The purpose of this post is to summarize the Forex Trading Strategies of Commercial Forex Robot: Wall Street Forex Robot by examining the daily trading activities and trading history.
Markets :
Multiple Currency Pairs on M15 time frame.
Originally, it trades 7 pairs.
Based on the latest version 3.9 or higher, the recommanded pair are USDJPY, EURUSD and GBPUSd.
USDCHF,NZDUSD and AUDUSD are optional. These currency pairs are not used in my live forward test.
After verion 3.8.3, the developer added two more new pairs NZDUSD and AUDUSD. However, I am not using this two new pairs in my live forward test.
Trading Hours :
Based on the forward test, this Robot opens more trades on afternoon hours Sydney time, which is morning in USA session.
Entry Strategies & Set-Ups:
The robot enter into over sell or over buy condition as scalper trading strategies. However, it is not Asia scalper. I am sure this is not a copy of Forex Megadroid. Compared to other Scalper EA, this forex trading robot is quite active. You won’t have to wait days to see the first trade.
Additional Tools :
- You can setup the SL & TP for each pair to bypass the default value from Server.
- TP and SL value can be changed automatically if you leave it to follow the instruction from Server of EA official web site.
- Fully compliant with the NFA rules
- AutoMM: run the EA with proper money management. You can set 3 here for 3% risk.
- RecoveryMode: This is similar idea like Forex Megadroid. It is a bit of risk so don’t turn it on if you are not a big fans of martingale.
- Megatrader version 5 compatible. MT4 will be out date soon. Be ready to the future platform. Just like updating window xp to window 7. This EA has all you need for next year. Go Markets offers demo account only for MT5 so I am not able to test it in real account yet.
- Each pair has different stop loss and take profit logic.
Golden Entry Rules:
The strategy itself is not excessively complex: it uses a few of the indicators that are shipped with Metatrader in a creative way to determine entry signals.
Click here to see Trading Example and Screenshot of USDCHF.
Exit Strategy:
Take Profit = Uses Dynamic Take Profit Level (no fixed TP). It is around 25 pips, with the notable exceptions of GBPUSD where it’s 50 and USDCAD where it’s 14.
Stop Loss = Uses Dynamic, ranging from 120 pips on EURUSD and GBPUSD to as high as 160 on USDCHF.
120 pip is the stop loss setting for Wall Street Forex on USDCHF pair. Click to enlarge the screenshot at the left, do you think usdchf on wsfr will hit stop loss of 120 pips on the chart at 2:30, 14Jun 2011?
It is only 10 pips away from the stop loss.
It is only 10 pips away from the stop loss.
If you manage this trade manually, you might not able to stand for the pressure, exit the trade at the last big price drop on the screenshot.
It is amazing that Wall Street Forex exited with only $31.45 loss after two days of floating at 14:00, 14 Jun 2011.
It is also amazing how accurate Wall Street Forex predicted the market.
Trailing stop loss = 2 pips for USDCAD.
Wall Street Forex (WSFR) made profit by both TP and SL. It made $49.3 profit on 1 Jun 2011. Most of them were contributed by USDCAD.
Wall Street Forex (WSFR) made profit by both TP and SL. It made $49.3 profit on 1 Jun 2011. Most of them were contributed by USDCAD.
You can click to enlarge the forex trading chart.
It is interesting to look at the log of the chart, as you can see, whenever there is 2 pips profit, this forex trading robot will set a trailing stop loss to secure the existing profit, if the market go against you, $2.07 profit will be taken by Stop Loss, which is marked as red on the transaction log.
One the other hand, if the trend is stong, the full take profit of $14.48 will be taken. This is marked as green colour on the chart.
Worse Scenario is full stop loss of 120 pips. It is not often but do happens. see the exmaple here.
Pre-Session Routine :
- The EA is designed to take one day rest if there is any losing trade from previous day.
- If the opening price on Monday is 100 pips higher than the closed price last Friday, you should shutdown this EA on real money trading account. See the live trading status on 11 Jun 2012 and 18 Jun 2012.
- You can start the EA again on Wednesday.
Post-Session Routine :
- Based on maximum number of trade to decide whether it will open any more trades for today or not. By default, it will only open 1 position.
- Based on Friday Filter to stop trading on Friday Afternoon. However, you might need to manually check this to make sure all trades are closed before Market close.
Risk/Money Management :
This Forex Trading Robot will open trades on Friday and hold them over the week end. You might have to pay for the Interest for two days holding on Saturday and Sunday. Depend on the broker, Go Market for example will pay you Interest if the robot open sell position but Fxprowon’t give you this benefit. The risk is obviously larger than the return:
- Even the trade on Friday was in profit, the market might go again you sharply on Monday morning due to news over week end.
- Most of the scalper won’t trade on Friday to avoid the risk. This is no reason to believe Wall Street Forex will perform better on Friday. I personally suggest you turn off this robot on Friday if possible.
