SteadyWinner V6.0a and MT4 Build600

Dear Customers,
 
We are happy to announce that SteadyWinner can run on MetaTrader Build 600. The EA can be compiled using the new MQL4 compiler without error. We put it on a EUR/USD chart and it just trades as before.

Perhaps the most obvious change to you is the new data folder to copy the EA .mq4/.ex4 files to. We have updated the user manual to show you how to install it on the new MT4. Existing Full version / Small Account version users can download the new user manual here.

If you are running SteadyWinner on MT4 build 509 (or older), you can now allow the MT4 update. After the update everything should function as before. If SteadyWinner disappears after the update (very rare), please follow the new user manual to reinstall it and make sure you use the same magic number and comment.

 
Kind Regards
Ming and Henry
SteadyWinner Development Team

SteadyWinner EA is a trading robot

used by the developer himself on his live account

              

Hi,welcome to the home of SteadyWinner, a robot for making steady profit in forex trading. If you do not have a copy of this EA, you can download it here. Use Winzip or 7-zip to unzip the compressed files and you will see the EA and a user manual. 

If you are a newbie and do not know what an EA (Expert Advisor) is, please learn from this link . If you do not know what forex is about, you can learn from this link, and you will be able to use my EA.

Now, let me introduce myself. I am not a scammer, nor a professional EA seller. I am a trader like you. I love using EAs and have some experience on it. SteadyWinner is the result of my learning of MQL for many years. I am using the EA on my live account myself, and it generates steady profit. Here below, I will tell you how it works.


Trading principles

It is based on the following simple principles:

1. Follow the trend. There are many indicators helping traders to find out the trend. The indicators I use are just some Expotential MAs on different timeframes. The method is very simple, but surprisingly effective.

2. Enter buy or sell when there is a good position. A good position to buy is when the trend is going up and we buy at a dip. And we do the opposite to make a sell entry. A good positon is sometimes more important than whether we are with the trend or not.

3. Exit when there is a good position.There is a fixed take profit and a stop loss for each order. However, an internal take profit and an internal stop loss are put in the code. The EA will try to find a better position to exit when the market situation is not favourable. This help to reduce losses and drawdown.


Here below we will explain the above points in detail. I know it is not the norm for EA developers to spell out their strategy. If you find this section too long or too technical, you can skip it and come back later.

We want to go into detail because from the discussion in some forex forums, we sense that many users do not understand the strategy we use. And this will affect their confidence in trading, especially while the EA is losing.

Here is a screenshot of the trades opened by the EA. The horizontal line is EMA700, which served as a division line between buy and sell trades. When price is above EMA, we only buy. When price is below EMA, we only sell. As you can see, we use the EMA as a trend filter. There are several EMAs on different timeframes to do the same job. It is difficult to show them all on one chart. But, when we say we use EMAs, we do not mean that we trade the EMA crosses.

 

I want to make this point clear, because when I said we follow the trend and we use MAs, many users instinctively think that we are trading MA crosses. This is what they learned about MAs. Some users asked for a refund because we miss all the big trends, and it is unlike any of the trend-following systems they knew.

To continue, I want to introduce to you a book by Richard L. Weissman called “Mechanical Trading system: paring trader psychology with technical analysis”. I mention this book because it provides us with the necessary terminology. In his book, Weissman said there are basically two types of trading systems: trend-following systems and mean-reversion systems.

A typical trend-following system is to trade the MA crosses, which is a classic strategy. There are many free MA crosses EAs on the forums and I guess not many people are using them. Why? It is because a lot of patience is needed. Such EA cannot be put on a M15 chart or H1 chart. It has to be on a daily chat or weekly chart. An opened trade can lasts for months. Also there can be big drawdown.

Another type of system is mean reversion. That is to enter the market when it reaches extreme overbought or oversold conditions, and we expect the market to go back to the middle. A typical system of this is the RSI system. The drawdown is smaller, but there is a lot of stress as the execution of the trades has to be fast and accurate.

SteadyWinner is both a trend following system and mean reversion system. In trading principle 2 we mentioned above, we use WPR to detect short-term overbought or oversold conditions. But we found that this alone cannot be profitable. We need something called a trend filter. We use several EMAs on different timeframes to find out the direction and trade only in that direction.

Here is an enlarged screenshot on M1 chart. We can see [1] that the EA follows the trend and opens a sell trade, and [2] the EA opens the sell trade when WPR reaches the top (-0.01) and a reversion is expected.




