Forex Maestro

[wiseman168]

Hello Stu0898
Please find my stats at MT4 Stats - Share your MetaTrader 4 Stats with the world
To explain not all the trades are Forex Maestro some belong to another well known EA.
The Maestro trades are all either 0.01 0.02 0.03 0.05 lot size and only from 23/02/09.
Most of the early losses were on eur/gbp which has now been dropped.
I closed 3 loosing trades on Friday 6th March as I did not want them open incase they gapped over the weekend.
Like all EA,s I keep a close eye on it but so far so good.
I bought the EA but there is no support what-so-ever , so in my opinion it is a scam.
The Forex Maestro EA is actually a reincarnaion of an older EA firebird v63d which can be obtained for free over the internet.
So while the marketeers are crooks in my opinion they have unwittingly unearthed an older EA which seems to be working well in the current climate.
regards
Stuart

And trust me I dont work for Forex Maestro or am I an affiliate.
But my link to buy it is ...............................com lol..

 

[Stu0898]

Thanks for the post wiseman168, I too am running firebird v63d, however I'm not getting any trades. Do you know of any links to guides of how to get it working?

 

[Ronika]

Hi Stu...

I'm not associated with Maestro either, and as I said, I bought both versions and got a refund for both when it became clear these were free EAs. I've just registered with the site that Wiseman is using, so I can post my results, which should be available in 5 minutes.

 

[wiseman168]

stu
I have just started running Firebird on a demo acc tonight and no trades either. All my trades so far have been with Maestro which is not giving me any trades either tonight.
Maybe the entrance criteria is not being met .

 

[dinos9]

Maestro Real Account results

Hi Stu0898,

Unfortunatelly I dont work for them as I would suggest them to improve rapidly their customer service or even better to create this department

Is my first post as at the moment I am working full time, my mind is all the time in the robot that runs in a VPS 24/7 and at the same time I am trying to get some real education about Forex as I want to understand what's going on.

I attach in an Excel spreadsheet my results of this month, you will find one minus trade and a few of them that were closed before they reach the target.
As I mentioned before I am new to trading and I need to work a lot, my psychology/emotions still needs a lot of improvement.

Thank god I still have a day job and not watching Maestro all the time. It looks that Tuesdays are very profitable days so far. I hope that this will continue. I am a little bit worried that there is no loss at the moment. Hopefully, if I have good results for 5-6 week then I think that this robot can be profitable also in the long term.

I hope this helps,

Dinos

PS: Does anybody know if the same robot can be used in another account? I think when we bought they were saying that it can be used only in one real account and many Demo.

Hi dinos9, could you put up posts of your MT4 statement? You've got to admit that your message looks like an ad for Forex Maestro. You joined around the time it was released and this is your first post!

Apologies if I'm barking up the wrong tree. But like my request to Ronika, howabout posting the details of the trades as the open and close in real time so we can check them against historical data based on the timestamp of your post?

 

[Stu0898]

Dinos9 Did you have to activate the EA by entering a code that you got from them by entering your account number? If so you will probably have issues trying to run it on numerous different accounts without activating each one.

If not then it should run as often as you want. If that's the case I would have thought some pirate would have shared the EA on a Bit Torrent or other P2P by now.

 

[1982]

Hi Wiseman,
I haven't had any trades as well US night time on Maestro.

Do you have a trailing stop put in? If so what do you have? I changed it to 0 thinking that was a good idea but it went crazy because of that I think.

Hi Ronika, I think you have 30 pips trailing stop. What about the 72 hours one. I got winners tonight then when it went about 20-30 pips the other way at the begging it stopped me out. This happened about 9 times, so it was not a good session. i changed the TS, to 0 and the close hour to 0
and the TP to 50 pips. i also changed the pip step to 40 and the number of trades to 2 ( your suggestion). Anyway it entered 3 in a row on the EURUSD with a 30 pip step !!! It is amazing. I closed and rebooted the computor too.. It is very complex.

Thanks.


Ronika,

 

[Ronika]

Hi 1982...

With a TS = 30, it seems to close trades at 26 pips profit. It's not working the way I understood a TS to work. I'm now experimenting with a TS = 40 to see what the results are.

I have turned off the automatic close trades after 72 hours. I want more control than that.

