User Guide. And. Trading Plan Tips

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1 User Guide And Trading Plan Tips For Version Edition 1 May 2016 Copyright DIY Forex Skills 2016

2 FX Autotrader Elite User Guide and Trading Plan Tips For Version Introduction The FX Autotrader Elite has been designed to help you trade smarter and more effectively and more profitably by enabling you to design and run your own strategies. But if you are a beginner trader you can also just use the Autotrader to run the strategies or SET files that I provide. Consequently the User Guide is divided into three Parts Part 1 User Guide for Beginners Running SET files These instructions will enable you to load the SET files, enter the appropriate settings, and run the strategies just like you would for a normal EA. Essentially a set and supervise approach to trading. Part 2 User Guide for Developing and Running Strategies These instructions will explain how to set up and run the Autotrader and assist with the process of designing and testing strategies. The FX Autotrader Elite is quite different to the normal EAs that you may have used normal EAs have one fixed strategy (SET file) that you cannot change With FX Autotrader Elite YOU decide on the strategy and settings that you want the EA to trade with it is like creating your own EAs, as many as you want, whenever you have some new ideas for a strategy So if you have the time and inclination to do this, please read Part 2 and Part 3 of the User Guide thoroughly Part 3 Develop a Trading Plan Regime The section will highlight how to set up your trading plan in a way that works most effectively with the Autotrader and provide you with the best way to manage your time and your trading. Thank you for purchasing this product. If ever you have any questions about its use, please me at info@diyforexskills.com 2

3 Risk Disclosure Statement and Disclaimer Agreement This User Guide and Trading Plan Tips ( User Guide ) and SET files are for installation and associated illustrative purposes only and should not be construed as investment advice or strategy. The sole purpose of this Guide is to assist in the installation and use of the FX Autotrader Elite software. The material neither purports to be, nor is intended to be advice to invest or to trade foreign exchange or to use any particular trading technique. Readers should not act on the basis of any material presented here without properly considering their individual circumstances. The author is not a licensed investment advisor. By downloading this User Guide you acknowledge that all content is of a general nature based solely on technical interpretation and does not take into account your individual investment objectives or financial circumstances. It is important to realise that trading foreign exchange on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose! You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Trading any financial market involves risk. The contents of this User Guide are for general information purposes only (contents shall also mean the websites, and any correspondence or posts associated with this product). Although every attempt has been made to assure accuracy, we do not give any express or implied warranty as to its accuracy. We do not accept any liability for error or omission. Examples and SET files are provided for illustrative and educational purposes only and are not intended as financial advice. No representation is being made that any account or trader will, or is likely to, achieve profits or losses similar to those discussed in this User Guide. Any statements about profits or income, expressed or implied, do not constitute a guarantee. Your actual trading may result in losses as no trading system is guaranteed. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of, or reliance on such information or software. Past performance is not indicative of future results. By subscribing to our mailing list or using the product, software, website or the contents of the website you will be deemed to have accepted these terms in full. DIY ForexSkills, its website content, ebooks, and representatives do not and cannot give investment advice or invite customers or readers to engage in investments through this User Guide. The information provided in this User Guide is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject us to any registration requirement within such jurisdiction or country. All potential forex traders should take into account the legal requirements and restrictions of trading forex in their particular region and should obtain individual financial advice based on their own particular circumstances before making any foreign currency investment decision. The author expressly disclaims all and any liability to any person, with respect to anything, and of the consequences of anything, done or omitted to be done by any such person in reliance upon the whole or any part of the contents of this User Guide, Product, software files or the website. Copyright All rights reserved. DIY ForexSkills is a trading name of Tresik Pty Ltd ACN

4 Table of Contents PART 1: User Guide for Beginners Running SET files 1. Using SET files with the FX Autotrader Elite some essentials Loading the files onto your MT4 platform Setting up the charts and the SET file strategies Running the SET file strategies The Dual System of Trading EAs (NEW in V37) Back Test Results of the three Bonus SET files.. (NEW in V37)...10 PART 2: User Guide for Developing and Running Strategies 1. Overview a new way of working with expert advisors Operation of the Expert Advisor (EA) how does it work? License yes you can use this EA on many accounts Getting the Autotrader up and running How the Autotrader works Trade placement Trade parameters Trading times Trading rules Pairs and timeframes Partial Closes and money management Profit Lock at Break Even and Trailing Stop Multi Timeframe Filters Scale-Ins and Basket Management EA Parameters How to Design and Implement a Strategy A 10-Step Process...24 PART 3: Develop a Trading Plan Regime 1. Elements of a Trading Plan Your On-going Daily Routine...32 Frequently Asked Questions

