Optimizing the Galileo FX bot for better profitability - A systematic approach

[Ronald]

Based on the market trend I have some assets that only have the Bullish signals set and some with only the Bearish signals set. That means they are only looking for the buy on some charts and sells on others. I am finding that when I have both parameters on a chart it is NOT working. I am actually looking at a trade now with Bullish(buy) signals set at 6 and Bearish(sell) signals set at 4. It just pulled me in a trade for a BUY after 6 Bearinsh candles. Of course I am in the negative. That leads me to the question of how exactly is the bot reading the signals when used together?

Hi there,

You may want to check this thread:

https://galileofx.community.forum/threads/how-to-adjust-consecutive-signals-based-on-market-trends-scalping-day-trading-and-swing-trading.43/

 

[Chris]

Hey guys!

I'd like to refer you all to this post we have specifically about the Bullish and Bearish signals.
It has great insight on what and how they work,definitely worth a read!
For any other questions don't hesitate to contact me over at support@galileofx.com

 

[Chris]

I actually already read that this thread but it did nit answer the questions I have. I watched the bot do the exact opposite of what is explained in the thread.

Right,sorry,the initial message did not pop up,I've shared the same link.
Send me an email at support@galileofx.com and let's have a look.

 

[Gusbo75]

OKAY. So if I am reading the info correctly, if I use Consecutive Bullish and Bearish Signals TOGETHER (ex. 3 bullish 2 bearish) Galileo will pull me in a BUY trade after the 3 bullish candles and keep me in until it either hits my TP BUT if 2 bearish candles print will it pull me OUT of the trade then or wait until it hits my SL losing all the profit?

I am testing the GFX for about a month and it seems pretty consistent when used correctly. Bull/bear is irrelevant to SL/TP, as these are used to determine the pattern and decide when to open a buy or sell position (depending on bull or bear). If the EA detects 3 bulls it will open a buy/long position and if it detects 2 bears it will open a sell/short position. After opening, a position is in the SL/TP mercy only, the EA job is done, it got you on the wave you wanted to surf. If your TP is hit or you jump off when gaining you ll be profitable. However if the wave tries to fold you, you at least have your SL board to ride the fold to shore without crashing.

 

[Gusbo75]

I agree...I have been testing and watching my trades and the SL/TP and even Trailing steps work fine BUT have you noticed that you can get pulled into a trade without the 3 bearish or 2 bullish signals? I have watched the EA pull me into a trade and I look at my Tradingview (platform I use to matk charts up) and I get pulled in before my settings are met.

Tbh I haven’t noticed this, however I cannot afford too much time on my charting as I work full time and it’s not easy. What I did notice is : 1. The bull/bear work better during session overlaps but ok in any condition, 2. Money management needs special attention if you have specific profit/loss requirements, 3. Major pairs usually have smaller spread but way more attention on them for volume and demand/offer, 4. Forex Profit Supreme Meter is a very good tool to choose pairs but require M1-M30 max timeframe, 5. GFX requires time 24/5 when your chosen pairs will repeat trying for best opportunities, 6. Make notes of the times the EA will open positions in 2-3 days minimum so you can see which sessions impact your choice of pairs in the specific EA settings.

 

[MAXIDO]

Based on the market trend I have some assets that only have the Bullish signals set and some with only the Bearish signals set. That means they are only looking for the buy on some charts and sells on others. I am finding that when I have both parameters on a chart it is NOT working. I am actually looking at a trade now with Bullish(buy) signals set at 6 and Bearish(sell) signals set at 4. It just pulled me in a trade for a BUY after 6 Bearinsh candles. Of course I am in the negative. That leads me to the question of how exactly is the bot reading the signals when used together?

I also tried that it didn't work for me

 

[Gusbo75]

@DoRightD timeframe plays part at this I think as well. In any case you can ask the GFX team for clarification on how the EA is detecting bull/bear. My guess is there are a few other indicators in the code as well that can affect the position open/close. Also, which session is scanning at the time, as different volatility offers different opportunities which can also be impacted by news etc. this is what I trying to determine atm, if a complete 50/50 set up on bull/bear as well as sl/tp would push the ea to respond more balanced/predictable opening/closing positions.

