Dear trader, below you will find a description of how to use this robot. This is NOT a get rich quick robot, but a great tool to save you time and foremost stress. This is a fully automated Swing trading plan that needs a few minutes daily to monitor and if needed adjustment.
You can at any time take profits or losses manually. The first trade is the start of a sequence where you can set the Take profit, calculated from all open trades. So if you have a sequence of 3 trades (0.01) and a TP of $9, you need 30 pips on average to close the position.
The largest threat of this EA ( or any EA or trader) is a very strong trend without any retracement. We are talking 1000 pips or more. Events like this are pretty easy to detect. For example, Brexit, Elections, Trade wars, Corona. Be extra alert when events like this occus. We prefer not to trade this EA between 15/12 and 15/1 period, since markets are thin.
We always use the setting for a $1.000 account. In case you trade with more funds, you can simply multiply the numbers. 0.01 lot size would be 0.05 lot size.
You can use this EA in the following time frames; H1, H4, D1
Default is H4.
How many pairs and which ones?
I usually trade 2-3 pairs per $1K, preferably uncorrelated. Like for example:
eurusd, gbpnzd, cadjpy
From 3 pairs i recommend to monitor the account more often, since then it needs a little more handling.
Basically you can leave all settings at default, except the following:
Long/ short trades. If a trend goes up, its better to switch off the short trades by setting it at false. Check trend using daily or weekly charts.
Total profit in USD: default is $8. If you increase the lot size to 0.1 for example, you can increase the TP to $80
Distance trades in points: default is 150. If you want to trade on very large waves, you can increase the distance between the trades for the next entry in the sequence. For example, if you trade with a positive swap you can build a position and set this at 1000 points. For H1 150 is default, for M15 fore example you can try 60 points (6 pips).
Magic number: If you trade in multiple charts, make sure to change the magic number for each chart so that it’s a unique number. 5 digits will do.
For aggressive trading you can use 0.1 lot size in pairs that tend to move a lot. All gbp pairs and also Gold would qualify. Make sure you are online when doing this.
Although this is a robot that trades automated, we strongly recommend to always keep an eye on the trades. In a $1K account you can trade 2 pairs with hardly any stress. In case you wish to trade 4 or more pairs, it needs a little more monitoring. Don’t fear to sometimes take a loss if you feel you are in the wrong trade. The entries of this bot win in 70% of all cases, so you should be fine.
Contact me via the contact form for any questions. I answer rather fast during UK working hours.