1st July 2021 BFEA New Strategy to 3X profits + NFP

Hello, everybody.

Hope you're having a good week.

Making money. Hope so.

Hi, Alan. Yes, Robots off. I've been too busy moving, so I'm down in plit. I've arrived, settling in and hopefully by.

Next week I'll be ready to operate properly.

I'm exhausted from the altitude. Can't even keep my eyes open. Cool. So today I didn't record last week's session on the strategy that I use.

On the best forex ea. So I want to repeat the strategy. So it's a very clever strategy. So I want to show you what Esther needed on her account, which a few people have done. So what happens is that sometimes you over leverage your account. The currency goes a bit ballistic. Can you see my screen?

Yeah.

Yes, we can, Alan.

Yes, we can. Can you see my chart? Yes.

Okay, great.

Thanks, Mark. Okay, so sometimes you over leverage and you get worried and sometimes you turn off your robot or sometimes you forget to set your robo to 30. Up to more than 30 trades. I set mine to 100 trades. And then the robot carries on trending and then you've got this big gap here. Okay. And your robot hasn't placed trades from yet to. Yeah. So what do you do? What is the strategy? So I'm going to turn. Turn this to an H1 chart. Now the trades are all at the bottom. Yes. There's this gap from here all the way down to. To. Let's see the price.

Today.

Let me do it one more. I can't. Okay, so there it is. Okay, you move this over a bit over there. Move that down. Okay, cool.

So what do you do in this case? So the first thing that you need to do is you need to check your magic number. So what charts are we on? We're on gj. So let's check the magic number. We're on GJ and the mat. If you. If you hover your mouse over the. Over any one of the trades that are open, it'll tell you what the expert ID is. An expert ID is 2014. So what you would do is to.

To bring the take profit up some more is as follows. You would wait. So I wait, let me change this.

To zoom in a bit more.

Okay, so what Estony and I did was as follows. We waited until we saw a doji. Okay. It was a risky trade, but it paid off. So generally speaking, when you see a doji at the top of a trend, it signifies to get out of a trade because you know that the trend has ended. And a new trend, a bear trend, is about to begin. It's very important to note when the, the doji has occurred. So don't use a doji. I ignore dojis in the, in the last session of the of trading. So that is between 8 o' clock and 12 o' clock at night. And then I ignore the dojis in the morning between 12 and 8, South African time am okay, anything after that I take seriously. But you can see that there were a few dojis. So obviously the one was I think at 12 o'. Clock. So that was at 12 o', clock, that was at 4 o'. Clock. Is that right? Okay, so that's 12 o' clock in the day, midday. Then there was another Doji at 4 o' clock in the afternoon, and then there was that's 12 midnight and then 4 o' clock in the morning, and then another doji at 8 o' clock in the morning. So these three dojis are very significant and that's why I decided to take them seriously. I said to estony, add your robot quickly. I said, this is going to drop. And within 15 minutes.

Of of us adding the robot, what happened was, is the robot went up that placed the trade about there. And then it went up and it placed another trade, placed.

Two sell trades. And then what happened was, is the currency dropped and she made about $60. She did a lot size of, I think about one, one lot size came down here to about $60.

And.

She closed out her trades. And I, I said, leave the robot on. And the robot went up, made another two or three trades, maybe four trades, then came down. And I said, it's going to retrace back to the 200 moving average. You should close out your trades. And let's wait. And that's exactly what happened. The currency started retracing back to the 200. She had made her profit and.

She'S.

Out of the trades. And that's why there's no robot on this, on this chart. So if you were on the call last week, you will remember that there were trades here. Now there are no trades. And we said that we knew that it was going to retrace. And I think I called it over here. I said, there's dojis here. Let's close out the trades and let's wait and see what happens. So generally speaking, when I see a doji at the bottom of a trend, I don't take it that seriously. But you can lock in your profits. You can rather close out your trades. And then if it carries on going in that direction, you can just basically open a new trade manually. But if we're talking about the robot, what will happen is I close out my trades. I'd make the profit over here, and then the robot will restart. So when it goes up, it'll start opening up trades. Okay. I said to her, let's wait. Especially because we had. She had increased her lot sizes to, I think, two lots. And she got a little bit afraid. And this was, I think last week or think on Monday or Friday. And then I left on Tuesday, so I couldn't concentrate on. On her account. And she was a little bit nervous. So she. I said to her, rather close out your trades in a loss, small loss. And then let's regroup after. After I've settled in platinum, we can recheck out your account again. Okay. So, yeah, you can see a doji. I'm going to actually tell Esther Knee that there's a doji. Let's check the time. 8 o' clock in the morning.

