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Sunday, October 2, 2016

10 Features You Have To Look At When Choosing A Consistently Profitable Scalping Forex Robot


Feature #1: Free Margin Level Percentage

Fund protection using Free Margin Level percentage analysis is a very important part of money management when trading with multiple open trades. It is something you can also do even if you trade manually.

A bot with a Free Margin Level percentage parameter that gives user an option to stop opening more trades when a certain low percentage is reached is a very powerful tool that a bot can have. It gives the fund enough buffers to breathe during the trade. This is important on bots that have hidden Stop Loss or bots with no-SL.

There are three (3) values that you need to keep in mind when setting Free Margin Level percentage.
  • 10,000% - this is a conservative percentage. If you use this value the bot must not open more trades when the Free Margin Level percentage reaches 10,000% or below.
  • 5,000%  - this is a moderately aggressive setting. When this value is used, the bot must not open trades when 5,000% or below is reached.
  • 2,000% - this is an aggressive setting. When this value is used, the bot must not open trades when 2,000% or below is reached.

Feature #2: Maximum Number of Trades  

This feature makes sure that the bot will not open new trade when a certain number of open trades are already running even if Free Margin level percentage is not yet reached. This is to preserve the fund buffer and to make sure that it will not be depleted too fast.

Feature #3: Maximum Running Negative Amount per Pair

This feature looks like similar to feature #1 but they are actually two different techniques on preventing big drawdown. Feature #1 is a prevention of opening new trade if a certain Free Margin level is reached while feature #2 is a prevention of opening new trade when a certain total negative profit of a currency pair is reached even if the Free Margin level in feature #1 is not yet reached and/or the maximum number of open trades is not yet reached. We need to have this to make sure that the bot will no longer open a new trade when the price is reversing too fast with the current open trades.     

Feature #4: Target Amount To Force Close And Stop Opening Trades.

This feature is one of the best discoveries that I’ve got and I’m sharing it here with you. Greed can always lead us to disaster. This feature is a very simple one but can save us a lot by helping us control our greed. A bot, scalper or not, should have an input parameter that will make the bot stops whenever a certain Target Amount is reached. For example, if your fund is $2,000, set a target profit of 10% or less for each run of the bot; so in my sample fund of $2k, that’s $200. Adding up, that makes $2,200 as my Target Amount.

So what is this Target Amount. When you run the bot and it starts earning, then it reaches the Target Amount, the bot will stop and no longer open a trade. Even if the  bots backtest performance is very good in a 10-year of data, always keep in mind that the market is random and may not perform as good as the last 10 years. So to save yourself from a future unknown disaster, practice to stop your bot whenever a certain profit is reached.

There are 3 reasons why we have to do this:
1.      To give time for the bot to breathe – putting the bot to break gives you a bigger chance to prevent the possible disaster as the bot stops from time to time. Although the bot has a specific set of trading analysis rules to follow making it to stop will make the analysis looks like random. This can also trick a few brokers who manipulate the price-movement feed to “SCOOP” some in-house profit. We don’t know who these brokers are so we need a mechanism to minimize or prevent this manipulation.
2.       To give you time for your manual analysis – the bot, no matter how good it is, should be checked from time to time to make sure that it performs well according to your own analysis.  How to check? By using your own personal favourite strategy, try to know the general direction of the market. If, for example, the bot’s last trade was a “Buy Long” and your analysis of the general price direction is bullish, there is an alignment with the bot’s last analysis and your own personal manual analysis. If they are aligned, run the bot again right away. If they are not aligned, do not run it yet. Run it the next day, or if there’s so much red-flag news for the current week, postpone the running for the next week.
3.      To give you time to withdraw some profit – it is a good habit to withdraw when there are no open trades. If you are running a bot, it is not a good idea to withdraw some money when there are open trades. This will surely affect the money management calculation of the bot and may lead you to disaster.

Feature #5: Profit Protection

This is a very important feature that really makes a bot special. Each bot developer has designed their own version of Profit Protection feature. There’s really no exact description to define this as it all depends on the trading strategy that the developer used. All developers are not really that willing to disclose their methods and scripts on this as it is one of the features that make their bots special. They don’t want competitors to copy it, of course.

As a general way to protect a profit, MT4 has a Trailing Stop feature that every trader can use on both manual and automated trading.

If you are trying to develop your own bot’s Profit Protection feature, you just have to be creative in finding the best tactic for your strategy. You can customize your own trailing stop with different approach, movement, etc. Be sure that it complements the strategy plan that you have, if not, no matter how good your profit protection is, it won’t make any difference.

