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Good afternoon Everybody, hope you’re all doing well! Haven’t posted in a minute so I figured I’d share some lessons I’ve learned to hopefully help new traders out. I’ve been live testing now for a little over a month. Has been both very exciting and very frustrating at the same time Haha. HERE WE GO!!
Lesson 1: Trade with Stops! Having a ton of EA’s on demo you don’t get “the honor” of experiencing nail biting moments of having to endure 200+ pip drawdowns for indicator based exits. Having an “oh shit” stop is the way I’ll be developing my EA’s moving forward.
Lesson 2: Don’t be in a rush! I’m American so I suffer from “I want it now syndrome” (Willy Wonka reference). Wait until your predefined rules have been met on demo before going live! I wish I had listened to Petko! I saw a few “Super Strats” in their early trades and decided to sling them to my live account. If I had waited for them to complete the 10 trades rule I would have saved myself precious capital.
Lesson 3: Risk Management is King! Don’t trade larger than your account’s can properly handle with good risk management. By excitement/mistake (was half asleep coming back from work) I’ve thrown EA’s onto the account using my demo size and instantly went into 50% DD. Use micro lots if your account isn’t super funded AND until the live P/L match what was shown on demo after 10 trades before considering sizing up.That’s all peeps, happy trading! Will report back in 30 days hopefully with better news on live trading. Currently working my way out of 40% account DD.
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Hey Roman,
very nice of you to share your experience, even it was quite emotional I can see(just what we try to avoid in trading) 🙂
It is great that you put down your mistakes, this way you will have them in mind for a longer time, and just make sure not to repeat any.
No worries, most of the pieces of advice I give in the courses are from mistakes I have done in the past. 🙂 But I did not repeat any of them, so make sure you do it too.
Anyway, ones again, great of you sharing this, I am sure it will be useful to many beginner traders here!
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I can share some lesson I learned from the live account.
After the first profitable month I felt the greed which is typical for manual trading. Than I increased the lot traded 3 times and lost in the first week half of the account. I believed that after having one profitable month I can not lose and I will have the same profits next month. Well, it did not happen. I needed another three months to recover.
Money management is all about it, and patience…I believe Guns and Roses wrote the song Patience for the traders 🙂
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@Desita: For sure! LOL
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@Andi – Don’t give him any ideas! LOL the man makes enough money already!
I’ve actually decided to change my approach a little starting today. What I’ve been doing is running a scan on one market per day, and changing it up per all the markets I’m interested in. But looking at the results from my Demo today netting $520 today, turning my attention to getting my numbers up per asset before moving to the next one. I think if I can get around 5 strats or more on the live account before moving to the next will help keep my trades that are in limbo down. Today was a good day for GBPJPY.
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@Haliffa – I only utilize regulated brokers for that reason. I’m here in the US so unfortunately I’m pretty limited on options. Currently I don’t use a US broker due to the crap leverage, and FIFO/ No hedging rules. So far I like what I’m seeing with my current broker and have started to make regular deposits to beef up my account faster.
@Andi- I meant what I’ve noticed on Demo is when you have a larger number of EA’s per asset 5+ you get way more traction than having 1-2 on maybe 3 assets. My account isn’t decreasing now that I’ve learned my lessons, but its veryyyyyy slooooooooow. The last two trades to close where what I closed after they were in limbo since 01/30/19. These were the two I mentioned that I was in over negative 200 pips on. Finally pulled the plug when they got back to neg 100 when I posted this chat.
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Hi Desita,
I think Petko was just explaining how to get more active EAs. It is up to you, also, trust in the generator, if it shows you strategies that are with small SL and TP with your historical data, than it might be better.
keep in mind that the more active the EAs are, the more spread you will give the broker
it is good to diversify the risk, have active EAs and have some with bigger SL and TP
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Hi Desita,
yes, Thapelo, gave you the answer, I was explaining how to get to more active EAs.
I agree that you should trust the generator of EA Studio to find better strategies for you.
For example, if you run a generator with a smaller range of SL and TP, and at the same time run a generator with a wider range, you can compare easily which strategies are with better backtest output.
Cheers,
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Petko, thank you for making this clear. What I normally do is to follow your diversification methods from the different courses.
