Discuss TulipFx.com

[RahmanSL]

...And I have to add one more important item:

If a particular EA/Robot is indeed efficient, would the developer risk telling the whole forex world about it, and then having Forex Brokers banned using it on their trading platform?????

No, I don't think any sensible and intelligent program developer will want ANYBODY to know of their success in beating the system.
Why should they??... especially since their system can quietly milk the forex market on a huge scale.
Why bother to pander a "successful EA/Robot" for peanuts???...and having to cope with all those threats, whining and crying for refunds!

Cheers!

 

[Free2Day]

daggerdirk posted today: "If you're smart, you'll get on board and enjoy the ride....."

Ok.....1st "Happy Customer" to post is Dewey McG on 14/Jan/2011. followed by Antny on 15/feb/2011, and then Free2Day on 1/Mar/2011...maybe it's just me, but somehow I get the feeling that I am reading a singular person (exception of casper9) doing the postings.

Are we to surmised that all these 3 "Happy Customers" are so pleased and successful with their new-found holy grail EA that they don't bother with follow-up post or have nothing further to add??

This thread was started by the FPA Administrator on 17/Nov/2010, but received so few reviews all these time(almost 4 months). This makes me wonder exactly how many people are actually using this EA.

And nobody bothered to answer casper9 query posted 27/Jan/2011.

Hmmmmmm..............

You have a point.

It does seem suspicious that only 3 people posted positive reviews.

Well allow me to change my status to Happy Camper with exception.

I asked for a refund and recieved it because this particular product is extremely safe!

Too safe for my blood. I needed 20 pips per day. This EA will not trade every day and I had an issue with that. I was able to manual trade every day in one of the sessions and pull 20 pips out per day.

Kangaroo waits for safe trades to place where the probability of winning is high. If you're looking for fast pac man like trading you won't find it in Kangaroo.

IF you do decide to purchase this EA with the intention of testing it out be sure to use it on a Demo account and NOT a Live account where the EA earns you a profit. That profit will be deducted from your refund amount.

On a demo account you should be able to receive your refund. (I say this because Plimus isn't like Clickbank. The seller has the final say on refunds regardless if the product works or not)

Once I reach my goals I will return and purcahse Kangaroo again. I really appreciate it's safety and updates.

With this EA.....you can sleep at night.

 

[RahmanSL]

Thank you, Free2Day, for that reply.

But I am now getting more interested to know why do Forex Traders use EA/Robot to make trades.
I want to understand what it is that makes trading with use of EA/Robot so attractive.

1) Is it really that profitable to use for forex trading?
2) As an example, how much initial capital is required in order to justify running an EA/Robot?
3) And from that initial deposit, how much can the EA/Robot be expected to make per week/month/year?

20 pips per trading day, but does not make trades every day? Well, yah, that's an extremely "safe" EA/Robot and most suitable for little old lady/man having a dabble at trading the forex : )
No, I don't trade the forex like playing pacmen...in fact, I traded very little since market opened early this morning simply because there are too many uncertainties....but will pick up later on in the week : )

Free2Day, I would really appreciate your enlightenment on my above questions.

Have a fantastic trading week;yah!

 

[Free2Day]

Ok daggerdirk, I assumed from your writing that you are a strong advocate and user of EA/Robot.
First off I cannot see myself using EA/Robot as there seems to be daily none stop trail of complaints of frauds & scams, not only here at the FPA, but all over the other forums.

Tell me, why do Traders use EA/Robot to trade forex?
I want to understand what it is that makes trading with use of EA/Robot so attractive?
Is it really that profitable to use for forex trading?
As an example, how much initial capital is required in order to justify running an EA/Robot?
And from that initial deposit, how much can the EA/Robot be expected to make per week/month/year?

I am not being cynical here with the above questions, but is extremely curious; yah! So, please enlighten me....especially with the last two questions.

Cheers!

Your fears are well founded but I will try to stay on the positive side of the subject.

Basically, the BEST way to win at the EA game is to pay a programmer to create an EA that use your manual trading strategies.

If you don't have one, you can buy some strategies or pick up a few from forums, make it your own by tweaking it and then find a programmer.

For instance my trading strategy is soo subjective it can't be made into code an EA can execute however, I have found one manual strategy that I've purchased is working like a charm and now I'm having it programmed.

