I’ve been working hard these few days to improve Seye-Bot in terms of sustainability as well as profitability. Recent changes are made to make Seye-Bot better:
1) Diversification
As compared to the previous version where it only trades GBP/USD. Seye-Bot is now capable of trading multiple currencies that match the criteria of trade opening in terms of technical analysis and fundamentals. This will also significantly increase the trade volume of the bot.
2) Initial Lot Size Reducing
The previous version uses 0.01 lot (smallest lot size) / 500 USD. Putting diversification in the calculation, I decided to reduce the lot size to 0.01 lot / 3000 USD. There are some Pros and Cons to this decision:
Pros
- This gives the bot a breathing space for any margin of error as per backtest calculation.
- With diversification in mind, the bot can sustain longer as many factors need to match at once to call an optimum drawdown (35%), hence lowering the statistical probability of the event happening.
Cons
- This decision will be a sacrifice for lower capital <$600. Accounts with lower capital will skip grid steps to match the intended volume for that particular account.
- The calculation is as below (Example):
Your trade opening will be depending on how much u have in your account. According to the example, a $600 account will be opening trade at the 4th step, which is when the mother account was trading at 0.08lot.
You might not get trades often, but you will certainly get a higher win rate and higher profits each time it opened and closed. You are also advised to increase your capital using the profit share bonus given by the broker (https://roboforex.com/clients/promotions/profit-share/).
3) Newsfilter
I’ve made a simple news filter that follows ForexFactory (https://www.forexfactory.com/calendar). It helps to filter new step 1 trade opening minutes before and after a high-impact event. Please note that when the grid is opened, the news filter will not be working so that it doesn’t affect the calculation of the grid.