Managed Account Update

Here I am in my home town of Vienna Austria (Europe) , that's right, Europe, no Kangaroos in Austria, surfing the net and I thought I'd give an update on my managed forex account.

It has been a good month.  I'm back home and considering relocating.  I'm eating great meals, drinking amazing coffee, and enjoying lots of great Gelato and Sweets.  Trading is going well now that I'm rewriting a lot of Metatrader functionality and adding new functionality with custom indicators and expert advisors, allowing me to fine tune my Managed Forex Account.

As you may know, my managed account was off to a rocky start as it was unattended.  That's the thing about these Expert Advisors and Too Good To Be True Robots, they work for a short time and then they bomb.  Why?  Because you need human interaction.  Thanks to my custom Metatrader code I now spend about 20 minutes a day, an hour max and do a daily review of the charts and then for the most part "Set and Forget". Although when I do check the charts I'm typically exiting a trade early, in the positive of course, and missing out on a few extra pips.  But that's how it goes.

In any event, it has been about 3 weeks since my last update and I'm up 40% this month thus far.  The latest up-to-date numbers are below.

Auto Trendline Indicator

Here is a handy MT4 indicator to auto-color your trend lines AND make them visible only in the timeframe drawn or lower.

• Applies Bearish Color to trendlines drawn downward
• Applies Bullish Color to trendlines drawn upward
• Applies Bullish Color to lowest horizontal line
• Applies Bearish Color to highest horizontal line
• Makes trendlines and horizontal lines visible only in timeframe drawn and below
• Higher timeframes have thicker lines
• Object Description updated with Timeframe Short Name
• You must enable "Show Object Descriptions" on the chart properties to see the timeframe text.

For example, if you draw trendlines in the M15 time frame, they will not appear in higher timeframes such as Daily. This allows for "cleaner" charts as trendlines/horizontal lines from lower time frames do not clutter up the higher timeframes. You also save time not having to change colors and widths.

 

 

 

 

Attached Files

 FTAutoTrendlines.ex4   9 KB 

 FTAutoTrendlines.mq4   8 KB

Handy MT4 Script - Drop Price Label

A simple yet handy script to quickly drop a price label on the current chart.

Download the Script here:
Drop Price Label.ex4   Drop Price Label.mq4  

For the latest version check here:
http://www.forexfactory.com/showthread.php?p=8156303

Handy MT4 Indicator - NewsCal-AddOn

If you are using the NewsCal-v1.07 Indicator then like me you might be frustrated that the source code is not available.

Here is a sample NewsCal-AddOn Indicator that you can use to read the NewsCal-v1.07 display.  It creates a label for upcoming important news like ECB, FOMC, and NFP.

Feel free to modify the indicator or add to your own code.

Download the Indicator here:
NewsCal-AddOn.ex4    NewsCal-AddOn.mq4

For the latest version check here:
http://www.forexfactory.com/showthread.php?t=326551&page=15

Handy MT4 Script - Auto Color Trendlines

Here is a handy script that I have written to auto colors trendlines.

Simply place this in your "Scripts" directory and then draw trend lines.  When done, go to your scripts and attach to the chart. 

Bearish Color is applied to any trendlines drawn downwards.
Bullish Color is applied to any trendlines drawn upwards.

Bearish Color is applied to top horizontal line.
Bullish Color is applied to bottom horizontal line.
Horizontal Trendline color is applied to all other horizontal lines.

Download the Script here:
Auto Color Trendlines.ex4   Auto Color Trendlines.mq4

For the latest version check here:
http://www.forexfactory.com/showthread.php?t=536082

Handy MT4 Script - Draw Ellipse

Here is a handy MT4 script that I've written to draw an Ellipse to wherever you drop it.

Just drag and drop the script and voila.  You have an Ellipse.

The script automatically sizes the Ellipse regardless of time frame and currency pair.
Much easier than using the built in draw ellipse functionality.

Here a sample screenshot:

Download the Script here:
Draw Ellipse.ex4   Draw Ellipse.mq4  

For the latest version check here:
http://www.forexfactory.com/showthread.php?t=532055

MetaTrader Default Templates

There are a couple nuisances that really annoy me with MetaTrader.

1. Default Template when creating a new Chart
2. Default Template when using strategy tester

It's somewhat of a hassle to always need to change the default template when creating a new chart and especially when performing many backtests with MetaTrader's Strategy Tester.