Maximum stop loss risk could be range from 120 to 150 pips Backtest result
by Birt:
by Birt:
| Currency pair | Net profit | Relative draw-down | Profit factor | Expected payoff | Profit trades | Average profit:loss |
| EURUSD | 53505.54 | 13.47% | 1.88 | 28.31 | 83.97% | 1:2.79 |
| GBPUSD | 207559.46 | 18.67% | 1.82 | 111.71 | 77.45% | 1:1.89 |
| USDJPY | 22846.34 | 12.18% | 1.40 | 13.24 | 74.22% | 1:2.06 |
| USDCHF | 48432.26 | 12.70% | 1.36 | 16.21 | 82.89% | 1:3.56 |
| USDCAD | 13284.28 | 20.06% | 1.12 | 2.87 | 86.00% | 1:5.47 |
Backtest using tick data fixed spread by Birt, see results:
| Currency pair | Net profit | Relative draw-down | Profit factor | Expected payoff | Profit trades | Average profit:loss |
| EURUSD | 21883.64 | 10.22% | 1.87 | 22.04 | 84.09% | 1:2.82 |
| GBPUSD | 40734.62 | 19.67% | 1.75 | 41.65 | 79.65% | 1:2.23 |
| USDJPY | 8735.06 | 8.34% | 1.49 | 10.65 | 74.02% | 1:1.91 |
| USDCHF | 6649.38 | 13.02% | 1.31 | 7.73 | 74.88% | 1:2.28 |
| USDCAD | 13686.47 | 15.35% | 1.27 | 7.52 | 84.73% | 1:4.39 |
Emotions:
Stop loss level is higher than 100 pips. Control your emotion is crucial. For example, don’t reduce the risk level when you see the first stop loss. This robots trades actively to recover from loss. Don’t look at the profit and loss daily. Use weekly or monthly P/L to measure the performance is better.
Live Forward Test:
1. The following test was made by FTSP Team.
Started: 18 Dec 2011
Starting balance: $1,251.51
Broker: Fxpro
Account type: Real Money Live Account
Setting:
Starting balance: $1,251.51
Broker: Fxpro
Account type: Real Money Live Account
Setting:
- Update to Version 3.9
- Trade on Three Pairs only: EURUSD, GBPUSD and USDJPY
- Maximum Spread = 2 for EURUSD and USDJPY
- Maximum Spread = 3 GBPUSD
- Stealth Mode = True
- Close Only on Profit = False
- NFA = False
- Ho-Hedge = False
- Custom Setting = 0 , It means all setting was retrieved from server published by developer of this EA.
- RecoveryMode = False
- Fixed Lot = 0.1
- MM = 5
- Maximum Account Trade = 3
- FridayExit = True
2. The following test was made by FTSP Team.
Started: 10 April 2012
Starting balance: $10,000.00
Broker: Fxpro
Account type: Real Money Live Account
Setting:
Starting balance: $10,000.00
Broker: Fxpro
Account type: Real Money Live Account
Setting:
- Maximum Spread = 0
- Stealth Mode = False
- Close Only on Profit = False
- NFA = False
- Ho-Hedge = False
- Custom Setting = 0 , It means all setting was retrieved from server published by developer of this EA.
- RecoveryMode = False
- MM = 5
- Maximum Account Trade = 3
- FridayExit = True
- Pairs: EURUSD, GBPUSD, USDJPY, EURCHF and NZDUSD
3. The following test was made by FTSP Team.
Started: 31 Oct 2011
Starting balance: $1,000.00
Ended: 18 Dec 2011
End Balance: $1,064.69
Broker: Fxpro
Account type: Real Money Live Account
Setting:
Starting balance: $1,000.00
Ended: 18 Dec 2011
End Balance: $1,064.69
Broker: Fxpro
Account type: Real Money Live Account
Setting:
- Maximum Spread = 3
- Stealth Mode = False
- Close Only on Profit = False
- NFA = False
- Ho-Hedge = False
- Custom Setting = 0 , It means all setting was retrieved from server published by developer of this EA.
- RecoveryMode = False
- Fixed Lot = 0.1
- Maximum Account Trade = 3
- FridayExit = True
1 Nov 2011: Trading Account is changed to a new live account at Fxpro.com with $1000 US Dollar initial deposit. Statistic is changed from MT4i.com to MyFxBook.com.
Quite a number of trades in the old live trading account were placed by Forex Megadroid Version 1.35 from the year 2010. A new trading account will make the statistic more accurate.
The trading status of account number 136501 before the change over is as below:
Gross profit: 304.80
Gross loss: -105.77
Net profit: 199.03
Profit factor: 2.88
22 Oct 2011: Trading account is changed from 3436588 (closing Balance: $3,182.21) to live trading 136501 (Opening Balance:$2,052.48).
This Forex Robot can download settings from server automatically. However, I am using my own manual set file for the forward live test. It is profitable so far
1 Jun 2011: Wall Street Forex is added to forward test.
Forward Test By Different Lot Size:
1.
Started: 8 Jun 2011
Start Balance: 100,000
Leverage: 1:500
Account Type: Demo
Broker: HotForex
Special Setting: auto MM=true, a risk of 2%, 4 recommended pairs only.
Start Balance: 100,000
Leverage: 1:500
Account Type: Demo
Broker: HotForex
Special Setting: auto MM=true, a risk of 2%, 4 recommended pairs only.
2. The following test was made by HunForex Team
Started: 29 Jun 2011
Start Balance: 1500
Leverage: 1:500
Account Type: Real Money Live Account
Broker: FXPro
Start Balance: 1500
Leverage: 1:500
Account Type: Real Money Live Account
Broker: FXPro
Cost:
$299 USD Dollar Or $489 for 3 real accounts and an unlimited number of demo accounts,
Discount Since Jun 2012:
– Single License, 15% OFF, NEW PRICE: $249
– Full License, 25% OFF, NEW PRICE: $449
– Single License, 15% OFF, NEW PRICE: $249
– Full License, 25% OFF, NEW PRICE: $449
Download Wall Street Forex
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