MeMe Trades + Hedging System - MT4/MT5 Resources
Hi everyone, I was wondering if anyone would be willing to code this, I think it could be profitable. Any feedback would be greatly appreciated, even if you think it's terrible! Hahaha, but at least give me some evidence.
Actually I don't know if there is an EA that works like this...so let me explain everything...
A few months ago I started trading with the member developed EA JamesBu000 (100% based on Trade Made Simple Strat) and I have been trading successfully because the EA is able to automatically manage trades as per the system called MeMe introduced by emmanuel7788 (I think it stands for Multi In Multiple Out)... I basically trade with this EA at work and also manage my trades with my "system" which reduces my losses to 0 (probably until I got hit)
The MeMe system is simplified and consists of the following parts:
For the sake of simplicity, let's say we short EURUSD at 1.23, our ADR(100/2) is 99Pips, and our spread is 1Pip
- Place your first limit order at 1.24
- Set SL to 1.25
- Then define TP, for example, 100Pips is 1:1 and the price is 1.22
If the transaction goes, wow, perfect, we spend our hard-earned 100 points on kebabs, but if the opposite happens, we do the following:
- The price goes against us and reaches the first limit order 1.24
- SL has been moved to 1.26
- Then calculate a new target price because the order went against us and we want to exit the trade, so if we are still greedy we will look for BE or BE+small profit.
- Price pulls back and hits our target price, in which case we exit the BE trade even if the price went against us initially.
Example:
Now suppose the price moves even more against us:
- Price triggers our second “MeMe order” at 1.25
- New sell limit created at 1.26 (previous stop loss position)
- SL moved to 1.27
- The new target price is now being recalculated and set again, this time taking into account that we have 3 sell orders running
An example of a really bad entry:
I think you get the point...
Obviously, this isn't the Holy Grail and you can't accumulate infinite drawdowns forever (or can you?), but it's a great way to close a profitable trade when you have a system telling you to go and then everything goes against you.
Since this system is able to exit without too much trouble with bad trades, what happens if we place a sell and buy order at the same time?
This transaction comes from the previous example:
After 3 MeMe trades, the sell order will be closed with profit and the buy order will be profitable within a few hours, after which I am open to suggestions if it is worth entering again to continue to hedge the previous order and accumulate profits.
From my understanding, this "way of working" should be profitable even within the scope or trend.
In an uptrend, buy orders will "hedge" and close the position at profit, while sell orders will generate some retracements, and after a small retracement, sell orders will be closed in BE, while all buyers will close at the target price
In RANGE, if certain MeMe orders are triggered, both orders will accumulate some retracement, but with the smallest change in our direction, they will eventually close with BE, so there is still no loss, and maybe even a very small profit.
I'm open to suggestions! Who is interested in writing this code?
Actually I don't know if there is an EA that works like this...so let me explain everything...
A few months ago I started trading with the member developed EA JamesBu000 (100% based on Trade Made Simple Strat) and I have been trading successfully because the EA is able to automatically manage trades as per the system called MeMe introduced by emmanuel7788 (I think it stands for Multi In Multiple Out)... I basically trade with this EA at work and also manage my trades with my "system" which reduces my losses to 0 (probably until I got hit)
The MeMe system is simplified and consists of the following parts:
For the sake of simplicity, let's say we short EURUSD at 1.23, our ADR(100/2) is 99Pips, and our spread is 1Pip
- Place your first limit order at 1.24
- Set SL to 1.25
- Then define TP, for example, 100Pips is 1:1 and the price is 1.22
If the transaction goes, wow, perfect, we spend our hard-earned 100 points on kebabs, but if the opposite happens, we do the following:
- The price goes against us and reaches the first limit order 1.24
The order is triggered and we now have 2 sell orders, one at 1.23 and the other at 1.24
- New sell limit created at 1.25 (position of SL)- SL has been moved to 1.26
- Then calculate a new target price because the order went against us and we want to exit the trade, so if we are still greedy we will look for BE or BE+small profit.
- Price pulls back and hits our target price, in which case we exit the BE trade even if the price went against us initially.
Example:
Now suppose the price moves even more against us:
- Price triggers our second “MeMe order” at 1.25
- New sell limit created at 1.26 (previous stop loss position)
- SL moved to 1.27
- The new target price is now being recalculated and set again, this time taking into account that we have 3 sell orders running
An example of a really bad entry:
I think you get the point...
Obviously, this isn't the Holy Grail and you can't accumulate infinite drawdowns forever (or can you?), but it's a great way to close a profitable trade when you have a system telling you to go and then everything goes against you.
Since this system is able to exit without too much trouble with bad trades, what happens if we place a sell and buy order at the same time?
This transaction comes from the previous example:
After 3 MeMe trades, the sell order will be closed with profit and the buy order will be profitable within a few hours, after which I am open to suggestions if it is worth entering again to continue to hedge the previous order and accumulate profits.
From my understanding, this "way of working" should be profitable even within the scope or trend.
In an uptrend, buy orders will "hedge" and close the position at profit, while sell orders will generate some retracements, and after a small retracement, sell orders will be closed in BE, while all buyers will close at the target price
In RANGE, if certain MeMe orders are triggered, both orders will accumulate some retracement, but with the smallest change in our direction, they will eventually close with BE, so there is still no loss, and maybe even a very small profit.
I'm open to suggestions! Who is interested in writing this code?
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