What's this? What's the next one?

12 o'.

Clock. Yours is 8 o'clock in the morning.

Okay. So I'm going. Is estony on the call?

Let's have a check. I didn't see her.

Okay, so I'm actually gonna tell her to reconnect her robot. Yeah, I'm gonna tell her tomorrow, too. Let's reconnect GJ and let's start trading again. So there's the doji over there. It's a risky trade because it might carry on going north, which it has, but it's on the 200 moving average. So I think that what's going to happen with GJ tomorrow is it's actually going to start coming down. So this is what you would do. When the second candle opens below the 8 exponential moving average, you would reconnect the robot with the same.

With the same magic number. Okay. And then when the currency starts going down, firstly when it goes up, it'll. It'll place a couple of bar trades, a couple of sell trades, obviously, because it's working counter to the trend. So when it goes north, it'll create some sell trades. And then when it comes down again, maybe two or three trades will open. And I'm going to switch over to here. And so, yeah, so this is what's going to happen.

Let me draw it out for you.

Right, so we've got.

A candle, a red candle, and I'm actually going to enlarge it.

When I enlarge it so that I can put some wicks in.

There.

Okay.

And then so here's the wick.

Right. So when it goes up.

I'm going to drop it down below the 8 exponential moving average. Okay. So this is what's going to happen. When it goes up, it's going to create a sell trade and a sell trade and some sell trades, maybe five or six out and then it's going to go down and then all these sell trades are going to go into profit and you'll ride this all the way down to. I think that the support line is probably.

Probably there. It'll. It'll bounce and go north again. Hopefully it'll go more south, but I don't think so. We're traveling in this band. So when it gets to this support line, I would close out those trades in profit. What's happened is.

If we go to the H, the day chart.

Let's zoom out. Okay. This is where her take profit was originally.

So sorry, I'll zoom in again. It's very slow.

Okay. This is where the take profit was originally and because we were playing in this band, the take profit moved up to. Yeah. Okay. So I'm not really too concerned about the take profit because we're going to be playing in this area for maybe a couple of months. The money that she's going to make here will allow her to eventually close out these trades in a loss or keep them, doesn't matter. She's not paying swap fees, but she wants to relieve the amount of money. So there's quite a bit of cash here. So it's $84, 48, 49, 50. There's a couple of thousand dollars there which she wants to get back into her account and then restart the robot. Okay. So I'm saying when we get here, it's put another, another line in.

Okay.

So there, I'm saying that the. That's one of the zones that it's going to come down. I would take the profit that sell the trades. If it goes up a bit more, great. Trade open. If it goes south, great. You might profit. And then eventually when you get down to here.

Again, I would close out the trades again. By that stage, the take profit would have moved up to here and I'll. What I would do is I'd actually manually move all these, all these take profits down again. So you can actually drag, you can left mouse click down on the red line and you can drag the take profit down. Okay. If you want to. When the robot is off, if the robot is on you, you can't drag the take Profits, they'll just, they just go back, they revert to where they were. Okay, so do you guys understand the strategy?

Yeah. Is there anybody. Yes, we do. Anybody here that does not understand the strategy?

Alan, I just want to ask a question.

So in theory you could actually trade it down until it gets to the original buys as well. If you have the patience.

Yeah, if you've got the patience. So what we decided to do was we said that once a week what we were going to do is we'll take 50% of the profit generated and start closing out some of the trades. That was, I think I'm going in the wrong direction that that was opened by the robot. So there's one of the trades that we actually closed out a portion of.

There it is.