Will I sell it if it works like a charm as a trading robot? Nope!

I don't want it to end up on ebay for 99 cents!

It won't be a safe EA either. So I will have to stay up and babysit this puppy but ALL of the rules will be strictly adhered too. It will MAKE ME obey the rules before executing a trade. My emotions, greed and endless optimism will be kept in check thereby keeping me from numerous money draining bloopers.

Just one of the benefits of using an EA especially if you're an absence minded professor forgetting some of the trading rules or setups. An EA will not forget.

After I reach my goal I will share this EA with my fellow traders on my favorite forum and put Kangaroo back on my account so I can go about tending to my numerous projects.

Now as to how much to invest and how much you can make a week or month or year is a really a loaded question. I can go on for days and days on that question.

Basically it depends on how many lots you're gonna to trade and if it's micro, mini or standard lots. We're talking risk/reward here.

Your EA can generate .10 cents per pip or $1 per pip or $10 per pip it's up to you. With that said you can also loose .10 per pip or $1 per pip so forth and so on.

So lets say you have $1000 bucks and you're a HIGH RISK taker. You decide to trade minilots that earn/loose $1 per pip and risking $100 bucks per trade using a stop loss that reflects that initially.

The name of the game isn't making money. The name of the game is staying in the game!

As long as you are in the game you can survive all year long. But if you keep getting nailed, it won't be long before you end up on the sidelines.

The correct EA strategy will give you an edge. That's what's needed to stay in the game as well as a trading plan that includes breakeven.

For instance I have a Trailing EA that measures momentum and volume as well as some other variables. What it does, as soon as I execute a manual trade, is zoom to breakeven quickly in order to what? Keep me from loosing money which keeps me in what? The game! 1st Priority is ...don't loose money!

The second thing it does as soon as it detects the direction or momentum winding down it closes out 80% of my trade and let 20% run IF there's still a little steam moving prices forward. The minute there's a pending retrace or other certain variables appear, it closes out the remaining 20%.

This sophisticated EA keeps me in the game and I haven't had a large loosing day yet. If I make a wrong call on a trade, I have two buttons I press and my position close and reverse instantly and my Trailing EA takes it from there so the most I've lost is $50 but gained $200.

Other important details....

- Indicators work best on 4hr and up TF's
- Use EA's on ECN brokers only
- Trade with trend only ....confirm with 3 upper TF's going in same direction
- Make your EA obey that one rule by setting long or short only option
(I use SHI Channel indicator on 3 TF's and set my EA accordingly or execute manual trades in same manner)
- Turn off EA on high impact News Events
- Buy a software that sends you SMS Text on what your EA is doing. (use VPS service for EA's and not your home computer LOL!)
- Have an Account Sentry EA that will disable all trades once your equity reaches a predetermined amount that includes open negative trades. So if your EA has you in trouble and there's $600 bucks in your account and the EA has lost another $100 bucks your Account Sentry could activate at the $500 dollar threshold and close out your position as well as disable all future trades. (I now monitor directly)
- Don't buy any EA that has a large stop loss! (i.e. 300 to 1000 pips SL no I am not kidding)

My EA has a 20 to 90 pip stop loss to get it right. Lately, it's been 50 pips or quit. No draw downs allowed. So if the market goes up 15 pips and begins to turn back my Trailing EA slams right into the price and take me out at 12 or so pips. Why? Prime Directive: stay in the game by not loosing me money period.

I can go on and on but basically there's nothing wrong with EA's. Banks use a different type of EA's for efficiency and precision (obey all rules).

But it has to be your strategy that works. (or buy one or surf Fx Boards for a manual strategy that works well)

Trading can be fun whether you're using a robot or manual trade but EA's will keep you from fudging the rules thereby giving you an edge to stay in the game.

Hope this helps.

 

[Free2Day]

Thank you, Free2Day, for that reply.


1) Is it really that profitable to use for forex trading?

Yes it is IF you have the a profitable strategy.

2) As an example, how much initial capital is required in order to justify running an EA/Robot?

The acceptable norm on forums is $10,000 to $50,000 trading .1 lot.

3) And from that initial deposit, how much can the EA/Robot be expected to make per week/month/year?

It's difficult to say.

