SERIOUS WARNING
Welcome to The Old Beast. Congratulations on finding your way here. Some of the brightest minds at FF are at work on this project.
There is a comprehensive user guide attached - the pdf. Read it for details of the trading strategy and info about the inputs. The pdf will direct you to the thread that produced the system that led to The Beast's creation (Nanningbob V5). You need to understand that system, but this thread is not a you-must-read-all thread. Read the user guide then keep up with the latest contributions and you will not go far wrong.
Confused, baffled and bewildered newbies, dump The Old Beast on demo charts, make sure the lot sizes are acceptable to your criminal, accept the defaults and sit back to watch until you do understand what is going on.
Live trading
Many of us are trading TOB live and have been for some time. In an average week, it makes 1 - 1.5% profit on the balance at the start of the week. As the balance increases, so does the profit.
DO NOT mortgage the house and start a live account with $50,000. Forex trading requires traders to demostrate two huge personality traits:
You need balls of steel because this trading leaves your account in drawdown (i.e. open trades with a 'loosing' balance) most of the time. I run my account with a near-constant floating dd of 5 - 10% of the balance. If you cannot tolerate dd, then go away now.
Lot sizes need to be tiny enough to withstand a colossal move against you without causing sleepless nights. It is impossible to offer accurate advice, so experiment on demo; if your lot sizes regularly cause more than 10% floating dd, then they are too high. For what it is worth, here are mine:
Much of this thread concerns development of the first incarnation of The Beast and is of no relevance. I closed the thread for a while; we were developing Beastie and I thought this thread had run its useful course. This turns out to be a wrong assumption. Posts following its re-opening begin at post 620 on page 42 (http://www.forexfactory.com/showpost...&postcount=620.
Ok, have fun. Make profit. The rest of us are.
Temporary section until I update the user guide
___________________________________ ____________________________
Traders familiar with my work need read no further.
Posting restrictions
I have restricted the ability to post in this thread to: traders with at least 1 voucher; and traders on my 'buddy' list. I have done this because I do not want the thread cluttered with 'newbie' questions about the basics. New/inexperienced traders, this is not intended as a direct insult. What I want here is discussion with traders who fully understand what it is they are doing; when you newbs have been around a while, you will come to understand what a difference experience makes to the posts a member writes and shudder at the recollection of some of the questions you asked. I do.
Go to your profile page; there is a link to the FF page that describes the voucher process.
Do not attempt to get around this by sending me pm's asking for help with your basic problems. Doing so will earn you an automatic ban from all of my threads.
I have set up a partner thread to this one and Nanningbob's at http://www.forexfactory.com/showthre...66#post3948666
There, you can post the questions that you cannot post here, about anything you need to know. Someone with the knowledge and experience you need will answer. I opened it for Nanningbob traders, but feel free to ask about this robot as well.
Traders/coders with experience who have not yet been vouched for, can get around this restriction be being added to my 'buddy' list; all you have to do is pm me to ask me to do this.
- Most Forex traders lose all their money.
- Using the robot posted here in trading Forex does not guarantee success.
- Trading this robot could lead to serious financial loss.
- Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
- To trade this robot, you have to understand how to use the Sixths indicator. To learn how to do this you need to learn NanningBob's V5 trading system, so go to http://www.forexfactory.com/showthread.php?t=246113
Welcome to The Old Beast. Congratulations on finding your way here. Some of the brightest minds at FF are at work on this project.
There is a comprehensive user guide attached - the pdf. Read it for details of the trading strategy and info about the inputs. The pdf will direct you to the thread that produced the system that led to The Beast's creation (Nanningbob V5). You need to understand that system, but this thread is not a you-must-read-all thread. Read the user guide then keep up with the latest contributions and you will not go far wrong.
Confused, baffled and bewildered newbies, dump The Old Beast on demo charts, make sure the lot sizes are acceptable to your criminal, accept the defaults and sit back to watch until you do understand what is going on.
Live trading
Many of us are trading TOB live and have been for some time. In an average week, it makes 1 - 1.5% profit on the balance at the start of the week. As the balance increases, so does the profit.
DO NOT mortgage the house and start a live account with $50,000. Forex trading requires traders to demostrate two huge personality traits:
- Patience
- Balls of steel
You need balls of steel because this trading leaves your account in drawdown (i.e. open trades with a 'loosing' balance) most of the time. I run my account with a near-constant floating dd of 5 - 10% of the balance. If you cannot tolerate dd, then go away now.
Lot sizes need to be tiny enough to withstand a colossal move against you without causing sleepless nights. It is impossible to offer accurate advice, so experiment on demo; if your lot sizes regularly cause more than 10% floating dd, then they are too high. For what it is worth, here are mine:
- Broker: IBFX Australia
- Leverage: 1:100
- Lot size: 0.01 lots per $200 balance. Therefore my current lot size is 0.08 on my account balance of $1,531 (3rd April 2011).
Much of this thread concerns development of the first incarnation of The Beast and is of no relevance. I closed the thread for a while; we were developing Beastie and I thought this thread had run its useful course. This turns out to be a wrong assumption. Posts following its re-opening begin at post 620 on page 42 (http://www.forexfactory.com/showpost...&postcount=620.
Ok, have fun. Make profit. The rest of us are.
Temporary section until I update the user guide
___________________________________ ____________________________
Traders familiar with my work need read no further.
Posting restrictions
I have restricted the ability to post in this thread to: traders with at least 1 voucher; and traders on my 'buddy' list. I have done this because I do not want the thread cluttered with 'newbie' questions about the basics. New/inexperienced traders, this is not intended as a direct insult. What I want here is discussion with traders who fully understand what it is they are doing; when you newbs have been around a while, you will come to understand what a difference experience makes to the posts a member writes and shudder at the recollection of some of the questions you asked. I do.
Go to your profile page; there is a link to the FF page that describes the voucher process.Do not attempt to get around this by sending me pm's asking for help with your basic problems. Doing so will earn you an automatic ban from all of my threads.
I have set up a partner thread to this one and Nanningbob's at http://www.forexfactory.com/showthre...66#post3948666
There, you can post the questions that you cannot post here, about anything you need to know. Someone with the knowledge and experience you need will answer. I opened it for Nanningbob traders, but feel free to ask about this robot as well.
Traders/coders with experience who have not yet been vouched for, can get around this restriction be being added to my 'buddy' list; all you have to do is pm me to ask me to do this.
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