Metatrader Expert Advisor: ForexRobotTrader Steinitz 7-30-07
July 30, 2007
Metatrader Expert Advisor: Steinitz HAS MTF EA v2.2 (ForexRobotTrader) - Monday, July 30 can now be summarized in two words - small recovery!!!! No trades closed but a new trade was open on GBPCHF. I have NOT changed my timeframes and am trying to hold a steady course throughout this collapse. The trade was open because I modified the max spread to allow the trade. Right now I have 13 trades open and the float is negative $791.94. Equity has creep back to 549.26 and since 5pm the pairs have clawed back past the $600 mark. As always keep checking my LIVE statement.
I still have my LIVE updating statement which will update every 5 minutes at: http://minnelli.com/forex/mystatement1.htm
Closed Trades:
Today: 0 for +$0
Week: 0 for +$0
Open Trades:
13 Trades Open for -$791.74
Summary:
Balance: $1341.00
Equity: $549.26 (59% Drawdown from balance of $1341)
Weekly Summary
Date From - To = End Equity/Start Equity(Pct) | Trades Balance +/- Profit
*June 25 - June 29 = $1006.33/1000 (.6%) | 21 Trades -16 win 5 loss closed all trades in Ver 1.1
July 1 - 6 = $1054.69 /1006.33 (4.8%) | 17 Trades $1074.93 +68.60
July 8 - 13 = $1127.33/1054.69 (6.8%) | 16 Trades $1178.64 +103.71
July 15 - 20 = $1198.69/1127.33 (6.3%) | 19 Trades $1284.43 +105.79
July 22 - 28 = $493.00/1198.69 (-58.8%) | 10 Trades $1341.00 +56.57
*starting balance on June 25 was $1000
Settings: Default Settings TF 1/6 | Lots=.02 and .03 on low risk | MM=false | Mini=false | Micro=true
15 pairs: AUDCAD | AUDNZD | AUDUSD | CHFJPY | EURCHF | EURGBP | EURJPY | EURUSD | GBPCHF | GBPJPY| GBPUSD | NZDUSD | USDCAD | USDCHF | USDJPY
.03 lots: AUDUSD | EURCHF | EURGBP | EURUSD | USDCHF
Posted in forex, metatrader, expert advisor, steinitz, ForexRobotTrader
content rss
August 6th, 2007 at 10:48 am
Can you set an automatic stop loss on the steinitz’s EA? Is it worth the $50 in your opinion?
August 6th, 2007 at 12:38 pm
You can no set an auto stop loss, but I trade without them right now. I’m hoping the development will make the $50 investment worth it. As of right now, I’m down so I can’t be super positive. However, I do see potential and think with a little more development on this EA, it could be a winner. With that said, it will need to have some sort of hedge or stop loss function build in for it to be worth anything.
July 7th, 2008 at 11:42 am
Hello,
I too purchased this EA some time ago, and I have analysed it in great detail. My results are:
It MAY work, if you have sufficient capital to hold loosing trades for years on end, otherwise, it does make money, but the few losses, far out weigh the gainers.
I tried running it with various stops, but that seems to make the losses greater over the shorter term.
It opens trades that should not be opened. This is its main defect. I trade using a Curvilinear Regression formulae with a hedging formulae, and when my formula indicated not to enter a trade, the Steinitz went ahead and opened the trade, to make matters worse, the Steinitz EA opend the trade in what could only be considered the wrong direction (!). To date, there are several currency pairs that are in the red by over US$1k, despite pages of small gains, these losses (about 10%) of overall trades weigh down his EA.
I would have loved to have shared my findings with Don, the creator of the Steinitz system, as I strongly feel that a few weeks work with my input would transform a losing system into a highly profitable system, but i have heard from a few people that he does not take “suggestions” easily, so I guess it is his loss. Besides, I hate to be the materialistic person here, but time is money.
I am in the porcess of testing out several EA’s from all over the world, and at the same time creating my own.
There is only one EA in the sub $1000 price level that produces amazing gains, but the drawdown is gut wrenching, and you have to be well [very] capitalised. All other EA’s that I have tested produce minimal gains at best.
Good trading everyone.
Enthios