We closed out 0.02, but now we think we've, we've got this new strategy. We'll be able to close out quite a significant amount of trades. Then she can.

Alan, what needs to happen to the best forex eas? The calculator it uses so that when you manually close a trade, it automatically adjusts the TP like the gold ea. Or is that something totally different?

There is no calculator because this is a candlestick robot. So.

Okay.

To work out what your risk is because.

The take take profit is changing.

Based on candlesticks. It's not, this isn't a price, this isn't a pip step ea.

Yes, I understand that. So it looks at the last 10 candles and the indicators and decides is it, does it need to trade or not? And then it opens up the trade.

Got a delay in it. If there's volatility within the candle, like there's a delay.

So is that what the DEL stands for?

It could possibly be.

Nay. Because I've been working around with this, the best forex ea and I'm still testing a lot of things, but I'm, I'm trading on the lot exponential to expedite the TP profit so that it actually keeps on moving closer to where the price action is.

Yeah, so we don't know. My preset that I created was based on a backtest that I did got, I think 90% accuracy on the backtest. I'm not prepared to buy the tick tape. I know that the back test is just useless. So 90% is me, but it's still useless, but it's the best I could get.

So this could very possibly be the delay. But he won't tell us. He just ignores my.

He ignores my, my emails because I'm gonna read the. I'm gonna redevelop it. He's not.

Okay, can I then tell you something? Because I've been testing this now and it's not a lot, but it's been for the last two weeks and I've played around with that del value and to me it does not change the tp. But now I must say as well, I put the dynamic off the delay.

It's the delay of trades opening within volatility. Yeah, Open.

So if a candle is open, okay. And there's high volatility. So maybe there should have been a trade there because. But because there was high volatility. There was. It's the delay. It waits for the, the volatility to cool.

And then it opens up. And then it'll open up the trade.

Okay. On that calculator, if you look there. So there's a dynamic pips and a default pip. So I think if you put the dynamic pips to false, it does not use the delay or some of the settings that's in there because you can turn dynamic pips off and then it sort of opens trades on the, the level that you've put it there. I think it is. I'll tell you. No, it's not. Where do you put in the trout? So they default pips. So there's a default pips.

Yes.

So if you put dynamic pips to.

False, then open every 12. Every 12 pip, then. Yes, it'll open according to your pip step.

That's it. And that's why I think if dynamic.

Purposes off this is on false, then your delay will then take effect.

Yeah.

Yeah. So I think so. But I'm playing around with that to see something there and you know, to get the take profit closer that obviously the lot exponent works. But the lot exponent is obviously very risky. So your risk size must be really small. You must really work it out. But I'll, I'll say something, let's say within a month or two's time when you have enough data to say. But this is what you've had for a month or so.

Yeah. Yeah. Okay. Well, it'll be interesting to communicate about that. Thank you for your analytical input. It's Matt. Highly appreciate it.

Yeah. I've also been experimenting with the normal setting, which is there's no lot exponents. It's just placing the same inserts one and then doing a very small setting like 1.1 and 1.2 on the same pair and just seeing which one is more profitable and which it Seems like the, the lot exponent clears quicker obviously because the TP moves a little bit.

Yeah, but exactly, talk about that. So over here we're on AJ.

I think it's aj.

We've got a robot running.

So I had, I had it like on, on a 1.4, but that can get quite hectic because it's quite a, you know, the lot sizes get quite big quite quickly. So, so I've been trying it on 1.1, 1.2 and there might just be a sweet spot there where it's just.

A little.

It cycles a bit quicker than having it on one.

So we.

Sorry, Mark.

And also what I find is.

The highest, the traits that are placed that are the highest in the sequence. In other words, the last ones, usually the most profitable and sometimes the, the one, the lower order ones are the ones that are in loss. So.

So that also helps because obviously those ones that in profit, you want those to be the bigger lot sizes. Yeah, but I'm still also just, I'm just, I'm also just watching it. I must say. The, even the one size, the, the, the preset, the scalping preset, it was, I mean for two weeks I got 10% a week on that.

But still, you know, it's just trying to optimize it.

