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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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Thank you Petko, I believe the next 30 days will be much better knowing what I know now. Even though you did warn us in your trainings haha. Sometimes I let my customers run into walls themselves before they turn around and listen to me as well. Lessons learned for sure!
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Glad to hear that, Roman! Cheers,
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Hey Roman,
I know what you are talking about! :)
I burned one small account at the beginning after I saw some great EAs in the statistics. From this time, I listen to Petko in 100% :)
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Haha Andi agreed!
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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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I wish Petko makes a course only for risk management, I think it will be very useful.
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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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Hey man, Petko deserves it! What we are doing now he started it a long time ago :)
What do you mean by getting the numbers up per asset? Do you mean increasing the lots or getting better results?
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I have said it a couple of times in the Forum, that the courses of Petko are ridiculously cheeped. All he does here should be much appreciated.
I took trading education some time ago which was above 1800 pounds, and it was complete crap. I can not compare it even to a single course from Petko.
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O one more thing…he teaches how to avoid the scam brokers in his courses. I Was scammed and I really appreciate that his videos helped me realize the mistake.
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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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Hey Roman,
did you use EAs without SL? If you did, you need to keep in mind that those trades might last for longer. If you want to have faster trading, look for strategies with smaller TP and SL.
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Hey Roman,
did you use EAs without SL? If you did, you need to keep in mind that those trades might last for longer. If you want to have faster trading, look for strategies with smaller TP and SL.
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I prefer to use small values for SL and TP. This way trades close faster and I feel that I control more the account. If I need to pause the trading or change some EA, I do not need to wait long time for opened trades to close.
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Hey Andi,
you are right, the smaller Sl and TP you have, the more orders you will have. Simply, each trade will be opened for a shorter period of time.
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Petko, do you suggest having such EAs with smaller TP that will close more often?
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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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Hey Thapelo, thank you for the answer. Very kind.
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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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Hey Desita,
this is very good. One tip here: Do this on same pairs. What I mean is to run different generators with different ranges for SL and TP only for EURUSD, for example. And the same way after that for the other currency pairs.
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Hey Petko,
that sounds like a really good idea. I did not think about that. It is amazing how many different ways there are to diversify the generation process.
Thnaks!
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Thank you, Petko!
I will give it a try. In fact, I always run with the same ranges and maybe if I make it bigger or just different I might get better Expert Advisors.
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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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Hey Roman,
did you really pay 14% transfer fee? That is ridiculous. Can’t believe it…
I know it is a pain to have a broker in US and I really do not understand why is that. Everyone should have a choice.
Anyway, well done you are growing the account.
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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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Hey Roman, so as far as I get, FX Choice is a broker that is outside the US but accepts US citizens. Do they allow hedging as well? I ask because I have few fellows in US and I know they have hard times with the brokers.
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Hola Andi,
Yes sir, they accept US customers. They’ll have to set up an account with UPayCard in order to fund the account. FXChoice doesn’t accept their US customers to Wire Transfer or use Debit/Credit cards to deposit $$.
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Thanks for making this clear, Roman. I am sure it will be useful to many of our students. I see that you did not withdraw funds yet, but I hope it wont be an issue.
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Hi Petko,
Yes sir, I have yet to withdraw. I’ve seen a few other traders here in the states using this broker and withdrawing with no issues. So i’m pretty confident. Once I’ve doubled the account and can really increase my size I’ll start making withdrawals.
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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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Good job, Roman! Keep up the good work!
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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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Hey Van, no one needs to listen to me :) I just share my experience in the courses and in all the videos I record. Of course, I did most of the mistakes as a beginner trader, but I learnt quickly from them. Anyway, I am happy that my advises are in help.
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Petko, your pieces of advice are treasure! I am profiting in the last months because of you.
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Glad to hear that Kiromaster! You profit because you learn well.
Cheers!
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Hope everybody’s trading month has been well!
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Hey Roman, mine was just fine. I am 12% up totally in my 3 live accounts which is just great. Small risk and stress free. How was yours?
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It was an extreme month for me. I did fantastic for the first 10 days. After that, I increased a bit the lots, hit another 15%, then a small loss about 4%, but at the end, I am totally up with 22,7% which is just great for me.
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It makes me very happy that you guys make profits. Keep up the good work, steady, strong money management and very strict when selecting which EAs to trade.
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Hey Petko, the profits personally I do recently are because of you! What you teach in the courses is so useful, and I have a whole book now where I write notes, and I do my best to follow it all! Thank you for all!
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Hello Bob,
It makes me happy that my courses helped you in your trading. When I hear such words, this gives me a lot more energy to continue recording new courses and share my trading strategies.
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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 Deenslavi!
Glad to have you in the Forum. It is great that people share their experience here. This is how everyone gets better.
It is the most important thing to learn from mistakes and probably the most difficult for everyone.
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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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Perfect! Thanks Petko :)
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You are welcome, let me know if there is anything else.
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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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@Shara- Mistakes happen, I pretty much blew my account in August from not paying attention to it after raising my position size. We all make mistakes but its important to learn from them.
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Hello Sharapova,
you should be careful when switching the EAs from one account to another, no matter you do demo trading or live trading. Keep an eye always on the bigger picture.
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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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At the beginning, I did the same mistake to switch between Demo and live account, and worse I was placing and replacing EAs in the same MetaTrader. Of course it did not work and I realised quickly the mistake :)
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Everyone does mistakes, I have done so many by myself. The important is that we have the Forum now, and all beginner traders can learn a lot from us, the mistakes we did, the must of Demo trading and everything…
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I have personally learned a lot from the Forum. Especially from that topic, I have read every single post, and I hope I will not make the mistakes.
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Hi Roman. Thanks for the insights. Are there any additional mistakes we should refrain from?
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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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Hey Andi!
You are correct!
The number of trades is most important in creating robust strategies. I believe you wanted to say “..you need to look for the min count of trades.” :)
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