SteadyWinner Forex EA – SteadyWinner Forex EA
Click Image To Visit Site
On 12 Mar 2015, the rebuild of the FAQ section in our blog was completed. It is now separated into just 2 posts – the Presales Section and the Application Section. The questions are logically reorganized and carefully updated so users can find information more easily. Please click FAQ on the navigation bar above and have a look. Thank you.
Hi,welcome to the home of SteadyWinner, a robot for making steady profit in trading. If you do not have a copy of this EA, you can download it here. Use Winzip or 7-zip to unzip the compressed files and you will see the EA and a user manual.
If you are a newbie and do not know what an EA (Expert Advisor) is, please learn from this link . If you do not know what forex is about, you can learn from this ink, and you will be able to use my EA.
Now, let me introduce myself. I am not a scammer, nor a professional EA seller. I am a trader like you. I love using EAs and have some experience on it. SteadyWinner is the result of my learning of MQL for many years. I am using the EA on my live account myself, and it generates steady profit. Here below, I will tell you how it works.
1. Follow the trend. There are many indicators helping traders to find out the trend. The indicators I use are just some Expotential MAs on different time frames. The method is very simple, but surprisingly effective.
2. Enter buy or sell when there is a good position. A good position to buy is when the trend is going up and we buy at a dip. And we do the opposite to make a sell entry. A good position is sometimes more important than whether we are with the trend or not.
3. Exit when there is a good position.There is a fixed take profit and a stop loss for each order. However, an internal take profit and an internal stop loss are put in the code. The EA will try to find a better position to exit when the market situation is not favourable. This help to reduce losses and drawdown.
Here below we will explain the above points in detail. I know it is not the norm for EA developers to spell out their strategy. If you find this section too long or too technical, you can skip it and come back later.
We want to go into detail because from the discussion in some forex forums, we sense that many users do not understand the strategy we use. And this will affect their confidence in trading, especially while the EA is losing.
Here is a screenshot of the trades opened by the EA. The horizontal line is EMA700, which served as a division line between buy and sell trades. When price is above EMA, we only buy. When price is below EMA, we only sell. As you can see, we use the EMA as a trend filter. There are several EMAs on different timeframes to do the same job. It is difficult to show them all on one chart. But, when we say we use EMAs, we do not mean that we trade the EMA crosses.
I want to make this point clear, because when I said we follow the trend and we use MAs, many users instinctively think that we are trading MA crosses. This is what they learned about MAs. Some users asked for a refund because we miss all the big trends, and it is unlike any of the trend-following systems they knew.
To continue, I want to introduce to you a book by Richard L. Weissman called Mechanical Trading system: paring trader psychology with technical analysis”. I mention this book because it provides us with the necessary terminology. In his book, Weissman said there are basically two types of trading systems: trend-following systems and mean-reversion systems.
A typical trend-following system is to trade the MA crosses, which is a classic strategy. There are many free MA crosses EAs on the forums and I guess not many people are using them. Why? It is because a lot of patience is needed. Such EA cannot be put on a M15 chart or H1 chart. It has to be on a daily chat or weekly chart. An opened trade can lasts for months. Also there can be big drawdown.
Another type of system is mean reversion. That is to enter the market when it reaches extreme overbought or oversold conditions, and we expect the market to go back to the middle. A typical system of this is the RSI system. The drawdown is smaller, but there is a lot of stress as the execution of the trades has to be fast and accurate.
SteadyWinner is both a trend following system and mean reversion system. In trading principle 2 we mentioned above, we use WPR to detect short-term overbought or oversold conditions. But we found that this alone cannot be profitable. We need something called a trend filter. We use several EMAs on different timeframes to find out the direction and trade only in that direction.
Here is an enlarged screenshot on M1 chart. We can see [1″ target=”_blank”> that the EA follows the trend and opens a sell trade, and [2″ target=”_blank”> the EA opens the sell trade when WPR reaches the… Read more…