Feature #6: Drawdown Minimizer

This is another feature that really makes your bot special. The same with the feature #5, the bot developer may not be that willing to reveal his secret on how to minimize drawdown as it may be copied by other developers.

Most of the developers of successful bots out there didn’t want to sell their masterpiece at first. But as their business inclination becomes higher than being greedy, most of them would decide to make their robot available in the market. It is a business common sense thing. Why would multi-billion-dollar businesses get richer? They do because of multiple streams of income. Even if your Forex system earns you 10%-500% percent a month, still you won’t surpass the earning speed of successful businesses that earn money from different sources.

Feature #7: Hard Stop-loss Option

This is an option to put a fixed Stop Loss with specific number of pips. This may hurt your fund once in a while but if you can backtest first the bot and get a good result, you can try to put a hard SL in your bot execution.

If your bot has a hidden calculated stop loss, you shouldn’t bother to put this as it may hurt your fund. It may destroy the logic of the script. Developers put a hard stop loss option only for those traders that can not sleep if their trades have no SL. 

Feature #8: Time-based Stop-loss Option

This is an option to a stop loss that is triggered after specific number of minutes, hours, or days. This approach is logical because there are pairs that may really reverse on your entry if not profitable after a number of minutes, hours, or days. You need to back test the bot first on each pair to know the time period applicable on each pair.
 
Feature #9: High-spread Protection  

Most of the time, but not always, a scalper robot is dependent on a low spread execution to be successful. So having a pair with high spread may not give a satisfactory result that you want. An option to choose a low spread execution of entry is a good option that you have to find to make sure that you can have more profitable trades than losses.  An option to put the spread limit that you want is also vital as it will be flexible and can adapt on each currency pair.

Feature #10: Trailing Take-Profit  

Yes, you read it right. It is a TRAILING TAKE-PROFIT. We are all familiar with the Trailing Stop-Loss but may be this is your first time to hear a Trailing Take-Profit strategy. Some scalping bot may have this feature but traders who buy them are not aware of this. Read carefully the bot’s description if it has this function. That’s the only way to know if the bot has it. Or, you can contact the developer to ask directly.

Trailing Take-Profit is a feature that makes the TP price level of all open trades to be moved near the current price and will still give a positive overall profit or very small loss.

These 10 tips are just excerpts from my upcoming ebook about Expert Advisor. To get a FREE copy of the ebook please join my FB Group below


To learn more Forex tips, please like our FB Page:

And please visit my blog: http://FXFlight.blogspot.com

As a final tip, if you haven’t got your Forex Robot yet, you can try Solomon’s Chest PRO, a bot that I personally developed. It has some of the features mentioned above so you already have an edge when running it. Here is the link of the bot:


Here's the link of bot's MyFXBook account
http://www.myfxbook.com/members/okpinoy/solomon-chest-pro/1732850


Good Luck To Your Trading Carreer :)


Sunday, September 11, 2016

2 of 4 Specific Trader's Behaviors That You Have To Be Aware Of - Deep Discussion of Trading Psychology Part 3

The Perfectionist – some traders are like this. They don’t want a negative trade in their account history. I’m not saying that it is not achievable. Actually, an account history with full of green colors is possible, but you’ve got to have a very good trading plan and you’ve got to have a high level of discipline to follow the trading plan. Some traders resort to not using Stop Loss (SL) on their trades.  Yes, it is possible to trade without SL but you’ve got to know what you are doing. I keep telling this many times to my Forex students that trading both with SL and without it is equally risky if you don’t know what you are doing.

Here are basics on how to use both:

(a) Trading with SL – Limit the percentage of the fund that you are willing to risk on each trade. This doesn’t mean that you are not going to be careful on your entries. You still need to figure out the best entry set-up that you can find in the chart. The SL will only try to minimize your loses in case your entry is wrong.

(b) Trading without SL – This one is very tricky. You’ve got to find first the true range of the currency pair that you are going to trade. You will use the true range of the pair in your calculation of the lotsize. In some situation this is not enough and you may still lose some fund, so some traders double the true range in their calculation or the safest ways are use the lowest lotsize possible or calculate the lotsize with a very long range that the fund can handle. If your fund can handle 5,000 Pips or more, trading without SL is like a walk in the park. You can sleep soundly at night. This is true as of this writing but may change in the future, if Forex Market reaches global daily transactions of more than US$6 Trillions. Surely, sometimes, you will experience that a trade is open for a long period of time. This is the point that trader is stressed with confused judgement and felt the need to take any action that leads to the ruin of the fund.

Note: Take note these are just the basics of doing these trading styles. You need to do more research, or join a coaching group, to know the details and advanced components of the methods.

