FAP cannot work alone

[newman]

Hi All,

I am new here. Having gone through many forums about FAP, this is my conclusion :

This EA cannot works alone. It needs to have a proper trading plan to couple with it. For example when a position is opened, another EA running in the background should track it (set stop loss by EA instead on the actual position to guard against some bogie fx brokers) using a major support (for long position) and major resistance (for short position) probably using weekly pivot or daily pivot system.

Or Any one has better plan ?

[alan]

Hi All,

I am new here. Having gone through many forums about FAP, this is my conclusion :

This EA cannot works alone. It needs to have a proper trading plan to couple with it. For example when a position is opened, another EA running in the background should track it (set stop loss by EA instead on the actual position to guard against some bogie fx brokers) using a major support (for long position) and major resistance (for short position) probably using weekly pivot or daily pivot system.

Or Any one has better plan ?

Hmm, well, I think it can work alone, but not all the time. It works excellently in ranging markets, but does very poorly when markets are extremely volatile. It also doesn't do to good of a job at managing a losing position. For the most part it just tries to wait it out in the hope that the trade will turn around. Becuase of this tendency I use it with a SL.

You're right though that a complete trading plan and a little bit of human assistance does enhance it though.

[newman]

Hi Alan,

Thanks for setting up this wonderful discussion forum.

For your blog, I manage to find many interesting discussion groups, in particular the heated debate between FApwinner group and one of their subscribers.

Back to topic, SL is a must, be it a imaginery or the actual one, open a naked position without a SL is a suicide. Though I would depend on my own coded EA to set the SL rather than setting it on the actual position due to some bogie broker.

Any idea how to devise a trading plan such that the performance can be better enhanced ?