Hi All,
My intro - Jump to next paragraph to This question.
As my name suggests I am a discretionary trader, and I have never actually used an EA. My personal opinion is that way too many traders in retail spend too much time searching for killer systems and not enough time actually trading. Some of the comments I read in those threads (I mean around FF) truly astonish me. Having said that, I sometimes get insights to the market that I wish I can code as a sign, but alasI am no coder and do not have the time/patience for it. I have a lot of patience to the forex market however, and that I absolutely fell in love with it over three decades ago, which gave me the patience to exchange demo accounts for more than two years before going live. Initially I focused on pure tech., but once I went I developed egies based on information out price action too.
My question to start this thread is all about different egies to risk-management in trading systems. Think about just taking trades at which a specific risk/reward ratio (SL/TP levels) is statically likely according to some further algorithm, and establish that as a sub-routine to get a huge variety of signal generators? Or only a few based round precisely the same logic because the algorithm. I am thinking something based round ATR and volatility indiors (indexes).
Additionally, does MQL4 have the ability to crunch data by any time-frame? For example, if you wished to count the gap of H minus L price, such as spread, every 10 seconds, and perhaps include volume to the mix? Would you want some type of external script like Perl for it?
And here's really a crazy idea: feed info from a very successful guide trader and use the computer to find correlations and consistencies inside all known data points, and code them. Update the information every 28 trading times and compare the new results, correlate them further, etc..
This was a joke. For a trader, I've got a very good sense of humour.
My expectation with this thread is it turns into a space where people can express their abstract thoughts about the behaviour of this market, and also how we might allow it to be applicable, and to generate ideas to discuss with other, more particular threads.
Michael