 

[Gusbo75]

@DoRightD timeframe plays part at this I think as well. In any case you can ask the GFX team for clarification on how the EA is detecting bull/bear. My guess is there are a few other indicators in the code as well that can affect the position open/close. Also, which session is scanning at the time, as different volatility offers different opportunities which can also be impacted by news etc. this is what I trying to determine atm, if a complete 50/50 set up on bull/bear as well as sl/tp would push the ea to respond more balanced/predictable opening/closing positions.

Or you can use metatrader editor to read the GFX file and see the code settings if you are into coding a bit.

 

[Bill]

I am testing my theory. I have set some assets to BUY and some to SELL based on my market analysis. I am only using the "consecutive signals choice" based on the way the market is going. I am also using a trailing stop to protect profits. I have one asset using both parameter "consecutive bearish and consecutive bullish" to see what it does...I do believe it will NOT take me out of the trade until it hits my SL. I am also testing NOT entering a SL but only a trailing Stop to hopefully secure profits if market changes. I really think the bot will work for me as I am a seasoned trader wanting something to work when I don't want to but I don't think it is good for someone who has never traded before. Using the settings provided with purchase will not yield profit.

I'd be keen to hear your testing goes. I am about 6 weeks behind you and am having the same questions. @David any thoughts of doing a webinar series to get people onboarded with settings, settings strategies? I, like others, have used the pre sets and would find this type of education really valuable.

 

[Gusbo75]

I'd be keen to hear your testing goes. I am about 6 weeks behind you and am having the same questions. @David any thoughts of doing a webinar series to get people onboarded with settings, settings strategies? I, like others, have used the pre sets and would find this type of education really valuable.

That’s an excellent idea! A GFX webinar would be great to get many many questions answered and many things clarified. And would be a massive support and great after sale customer service as none or very very few EA developers/companies offer this.

 

[Gusbo75]

@David @DoRightD question : 2 demo accounts, same broker, same timeframe, same pair EURUSD, same exact settings, one set on mt4 one on mt5. Shouldn’t the results be exactly the same or at least at same direction long or short? Or shouldn’t the EA perform the same in both accounts at the same time if broker and pairs and settings are exactly the same? If that’s the case, I got short position on one and long on the other.

 

[Bill]

@David @DoRightD question : 2 demo accounts, same broker, same timeframe, same pair EURUSD, same exact settings, one set on mt4 one on mt5. Shouldn’t the results be exactly the same or at least at same direction long or short? Or shouldn’t the EA perform the same in both accounts at the same time if broker and pairs and settings are exactly the same? If that’s the case, I got short position on one and long on the other.

Yeh, I am stumped here. Not sure to be honest.

 

[Gusbo75]

@David @DoRightD question : 2 demo accounts, same broker, same timeframe, same pair EURUSD, same exact settings, one set on mt4 one on mt5. Shouldn’t the results be exactly the same or at least at same direction long or short? Or shouldn’t the EA perform the same in both accounts at the same time if broker and pairs and settings are exactly the same? If that’s the case, I got short position on one and long on the other.

This has to do with unique license per EA purchase. Which allows the EA to be used only at 1 account at a time live or demo. If used in more than one account at a time either it won’t work properly or it might be detected by the the GFX server as unauthorised use. So test ones count then stop then test another account and then compare the results to check.

 

[Ronald]

The testing did not go as planned. RECAP...Settings 3 bullish candles 0 bearish candles. 250 TP 100 SL Trailing start 20 pips Trailing Step 10 pips....This yielded me trades that still were triggered into a SELL. Had a one on one as was told that in the "COMMON" section of settings if long & short is check it will look for both and since i had 0 in bearish...SELL trade started.
New question for me... Settings the same as above **just added 3 bearish candles**. How do i get pulled into a BUY trade and a SELL trade 1 sec apart? Mind you, the 4th candle that started printing was a BULLISH candle.

