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
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.
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.
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
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.
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
All the best and good trading, John Campbell 2017.