Let me share this with you. I have a friend whom can afford to trade 100 lots at a time. Do you know what he programs his EA to do? Go after 5 pips only.
His EA that he had programmed goes after long bars only, waits for retrace to begin and other factors inwhich I cannot share then jumps in for 5 pips only.

He makes an insane amount of money. Bucketshops won't take him on as client.

What does it take to trade a standard lot? $2600 bucks times 100 lots margin requirement. That's $260,000.00 for margin. For that amount one had better make certain that EA knows what it's doing! 5 pips and jump out before anyone can sneeze. This is what one can do but it depends on your capital, risk tolerance and strategy and certainly with this kind of play one would not act like his/her EA is a "Set and Forget" operation.

20 pips per trading day, but does not make trades every day? Well, yah, that's an extremely "safe" EA/Robot and most suitable for little old lady/man having a dabble at trading the forex : )

Well not so fast.

20 pips is a lot of money! Let's say you have $36,000 for margin and you traded 10 standard lots. That's over a quarter of a Million dollars per year.

But.....

Sometimes it's easy to get 20 pips and other times....

Go to this calculator use the advance options and play with the possibilities.

Forex Income Calculator – PipHut Forex Community PipHut.com

Trading 10 standard lots 5 days per week earning only 6 pips per day will yield you a little over $140,000 per year.

But will your strategy programmed into a EA perform this flawlessly?

Nope!

There will be loss but you need to have a strategy for that as well. So as you can see it's very subjective almost impossible to say what the end of the week or end of the year will look like as far as profits from forex is concern.

An EA can help you stick to the trading rules of when to get in and if programmed correctly when to get out.


Have a great week and PM me if you want more details. I think we kinda got off topic from the Kangaroo EA.

 

[RahmanSL]

Free2Day, thank you for taking the time to compose and to post that reply..which must have taken some of your valuable time away from trading : ).

I realized that it's not easy to put figures to what I wanted to know, but ok, let's put it this way:

When I started on Live accounts (yes, more than one, but less than 10) I lost money trading the forex (who doesn't?).
But lately, I have started making money (about time too) and on a good week, would average just a little over 10% on total investments, and on a not-so good week, just a little over 4%.
All my trades are carried out manually with pre-set TP (no SL as I ride out losses with plenty of free margin).

So, in terms of percentage, what's an EA percentage returns for investment money??

Cheers!

 

[Free2Day]

Free2Day, thank you for taking the time to compose and to post that reply..which must have taken some of your valuable time away from trading : ).

I realized that it's not easy to put figures to what I wanted to know, but ok, let's put it this way:

When I started on Live accounts (yes, more than one, but less than 10) I lost money trading the forex (who doesn't?).
But lately, I have started making money (about time too) and on a good week, would average just a little over 10% on total investments, and on a not-so good week, just a little over 4%.
All my trades are carried out manually with pre-set TP (no SL as I ride out losses with plenty of free margin).

So, in terms of percentage, what's an EA percentage returns for investment money??

Cheers!

any where from .2% to 20% per day depending how you operate the robot, it's strategy and your risk tolerance.

You have a manual trade strategy that yields 4 to 10% per week sounds like a candidate to automate it into a robot.

 

[RahmanSL]

Ooppphs!..made a mistake there.

306.36% divide by 36 trading Days= 8.51% average profit per day.

I get your point that a good EA/Robot can make money, but I see more traders who bought EA/Robot screaming "Help" than satisfied customer like yourself.

Ok, I think I will stick to manual trading for the time being until such time that someone somewhere whisper in my ear about his/her personal EA/Robot that's making him/her tons of money.

Thank you again for the info, and Cheers & all the best.

 

[haveone2]

Let me share this with you. I have a friend whom can afford to trade 100 lots at a time. Do you know what he programs his EA to do? Go after 5 pips only.
His EA that he had programmed goes after long bars only, waits for retrace to begin and other factors inwhich I cannot share then jumps in for 5 pips only.

Can you tell us what timeframe your friend use and what is consider long bars?

Thanks.

 

[crk789]

Your fears are well founded but I will try to stay on the positive side of the subject.

Basically, the BEST way to win at the EA game is to pay a programmer to create an EA that use your manual trading strategies.

If you don't have one, you can buy some strategies or pick up a few from forums, make it your own by tweaking it and then find a programmer.