The EA has been strange re my PS = 54. It doesn't take another trade right away, but once it's past -54 it will take another trade at some point, but I can't determine why or when. I don't want more than 2 trades on any pair, or things get too complicated and unmanageable. Since I'm trading 4 pairs, I could have 8 open trades at once, which is my self imposed limit, so I don't get any where near a margin call.

I'd rather have more trades with less risk per trade.

 

[iceman1]

Hi Ronika

Are you still using a stop loss of 300 pips on your trading ? and by the way my TS = 30 and my TP = 50and it does close out at 50 pips, however that 300 pips SL is just too much as on monday morning I closed out all my trades which took a lot of my profit. May I suggest that people should consider using the average daily range for each pair as a stop loss rather than the generic 300 pips SL as my trailing stop does not seem to work as proved to me on Monday, see below these are the actual daily ranges curently.

AUD/USD = 149.6 so stop loss set to 150
GBP/USD = 255.6 set SL to 260
EUR/USD = 198.4 set SL to 200
USD/CHF = 183.9 set SL to 190
EUR/GBP = 128.1 set SL to 130
USD/CAD = 223.5 set SL to 230

Just to make people aware you can adjust the EA for each pair you are trading, I dont understand why some of you have trouble setting the stop loss to 50 pips and getting your trades to close out at this level, also I can tell you in my case that the Trailing stop does not work, so be warned.

Reading between the lines this robot does not always behave as it should with regard to setting the variables.

Regards

Iceman1

 

[Ronika]

Hi Ronika

Are you still using a stop loss of 300 pips on your trading ?

Yes, but I've never had a trade go that far - I would kill it before that if I had a chance. I think you'll find if you start using smaller SLs, your overall loss count may rise. Let us know how it fares.

I've got my plan set up so I can simultaneously handle 2 trades each for 4 pairs and 1 trade for 1 other pair, at any given time, if they all went bad up to 170+/- pips, which is highly unlikely, and hasn't happened yet in demo or live. I would intervene if things got really bad.

In any case, my current risk per trade is 12.25%, which isn't terribly aggressive and so not so devastating if it loses completely.

I agree that the TS does not behave as expected, but it is working and the overall win count is better when using it. I'm currently testing TP = 50 & TS = 40, to see if I can get the TS wins to be higher than with a TS = 30.

 

[iceman1]

Hi Ronika

I am with Alpari uk and if Adv Maestro was TS then the SL price gets highlighted yellow to let you know that a trailing stop is in place on that order, this has to be done manually on the order, do you know for sure that TS are being placed by the EA on your account and if so how do you know ?

I copy and paste for info for other traders, check your broker on this.

Trailing stops work differently based on the broker/platform.
Some trail in increments (15 pip trailing stop only moves the stop after the price has moved 15 pips in a given direction. it moves again after another 15 pips), others are pip-for-pip trailing stops (stop moves each time price moves one pip in a given direction, keeping the stop a fixed maximum number of pips away from the current price).
Some brokers have trailing stops that work on the server. Others (metatrader based brokers for example) work on the client end, meaning you turn off your system, and the stop stays where you left it last.
In some cases a trailing stop means you manually move your stop up when you want to reduce risk/lock in profits, as some brokers don't support trailing stops on their platform.
The last distinction I can think of now is that there are a couple of brokers that allow you to set trailing stops but, until price has moved in a given direction by the trail distance, you won't have a stop on your order unless you set a separate stop. So you buy at 1.2235 with a 15 pip trailing stop. IF price then drops 100 pips, you won't be stopped out, but if price moves to 1.2250, you'll then have a stop at 1.2235. If, instead you set a manual stop at 1.2200, when price moves to 1.2250, the stop moves to 1.2215 (not 1.2235).

As each broker may have different methods for trailing stops, it's important to check the broker's documetation and find out exactly how their trailing stops work.

Also you say your current risk is 12.25% is this percent figure the amount you risk on each trade, if so then yes it is agressive, but you go on to say not so devastating if it loses completely, I'm not sure I understand you ?

Regards

Iceman1

 

[Ronika]

do you know for sure that TS are being placed by the EA on your account and if so how do you know ?