Okay, so here's a euro US dollar chart that we were using the engineer settings with. We're not using 1.4, we are using a 2 2. So we are doubling.

Properties.

Yeah.

You can see we're using a double, not a 1.4. So each trade is doubling. Okay, so over here we've paused the robot. So the robot was about to take profit. The take profit was I think here. And we've actually manually moved the take profit higher to here.

Because I said to estony, as I said, it's a gamble.

Let's see.

I don't want to load the template, but let's open up another euro.

Another euro US dollar. Chart, chart. Window.

H4.

Template.

Allen.

Okay, this hasn't got a robot on. Okay, cool.

So there's my 8 exponential moving average. So I said to Esseny, I said, look, you've got doji's at the bottom. Yeah. I said in the candle. This is quite a serious candle spike.

I said, so yeah, you can, let's, let's take a risk. You can increase your.

You can move your take profit. Take profit was about there. It was about to hit the take profit. I said if this thing goes north, you're going to make about $500. Do you want to take the risk. And she said, yeah, let's do that. But it's actually gone south again. And her next lot is a 62 that's going to open. But it's like not a lot of money that we've got involved in the trade. I mean, at the moment this trade is in $37 profit. The 30, okay. Was in I think $80 profit and the other one was I think in $30 profit. But I said, let's wait for it to go up. You'll make about 5, $600. So it's a gamble. That's what trading is. You don't know. You just got to mess around. But if you are messing around, you need to be conservative with your lot sizes so that you don't land into trouble. So that was the other. So we did this strategy in reverse to the other one. This one's going north, the other one was going south.

Yeah. What I can share for the people that do want to experiment with this and they do need to take note that they experimenting with their own settings is that. And Mark, that's for you as well that if you increase the lot exponential, you can minimize your risk by limiting the number of trades that open. So in Excel you can run your 1.2, 1.4 lot exponent and put in there. How big would my position be if 10 trades open up and then you can limit the trades to only open up 10 trades and that way you know what your risk is.

Now I want to put working on candles.

Sorry, you can't risk.

Yes.

I mean just your risk in terms of lot size opening up. So your total risk. Okay.

Yeah, but yeah, the thing is though is that when you limit the trades, then the price moves away and you leave. Like what that situation that we've been looking at.

Yeah.

With prices moved way away from all your old trades and that's a big headache. And that, you know, that is good.

It's a nightmare. So to limit the trades isn't such a good idea. So you need to be like, it depends. I mean you can correct it the way we correcting it. So even if it stops. Okay, Mark, I hear you, I agree with you. But I mean if you are in this situation and you'll just wait for the candle, second candle to open below the atma and then you can, you can carry on, restart the robot with the same magic number and we'll carry on bring your TP up when it reverses back up with the second candle opens above the atm, I just close out the trades in profit and wait it out until it comes down again.

Those are the options.

I think what you've shown us now, Alan, is great for the people to see that. Listen, you can switch off the robot. It's not over. Just look at the market. Keep analyzing the markets and when the time is right, turn it on. And then you make money on the way down, it's over.

When you, number one, when you didn't understand the risk to begin with, and you get excited, what, by seeing the profit. And then you increase your lot sizes irresponsibly and you don't change your lot size down when you hit 10%, that's when it's rough.

So, I mean, we. I've got fantastic strategies here that if you follow the strategies, you won't lose money, your equity protector won't kick in, and you won't lose money. There's nothing worse, okay, than having that pit in your stomach when you know that you're going to lose 65% of your equity. This is nothing worse. So that's why you need to be conservative and then rather just go a little bit slower. If you hit 10%, change your lot sizes down to 0.01. If you get to 50% drawdown, fund your account. If you get to 50% again, fund your account. I don't think you'll need to fund more than twice.

How many times did I fund twice? Yeah, I funded twice.

So that's how I know.

Now there's a strategy in place. I've paved that road for you guys. You don't have to do it yourselves. Cool. So that's the strategy. If anybody doesn't understand, please speak now.

And then we can talk about.

NFP.

Okay, so NFPs tomorrow. So, yeah, this is the.