Hi,

Please take time to check how consecutive bullish/bearish signals work. Here's the thread:

https://galileofx.community.forum/threads/how-to-adjust-consecutive-signals-based-on-market-trends-scalping-day-trading-and-swing-trading.43/

Thanks.

 

[NTD21]

I am curious about optimizing galileo fx for any profitability what-so-ever.

 

[Vinz]

Are u saying the bot can be set to JUST buy or JUST to sell?

Yes you can set only buy or only sell

 

[kr21]

Great question! I've been with Galileo for 6 weeks and haven't made any money! Just can't seem to figure out what settings work for PROFIT. Frustrating! Experimenting hasn't proven effective as yet. Would really appreciate some settings advise to use, currency advise also. Thanks, John

me since feb 2022 and not a single penny profit.. it drained my account!

 

[ajohng51]

I would appreciate if someone can explain in detail TrailingStart, TrailingStep, Please?
Thanks, Ajg

 

[Ronald]

Hi Ajg,

Please take time to check this section about Trailing:

https://galileofx.community.forum/threads/trailing-step.35/#post-304

Also here:

https://galileofx.community.forum/threads/galileo-fx-tutorial-how-to-install-use-the-trading-bot.49/

 

[Ursula]

I've noticed a fair share of questions swirling around on how to dial in the best settings for our beloved Galileo FX bot. Trust me, I get it. We all want to make this trading workhorse gallop at its best. So, I thought, why not pool our collective wisdom, learn from each other, and discover how to make the most of Galileo FX.

Getting the settings right for Galileo FX, like any trading bot, isn't a one-size-fits-all scenario. It's more of an art, complemented by a bit of science and a lot of patience.

Here's how I go about it:

First, I take a deep breath and remember what I'm after. Is it the total net profit, the Sharpe ratio, or is it about managing the drawdown? Having clear objectives is half the battle won.

Next, I put on my lab coat and do some backtesting on MetaTrader 5. It's a nifty platform that lets me test how Galileo FX would have performed using historical market data. Though remember, as any wise trader will tell you, past performance is not indicative of future results. But as Warren Buffett says, in business, looking at the past is a good way to predict the future.

Once I've got a hang of the baseline performance, I start experimenting. I begin toying with Galileo FX's parameters - the Lots, percRisk, Max Orders, stopLoss, takeProfit, TrailingStart, TrailingStep, Bullish Signals, and Bearish Signals. Be wary, though; there's a sweet spot to this. Over-optimization can turn a knight in shining armor into a damsel in distress real quick!

I also check the results posted here, along with the settings: MyFxBook Links with Settings | Page 3 | Official Galileo FX Community

After I've found settings that I'm satisfied with, I take them out for a spin in the real world. Forward testing, they call it. I put them to test in a demo account, watch, learn, and fine-tune.

Then comes the tricky bit. You see, markets are living, breathing beasts. They change their spots faster than a leopard. So, I always keep an eye on my bot's performance, ready to adjust its settings to the new norm.

Finally, the golden rule. No matter how much I trust my bot or how well it has been performing, I never forget about risk management. I make sure I'm comfortable with the maximum risk per trade. After all, we're here to make money, not lose sleep, right?

There you have it, folks, my two cents. Keep in mind, though, even the most advanced bot isn't a surefire ticket to Profitville. Be patient, manage your risks, and never bet more than what you can afford to lose.

I hope this helps you find your way to a more profitable Galileo FX experience. Keep those questions coming and remember, we're all here to learn from each other.

Great advice, thank you. Could you be a bit more specific regarding "toying with the parameters"? Which changes go together, which magnitudes of change do your recommend? After all, if we take risk, lot size, SL, TP, bullish and bearish signals into considerations, there are - if you don't have guidance of what are reasonable areas of toying around - millions of possible combinations of these settings. And since trying each of them out requires some time, by the time I find a winning combination, the market will have move on - making my newly acquired insight irrelevant. Any guidance? Thank you!