Mini-review – We asked ChatGPT!
From this time, I will ask ChatGPT about Forex. First of all, we asked about the points to keep in mind when building the EA portfolio, which is one of the themes of this site. I’d like to see how ChatGPT thinks (and learns).
Q: What should I keep in mind when building a portfolio with Forex automatic trading?
A: ChatGPT: https://chat.openai.com/auth/login response
The points to note when building a portfolio with Forex automatic trading are as follows.
- System reliability: Check the reliability and stability of your automated trading system. Technical issues and server downtime can result in lost trading opportunities and penalties.
- Avoid over-optimization: Creating a strategy that over-fits historical data in backtesting can lead to poor performance in the real market. Consider a strategy that leverages historical data while also responding to real-time market conditions.
- Risk management: It is important to properly manage risks across your portfolio. Be sure to properly set up risk management techniques such as position size, stop loss, and take profit to respond to market fluctuations.
- Diversification: You can diversify your risk by combining different currency pairs and strategies to build a portfolio. On the other hand, if there are too many strategies and currency pairs, it can be difficult to manage. It is important to find the right balance.
- Continuous monitoring and adjustment: Even if you are operating an automated trading system, regular monitoring and adjustment is necessary. To respond to changing market conditions and system issues, monitor performance and adjust your portfolio as needed.
- Costs and fees: Developing and maintaining automated trading systems is costly. You’ll also incur commissions for trading, so consider how these costs affect your portfolio’s returns.
By understanding these precautions and building and maintaining an appropriate portfolio, you can effectively utilize Forex automated trading.
How long does it take you to write a sentence like the one above?
MQL5 Free EA – NOZAX Portfolio No.1
NOZAX Portfolio No.1
- Account: NZX Zero (ECN) (NOZAX)
- Initial balance: 100,000 yen
- Working EA:
- TraderMind EA MT5: Currency pair: USDCAD#, Timeframe: 1-hour, Lot quantity: 0.03 lot
- White Bear DT for NOZAX: Currency pair: GBPJPY#, Timeframe: 5-minute, Lot quantity: 0.01 lot
- White Bear DT for NOZAX: Currency pair: USDJPY#, Timeframe: 5-minute, Lot quantity: 0.02 lot
Results from 27 to 31 March (NOZAX Portfolio No.1)
- TraderMind EA MT5: 3-0, total profit and loss was 1451 yen (51.0pips).
- White Bear DT GBPJPY: 0 wins and 1 loss, total profit and loss was -5 yen (0.1 pips).
- White Bear DT USDJPY: 5 wins and 7 losses, total profit and loss was -1141 yen (-50.9pips).
Past Results (NOZAX Portfolio No.1)
The individual results of each EA to date are as follows.
- 3 January-31 March 2023
(Trades with a profit of even 1 yen are counted as “winning", while the reverse is counted as “negative")
- This week was a tough start with White Bear DT USDJPY losing back-to-back games from the beginning of the week, but thanks to the recovery of the stable “TraderMindEA MT5", we managed to finish at ¥104,823, a slight increase from last weekend’s ¥104,518. It may take more than two or three months to recover from last week’s loss, but let’s do it solemnly.
Current status and schedule of the portfolio
I want to bring a new wind to my portfolio.
We are testing the Synapse smart EA MT5 and the Gold Multiply Funds EA that we just introduced last week. Both failed to start, and it is not possible to judge at present whether they can really be used.
Are you using the EA you got on a live account as soon as you see the published backtest?
- What you should definitely do is to backtest your broker and account type. After that, it is to do a forward test to see if you can make a convincing trade.
In my experience, there are very few EAs that can really be used.