Knight of The Round Table

Filed Under (EA System) by Casey on 22-03-2010

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This is the most frustrating EA I have found so far… Good profit wise… but frustratingly slow….

I set this EA out to work since the end of last year…  but it’s moving terribly slow. I really really really wanted to increase the lot size… I am afraid to do so. This EA has not been trading long enough to know what sort of drawdown I would be expecting.

However… as you can see, the graph is pointing to the heavens. This is not your usual scalping EA that whack the currency pair on a 15m timeframe. This is a ‘knight’ that whacks the currency pair on an hourly timeframe. And it only trades in the direction of a trend.

Let me start the story of this EA…

I got this EA like from Bernard, the guy who developed Excalibur. He was also one of the few people I still continue to keep in touch since since the days I started this blog…

I previously was not interested in his Excalibur EA. That was because it was by good coincidence when I was looking at it… His Excalibur EA was like plunging back into the lake of no return.  It has not been doing that well and have not found a statement which shows interesting results. And on top of that, it was really expensive at that time.

It was at end of last year when I was browsing around with myFXBook. That I stumble upon his interesting graph. After reading some thread on myfxbook, I found out that chart was from Bernard. So I bump him an email and said that I was interested with Lancelot…

He was kind enough to give me a good discount on it. So I happily took his offer and bang it onto my live account. I was informed that the demo version was on Alpari. So why should I redo a demo test when the test was already done.

On myfxbook thread which talks about his system, he has his share of fans and he also has his share of foes. Read some of thread in myfxbook and one can gauge a few reactions… For me… well… innocent until proven guilty.

Check out his portfolio here on myfxbook (http://www.myfxbook.com/members/Pheniox) and you can see that not all of his EA are doing that well.  His Lancelot is the only one besides his KA System which he has not release it yet.

While my current position with Alpari is still holding well *fingers crossed* I really hope that it will not end up like his Live FXCM account… I really do not want to see the tip of Lancelot’s blade.

Well… as always…. only time will tell me how well Lancelot will start kicking some metal butt.

One thing about the approach by Bernard is that, he seems to test out the EA first before releasing his EA. He constantly test and test and test.

When I first bought his EA, he had only optimized Lancelot for two currency pair EURUSD and USDCHF. But a few weeks ago… he had release the settings for the rest of the currency pair it was at that time that I started seeing some activity on my account.

I guess as an automatic trader who knows not much about programming my own EA. I can appreciate his effort in testing it out first before releasing it.