So the strategy SteadyWinner using can be called, in academic terms, a trend-following mean-reversion system. Since the profit for each tradeis small, we can also simply call it a trend-following one-sided scalper.

Why choosing this strategy? It is because of the development history and also trading psychology. A few years ago, I wanted to build a scalper on M1 chart with a high trading frequency so that there can be small but quick profits. However, for a long time, I could not make the EA profitable, so I began to add filters. When enough trend filters are added, the EA became profitable, but not many trades are left. The end product became SteadyWinner.

The EA is called by this name because the win rate is high and the profits are small. When tuning the EA, I found that it is actually a matter of choice. We can have more trades by loosening the trend filter, but that means including more bad trades. We can have a higher profit, but that means a bigger drawdown, too. So, what is a good EA after all? My choice would not be the one with the biggest profit, but the one with the smallest drawdown. I mean the one I do not have to worry about. This finally becomes the core value of SteadyWinner.

So the EA is for traders who do not like big drawdown and are willing to take only small risk. Psychologically, we feel safe. But since it is also a mean reversion system, when the EA opens a trade, it is trading against the market, though still going along with the long-term trend. It can be scaring. So, please do not watch when the EA is trading. In many cases, the EA will suffer some losses first, and you will probably have an urge to terminate the trades manually. The strategy SteadyWinner uses is not for human beings.

There is too much to be said. If you learn MQL4 language, you will be able to see how all these are done through the code.

To my surprise,SteadyWinner, which only based on some simple and traditional indicators, performs even better than many commercial EAs I have tested. Don't believe? Here below are some backtest results. In V6.0a, we do the 99% tick data backtests, which are a bit different from standard 90% backtest provided by Metatrader. Please download our manual to read the detail.

Backtest results

SteadyWinner Version 6.0a Full Version   99% backtest   01Apr 2007 -31 Aug 2013  (risk=2%)  



SteadyWinner Version 6.0a Full Version   99% backtest   01Jan 2007 -31 Aug 2013  (risk=5%)  


As you can see, the curves are rather smooth, so the trading principles are for the long term. SteadyWinner is not the kind of commercial EAs that exaggerate the rewards and put your account into too much risk, or even use some sorts of martingale systems (increase lotsize when losing) that will eventually blow up your account.

Why there are not many trades?

The EA will wait until the market is both trending and ranging. It is said that 20% of the time, the market is trending; 80% of the time the market is ranging. If we use a trend-following EA, we will win when the market is trending, but will give the profit back when the market is ranging. The opposite is also the case. I believe only 1% of the time the market is both trending and ranging. If we open trades at this time, the edge is on our side. AS you can see, this will create an EA with low drawdown. The only drawback is that it reqiures users to have some patience. It is not the kind of EA that opens trades every day. There is no action. The EA will miss most opportunities obvious to human eyes and open trades at a time unexpected. There are about 10-15 trades a month, but not distributed evenly. It all depends on the market situation. If the EA is newly installed, it will take one or two days to collect data for the indicators. So, patience is very important.

How this EA is optimized?

We understand that a common error EA developers made is curve-fitting. Because we have already got the historical data, there is always a way to curve-fit a strategy to make an EA looks profitable in backtest. As we can see, many EAs on the market have very short-term backtest. Some even need to be optimized every month. To avoid curve-fitting, what we do is [1] the EA must first pass 90% backtest starting from 1999; [2] the EA must pass the 99%backtest starting from 2007; [3] the EA must perform evenly in all these years.

Critirion 3 is most important. The market situation from 2007 up to the present is very different in every year. An EA good in 2007 may not be good in 2009 or 2010. It is easy to tweak an EA to curve-fit one year, but it is nearly impossible to curve-fit all years. We delibrately make our EA perform evenly in all these years becasue we do not know what will happen in the coming year. If we do not know the future, the safest way is to stick to a common denominator. This is also one reason why SteadyWinner does not trade very often.

V6.0a is made during the difficult time of Euro crisis. We have tried very hard to make it not to fail in such difficult situation.

 

Money Mangement

V6.0a for small account (Demo version) trades testlot only

The money managemnet system is very conservative and safe. The green verticle lines at the bottom show the lot size. SteadyWinner V6.0a - for small account (the demo version) can only trade with 0.001 and 0.002 in nano account, 0.01and 0.02 on micro account, 0.1 and 0.2 on mini account, and 1.0 and 2.0 on standard account.