To correct this behaviour: 

(a) You have to realize that it is also a part of a traders’ life to lose some money in spite of a good trading plan especially if you are using SL. Keep this in mind on every trade that you make and prepare your trade strategy on losing an acceptable amount of money on each trade. With this in mind, you just need to have a trading plan with high probability. If your Take Profit (TP) Pips are always higher than your SL, a 50%-50% chance on your strategy is profitable. If your method has a bigger SL than  TP, you’ve got to have a higher chance of profit with your strategy, bigger than 50%. A 70%-90% strategy is possible. You just to look around the internet, ebooks, webinars or seminars.

(b) If you really want to stick with no-SL method, you can still do this but you need to have a big fund. US$5,000 or more is ideal. If you have US$25,000 or more, it is better. Once you have this amount of investment, the next thing that comes in your mind is profit percentage. See how to handle this in the ebook section “The Percentage Minded”. In this no-SL method, you still need a high probability strategy because it will make your profit faster. Surely you can trade without analysis with this kind of approach because your fund can handle a reversal 5,000 Pips or more, but if you don’t analyze, the time you hit the profit will be longer therefore will delay the increase of your fund. And if you don’t analyze, 5,000 Pips reversal will be still possible to hit and eventually you will lose your big fund. If you are going to do this method, be sure that you are prepared mentally to handle reversal for a long period of time and will not intervene with the trade by trading more or cutting big loss. Some successful traders I know that use this no-SL method, they still keep an SL in mind, or they cut loss at a very specific time. (e.g. if after 15 minutes that the trade is still open, it will be closed regardless of the amount of the loss and proceed on the next trade). This is the time that you can trade with no-SL with a small fund but you have to be strict and you really follow your imaginary SL, or cut-loss time. Discipline is the key.

For Forex Trading with less emotion, use a Forex Robot. A good one is called Solomon's Chest PRO that can possibly give you  a conservative profit of 3% to 20% a month with less than 20% drawdown.

Here is a link where you can download a demo version. https://www.mql5.com/en/market/product/15388


Here is where you can find the track record of the bot... http://www.myfxbook.com/members/okpinoy/solomon-chest-pro/1732850
















Monday, September 5, 2016

3 Foremost Things To Consider In Choosing A Forex Robot



  1. This is actually a common sense thing to consider when selecting a Forex Robot. As much as possible, choose a bot that gives an option to rent it out for 1 month for a minimal fee. This will give you a chance to test the bot for a limited time at a fraction of the cost. 
  2. Choose a bot that gives a rental option for 1 year for a discount. After testing it for 1 month and you are convinced that it works, you can rent it out for 1 year with a special discount compared to paying for it on a monthly basis. 
  3. DO NOT CHOOSE a bot that gives an option for a one-time payment to use it for life. Why? Because this bot may not really work for a long-term. The author wants you to pay for it big-time and he doesn’t want to worry if you don’t like it anymore after some months of use. Do you want to pay a premium for a bot that may not work in the future? Or you prefer a bot that you pay a reasonable price on an annual basis and have a good chance that you can earn what you paid for within that year.   
These 3 tips are just excerpts from my upcoming email about Expert Advisor. To get a FREE copy of the ebook please join my FB Group below


To learn more Forex tips, please like our FB Page: https://www.facebook.com/LearnForexQuickly/ 

And please visit my blog: http://FXFlight.blogspot.com 

As a final tip, if you haven’t got your Forex Robot yet, you can try Solomon’s Chest PRO, a bot that I personally developed. You can get it at the rental options mentioned above. Here is the link of the bot: https://www.mql5.com/en/market/product/15388 

 Good Luck To Your Trading Carreer :)

Saturday, July 9, 2016

3 Tips On How To Discover Your Own Successful Forex Trading Strategy


To get in touch with other Forex Traders, please join our FB Group: https://www.facebook.com/groups/FXFlight/ 

To know about other possibilities with Forex Trading, please LIKE my FB Page:  https://www.facebook.com/LearnForexQuickly/

This month marks my 14 years and 5 months as a forex trader. The first decade is almost like a schooling period with failing grades :). Once you discover your very own strategy, your account history will be your School Transcript and Diploma. The proof that you made it. Well, you don't have to show and brag it to everybody. It is just something that is fulfilling to see even if you are the only one who sees it.

There are many ways to be successful on Forex trading. Finding one that fits to your psychology and mindset is usually the most difficult part. The good strategy of one successful trader may not be good for you. You may have a different behavior on handling pressure, greed, and fear compare to the other traders.

So how can you find the trading strategy that is right for you? Here are some tips on this...

