure if I'll take it, will see next week.

No reason to be in a hurry in FX most of the time, is the main lesson I've learned. It'll hit parity or it won't, if you think it might construct a bet with numbers you like.

Then forget about it.

 

[P3HSB]

Jumped in a short trade for GBP/USD and EUR/USD!!

 

[loop101]

I recently saw a simple discretionary system that I liked, called "The Duck's Trading System" over on BabyPips. There is a group of people who have been trading it for 7 years. Basically you make sure your pair is on one side of the 60SMA for 4H, 1H, and 5M. Then they use a "recent high" or low as their stop loss, and put a take-profit at some multiple of the loss (1.5x, or 2x). They leave the exact stop levels up to the individual trader. They usually use 1% or 2% on each trade. They seem to be doing adequately.

http://forums.babypips.com/free-forex-trading-systems/6580-3-ducks-trading-system.html

In Forex, I basically proved to myself there is no mathematical edge that I am able to exploit, so that leaves no trading or some discretionary system. The "3 Ducks" system is just the normal "make sure 3 time scales are in alignment" system that people have been advocating since the early days of the Dow. If they are only trading the right (volatile) pairs for the current time, and not trading during major news announcements, they will probably do okay.

 

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[CarrieW]

how did everyone do overnight? I am sitting at 286% now banked. have 1 trade open and one pending... hope to get in and out several more times before the market closes this afternoon.

 

[CarrieW]

end of week 239.74% stopped out on one of todays... its late and I have to start the kids school so no more for today... back to business sunday night!

the growth should stop going as fast as it has been because I was trading more lots than I should have because of the size of my account. I was/am risking too much.(no real choice was at the smallest size offered LOL) So I have to get much more equity in my account before I adjust my lot sizes...

 

[mt_myke]

There was a cult-like following of Sam Seiden and his "supdem" approach a few years back when I got out of the scene. Did that die out?

 

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[CarrieW]

Never heard of it... But I don't pay much attention to what others are doing and this is about the only place I talk about forex beyond fb fx friends. I only go on other forex forums if a Google search thinks there's an answer I want there

 

[CarrieW]

My previous post was a typo. I'm at 279.34% I transposed some numbers
I was up trading late lol

 

[P3HSB]

how did everyone do overnight? I am sitting at 286% now banked. have 1 trade open and one pending... hope to get in and out several more times before the market closes this afternoon.

Was able to snag a total of 54.6 pips between both GBP/USD & EUR/USD. There was definitely more potential on the downside but I exited early because I didn't want to manage it overnight. Overall, still a profitable day!

 

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[CarrieW]

I used my first stop in a long time today... I could have stayed in the position but I didn't want to be stuck till Monday because I expect Mon and tues will be corrections. I probably won't enter another till weds. Unless things go crazy early on then I will of course trade it

 

[mt_myke]

Look at the SP500 and Dow today, wow! Total profit-taking / no confidence plunge right into the end of trading. And Euro at 1.12...some fun times ahead. Short-term FX trading requires volatility to work, looks like we're back to the crazy daisy conditions where you can actually make some money. The old timers tell of days when moves of 800 pips were typical, not sure we'll ever be back to that, but it's much more exciting than the last few years have been