MAIN FEATURES OF FOREX WARRIOR:
TRADING STRATEGY OF FOREX WARRIOR:
Forex Warrior is a Grid Trader. The trades opened by Forex Warrior in a given direction (long/short) are grouped together; such group of the trades is called a basket. The first trade is opened by a market order. Once the basket is opened, Forex Warrior uses BUY LIMIT/ SELL LIMIT orders to add new trades to the basket. The consecutive trades added to the basket are called levels. All trades in the basket have the same Take Profit (TP) values, so when the price reaches the TP value, the whole basket is simultaneously closed and a new basket is opened.
Each new level of the basket, starting with the 3rd level, is opened with an increased lot size as compared to the lot size of the previous level. The actual lot size is calculated from the base lot (that is, the lot size of the 1st level) by applying the user selectable lot multiplier. By increasing the lot size of the consecutive levels, Forex Warrior is able to successfully work in the counter-trend regime, closing the basket with profit as soon as the trending price retreats by the amount given by the TP value.
In its basic design, Forex Warrior stays in the market 100% of the time, profiting from the zigzag movement of the price. It is designed to work simultaneously in both, long and short, directions thus doubling the profit on the ranging market and achieving a hedging effect when the market is trending. If your broker sets the No-Hedge requirement, allowing only BUY or SELL orders at a given time, you can force Forex Warrior to work in one direction only (by setting flags Flag_Stop_Buy/ Flag_Stop_Sell to TRUE). In this case, you are advised to use two copies of Forex Warrior, working in the two different directions on two different accounts. For users that prefer a conservative trading, Forex Warrior has an option to open a new basket only in the direction of the global trend (for this, flag OpenOnlyOnTrend should be set to TRUE).
While trading simultaneously in both directions, Forex Warrior takes care of the market conditions. When a trending market is detected, the base lot size for the new basket and the TP value of individual levels are adjusted accordingly.
Forex Warrior has a great assortment of features that allow the trader to adjust risks according to the personal preferences and to protect the account balance. First of all, these are options for setting the maximal drawdown limit allowed in trading. The variables MaxDD and MaxDDPerCent allow us to specify the maximal allowed drawdown in base currency units and in % of the account balance. This is a way to select the portion of the account you wish to risk in your trade. Forex Warrior needs to use a large portion of your account to trade but it should not go beyond 50% of the account if proper settings and money management are used.
Forex Warrior has an in-build safety procedure that checks, before placing a new grid level, that the amount of money available is sufficient for placing the new order and for the following price move against the basket until the next grid level. If it is not the case, the low equity flag will be set and no new grid levels will be opened in this basket. This procedure is switched on/off by setting the variable CheckEquity = TRUE/FALSE.
All orders in the basket have individual Stop Loss (SL) levels. If the trend continues against the basket for a long time, the individual SL’s will automatically close the oldest trades in the basket, which have little chance to get in profit and only increase the overall drawdown. Beside the individual SL’s for each order, Forex Warrior has a possibility to assign the Stop Loss level for the whole basket. This option is switched on by the variable BasketStopLoss. This variable sets up the SL of the highest level of the basket (specified by the MaxGridLevel variable). This option closes the whole basket if the price reaches a given point against the basket. This is another way to control the maximum drawdown allowed in the trading.