I'm glad your first trades were winners with WSFR. I don't know how Alpari is but I have heard good things about them overall. I was running fxopen for a while and my ea's were running good but hotforex seems to be great. I think for a scalper a low low spread is a must. Otherwise its going to eat into your trades and turn winners into losers. Nothing is worse than missing a take profit by 1 pip or fraction of a pip for that matter.
I'm running WSFR as well as mdp on hotforex currenex and it has been awesome so far. I am going to start a thread about mdp and talk more about it there. I should have it started by tomorrow. I definitely want to talk about those results too.
My style trading involves having a portfolio of different ea's I feel that it reduces risk overall.
Many people say ea's aren't as good as traders who use there brains. I agree, even the best ea cannot beat a great trader. However I feel that people should consider that ea's are not human. They do not act human. They are a program and they don't think or act human. All they do 24 hours a day is look for a specific condition to be met. When that condition is met they execute a trade and than they "rinse and repeat"
When you have mulitple ea's or ea's (like wallstreet) that have very complex algorithms than they can search for different market conditions or patterns or whatever they are designed to look for.
Point is, if you 5 different ea's all looking for 5 different conditions than you have 5 times more opportunity. It would be like a trader trading 5 different systems. He will have more signals for different reasons. Some reasons might be a trending market, or a range bound market, or a volatile market, but that is basically impossible because who can keep up with that?
The 5 ea's would all be looking for there condition 24 hours a day. If the ea's have a positive expectancy in the long term than the portfolio would grow at a steady pace. Draw downs and draw down periods would be reduced. Overall you end up with a smoother equity curve.
Markets always change and many times an ea that was great is left in the dust! We see examples of this all over the internet. Just ask anyone still trading fapturbo? If you have several ea's running, when one starts to fizzle out you limit the risk and at some point maybe you decide to put it on the shelf. And always look for new ways to make money. New ea's that are producing, because believe it or not there is always something that is doing well, and some do well longer than others.
A perfect example is Forex Morning Trade. This ea was on fire for a long long time and it was doing so well I upped my risk by trading it 3 times a day all with 2% risk per trade. Some weeks it would make me 10% and some weeks it would make 40% It was great. Than something happened. It started a couple months ago. It seemed like FMT couldn't win 2 in a row so the first thing I did was reduce my risk dramatically. First I reduced to .5% per trade 3 times a day but I watched losing week after losing week for about a month and so I decided to drop down to 2 trades and one I leave at around .3% and the other one even lower. If at the end of fall I haven't seen some break even months and some winning months than I will drop it completely from the line-up.
Same with FGB right now it has had a couple of rough weeks. First thing I do is reduce risk. It's all about preserving capital.
MDP and WSFR are on fire so I have upped my risk a little.
WSFR EU risk is 10%
WSFR GU risk is 10%
while UC and UJ are only 3% risk
if EU or GU start to lose or hit full stops often than I will cut risk. You may think 10% is high but it isn't I look at average loss and based on those numbers I am comfortable with the risk. Right now WSFR's average los is about 10% of a full stop loss or about 18-20 pips So in reality I can adjust my risk. In my mind I realize I could lose 10% but based on history I think as a rule of average a loser will cost me 1% of my account. I can also do this because I have decent leverage. Anyway I hope you guys follow what I am saying about risk, and also about diversification. It is critical to a healthy portfolio.
So right now my portfolio is.....
WSFR 3.8
Million Dollar Pips 1.1.4
Forex Growth Bot 1.6
Steady Winner 5.0
Forex Morning trade (on very small risk due to poor perfermance)
Sorry for the really long post
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