Stephen Sartain

I am an inveterate coder, always busy programming something, so a few year ago decided what the hey, lets have a go at these ea things using this mql language thingee, and La Voila, here I am.

It can seem daunting at first wiith seemingly unlimited choices and tons of profits being made all over the place. How to choose, how to choose ...

Here are a few rules you may want to follow :-

1). Profit is not everything, in fact it can be very missleadintg. Take look at the amount of trades open and EQUITY versus BALANCE, if the Equity is much less then that means there is a lot of drawdown on current trades, and that means - That the Signal Provider is closing PROFITABLE TRADES and leaving LOSING TRADES open !!!

2). Is the system a Grid or a Martingale system. now don't get me wrong, there are some amazing GRID systems on here, as long as trade sizes are kept reasonably low and the gaps are not to small this can be a steady profit maker. Where BOTH systems go wrong is when the market moves 500 pips in a day or so, which can happen.

3). Ask yourself the question, if you could see the market going against you day after day for 3-4 days ..

Would YOU continue to open more trades against it ??? Why not open a few trades WITH the market, it will SLOW the speed of your losses down ( Equity losses ), or even do something more radical and LOOK AT THE GRAPHS IN THE 4 HOUR and DAILY CHARTS - Find the recent HISTORICAL HIGHS and LOWS ( Horizontal SUPPORT and RESISTANCE line or LONGER TERM TREND LINES that touch 2 or more times ).

And do not forget RETRACEMENT, add a FIBONACCI RESTRACEMENT to your high and low point and see if thats whats happening, maybe its at the 23.8%, or 38.2% retracment now, or maybe its just bounced back up off the 50%, or maybe its shot through the 61.8% and is heading for the bottom/top of its longer term range with nothing to stop it. .
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FMy robots open 2 trades and stick with the plan, they all have stop losses and take profits and trailing stops. It took me a long time to get them working like the way they do, I mean 3 years or "fiddling" with the code. I started out playing about with the Blessing Martingale, gradually reducing levels until I got it to 4 or 5, but in real world trading it always failed as I always set my MM ( Money Management ) to high.

4). To large trade sizes is the NUMBER ONE reason for failin.

Keep your trade sizes reasonable and ask yourself what the trade could LOSE you.
ie, Stop thinking about the possible gains.

By lose I mean look at your entire ACCOUNT, not the trade itself !!!

As that is what is at stake here, due to the following :- greed and panic.

*** They are opposite sides of the same coin, and neither of them will leave you any profits in the bank at the end of the year ***

So, ff you keep blowing accounts then ask yourself - WHATS THE RUSH - SLOW DOWN - BREATH - THINK ABOUT IT !!!

5). Bank Your Profits.

They will come if you focus on not trading to large, but in time you will have to take risks, so as soon as you have doubled your money, take your original funds out and start to take out small profits, it will make you feel GREAT !!!

Good Luck.

Steve.
Ps. My robots trade VERY HIGH LEVERAGE at HIGH SPEEDS - because do so and make profits, not because of greed. There is some very clever code I have added that makes them act .. like human beings, or at least like the way I would trade IF I could figure out which way the market was going and had the PATIENCE to sit it out - I DON'T - but they do :D

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