Forex Maestro

[Ronika]

To remove the TS, just enter a value of 0.

The TS would not have taken out your trades at a loss. What was your SL set to? Was the SL in the trade station the same as when the trade closed?

If you put a TS larger than your TP, it makes no sense. Make it less or 0.

My live account is with FXDD and I've had none of those problems. My demo account is Forex Meta which is really FXDD too, since they are Introducing Brokers for FXDD.

No one can mess with your trading - stop thinking like that - there is no one remote controlling your computer. Maybe your copy of Maestro is messed up, so download it again, or copy over the demo version to your live MT4 folder and re-install it on each pair.

 

[1982]

Thanks for your help Ronika.

I have reloaded the USDCHF which seemed the worst offender. But I will reload the live account tomorrow as you suggested. As it will be Friday I hope there will be no new trades. I have it set at 0 but I noticed that it doesn't observe that very well. I tried 1 and the trades flourished.
My SL has always been 300 pips. No, these trades were taken out usually around 30 pips loss.
When it first begun, I had TP of 50 and TS of 0. I changed it back to 26 TP and TS 30, which as you say doesn't make sense but I was trying to stop the TS.

I was looking at my settings and thought I would pass them on to see if something else is bothering the EA.

Tp 50
SL 300
TS 0
Max open orders 2
close loosing trades true
close hour 72
loss level 65 What about this one?
pip step 40
Increasement type 0.0
GMT and DST are 3 for me in NZ
opening hour 0
Closing hour 23

The ones up at the top are as default. I have the same on my demo, which is on another FXDD platform.

Thanks again.

 

[1982]

Hi,
Does anybody have the link for the latest version of Firebird?
Thanks.

 

[Stu0898]

Hi,
Does anybody have the link for the latest version of Firebird?
Thanks.

Sure do, the download link to it is on this thread somewhere as well.

Send me your e-mail address and I'll ping it over to you.

 

[1982]

hi Stu,

[email protected]

Thanks.

 

[Stu0898]

hi Stu,

[email protected]

Thanks.

Sent by e-mail, let me know if you don't get them

 

[iceman1]

Hi All

Advanced Maestro now 12 orders open even though the max orders is set to 10, this robot is out of control lol, anyone tried Forex Fantasy yet ?

Hi Ronika I have'nt forgot you just to let you know that the Firebird 3.2 is doing well at the moment in 8 days has gone from 10,000 to 24,000 not bad, but this is a demo account, also it has a max of 5 orders open I think you are only allowing 2 on AM which I think is sensible, how is the trading going ?

Regards

Iceman1

 

[Ronika]

Trading is going well overall - up 48.7% for the week so far, but with a 25% draw down at the moment. I'm monitoring each pair, so as the trades wrap up, I turn them off for the weekend to avoid lingering trades if possible.

Can you eMail me Firebird 3.2?

 

[iceman1]

Hi Ronika

Firebird V3.2 follow link below, I have changed the settings and I trade certain pairs, let me know what you think.

Firebird v63G - Page 49 - Forex Trading

Cheers

Iceman1

 

[Ronika]

Iceman... Thanks for the link! What are your settings and which pairs are you trading?

 

[iceman1]

Hi Ronika

The pairs are USD/JPY, EUR/USD, USD/CHF, GPB/USD, USD/CAD, AUD/USD. This EA only 5 trades max unless you change it, which I would not, also I have changed the stop loss for each pair to reflect the personality of each pair I will attach signal bars for you to put in your chart just drop and drag the indicator once you have installed it into MT4.

Once you have this indicator it will show you the daily average range of the pair you are looking at the moment the EUR/USD has a range of 201, so thats what I would set the stop loss, also TP = 50, it may not make as many trades as AM but you can set it and leave it and does not seem to suffer the huge drawdowns that AM if the trade goes against you, maybe like you are trading with AM you have set yours to max 2 trades I believe.

Sorry cannot find link for signal bars try to find over weekend, AM generated 11 wins today so far all at 50 pips per trade.