For instance my trading strategy is soo subjective it can't be made into code an EA can execute however, I have found one manual strategy that I've purchased is working like a charm and now I'm having it programmed.

Will I sell it if it works like a charm as a trading robot? Nope!

I don't want it to end up on ebay for 99 cents!

It won't be a safe EA either. So I will have to stay up and babysit this puppy but ALL of the rules will be strictly adhered too. It will MAKE ME obey the rules before executing a trade. My emotions, greed and endless optimism will be kept in check thereby keeping me from numerous money draining bloopers.

Just one of the benefits of using an EA especially if you're an absence minded professor forgetting some of the trading rules or setups. An EA will not forget.

After I reach my goal I will share this EA with my fellow traders on my favorite forum and put Kangaroo back on my account so I can go about tending to my numerous projects.

Now as to how much to invest and how much you can make a week or month or year is a really a loaded question. I can go on for days and days on that question.

Basically it depends on how many lots you're gonna to trade and if it's micro, mini or standard lots. We're talking risk/reward here.

Your EA can generate .10 cents per pip or $1 per pip or $10 per pip it's up to you. With that said you can also loose .10 per pip or $1 per pip so forth and so on.

So lets say you have $1000 bucks and you're a HIGH RISK taker. You decide to trade minilots that earn/loose $1 per pip and risking $100 bucks per trade using a stop loss that reflects that initially.

The name of the game isn't making money. The name of the game is staying in the game!

As long as you are in the game you can survive all year long. But if you keep getting nailed, it won't be long before you end up on the sidelines.

The correct EA strategy will give you an edge. That's what's needed to stay in the game as well as a trading plan that includes breakeven.

For instance I have a Trailing EA that measures momentum and volume as well as some other variables. What it does, as soon as I execute a manual trade, is zoom to breakeven quickly in order to what? Keep me from loosing money which keeps me in what? The game! 1st Priority is ...don't loose money!

The second thing it does as soon as it detects the direction or momentum winding down it closes out 80% of my trade and let 20% run IF there's still a little steam moving prices forward. The minute there's a pending retrace or other certain variables appear, it closes out the remaining 20%.

This sophisticated EA keeps me in the game and I haven't had a large loosing day yet. If I make a wrong call on a trade, I have two buttons I press and my position close and reverse instantly and my Trailing EA takes it from there so the most I've lost is $50 but gained $200.

Other important details....

- Indicators work best on 4hr and up TF's
- Use EA's on ECN brokers only
- Trade with trend only ....confirm with 3 upper TF's going in same direction
- Make your EA obey that one rule by setting long or short only option
(I use SHI Channel indicator on 3 TF's and set my EA accordingly or execute manual trades in same manner)
- Turn off EA on high impact News Events
- Buy a software that sends you SMS Text on what your EA is doing. (use VPS service for EA's and not your home computer LOL!)
- Have an Account Sentry EA that will disable all trades once your equity reaches a predetermined amount that includes open negative trades. So if your EA has you in trouble and there's $600 bucks in your account and the EA has lost another $100 bucks your Account Sentry could activate at the $500 dollar threshold and close out your position as well as disable all future trades. (I now monitor directly)
- Don't buy any EA that has a large stop loss! (i.e. 300 to 1000 pips SL no I am not kidding)

My EA has a 20 to 90 pip stop loss to get it right. Lately, it's been 50 pips or quit. No draw downs allowed. So if the market goes up 15 pips and begins to turn back my Trailing EA slams right into the price and take me out at 12 or so pips. Why? Prime Directive: stay in the game by not loosing me money period.

I can go on and on but basically there's nothing wrong with EA's. Banks use a different type of EA's for efficiency and precision (obey all rules).

But it has to be your strategy that works. (or buy one or surf Fx Boards for a manual strategy that works well)

Trading can be fun whether you're using a robot or manual trade but EA's will keep you from fudging the rules thereby giving you an edge to stay in the game.

Hope this helps.

Hi Free2day

First, thank you for your valuble insight! Can you please tell us what Trailing EA you are using? I think your strategy could be the best one used to solve issues of drawdowns that usually occur with most EA's. Therefore, by coupling a good Trailing EA alogside an EA (a good one), or manual trading, could probably make the difference. Like you said, the ultimate goal is to stay in the game and finally make some money!

I would appreciate your help

Cheers!