Crashed & Burned

Filed Under (Journal) by Casey on 13-09-2010

A few days after testing my new ride… I have to say that I crashed and burned myself really bad.

Lesson??

I should have known better than to dive into a live account with my beta EA without thoroughly testing it. Why did I do it concurrently? Now that is a question I am here today sitting down and pondering upon my foolishness.

Well… I have kind of admitted that it was foolish of me to put my EA live too fast and too furiously.

I must say it was really exciting. After hours of re-coding the EA with every single spare time that I have in between my daily affairs… I finally have what I believe to be a good piece of work. Only to be over confident with it.

I should have tested this EA out like any other EA that I have tested and scrutinized. Unfortunately I was too attached emotionally to this EA.

Serves me right and my FXOpen account just proves it.

As you can see… I reached a adrenaline rush of 53k cent (it is a micro account) only to have a very bad hangover with 35k cent. This monkey was really swing very hard and out of control.

Well… it is too hard for my liking. So I decided to go back to the drawing board.

Another thing was that I whack this monkey with 4 currency pair. Sigghhh…. just too fast too soon.

So now… I need to re-code this to add a few more safety measure.

A few things to note though… Somehow this EA works very unpredictably in FXOpen. On my Alpari account, (demo) it works differently it did not take as many trades as it did with my FXOpen live account. Again this is not a clear apple to apple comparison.

So many things that I have left out. My bad… I did not plan and test it out properly.

Ahh…. beta testing… A new found experiences.

Ok… back to square one.

Before I go… I just want to share a screenshot of my FXOpen account.

It was shooting trades like no bodies business… Now… how did I come about with such high equity with these small trades?

Well… I was using a Martingale strategy… as my number of trades increased… my take profit level reduces… just to catch the same profit level.

Talk about mini martingale scalping if you know what I mean…

Now… that is an interesting idea to dive into soon… mini martingale scalping with on asian hour…. :)

Buuuuttttttttt………. I think not. That was not the original idea I had in mind for this EA. Like another forex mantra to follow. Have a plan and stick to the plan…

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