ForexRobotTrader by Steinitz (Metatrader Expert Advisor): Aug 14, 2007
August 14, 2007
ForexRobotTrader by Steinitz (Metatrader Expert Advisor) | HAS MTF EA v2.2 - Tuesday, August 14 was MARGIN CALL DAY - It all started on July 2 with a $1000 and ended today (last night) with only $153.04 (I held on for a 89% Drawdown). That’s a $846.96 loss in a matter of 6 weeks. Again, we must point out this was a very conservative money management strategy I used. The death blow was obviously the JPY crosses, but other pairs did us in as well. Here are the margin call trades - trade by trade. The EA’s lead developer stated that a margin call could happen, they have no way of testing several pairs at once. It’s true one position can bounce back but several like in many of our cases just flat out kill the account. I will continue to work with the new version of the EA, that will institute stop losses. However, I’m afraid they are picking those levels by backtesting - so the inherent flaw will be backtested stops will not necessarily work in the future. I think this EA will be a long time in development and may not ever make it primetime - only time will tell. I will do my best to test out and track the new EA when it is released to give you all a solid base to compare against. I have sacrificed $900 for this EA so far not included the VPS costs — my lose will be your knowledge gain. Good luck…
chfjpy -$73.13
eurjpy -$149.32
audusd -$144.00
gbpusd -$112.20
eurusd -$78.00
audnzd -$73.53
eurchf -$64.04
usdcad -$32.90
eurgbp -$15.65
usdchf -$62.03
As always keep checking my LIVE statement this is being updated every 5 minutes( well not any longer but you can see what happens to an account in a margin call) at: http://minnelli.com/forex/mystatement1.htm
Closed Trades:
Today: 10 for -$797.95
Week: 15 for -$1208.46
Open Trades:
None - MARGIN CALL
Summary:
Balance: $153.04 - high balance was $1381.57
Equity: $153.04 (89% Drawdown from high of $1381)
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
July 30 - Aug 3 = $604.75/493.00 (+22.6%) | 3 Trades $1361.50 +20.50
Aug 5 - 10 = $362.37/604.75 (-40.0%) | 5 Trades $950.99 - 410.51
*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
12 pairs: AUDCAD | AUDNZD | AUDUSD | CHFJPY | EURCHF | EURGBP | EURJPY | EURUSD | GBPUSD | NZDUSD | USDCAD | USDCHF
.03 lots: AUDUSD | EURCHF | EURGBP | EURUSD | USDCHF
Removed on Aug 10 - GBPJPY | GBPCHF| USDJPY
http://www.forex-tsd.com/steinitz-method-scalping-method-ea.html
Posted in forex, metatrader, expert advisor, steinitz, ForexRobotTrader
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August 15th, 2007 at 1:30 pm
Thank you, for this expirience.
August 15th, 2007 at 4:03 pm
no problem - a lot of you guys share your experience on the blogs. It the least I could do. It only cost me $50 for the EA and another $850 in losses….so maybe I should start up a collection
Minnelli
August 16th, 2007 at 1:10 am
I don’t know how many people you spared by publishing your blog here, but I know you saved me at least $1000. Do you take PayPal?
August 16th, 2007 at 2:36 pm
Rick - great idea!!! I do okay for myself with my day job, but I do keep my forex money segregated, so sure if you or anyone want to throw a few bucks at me I will reinvest it back into Forex - which in turn will keep my site running strong as I try new providers and strategies.
PayPal Donation is now available at the top of the page. I used your quote of saving you $1000 by not investing in the Steintz EA as my donation tagline.
lol - Minnelli
June 10th, 2008 at 6:04 am
Still using the EA? I think you need to trim down the pairs you are trading. Certain pairs must go like chf/jpy, all aud pairs, and all gbp pairs. I created my own EA and I have been trading for 5 years and I only trade 5 pairs. EUR/USD, EUR/CHF, EUR/JPY, USD/CHF, and USD/JPY. I have only had lousy to minimal risk/reward with other pairs and I have tried to trade them all in the 5 year period. He also says to trade at least 10 pairs. That’s way too many pairs to trade. 4-5 is optimal. 3 probably would be best. Again, greed kills more than anything and is responsible for most, if not all, instances of margin calls. Keep the pairs to 5 pairs or less and raise the risk to 5-6%, not 1% like he recommends.