I know only because many trades have closed in profit with the SL field high lighted in Red and the Comments says [sl], meaning that the TS kicked in and closed the trade. A TS = 30 resulted in many 26 pip wins, which is strange when you consider the various descriptions of a TS that you gave.

Also you say your current risk is 12.25% is this percent figure the amount you risk on each trade, if so then yes it is agressive, but you go on to say not so devastating if it loses completely, I'm not sure I understand you ?

Let's say your account is $1000. If you lose 12.25% in 1 trade = $122.50 loss. So 300 pips = $122.50

The only way this strategy can be successful is if the W/L ratio is very good, which so far it has been. I've had 0 full losses, and most of the losses I had were mistaken interventions by me - some I was right on.

Scalper EAs, which only make small pips, require you to risk aggressively if you want your account to grow quickly, eg: FAP Turbo. With Maestro/Firebird having 30-50 pip wins, you don't have to risk as much to get a very good daily/weekly ROI.

 

[iceman1]

Hi All

If anyone trades with Alpari Uk their minimum TS is 30 pips so to see if the EA would set it automatically you will have to set EA to 300 because of Alpari's 6 digit number system, this then = 30pips, so if you have a TP level of 26 pips as suggested in the manual then a trailing stop is never going to be placed, another reason to set TP to 50 pips (set 500 for Alpari)

Regards

Iceman1

 

[iceman1]

Hi Ronika

I am sorry to say that it does not work like that, the loss amount is also dependant on the lot size of each trade placed.

Hope this make things clear.

If you had a $1000 account balance and you set the risk level to 5 this means 5% of your capital, the EA looks at your $1000 account and says right 5% of $1000 = $50, now this is where it gets complicated the lot size traded all depends on your account balance and your risk setting, so taking the above example this is what would happen.

EA says OK 5% is $50 dollars this then converts this to lot size, in this case this would be 0.05 lots traded this mean that a lot size of 0.05 = 50 cents profit for every pip that goes in your favour or vice versa if the trade goes against you, therfore if your stop loss was set to 300 then your loss would be 300 x 50 cents this = $150 loss.

In your case 12.25% on a $1000 would mean the following, the robot would set 0.12 lots and if the position went against you this would be a loss of $360 not $122.5

Please understand the lot orders as follows based on your initial account size and risk %

0.01 = micro lots
0.1 = mini lots
1 = standard lots

What does this all mean well if the robot trades 0.01 lots then for every pip increase you will make 10 cents, if you trade 0.1 lots then for every pip you will gain $1.00, and if you were trading standard lots then you would be trading $10.00 per pip win or loose.

So if I were trading 0.07 lots and my TP on the EA was set to 50 I would get 70 cents x 50 pips = $35 hope this clears things up.

Regards

Iceman

 

[Ronika]

I am sorry to say that it does not work like that, the loss amount is also dependant on the lot size of each trade placed.

Hope this make things clear.

Well of course I know that. You are assuming I'm using the money management of the EA, but I'm not. This formula is calculated via my spreadsheet and I set the lot amounts manually.

The lot size is actually calculated by this formula, so this is exactly how it's determined - your math is backwards.

Take the % of risk you can handle and your SL and figure out your lot size from that, ie: $/SL = lots to trade. $1,000 * 5% = $50. $50/300 = .017 lots to trade. Or, 300 *.017 = $51. In this case I would round the lots up to .02, which is a 6% risk.

A 50 pip win = $8.50 at 5% risk level or $10 at 6%.

 

[Stu0898]

Something that may interest you all: Whilst searching through the forums here, I found a link to the forums at forexfactory and then from there a link to forex-tsd.com. After hunting around their forums (very informative by the way) I paid just 1 cent to access their 'Elite Section' for 10 days, after that I will have to pay US$12 a month to access it, but here's the great thing: there are loads of free EAs mostly autotrading robots and a weekly league table of their performance.

Beats paying $197 for Forex Maestro (which appears to be based on a freely available EA anyway). I read a bit and downloaded the following EAs:-

GoldWarrior02b.1
KSRobot_1_5_eur_m15
KSRobot_1_5_jpy_m15
Brainwashing #1c1
mandarine

I just followed the guidelines in the forums for each one and I am running the appropriate robots on the appropriate pairs, namely EUR/USD, GBP/USD, USD/JPY and USD/CHF. I put these all into a €5000 demo account at Orion and in just four hours of letting it run I have had 5 winning trades and no losses, so far up €167.78 with one open trade currently in negative by €50 and 100 pips away from it's SL.