1) Do not give up - This usually applies to all traders. I will tell you this - If you don't like Forex trading and you are doing it just for the money, you won't make it. You should be fond of the thought of doing it every moment of the day. (But it doesn't mean that you have to do it every moment of the day hehe). In short, you have to love what you are doing, because if you don't it will be very hard. Forex success is a journey and not a one point destination. There will be huge struggles along the way. Most of the people beside you will think that you are insane for pursuing it and will tell you that it is not possible so you've got to stop it. But if you love it, you will be tough enough to survive.

2) Tough trial-and-error mindset - If you tested a method and it didn't work, it doesn't mean it won't work. That's one of the best lessons I have learned after a decade of continuous learning the Forex industry. Every method and EA strategies I developed and have tested before that failed, I set them aside for awhile. Once in a while I go back to try them again with a few tweaks. You won't believe it but the best performing Forex robot that I have right now is a combination of trading plans that I've had five years, 2 years, and a year ago.A combination of the 6-Forex-Trading-Secrets, Price Trap Strategy, etc.

You also have to be prepared for a lot of thousand times trials and errors.This is true. I've got to go through to all this failures before coming up for the best strategies I have today. Literally, more than 10,000 times of failures and program bugs before coming with my best performing Forex robot.

3) Do not limit the use of indicators on what the experts are saying about it. - You can use all indicators in any way that you can think of. Some tricks can be look crazy at first but sometimes the crazy approach is the one that you are looking for to improve your strategy; so do not underestimate any indicator, and do not reject any idea that comes into your mind. Test them all.

There are also other tips and tricks that you can learn to come up with the best strategy that fits for you. These 3 are just what I have in mind right now. :)  

Sunday, July 3, 2016

1 of 4 Specific Trader's Behaviors That You Have To Be Aware Of - Deep Discussion of Trading Psychology Part 2

1 of 4 Specific Trader's Behaviors That You Have To Be Aware Of



To get in touch with other Forex Traders, please join our FB Group: https://www.facebook.com/groups/FXFlight/ 

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The Bored

Impatience is the behavioral problem that is common to all traders but only few are aware of it. Most of the time, they even deny it and give different justification to protect their ego. Well, to tell you the truth, whatever the trader’s reason is, he is still IMPATIENT, period.

If it’s taking too long for a good trading setup to come up and you still trade it in spite of incomplete chart information. You are IMPATIENT regardless of any reason you have for doing it.

If you are aiming for a certain profit percentage every month and you will trade no matter what the situation of the chart or you waited for a good setup but traded with humongous uncalculated lotsizes, because you have to achieve the monthly profit percentage you are aiming for. You are IMPATIENT regardless of any reason that you have for doing it. This attitude will ruin your fund.

This behavior is triggered by greed to gain profits quickly and fear of not achieving your goal quickly.


To correct this behaviour:

Do not focus on the goal, which is to profit quickly or the monthly percentage. Focusing on the goal make you miss your path to the goal because you keep looking at the goal. You have to focus on the process on making the profit regardless of how big or small the profit will be. You have to look at the path to the goal. FOLLOW THE RULES. FOLLOW THE TRADING PLAN. Ironically, when you follow the process, that’s the time you will gain big profits, sometimes even bigger than your original goals. It will take some time to perfect this so you have to practice it. You will thank yourself in the future once you get used to it.

Sunday, June 26, 2016

Early Monday Profit after a Bunch of Brexit News



To get in touch with other Forex Traders, please join our FB Group: https://www.facebook.com/groups/FXFlight/ 

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Last Friday, June 24, 2016, the market closed with a lot of speculations of what about to happen since the "Brexit" is about to be implemented. Over the weekend, a lot of news have been broken, mostly negative ones, on the global impact of this event in London.

My Forex Robot, Solomon Chest, has left multiple sell shorts on EURUSD last Friday. As expected by every trader that I spoke with, there will be gap on Monday at the downside. At the first hour of the market open, the Forex Robot closed all sell shorts with a profit. What a nice way to start the week.

Happy Monday Traders. Enjoy the rest of the trading week. :)


Saturday, June 25, 2016

Watch an Expert Advisor (Forex Robot) in Action


You can earn right away from the Forex market even if you don't know yet how to trade.

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A light commercial version of Gazillion PRO

3-month forward test result please click this link
http://www.myfxbook.com/members/okpinoy/dynamic-zones/1598249

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Minimum of 12-month subscription
Good only until June 30, 2016
Payment thru BPI Bank deposit only.
Offshore client please PM me.

PM Joel Tagle for details



To get in touch with other Forex Traders, please join our FB Group: https://www.facebook.com/groups/FXFlight/ 

To know about other possibilities with Forex Trading, please LIKE my FB Page:  https://www.facebook.com/LearnForexQuickly/