Regards

Iceman1

 

[Ronika]

Thanks Iceman! I've been stuck for days in double sell trades on EUR/USD, AUD/USD, EUR/JPY. They're all at the top of their ranges and ready to drop, but not this week. I'm going to take a chance and leave them open over the weekend, because it would be too much of a hit to close them all now.

Are you using a TS on AM? Are you trading the same pairs with AM?

 

[Mercedes67]

Question on Timeframes?

Hi Ronika

The pairs are USD/JPY, EUR/USD, USD/CHF, GPB/USD, USD/CAD, AUD/USD. This EA only 5 trades max unless you change it, which I would not, also I have changed the stop loss for each pair to reflect the personality of each pair I will attach signal bars for you to put in your chart just drop and drag the indicator once you have installed it into MT4.

Once you have this indicator it will show you the daily average range of the pair you are looking at the moment the EUR/USD has a range of 201, so thats what I would set the stop loss, also TP = 50, it may not make as many trades as AM but you can set it and leave it and does not seem to suffer the huge drawdowns that AM if the trade goes against you, maybe like you are trading with AM you have set yours to max 2 trades I believe.

Sorry cannot find link for signal bars try to find over weekend, AM generated 11 wins today so far all at 50 pips per trade.

Regards

Iceman1

Iceman1: Thanks very much for sharing your experiences with the Firebird V3.2.

Sorry for the dumb question, but what timeframe are the MT4 charts that you are using Firebird V3.2 on? M5, M15 or M30?

Thanks, John

 

[Trader333]

They're all at the top of their ranges and ready to drop,

How do you know they could just keep on going and what will you do if they do continue ?


Paul

 

[iceman1]

Hi All

I will close all my outstanding trades and take the loss, since the weds 11th ADv Maestro has made 35 trades @ 50 pips and will be closing out 6 trades which are negative, I must advise from experience that it is better to close your trades at 23:00 hrs thursday or early hrs Friday morning and do not take the trades on Friday.

I did trade this friday because I like to give the EA a hard time to see how it will cope and from todays results all I can say is very well, maybe next week I will give friday a miss, I will see how things develop.

At the end of the day how many traders are making that many pips, every week my account has made at least 50% every week, you will take a loss with this robot but the advise I can offer is not to trade 10 trades, limit to 5 and adjust as per my earlier email the SL to the pair concerned, I have tried in the last day this approach, say if the Eur/USD has a range of 200 then the price could move 100 pips either up or down making the 200 range, so my thought was to reduce the SL from 200 to 100 as the EA takes Longs and Shorts ie, 50/50 as yet trading this way with V3.2 it has been very successful in that the winning rate has not decreased, but when you have a loss, the loss is much less.

Take AM it has a SL of 300, if you trade as I do and your TP = 50 you can see that this is a 6:1 ratio, not really acceptable, however if you look at the range for each pair and then divdide this in two, eg EUR/USD being 200 / 2 = 100 so make the stop loss 100 and not 300 now the ratio is 2:1 much better when you have a loss.

I suggest you try this on a demo against trading with a SL of 300 and see which comes off best, obviously trading the same pairs and I would only allow 5 or 6 trades and no more, thats my advice for what is worth.

Have a good weekend everyone and good luck next week.

Regards

Iceman1

 

[rwgold]

Maestro is very worthwhile when adjusted properly.

:cheesy:

Hi All :clap:

I will close all my outstanding trades and take the loss, since the weds 11th ADv Maestro has made 35 trades @ 50 pips and will be closing out 6 trades which are negative, I must advise from experience that it is better to close your trades at 23:00 hrs thursday or early hrs Friday morning and do not take the trades on Friday.

I did trade this friday because I like to give the EA a hard time to see how it will cope and from todays results all I can say is very well, maybe next week I will give friday a miss, I will see how things develop.