Please note that it's not particularly easy to follow the guides as they are written by programmers for programmers and assume a level of knowledge, so don't expect any easy to follow step by step guide to setting them up, but if you are willing to read up, it's a great resource. I knew nothing about programming in MQ4 but I figured them out, and if I can anyone can!

I also found a helper EA called FAP Scalp Stop Ovveride v2 which is meant to keep a check on FAP Turbo SLs and increases the profit, but I'll see if that actually works tonight, and report back tomorrow!

All in all, well worth a look to anyone considering taking the plunge into any EA costing hundreds of dollars.


Good Trading

Stu0898

 

[iceman1]

Hi Ronika

Actually 300 * .017 =$5.1 not $51, may be we calculate different ways but in the example you quote above your .017 lots is actually 17 cents or $0.17 of a dollar for every pip win or loose so 300 * .17 cents = $51 thats your SL amount and your winning trades are $8.50 which is a ratio of 6:1 very bad, which is what I am getting at that you have to make 6 wins and 1 SL wipes those wins out obviously 300 SL versus 50 TP

As you are trading micro lots your pip value is $0.10 as seen below, going from your example 50 pip win * 0.17 cents = $8.50

Standard Account
Trading with standard lot sizes, generally 100,000 units of the base currency. e.g. The pip value is $10 for EUR/USD.
Mini Account
Trading with mini lot sizes, generally 10,000 units of the base currency. e.g. The pip value is $1 for EUR/USD.
Micro Account
Trading with micro lot sizes, generally 1,000 units of the base currency. e.g. The pip value is $0.10 for EUR/USD.

I have tried Firebird 3.2 and my $10,000 account is over $20,000 trading in 1.5 weeks but the funny thing is that it has not suffered the big drawdowns that AM has even though they have been trading over the same period.

Cheers All
Anyway are you geared up for tomorrow Forex Fantasy is released, can't wait, yeah right

 

[Ronika]

Actually 300 * .017 =$5.1 not $51, may be we calculate different ways but in the example you quote above your .017 lots is actually 17 cents or $0.17 of a dollar for every pip win or loose so 300 * .17 cents = $51 thats your SL amount and your winning trades are $8.50 which is a ratio of 6:1 very bad, which is what I am getting at that you have to make 6 wins and 1 SL wipes those wins out obviously 300 SL versus 50 TP

In my example, .017 was the lot size, not the $ amount.

Yes the ratio is bad, but you can't compare manual trading standards to EA trading - it's a different beast, so to speak. You have to determine via testing, what the winning % is and if it's 10:1 or better, then the risk is theoretically less, providing the winning % remains consistent.

The other point is, that you cannot, IMHO, leave these EAs completely unattended - you have to monitor them to make sure you don't hit the full SL.

 

[Ronika]

Let me clarify again because I don't think I explained it properly...

Risk % / SL = $ / PIP, which then gives you your lot size.


So...

$1,000 account * 5% risk = $50 / 300 PIP SL = $.17/PIP = either .01 lots round down, or .02 lots if you round up.

 

[1982]

Hi,

I find that the TS or whatever it is, is erratic and I would prefer to remove it. How would you suggest that?

The FM opened about 3 buys in the USDCHF between 14.55 and 19.34 today 11/3 and then took them out in rapidly quick succession for a loss. two were for a loss of 30 pips, and the other for a loss of 70 pips. My TS is set at 30 . Personally this robot would be very good if it would take the trades and only go out at the designated stop loss or the profit. Then there was another trade of more than 70 pips loss and it did nothing. It is really exasperating. i had my TP at 30 also. Now I am going back to 50 TP and 55 TS.
Iceman what values do you have? Which broker are you with? I am with FXDD and I am going to find out about their TS system but there is certainly no yellow on the platform.
I am wondering if the owners of the real Firebird are messing with this because it was bought from Maestro. Maybe live has a glitch. My demo with FXDD works like a charm and does NOT take out the trades early. FXDD always tell me I need to speak to the EA owner. Yes indeed.
Thanks.