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You don’t have profit yet as you only have one data point. Let’s see what profit your demo account has after 10 completed trades and how many of the ten trades were profitable. Then we can calculate your overall profit factor.
https://www.babypips.com/forexpedia/profit-factor
Alan,
What I learned after two trades: If it’s trading in the direction of the trend, I can probably leave it alone. If it’s trading against the trend, it’s probably good for scalping $50-$100 at best.
Yes you can do that, but then you distort the true trading performance of the EA and you will not learn to trust it will be profitable over the long term without your intervention. The idea of using EA’s is to let them do the trading without your intervention. But, that is your choice!
I would like to invite you to take a look at the new portfolio of EA’s I am working on so you can see what I am doing. The link shows the performance after 7 days without my intervention. It has now been trading for 11 days. I will update the performance this weekend. This is what you want! This way you don’t have to sit in front of the computer all the time waiting to manually close a trade. It also allows you to work on new portfolios in the future to further diversify your overall trading risk. If the portfolio proves to do well by the end of the year I will use it to copy trade to a 200K or greater prop firm account.
Alan,
I appreciate this information. It’ll be helpful for me in the long-run. Now, regarding the EA I’m using, I allowed it to run overnight and during that time, it traded against the trend and I lost another trade. So I’m wondering if there is any way possible to modify the set file so that it only trades in the direction of the trend.
Hi Bruce,
It has been a long time since I used the prop firm robots, but as far as I can remember there is no way to change the set files to only allow the EA to trade in one direction. If you had EA Studio you would be able to add a long only or a short only indicator to the source code then you could select the direction in the set file.
The EA’s are created using 5 years of historical data that includes many periods of upward and downward trends. The indicators in the EA’s have been chosen so that overall the EA’s would be profitable.
This is where using multiple EA’s help to minimize risk. The idea is that when one EA is going through a countertrend the other EA’s will be compensating for the EA going through a losing period.
In my opinion if you just want to have an EA that will just trade long or short would require you to determine the trend and then set the EA to trade only in that direction. If this is what you want to do then you really don’t need the EA you can just determine the trend and manually enter a trade in that direction.
Alan,
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