Trading principles
It is based on the following simple principles:
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 timeframes. 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 positon 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.
SteadyWinner V6.5 and MT4 Build20140914
Why there are not many trades?
The EA will wait until the market is both trending and ranging. It is said that 20% of the time, the market is trending; 80% of the time the market is ranging. If we use a trend-following EA, we will win when the market is trending, but will give the profit back when the market is ranging. The opposite is also the case. I believe only 1% of the time the market is both trending and ranging. If we open trades at this time, the edge is on our side. AS you can see, this will create an EA with low drawdown. The only drawback is that it reqiures users to have some patience. It is not the kind of EA that opens trades every day. There is no action. The EA will miss most opportunities obvious to human eyes and open trades at a time unexpected. There are about 10-15 trades a month, but not distributed evenly. It all depends on the market situation. If the EA is newly installed, it will take one or two days to collect data for the indicators. So, patience is very important.
Stop loss and take profit
V6.5 has a stop loss of 50 pips, a take profit of 50 pips and a trailing stop of 25 pips. users will see their settings and other basic information on the screen,
Is there forward test?
I do forward test by trading the EA myself. But I am running more than one EA on my live account, and I do a lot of manual trading. So, I have nothing to show. Moreover, I do not consider myself a professional EA seller.So, I do not do everything they do.
My friend, I suggest you do backtests and forward tests yourself. Trust yourself, don’t trust me. First try SteadyWinner (Free Version) on a demo account for a few months. When you are confident enough, run it on your live account. It is very conservative, so there is not much risk. Also, you are actually helping me if you run it on a different broker. I do all my testing on a live account at GoMarkets. I have no idea whether the EA has the same performance on other brokers or not. I rely on you to give me some feedback. If SteadyWinner does not work on a certain broker, please let me know, I will try to make some improvement.
There is a forward test running on Birt’s eareview, please click the following link to see recent results:
http://eareview.net/expert-advisor-top-compare-live-forward-performance
There is also a forward test running on a real account:
http://www.myfxbook.com/members/lincg/steadywinner-full-version-live/733298
Reviews
There is a nice review from Mellyforex, please follow this link: http://www.mellyforex.com/blog/steady-winner-ea-v5-expert-advisor-review
PRICE: 88 USD
*Version 6.5 (Full Version)