Amount of jobs that could that work, that people think that there was that. There have been 690,000 jobs created, as opposed to 559,000 the previous session, which is quite a lot in America, which could strengthen the economy. So maybe it'll move the market, maybe it won't. We don't know only the banks. Now.

What they need to look at as well, Alan, is there are three announcements that come out together and they both interact with each other. So they need to align up. If they giving out conflicting messages, the market is not quite sure what will happen. But I mean, if, if there are more jobs, unemployment went down and, and the pay, the actual, the amount of people get paid or what they get paid per hour goes up, then that's all positive for the dollar.

Yes, obviously. So we need to look at that as well. So I think I did post it in telegram.

Somewhere.

Yes, that is in the news announcement. It is there you political news.

The announcement was made and then average hourly earnings those will affect the non nfp so we'll see what happens. So forecast unemployment rate is 5.7. That's huge. And the average hourly earnings forecast is 0.3 previous is 0.5. So that's not too good that the hourly earnings is.

Has gone down rather than up. But two out of three could mean that this could be powerful for the US dollar so we'll see. I've only seen it I think twice in three years or four years. Sorry three or four times in three years where NFP actually did something to the US dollar and one of those times was during COVID the other time I can't remember what the situation was but I didn't haven't seen like major volatility with NFP but I know that it's a big announcement but I haven't seen like a massive spark. You know a massive spike in the US dollar will mean that there's going to be a massive spike usually in the opposite direction with gold. And that's not what I've seen. I've seen like small tiny candles maybe 1520. That's it. I haven't seen like 100 pips or 200 pip spike ever.

I. I have to agree Alan people the the NFP and the FOMC is is is not the same thing in terms of movement. The NFP always creates some volatility but, but they. I've never seen the NFP created the one minute candle that that for on gold Most probably is $13 in one minute. The NFP does not do that.

Yes.

So I don't want to be trading through news with a gold year. I'd rather not trade. I've been down this road before. I talk from experience.

So it's not for me. My risk appetite is low so that's where I'm at. Cool. So is there anything else you guys would like to ask me or chat about?

And yeah, Ellen, did you post a message saying that you might add a hedging function to the best forex ea?

Now there is a hedging function on the powerbot.

So the powerbot is created by the same engineer as the best forex ea and that has a hedging function. Unfortunately.

I was watching my other accounts and lost a bit of money on my powerbot so I haven't really focused on the powerbot. I didn't see too much traction with the powerbot, with my clients. They preferred.

This bot, the best Forex ea. So I haven't sold that many of them. But the technology's better. It's got a hedging function. He built it according to my specifications. I said I wanted the hedging functionality. I wanted. These are the fun, these are the features that he created and.

He believes it's a better technology. So he's updating that version. But if you want it, you can, can take it. Works on MT4 and MT5, I think.

I think, yeah, works on MT4 and MT5. If you want to try it out, it's $147. But he's not going to reprogram the best Forex EA to have a hedging function. He says he's already programmed the new robot to have that and that's what he wants to focus on.

Alan, can I ask a question? The, the Gold ea, is that different?

Yeah, that's different than the, the other ones. Because you, you said you bought outright. Bought the code now or everything. Because that.

From the developer.

Yeah, and that is why we can change that.

I want to update it. So he said, look, if you want to update it and you want to change the code, I'll sell you the code. The price without the code and. Yeah, with licenses. And here's the price for the code with no licenses. So I've paid an untold fortune for it. I just know that that Gold EA is going to be amazing. So as said, it's a Ferrari stuck in first gear. I think the, the new features that we've got are going to take it.

Out of first gear.

Must agree there. I definitely agree there.

So we're about to end the call. Is there anything else you guys want to discuss?

Thanks, Alan. Thank you for your time.

Pleasure, Lawrence.

Thanks, Alan. Anybody want to say anything? Thanks, Alan.

30 seconds.

The call.

Quick, quick. Thanks.

Okay. I had a 2% day today.

Nothing wrong with it.

Stop boasting. Stop boasting.

No, I like it. You can post. I love it. Well done, well done.

Bye, guys.

Enjoy the evening. Enjoy.

All right.