At the end of the day how many traders are making that many pips, every week my account has made at least 50% every week, you will take a loss with this robot but the advise I can offer is not to trade 10 trades, limit to 5 and adjust as per my earlier email the SL to the pair concerned, I have tried in the last day this approach, say if the Eur/USD has a range of 200 then the price could move 100 pips either up or down making the 200 range, so my thought was to reduce the SL from 200 to 100 as the EA takes Longs and Shorts ie, 50/50 as yet trading this way with V3.2 it has been very successful in that the winning rate has not decreased, but when you have a loss, the loss is much less.

Take AM it has a SL of 300, if you trade as I do and your TP = 50 you can see that this is a 6:1 ratio, not really acceptable, however if you look at the range for each pair and then divdide this in two, eg EUR/USD being 200 / 2 = 100 so make the stop loss 100 and not 300 now the ratio is 2:1 much better when you have a loss.

I suggest you try this on a demo against trading with a SL of 300 and see which comes off best, obviously trading the same pairs and I would only allow 5 or 6 trades and no more, thats my advice for what is worth.

Have a good weekend everyone and good luck next week.

Regards

Iceman1

To Everyone:

I ran Maestro continuously for two and one half weeks with the out of the box settings on the four recommended pairs on a 5M TF and was up to 3700 pips in closed trades with open trades at at -1000 pips for a net over the two and a half weeks of 2700 pips.

I have concluded since then and with some experimentation that the proper TP and SL are the key to making Maestro into an excellent automated money maker.

It does an outstanding job of picking trades and its win-loss ratio is phenomenal.

A TP of 50 and a SL of 75 on a 5M TF seems to be a very good combination for an extraordinary return.

Rico :cheesy:

 

[Ronika]

A TP of 50 and a SL of 75 on a 5M TF seems to be a very good combination for an extraordinary return.

Rico... What's your win/loss ratio using SL = 75? I've seen so many trades go negative beyond 75, that it would seem the losses would be many.

 

[iceman1]

Hi John

I trade 5 min time frame, also I would advise to turn off MM by entering 0 and set your risk to 5, but as your capital grows reduce the risk to protect your capital, if you start with $1000 the EA will start trading 0.05 lots by the time your account gets to $2000 which should'nt take long the EA will now trade 0.1 lots which gives you bigger rewards but also bigger losses, better to stay ahead then let a week's worth of trading being taken away in a couple of SL trades, if you adjust settings as per my posts this should go a long way to protecting you, forget the 10 trades it is too much.

Look at Ronika's post, some good idea's there too.

Also Stu I think how are those other robots doing ?

Happy trading

Iceman1

 

[Trader333]

Two and a half weeks is not long enough to know that this will work on a continuous basis. There are a couple of issues that could have a huge affect on the profitability of this. The first is that the FX markets have been trending and trending quite strongly. If they change to becoming range bound or whipsawing then the profits that are being seen could easily become consistent losses. The second is the volatility of the instruments being traded. If this changes significantly then the settings for SL and TP will be wrong and the consequences of this will be losses again.

When markets trend then making profits is very easy and it will be when they don't that the real test of how good this is will be seen.


Paul

 

[rwgold]

One and a half day results.

Rico... What's your win/loss ratio using SL = 75? I've seen so many trades go negative beyond 75, that it would seem the losses would be many.

Ronika, :clap:

I started a new account on another machine midday on Thursday 3/12/09 and it ran continuously through Friday. I agree with you completely about a large number of trades gong negative beyond 75.

I looked at it this morning Saturday) and I am net +800 pips. I will have to go to another floor to check on exact figures which I will do later today and report back, but I can say that there were no losses, only wins and just by chance the still open trades had a positive net at the close of trading on Friday.

I am using a TF of 5M and a SL of 75 with a TP of 50. The MA settings are 10, 30, 0 respectively just as it came out of the box as are all the other settings. I am trading the four recommended pairs (EURUSD, USDCHF, USDCAD, and EURGBP).

I am not discounting luck relating to how the markets ran during that short time period, but only additional time will tell and I will be much more convinced of the value of these settings next Friday at the close when we see where I end up after an additional week of trading if the results are still in a range that I consider impressive.

Rico :cheesy: