Continuously traded Double in a Day Forex EA
Since our return to trading after a trader’s summer break we have been spending a lot of time trading the Double in a Day EA. The Double in a Day EA is a Forex Tool used by reasonably experienced traders to double their Forex account in one trade when they spot a potential volatile trade. The concepts can, not only more than double your trading account in 1 trade, but can generate considerable 7 figure growth when used in a sequence of successful trades.
It is a bit like fishing used to be. You need to be in the right place at the right time to catch the Double in a Day trade. To catch a big trade you sometimes have to fail 3 to 6 times and be really patient. Some traders are report good trades, however many do battle. We are currently publishing charts of successful trades to help traders identify trading conditions which may lead to successful trades.
During our trading we discovered good news!!
There are settings and currencies that are successfully when being traded on a continuous basis in any direction.
This discovery is very important as it could change the EA to a simple set and forget EA.
Why is this possible?
The Double in a Day EA can provide huge return on risk ratios. Ratios that allow you to be profitable even with a 95% failure rate. You make so much profit from a successful deal that it more than covers your losses.
Now we need your help, opinions and input to make the Double in a Day EA the best EA ever.
INITIAL TESTING PROCESS
If you would like to contribute to the analysis and testing of the changes to the Double in a Day EA please please read on:-
For this purpose we are using 6 currencies and buying on one chart and then selling on the other. So the EA is running on 12 charts for every setting / strategy.
The currencies are EURUSD, GBPUSD, AUDUSD, EURJPY, GBPJPY, AUDJPY
We are using 4 strategies
- Using a 60 pip trend to make a 50% gain
- Using a 85 pip trend to make a 70% gain
- Using a 100 pip trend to make a 100% gain
- Using a 130 pip trend to make a 100% gain
So we are running the EA on a total of 48 charts continuously.
For more details about the actual settings used please use this link: DIAD Settings
The purpose of the testing is to see overall:
- Which currencies are better than others
- Which settings are better than others
- If positive results are being generated on a continuous basis.
- What filters (changes to the DIAD EA) we need to introduce to improve results
RESULTS SO FAR
The results of the 4 settings are reflected in the accounts below. When going into more detail on each of the trading accounts using the analysis provided by FX Blue one can find currencies and directions that are profitable.
ANALYSIS OF RESULTS SO FAR
FX Blue provides great analysis.
When clicking on one of the links above you will review an initial overview of the current up todate live profitablity
When clicking on the STATS button on the menu you are presented with many detailed analysis options.
These options can provide incredible information such as by clicking the “Sym+Dir” tab you can see that the GBPJPY, GBPUSD, AUDUSD and the EURJPY are profitable in TOTAL (buy and sell directions) no matter which direction you trade. You can also see that the EURUSD is the worst currency to trade.
When clicking on the DoW (Day of the week) tab you can see that Friday is a terrible day to trade and that Wednesdays are great
By using the Hour (Time of day) tab you can see the times during the day losses are made and more importantly the times when profits are made. The trading account time is GMT.
VIEWING ALL TRADES
To view all the closed deals of any of the accounts used simply click on closed orders after clicking on the links
So the initial analysis tends to indicate that there are some changes required to the Double in a Day EA to make it more profitable than it is.
- We need a time of day setting which will allow us to tell the EA to only enter initial deals at certain times of the day
- We may need a day of the week setting which will allow us to tell the EA not to enter initial deals on certain days.
So this is where you come in as a Double in a Day owner:-
When looking at the great information provided by FX Blue do you see any other changes we need to make to the Double in a Day EA to make it continuous.
- Are there more currencies that need to be considered?
- Are there currencies that can be dropped?
- Should there be more settings tested?
- etc. etc.
IMPLEMENTING THE CHANGES
- After we have had input from existing clients we will specify the changes to be made to the existing Double in a Day EA to make it a continuous traded EA.
- Once the changes have been made we will do high level testing to make sure that the changes are functionally doing what they should do.
- Using the MT4 Strategy Tester we will back trade the EA over a year or 2 to see if it produces robust results – this could result in us going back to step 1.
- If robust, test identify appropriate currencies and settings and will release this as a free upgrade to existing owners. New purchasers will pay a considerably high price for the EA.
Please use the facilities below your your input
(Your input will be highly appreciated)