Today I followed my friend Brad and purchased the “Loss Recovery Trader Premium” Expert Advisor (EA) from Michalis Phylactou on the (very excellent) website Mql5. My plan is to learn how to use this Bad Boy and see it as a type of programming. There are many options that can be set so when you calculate all of the permutations they are significant.
In MT4 you save the setting for an EA in something called a “set” file. I envision dozens of these set files using a variety of input variations for the EA. Not really programming of course but something akin perhaps?
It will start by saving the default set file that Michalis has programmed into the EA so that we can always return to “home base”.
Starting with Trade Entries
Entering the trade is NOT a significant part of this EA from what I can tell. It is 99% trade management and 1% trade entry. That said we will have a quick look into this anyway as maybe there is more here than I realize.
Although the product overview page describes only two built-in trade entry methods that he developed… The Trend Extreme Strategy and the Double Trader Strategy there are two more in the EA Input screen itself. These are all of the strategies available;
- Moving Average
- Bollinger Bands
- Trend Extreme
- Double Trader
As all this does is choose where to place one entry only… the first one… so it is not significant at this time. Eventually, I could see where you might place this EA on any chart and, using one of the more sophisticated strategies, it might get you in at a good time. But as mentioned this is a small part of what this EA is about. We will move on. I will set this so I place the first trade myself manually.
Later That Evening – 8:30 PM
After several attempts at trying to figure out if I could use the Loss Recovery Trader (LRT) in Strategy Tester using another EA to open trades, I realized that was probably not possible. The instructions on how to do this say that you run the other EA on another chart using the same instrument and the same magic number which I don’t think is possible in Strategy Tester as only one chart can receive a tick feed at a time.
I will just let the EA open its own first trade and I will experiment with other setting then trade entry when using Strategy Tester.