When I run the generators I mix the ranges for the SL and TP. Sometimes I choose from 10 to 100 for both, sometimes I set SL from 10 to 50, and TP from 50 to 100, and sometimes the opposite way. This way all my strategies are with different ranges.
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Hello Desita,
Glad to hear from you. Simply, when you find your way in trading with the Expert Advisors, always know that there is a better way that you need to look for. Even with the SL and TP, if you have found your range which works well, separately test and look for the better range that will work even better. Hope you get my point.
Cheers,
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@Roman Are you using a Canadian broker or ?
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Hey Petko, what you say is very very wise! I realize that I am looking for the EAs that I will trade with constantly. I set up my account and just wait for the results. After a few weeks, I realize that the EAs could have been better. And I start work on them again. Happened to me already a few times.
I will try to follow your advice and keep working on the portfolio constantly. I see that it could be always better and better and I should not lose time to wait for results…
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Hi Tom,
I was the same at the beginning but soon realized that if I want to make the trading as a full-time job I do need to spend the day on it. The courses from Petko bring so much information that you can work with months on what he teaches. Also, when you get deeper into the strategy builders you will find many new ways for generating EAs that fit your trading.
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Good morning Donald,
No sir, I’m in the US so finding a trustworthy broker outside of the states is a little tricky. If i had a larger account and 1 really good EA for each currency pair I’d be using one of the two main ones here. But i stick to regulated brokers in their respective countries. I know my money is safer here up to $250k but our brokers dont allow hedging which we obviously need to run multiple EA’s on different time frames. Currently I’m using FXChoice, and as Petko would say i’m not affiliated with them in any way. But since they are not in the US, funding the account is a little bit of a pain. Get hit with 14% transfer fee to the 3rd party, then hit again with 2% fee to deposit what’s left of my initial funds into my account. Haven’t tried pulling money out yet since i’m still growing the account so stay tuned for that experience LOL.
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@Andi – Yea I mean It’s a good thing that our brokers are so highly regulated here in the states with all the shenanigans that have happened with brokers in the past. But that as everything is a double edged sward. Cant have more than 1-50 leverage, no hedging, FIFO… on the flip side accounts up to $250k are safe. I’ve only really used and trusted two brokers outside the states, FXChoice is my current due to how many instruments they have available, and Tradersway was another that I’ve used with no real issues. The fee’s to load my FXChoice account made me mad at first, but i like the range of markets they offer. So had to “build a bridge and get over it” as we say here in the states LOL
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Hi Roman, make sure always to check that. If you saw some comments from other traders ( if you do not know them) this could be always from the broker itself. The brokers nowadays have people in the Forums posting to bring some positive comments. But I have heart about FxChoice, I think they are big, I do not think they can afford to stop withdrawals.
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Good morning Desita,
I’m big at looking around to make sure that overall the broker has positive reviews on websites i’m familiar with here in the states. I always check around before opening live accounts. Not only for the money i could lose to scam brokers, but also our personal information that could lead to identity theft. I’m super cautious, and have only ever opened accounts with 4 brokers in total. Two US and Two none for the leverage and assets.
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Nice, Roman! I have 2 different brokers at the moment with live account but I am thinking about adding another broker for crypto trading. So far I avoided it, I wanted the market to get calm and I think now it is. Tested many EAs(some from Petko’s courses and the results are great) Also, the Bitcoin jumped recently which might bring some extra volatility.
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Hey Petko,
Thank you sir!
@Bob- I have yet to trade any of the Crypto’s. I’m terrified of the spreads and lack of real correlations I can measure. At least with Forex i can look at the economic calendars (when i decide to, which hasn’t happened in months) and know economic conditions are changing like FOMC tomorrow.
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Hi Roman,
I do not watch the calendar anymore as well. I take a look from time to me but I do not think it reflects our trading with the EAs.
When we generate the EAs it includes all the news and events so it is expected they will be robust enough during the news. I prefer as well the Forex because there are not such explosive moves up and now.