But there is good news...  You can set the default template to use for these!

To set a default template for new MetaTrader charts

1.  Open a new chart
2.  Apply your template
3.  Save the template as "default"

Any time you create a new chart, the "default" template is automatically applied.

To set a default template for Strategy Tester charts

1.  Open a new chart
2.  Apply your template
3.  Save the template as "tester"

Any time you backtest an EA with Strategy Tester, the "tester" template is automatically applied.

Multiple Monitors - How many do you need for Day Trading?

My life has changed over the last few years.  From Management Consultant to Forex Day Trader, from living in cold Canada to warm Thailand, from living in Excess to enjoying simple life where less is more.

Back in the consulting days I always had 2 or 3 monitors.   Heck I even had 6 PCs at one point working out trading algorithms, back testing, etc... but that's another story. 

When I started trading it seemed natural to trade with at least 2 screens.  One to focus on my charts, another for surfing the web, reading emails, and doing whatever else to keep busy waiting for a trade setup. 

That progressed into 6 whopping screens.  It was quite the setup, I'll have to see if I can dig up a picture.  I remember when I first plugged them all in I could feel my face getting a burn. (Canada Eh!)  It was cold outside and my trading station was warm now.

From 6 I went to 3, then 2, then 4, and well now as I relocated to Thailand I just had my laptop and I got pretty used to just using it.   Granted I can hook up one of my may TVs....  and sure I use my Media Player Laptop to play movies on the TV and occasionally toggle over to my charts.   I even had ChromeCast  display charts on another TV in my office...

Then I started programming more and scalping again and though hey why not get another monitor, it'll make it easier.   The only reason I have been holding back is that monitors are pricey here, even used ones.  So I have been waiting and waiting and now I am okay without one.

You see "Less really is More".   With just the one screen I navigate around quickly and focus on just what's on my screen.  I don't get overwhelmed with action across all screens.  I don't get annoyed with dragging from one screen to another or Windows changing my monitor settings, AND when I travel I have exactly the same setup as I use at home.  In other words, I don't miss my monitor when I don't have it and work just as well, if not better than with multiple monitors.

How many monitors are right for you?   Obviously everyone has their personal preference.  I would say really think about why you need that monitor and then see if there are other creative ways to do without one.

If you have just one screen then here are some tips:

• Alt-Tab to switch between windows
• Ctrl-Tab to switch between tabs in your browser
• Resize your windows
• Dock your windows to the right and left of your screen
• Learn your Trading Platform's Shortcut Keys, for MetaTrader:
• Ctrl-T hides/shows the Terminal Window
• Ctrl-N hides/shows the Navigator Window
• Put frequently used Scripts in your Navigator Favorites
• Ctrl-B brings up Object Browser
• Enter on any Chart lets you switch to another Currency and Timeframe
• Ctrl-Tab Toggles between your Charts
• F9 Brings up the Order Screen

Are you using Alerts?

Many traders make the mistake of either sitting infront of the computer all day or checking the chart too late only to discover their "ideal" signal was hit.   There is an easier way.... Alerts!

Every trader has their own favorite strategy and entry "signal".  For example you could use Moving Average Crosses, RSI, MACD, or a mixture.

One of the simplest and most powerful functionality of your trading platform is Alerts.  Every platform has them, I am going to focus on Metatrader.

There are three types of "Alerts" you can set up.

1. Alert by Sound - great if you are near your computer
2. Alert by Email - great if you are mobile and have access to email
3. Alert by Notification - great if you are mobile and have the Metatrader App

For Email and Notifications to work you need to configure Metatrader (Tools >> Options).  Note that it can be tricky to get SMTP to work as many Internet Service Providers (ISPs) now block SMTP Port 25.   If that's the case ask your ISP what SMTP port is open.   Notifications can also be tricky as some cell phone providers will block the port for notifications.  For example here in Thailand I only get notifications once I use Wifi but never with my AIS Mobile Provider.

In any event I still use notifications as my thinking is that if I'm not using Wifi then I'm likely not in a position to make a trade....

There are also two different ways to set up Alerts.  You can either open the Alerts tab on your Terminal window in Metatrader and set the currency and level, ie. EURUSD > 1. 2844 or you can check your favorite indicators to see if they have the Alert capability.   If they don't, see if you can find an indicator with an Alert function.  

If you have some programming experience you can easily add the Alerts to your favorite indicators.