V6.0a (Full version) is a 2% trader

In the Full Version, by default we put 2 % of our account free margin into risk, which means at most for each losing trade, we lose 2% of the money we have. To be even safer, what the EA does is to stop trading when there is a losing trade, but in order to monitor the market and let us know that the EA is winning again, we trade at the TestLot  (0.01 for micro account, 0.1for mini account, 1.0 for standard account. The EA can auto-detect what kind of account you are using and act accordingly).

 

For V6.0a Full Version, the lotsize is adjusted when the account is growing bigger, which creates a compound effect. It is the compound effect that generates significant profit in the long run. It looks conservative at first glance. But, my research result is that using such conservative money management can earn more than martingale systems. It is because we can buy bigger units. When using martingale systems, we have to stay with very small lotsizes to avoid busting.

Why 2 percent?

In V6.0a, there is an option for users in input a fixed lotsize. However, we still recommend the default setting of 2% risk. The default setting is to trade 2% of your account free margin, which is supposed to be the optimal lotsize.Why? Because I want to make an EA that is difficult, if not impossible,to lose.


The 2% principle is famous in gambling and risk theory. Suppose I am a gambler and I have 10000d ollars. What amount of money should I bet each time? The answer is 200 dollars. That means if I lose, I will only lose 2% of the money I have. If we bet $300 (3%), we are taking too much risk and will lose faster than a gambler who is risking 2%. If we bet $100, we are a bit conservative and will not win as much as a gambler risking 2%.

 

In forex,the calculation of risk is first determined by the leverage, and then by the stop loss.Suppose we use a broker with a leverage of 1:100, and our stop loss is100 pips. So if we have $10000, we should open a trade with 0.2 lots.If we win a little bit, we try 0.21. If we lose a little, we try 0.19. The lotsize is always 2% of our account free margin. In this way, we always keep a balance between risk and growth. Without money management, theEA will become powerless.Please read the following webpage and you will understand more. http://www.babypips.com/school/dont_lose_your_shirt.html

Stop loss and take profit

V6.0a has a stop loss of 50 pips, a take profit of 50 pips and a trailing stop of 25 pips. users will see their settings and other basic information on the screen,

New parameters

In V6.0a,we have opened some parameters for users to choose their preferred settings. These parameters include the Percentage of Risk (from 0.50% to5.00%), and TestLotScale (from 0.00 to 1.00) as the lotsize used when the EA is losing.



Under what conditions will we lose?

SteadyWinner is a trend following EA.If there is a trend in the market, it will win. If the trend ends and turns to another direction, it will lose. If the market turns again and again, there will be consecutive losses.

But SteadyWinner will survive, because it would have turned to minimum lotsize (0.01) mode. The only way to kill it is one win one lose, one win one lose, and so on. If you look at the charts above, you will see that the curve is not always smooth. There are some drawdowns. For V6.0a, the drawdown is about 15%, even if you use the higher risk level of 5%. If you are unlucky to use the EA at the beginning of a drawdown period, it is possible that you lose 15% of you balance first before you win it back.

How to backtest properly

Backtesting in Metatrader is not as easy as we first thought. In the first two years I used Metatrader, I was puzzled by the backtest results. They seemed to be different each time. If you cannot produce the backtest result like mine, please download the historical data first. If you follow all the steps, you will get better results. Historical data are essential in backtesting. You must download them from reliable sources.

But still many people think that backtesting is useless, we must forward test. And we must forward test an EA not on a demo account, but on a live account, because the data are different. And in live trading, there are many factors that will reduce our profit. 

If you are new in backtesting, please at least download historical data from Tools / HistoryCenter / Forex/ EURUSD / Download. It may take a few minutes as the files are very big. The download screen should look like this:

 

Is there forward test?

I do forward test by trading the EA myself. But I am running more than one EA on my live account, and I do a lot of manual trading. So, I have nothing to show. Moreover, I do not consider myself a professional EA seller.So, I do not do everything they do.

My friend, I suggest you do backtests and forward tests yourself. Trust yourself, don't trust me. First try SteadyWinner (Free Version) on a demo account for a few months. When you are confident enough, run it on your live account. It is very conservative, so there is not much risk. Also, you are actually helping me if you run it on a different broker. I do all my testing on a live account at GoMarkets. I have no idea whether the EA has the same performance on other brokers or not. I rely on you to give me some feedback. If SteadyWinner does not work on a certain broker, please let me know, I will try to make some improvement.

