An excellent EA

[iRektor]

I have FT XAUUSD using the default preset file and changed the number of trades and found it to be super amazing.
Thanks to the creator of the Galileofx ea.
Attached file for reference ~ gained 55.8% within 2 trading days.

Cheers

 

[David]

But one thing is to emphasise - As the EA is programmed to react on market activity -it is very important, not to trade against the market. As you only set the number of consecutive signals, it may happen, that the EA opens one after another positions in the wrong direction as the market turns and in worst case - that can happen (from my demo account)

First day: (in total 6K profit on 50K account)

View attachment 110

Second day: (started next morning) As it´s Demo-account I deliberately not interfered....

View attachment 109


Actually -13K losses...

From your experience, it seems that while the EA may have performed well on the first day, the market conditions changed on the second day.

Since the EA is programmed to react to market activity, it's crucial not to trade against the market. As you've seen, if the market reverses, the EA might continue to open positions based on the previously identified momentum, which can lead to losses.

Here are a few tips to navigate this situation:

1. Monitor Market Conditions: Even though you're using an EA, it can be beneficial to manually monitor the market. If you see that the market conditions are changing dramatically (e.g., from a strong trend to a range-bound market), it might be wise to disable the EA until more favorable conditions return.
2. Use Conservative Settings: Since the EA's performance varies based on the market conditions, it may be prudent to start with more conservative settings. This can limit potential losses during adverse conditions.
3. Solid Risk Management: Always set an appropriate stop loss and take profit for each trade, and don't risk more than a small percentage of your account on any single trade. Also, consider a maximum daily or weekly drawdown limit for the EA. If losses reach this threshold, disable the EA for the remainder of the period.
4. Demo Testing: Continue testing the EA on a demo account under various market conditions. This can give you a better idea of how it behaves and help you develop a more effective strategy for using it.

Remember, no EA or trading strategy is infallible. Losses are a part of trading. The key is to manage your risk so that your losses don't wipe out your profits.

I hope this advice is helpful. Good luck with your trading!