Thought you might be interested in the results from that EA I was testing.
Wednesday it made a reasonable profit
Thursday was just in profit
Friday lost both profits and some.
I enclose a list of Friday's deals
Might have been better off fading them all !
I have written to the author for an explanation but he may not reply.
Hi Pat
Been looking through Friday's trades from your EA
Have some more questions - for instance are the times UK BST or on a different setting - 1 or 2 hrs more either way ??
The stop losses have been all at different size stops. I think you say from his email he suggests 5 pip stop and 10 pip target. That will cause a problem - as the stop size is super tight - but Ok if the EA as very accurate timing and with the targets being always 10 pips you will miss out on the runners that travel 20 or 50+ pips in your trade direction
Can you set it up to have 2 or more targets - ie take say 60 or 70% off only at 10 pips and leave part stake on and then leave to stop as it was or move it up to entry +1 pip which means what ever happens then you have a win / win scenario after you have taken you main part of the scalp off ??
If the entries have the timing correct stay with 4 -7 pip stop size - dont bother with 15 or 20 pip size - as one loss then needs 2 or more wins to replace it - whereas on tight stops with good accurate entries means 2 losses can be replaced by one good trade
The win ratio on Friday was just too low - ie approx 38 trades and only 7 real winners - ie 18% - for a good intraday short term bot you need over 65% win ratio and ideally over 70% +. What was you win ratio's like on the winning 2 days of Wednesday and Thursday ?
A good system will always remain fairly consistent in all trading conditions - mine works out between 62% and 87% in any market - ie easy days 80% + - difficult conditions and a non easy day still expect over 6 out of 10 wins - and of course if one of the winning trades catches a good runner - then the win ratio's becomes less relevant
I can also see it was working on over 10 FX pairs - so on average only 4 trades a pair over a full working day which is not excessive. Trouble is if it gets it bias wrong and says sell 6 pairs - instead of just one or two losing trades - you end up with 6 or more.
Maybe i suggest focus just on 4 or 6 pairs for a start over a few weeks - the pairs you like etc and compare them with our calls and the LitS areas from early morning to see whether its worth letting a few run when the direction bias is stronger
You are wise to go demo for say 500 + or more trades. 95% of all retail bots are just not sophisticated enough to work all the while in the FX markets - you need to use a bit of discretion etc to stop you entering wrong set ups in market tease times.
The automated systems big commercials use probably cost 100's of K - or even millions to develop and stay as a winning system in the ever changing FX markets.
It might assist you etc - but i still think you might have to oversee it rather than just switch it on a live account and leave alone and come back to regular good profits.
Anyway - let see how it goes and see if we can fine tune it to improve on Friday's results
Regards
F