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Hey, guys, you are quite correct that with algorithmic trading we do not need to monitor the news daily. But I would suggest you keep an eye when there is very important news which reflects a lot the market. These are NFP, Interest rates changes, situations like Brexit. These might crucially affect your trading. Because they create volatile moves which might have positive but at the same time negative effect on your account. In these cases, it goes to 50/50, so I prefer to lower the volume at these moments.
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Hello all,
decided to hare my lessons from live trading:
1. Listen to Petko! 🙂 All his advises are very valuable. I broke some of them – increased the lots few times, did not pay attention to the statistics and hurried to place some EAs on live too quickly.
2. Watch the courses many times! I watch all of his courses 2 times, and still I keep missing things that are said inside, and I do exactly the opposite.
3. Be very strict to your system – the acceptance criteria when generating EAs and the criteria to keep the EAs on live.
I see and realize that we have a great profitable system here, and at the same time I keep doing stupid mistakes which drives me crazy. Anyway I am above 500 pips each month this year, but I know I could do much better.
Smart trading!
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Hello Roman,
I am Slavi, and I am new to the Forum and the Academy. It is a really great place to learn algorithmic trading without IT experience by the way 🙂
What you share is very interesting, I will try to learn from your mistakes, and from the mistakes of the others. I am sure I will have some, it is impossible to go perfect… anyway thanks for sharing.
Have a great day!
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Hello all,
I have been in the Forum for about 2 years, and I trade actively with the EAs from Petko and the EAs I created my self. I want to share one thing that I concluded recently, and I hope it will be useful to many of you.
I had experience in trading before getting into algorithmic trading, and I was spending a lot of time in each strategy I used. Especially while I am using FSB Pro. I worked on each strategy with hours, to improve the entry and exit rules, to add some indicators and so on. The thing that Petko shows in the last courses is actually different, and I accepted that idea of trading.
It is not really the case to concentrate on each strategy and expert. It is more about generating robust strategies that pass all the robust tests. He says that he does not look at the strategies’ indicators and parameters at all. That was the hardest for me 🙂 However, the last few months I just generate EAs and place them for test on Demo, and then straight to the live. It turned out that this way I spend 3 times less on the computer and I got even better results.
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@Andi, you mentioned,
“… I just generate EAs and place them for test on Demo, and then straight to the live.”
I’m curious, what criteria does a strategy have to pass in the testing phase for them to get promoted to live?
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Hello Traderaw19,
there is actually a topic where you can see what acceptance criteria the guys use. Might be useful to you:
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hello all, I want to share a bad experience I had from my stupid mistake: I created my new EAs for the month and I placed the first ones on one of the computers I have. After that, I just received a new laptop and decided to test it. I installed the MetaTrader and placed all the EAs there. And those EAs I place straight to my live account because I use the method from Petko to simulate Demo trading with the Data in EA Studio.
When I looked at the results in FX Blue I saw that some of the EAs already opened double more trades than the others which was not usual. I kept looking into it for another 2 days and those EAs were opening more and more than the others. Until I realized that I had those EAs running still on the first computer I started placing them and on my new one…luckily they did not make losses but profits.
However, it is a stupid mistake because it could have been the other way around and get more losses… so pay attention where you place the EAs. If you decide to move them, make sure to disable the auto trade in the first place.
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Hello Sharapova,
thanks for sharing. Is that actually mean that if I have EAs running in one Demo trading account and I place them on another MetaTrader the first ones will continue working? I thought they will be disabled because they are placed in another place.
What do you mean by simulating Demo trading? And where I can find this method explained.
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Hello FXtalant,
yes, if you place EAs for Demo trading on 2 accounts they will work on the two. The first ones will not be disabled because you place the same EAs on another account. Actually it is not just for the Demo trading, it is for live as well.
Simply said, the EAs can trade on many platforms, no matter is it demo trading, live trading, or it could be the case you use EAs on demo trading and live account at the same time.
Hope that makes it clearer.
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Here is something that I learned yesterday!
When I run the generator I normally look for higher Profit Factor, and other criteria that are expected to be high in the future.
But actually the key point is the number of trades.
Petko shows in the courses with min 300 count of trades, but this is because the courses are meant for beginners.
If you want to build robust strategies that perform well for a longer time, you need to look for the maximum count of trades.
This depends on the Historical data of the broker.
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