There is a forward test running on Birt's eareview, please click the following link to see recent results:

http://eareview.net/expert-advisor-top-compare-live-forward-performance

There is also a forward test running on a real account:

http://www.myfxbook.com/members/lincg/steadywinner-full-version-live/733298

 

Reviews

There is a nice review from Mellyforex, please follow this link:

http://www.mellyforex.com/blog/steady-winner-ea-v5-expert-advisor-review

Awards

We have won an award at the following site:

What is the difference betweenthe Demo Version and FullVersion?

The performance of Version 6.0a -f or small account (the free version you got) is in itself profitable. It is fully workable on a demo account or a live account and will never expires. But it is not as good as the Full Version just because the lotsize is fixed.

How to get Version 6.0a (Full Version)?

You can obtain Version 6.0a (Full Version) at the price of US$88. You will get the a user manual and an .mq4file. So you can see inside and examine the code. Many traders told me they do not want to trade with a black box.

The product is distributed through ClickBank.Please click the button below if you want to proceed.


The following link is for people in China:

 

Please make sure your account can run the demo version before you purchase. This will save a lot of trouble.If you can run the demo version, you can run the Full Version. At the moment, V6.0a can run on 4 or 5 digit brokers,no matter they are micro, mini, or standard accounts, a normal broker or an ECN broker.

The money mangement of Steadywinner EA is very advanced. It can calculate lotsize correctly in accounts based on all currencies, like US dollars, Euro, Pounds, Australian dollars, Yens, and so on, without extra setting.

I assume you have run the demo version for some time before making any purchase. A refund is possible. According to our refund policy, customers can request a refund within 60 days if they are not satisfied for any reason.

Why there is no .ex4 file?

Most EA vendors only send you.ex4 file.  With an .ex4 file, you can use the EA, but you cannot see the code. We are different. We will send you .mql4 file, which is the origianl file containing the source code, and can be opened by the mql4 eidtor in MT4. You can comply the mql4 file into an .ex4 file by using your own version of MT4.Or, you can simply put the .mql4 into the "expert" folder, and it will generate an .ex4 file automatically. We give our clients the mql4 file becasue of the following reasons.

[1] Different users may be using different versions of MT4. An ex4 file complied with the latest version of MT4 may not be used by older versions of MT4.

[2] We want our users to examine the source code and make sure that there is no cheating code inside. We are traders ourselves. We understand that there are many scammers, and it is very dangerous to trade with a "blackbox".Therefore, we do not protect our product. We put the interest of our clients before our own.

[3] Many of ourclients are experienced traders and programmers. The source code will be a great help for them.

Closing remark

Everyone has to go through a long way in learning Forex. I am no exception. Forex isnot an easy game. Like many others, I paid thousands of dollars for systems and EAs, hoping to make money one day. Unfortunately, the EA business is very dirty. I guess over 99% of the EAs on the market are scams. You can see from the design of their websites. The other 1% may be genuine, but the problem is that the market is always changing. An EA good for this year may not be good for the next year. But the hard fact is we are trading the future. So, what we see is that new EAs come up every month, become hot for a period of time, then fade out and are forgotten. That is why I think EAs do not worth so much money.

When I was new in forex, I really hope that there is a genuine EA that can at least recover what I have lost in manual trading, or buy me some time so that I can learn with less tension. SteadyWinner is a product with such an idea in behind. It is coded in the hope that it will last longer than the other EAs.

Thank you for your patience to read up to now. If you have any questions or suggestions, please feel free to write to us at steadywinner@gmail.com . We will try our best to answer all your questions. After all we are just traders like you. Learning forex is a long way, I hope we can help one another.

                                                                                           
Happy trading,

Ming and Henry

SteadyWinner Development Team 

Email: steadywinner@gmail.com      

 

                                                                                                          

Disclaimer and Risk Warnings
 
Trading any financial market involves risk. The EA and the content of the website and all related correspondence are neither a solicitation nor an offer to purchase or sell any financial instrument. Although every attempt has been made to assure accuracy, we do not give any expressedor implied warranty as to its accuracy. We do not accept any liability for error or omission. Examples are provided for illustrative and educational purposes only and should not be construed as investment advice or strategy. No representation is being made that any account or trader will or is likely to achieve profits or losses similar to those discussed. Past performance is not indicative of future results. 

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