Hello Traders,
Over a year has passed since the original version of the Two Percent Daily EA was released and I think it is time I answer back the critics.
It can be very frustrating being called a scammer when the solution is usually a couple of lines of code, but some traders do not want to wait for the solution or give feedback as they have been ripped off by other vendors in the past who give us all a bad name. I work around the clock everyday on my EA’s to improve them and ensure that they are up to date and all bugs are removed. I use customer feedback to make personal and permanent modifications to my EA’s.
PART 1: The Problem in the beginning.
The Two Percent Daily manual method was a great success for many traders. However, when I coded the system into an automated solution it was one of my first expert advisors. Admittedly, it had some bugs. This is normal as it was my first coding experience. I did take all the feedback I was given (both good and bad) and did everything that I could to improve the Two Percent Daily EA. Some users were unhappy and rightly so as the code was buggy and not reflective of the Two Percent Daily system. I want users to have good results and that is why I have spent so much time trying to improve the EA and fix any known bugs. I believe all the bugs have finally been removed and the EA is much improved – and I still work to improve it every day. If I am not coding, I am testing. The initial problem and the reason there were unhappy users, was not the system but rather the buggy code. Below is a list of all the bugs and the problems they were causing.
PART 2: The bugs in the original Two Percent Daily EA:
The Trailing Stop was not being activated - NOW FIXED.
The EA comes with a default trailing stop of 3 pips, which is tighter than the minimum required by some brokers. If the trailing stop was left at 3 pips on such a broker then it would not be activated. This meant that during back testing and real time testing, users were seeing the stop loss being hit the majority of the time as the trailing stop was not locking in the profit as it should have been (it was not even being activated as you would have seen from the journal tab. This gave the EA bad results and led to some criticism which I accept as the EA should have been coded to automatically adjust the trailing stop to the minimum. The “quick fix” would have been to increase the trailing stop to the broker’s minimum required, but this was not an ideal solution and not all users understood that. This issue has been fixed now as I have added some code to the EA so that it will automatically adjust to the minimum trailing stop allowed by the broker during every trade. This ensures the trailing stop is always triggered when it should be and order modify errors are avoided. Some users were saying that the EA only produced good results on FinFX. This is because they have no limit on the trailing stops, so there will be no order modify errors and the trailing stop was being placed.
The Stop Loss was too tight – NOW FIXED.
This is not a bug within the code, but rather the EA’s recommended settings. I had recommended a stop loss of 10 pips, which on a currency pair such as the GBPUSD is very tight. Especially as some users were using brokers with spreads of 3 to 4 pips and not adding the spread to the stop loss. This again meant that the majority of trades were getting stopped out as they were not given adequate room to manoeuvre. Slippage, stop hunting and non-Ecn execution also seemed to be a big issue. This has now been solved by quite simply widening the stop loss and adding maximum slippage/spread filters. This allows the trade room to breathe whilst we can afford to have a wider stop as the entry is accurate – 99% modelling testing with Dukascopy tick data. This avoids the problems caused from broker slippage, high spreads and stop hunting.
PART 3: Unreliable testing with history center data – NOW FIXED.
All the testing was done using the default history center data which gives 90% modelling quality. This means that anything less than the 1 minute timeframe can be “made up”. This led to inaccurate results and trades that were shown to be winners on back testing may have actually been losers. Therefore the entry criteria and trading times may not have been ideal. I solved this by downloading tick data from Dukascopy and converting it into a FXT file for the tester. Data is available back until 2007 and I used as much data as possible during the time of testing. This data gave me 99% modelling quality and ensure that the results were as accurate as possible. Therefore I was able to recode the EA with extra trend filters and modified entry criteria to ensure it had no losses all the way back until 2007. Of course this does not guarantee there will be no losses in the future, but it does give us the best possible testing and entries and the present time.
Again, to reiterate, the problem with the EA was not exactly the entry criteria, but rather the bugs and unreliable recommended settings.
PART 4: Refunds – NOW FIXED.
Some traders who received the original EA were unhappy and rightly so, but they did not give me a chance to fix the code. Others would buy and ask for a refund right away without even testing the EA as they wanted it for free. Some would buy it and post it on forums compiled for others to use illegally. The simple solution to this headache was to remove the refund policy – which I have done a long time ago. Since then I have only attracted serious traders who have helped me improve the EA and get it to where it is now. The software is downloadable and therefore non-returnable, which is another reason that it makes sense not to offer a refund.
PART 5: Where the EA is today – TWO PERCENT DAILY TURBO EA.
I have updated and improved the Two Percent Daily EA (as of 2011-10-21) with all that I have learned over a year of research, testing and feedback. The updated EA has been sent out to all original buyers with detailed instructions (if you did not receive the update please get in touch with your receipt number). I will be sending copies out to various EA testing sites. All known bugs have been removed and the entry criteria/default settings improved.
The new version includes 4 different entries: 2 support/resistance breakout entries and 2 secret entries based on recurring chart patterns. A detailed description and screenshot of each entry is included within the instructions. I have also obfuscated the code and coded a license number requirement to try to prevent piracy as the software has been shared illegally (as most forex software has been at some point). In my opinion those sharing the software illegally are the ones who should be called “scammers”, not those who put days, weeks, months and years of hard work into trying to provide a profitable automated forex trading solution. Looking back now, I find it quite ironic that one of the people opening a case against me on FPA was in fact illegally sharing copyrighted forex trading software on a Malaysian forum. Whether the software works or not, the buyer does not have any rights to illegally share it.
The best solution for everyone who wants to be successful in forex is to work with the vendor to fix any issues and improve the EA.
I know the original version of the EA had its problems, but it helps the developer and those who want to be successful trading if we work together to find the solutions to fix the bugs instead of criticizing. I would like those who have received the updated version of the EA to test it and leave feedback here. If there are any bugs then please do let me know and I will ensure they are fixed immediately. If you know anyway the EA can be improved or if there is a setting that you believe is not right, please do let me know.
PART 6: Looking to the future.
Programming trading systems is my passion and hobby. I am doing my very best to produce a profitable automated solution for traders worldwide. I maintain daily contact with many of my users and have done for a while now. These are the ones who can really appreciate the dedication that I give to my work.
I plan to keep improving my EA’s and developing new profitable systems. Every day I work on my EA’s and new ideas as well as coding personal EA’s for other traders upon request. I will be running the Two Percent Daily EA on a forward test and will ensure it remains profitable and make changes as and when required. At this stage I strongly believe in the EA and that it is close to perfection, but there is always room for improvement.
I would also like to remain an active member of this forum and communicate with members regularly, especially if they can help me to improve my software. As you can tell I am not what some people made me out to be in the beginning, if I was my site would be offline and I would be long gone. Programming and trading are my passions and I will continue to do my best to develop good systems for everyone to use.
Please check back to my site for regular updates and feel free to get in touch.
All the best,
Rich.
Two Percent Daily Automated Forex Robot | Forex Software | Forex Expert Advisor
