HomeGuideVPS Guide

Revolutionary, Next Generation Expert Advisor

 Installation

   Your EA will be emailed to your PayPal address within a few hours (I sleep European time). Download it to a suitable place on your computer and make a backup copy somewhere safe. You really should run this on a VPS (see the VPS guide page), so right click copy the EA and go to the MetaTrader you will be using, click on File and then 'Open Data folder', double click the MQL4 folder on the right and then right click paste into the Experts folder. Close down the File Explorer box and restart MT4 to load the EA.

        Next you need to install it on the charts you will be trading. I recommend starting with the USD/JPY, AUD/NZD, USD/CHF, USD/CAD, CAD/JPY and the EUR/GBP. To install, click on the Navigator button as shown on the left (or press CTRL+N) and open up the Expert Advisors folder as highlighted. Find your Manual EA and drag it onto the first chart.

    I recommend setting the chart and EA up as you like it and then right clicking the chart, Templates and save the template. Then, to set up all the other charts you need only right click on them, Templates and click the saved template. Remember to set different magic numbers for each of them (use single or double digits only).

Slippage = The difference allowed between requested price and actual price. 5 (half a pip on a five digit broker is ample when using a VPS).

Magic Number = Identifier for trades from which EA.

Trade Limit = Number of trades before the EA puts a Stop Loss (usually left as Unlimited)

Start Lot = Initial trade size.

Lot Multiplier = Increase factor for each trade.

Range = Distance between subsequent trades.

Range Multiplier = Increase factor for that distance.

Take Profit = The first distance to Take Profit.

TP Multiplier = Increase factor for the Take Profit.

Max Spread = Above which the EA will not trade.

Settings

 

    The default settings are shown for trading on the one hour chart. Of course, you can change these according to your experience or the instrument being traded and the default is meant as a guide only. That said, I use those settings for the recommended charts. Never use a Lot multiplier greater than 1.4 (and 1.3 may be safer).

    The TP and Range usually start off about the same. A larger TP and Range will mean more profit but will require a larger retrace if things go wrong - it's always better to play safe. A smaller TP will be hit faster but the accompanying smaller Range will mean that you run out of trades quicker if the price moves against you. As a general rule, we are happy to allow six or maybe seven trades as a worse case scenario - after which capital runs out very rapidly! So, be sensible with Lot sizes and Range. It may seem very safe when you only have 3 or 4 trades but Lot sizes and Margin requirements increase rapidly thereafter...

    If you want to limit your losses, you can set the Trade Limit to 4 which will usually be enough but if it fails, your loss will be not too large. A little experimentation can decide what to use to suit your trading style.

    More exciting but riskier trading can be had on the five minute chart by changing the TP and Range to 8 or at the most 10 pips. With such a small TP you need to increase the Lot multiplier to 1.4 and the TP multiplier to at least 1.3 in order to make a profit. Never trade with a tiny TP when there is major (red) news for the particular instrument you are trading (www.forexfactory.com/calendar.php). Click on the time to set it to your local time.  It is also possible to trade longer term and probably more safely using four hour charts and a TP/Range around 60 pips.

Money Management.

    This is always a balancing act between profit and safety but the default recommendation is an absolute maximum of 0.1 Lots per $2,000. This allows multiple instruments to be traded simultaneously but you will only be able to have one 'bad trade' at a time (with more than 6 trades open). It's possible to make 50% a month with this EA so I would strongly recommend playing safe and using 0.1 Lots per $3,000 capital.

   Because the Lot size increase (Multiplier) is much less than double for each trade, starting with a Lot size of 0.01 will not be efficient because the next trade will also have to be 0.01. So, the smallest recommended Lot size is 0.02, which allows the next trade to be 0.03 (an acceptable increase). For this reason, the minimum recommended capital is $500.

Conclusion

    Although the EA will very effectively manage a trade once it is open, you must use your skill and experience to pick tops and bottoms to trade in the opposite direction. Avoid major news releases on the shorter time frames. Don't get scared and close losing trades too soon -  a little experience will show you that the EA handles losses very well and patience should be rewarded with the TP eventually being hit.

All the best and good trading, John Campbell 2017.