5 PART 1: User Guide for Beginners Running SET files 1. Using SET files with the FX Autotrader Elite some essentials Like all Expert Advisors (EAs), the Property settings of a strategy running on the FX Autotrader Elite can be saved as a SET file and stored in the MQL4/Presets folder of the MT4 platform. Similarly, if you paste a SET file into that Folder, then that SET file can be loaded onto your copy of the FX Autotrader Elite once the Autotrader has been loaded onto the chart. So as part of your package you will have received a number of SET files to run on specified charts and timeframes eg EURUSD M15, meaning the 15 minute chart of the EURUSD currency pair. The next section describes how to load the files you have received with the purchase of the FX Autotrader Elite. The SET files that come with V37 of FXAE use a fixed lot size and, based on back test results, can be run on a $1K account with a maximum drawdown (DD) of 40 to 50%. So please adjust lot sizes according to your risk appetite and starting account balance. Alternatively consider trading on a cent-based account offered by various brokers where you can trade with a balance of as little as $10. See for example It is also good practice to withdraw profits from time to time (eg once your account has doubled) instead of continually trying to compound your profit. 2. Loading the FX Autotrader Elite package files onto your MT4 trading platform a. Unzip the Zip folder you received and copy the FX Autotrader Elite V [2016].ex4 file and paste it in the Experts folder of your MT4 platform. With MT4 Build 700 and up, this folder is accessed via the MT4 platform. Go to File at the left on the top toolbar, and select Open Data Folder and follow the Folder structure from there. b. Copy the FX Autotrader Elite SET (.set) files into the Presets folder of your MT4 platform via Open Data Folder from your platform. c. Copy the FX Autotrader Elite template (.tpl) files into the Template folder of your MT4 platform via Open Data Folder from your platform. If your MT4 platform was running when you did this, then restart the platform. Alternatively, in the Navigator Panel, right click, and from the menu left click Refresh. 3. Setting up the charts and the SET file strategies These instructions are for setting up one of the SET file strategies. Repeat the process for however many of the SET file strategies you want to run. Each SET file and template file will be labelled with a currency pair, a number, a timeframe and a version number. Eg, FXAE V37 EURUSD M means the EURUSD currency pair, 1618 is the magic number for the Initial trade in this strategy, M15 means the 15 minute timeframe and FXAE 5

6 V37 is Version 37 of FX Autotrader Elite. Let s assume this is one of the SET files you have received and want to load. a. Open a chart of the EURUSD and select the M15 timeframe. b. From the top line of the Menu bar, click the drop-down arrow on the Template icon and select FXAE V EU M15. This will reveal the technical indicators being used in this strategy. It is not essential that you have this template loaded but it will help you to understand and learn how the strategy works. c. From the Experts Folder in the Navigator Panel (left click on the + sign in front of Experts to open the Folder), select the FX Autotrader Elite (use the Version you have just loaded, ); either left double-click or left click and drag the EA onto the chart. The Menu or Dialogue Box will appear. d. Now enter the address you used when purchasing the FX Autotrader Elite as shown at the red arrow in the picture above. e. Next, left-click on Load and from the Presets folder that opens select the Set file by leftclick. In this case FXAE V EU M15. Then click OK. You will now be returned to the Dialogue Box of the Autotrader. f. Now set lot sizes settings for each of the Initial, Re-Entry and Scale-In trades. The default settings for this SET file are 0.01, 0.01 and 0.2 respectively for a $1K normal account. g. Sometimes strategies are set to trade for example from 00:00 hrs to 19:00 hrs only (the Asian and London sessions) as per the Time Filter settings. These settings are based on a broker s clock being at 00:00 hrs when it is 5pm in New York (New York close). If the clock on your broker s platform is set differently then you need to adjust the Time Filter settings accordingly. 6

7 The SET files that come with FXAE V37 are set to trade all day so no adjustments for timing are necessary. h. All other settings should be left at their default setting. I. Now go to the Common tab of the Dialogue Box and make sure that all the settings are as shown below. Then click OK. j. Repeat steps a to g for each of the SET files that you want to run. You can usually run up to at least 10 charts on the one MT4 platform. And it is always a good idea to run a portfolio of strategies rather than just one in order to smooth out the fluctuations in the performance of each strategy. Just remember that drawdowns can be additive so keep risk settings/lot sizes small when trading several strategies on the one account. You don t want to get a margin call! 4. Running the SET file strategies When you have set up a strategy and have clicked OK, you may see a sad face after the FX Autotrader Elite v [2016] see red arrow on right on the picture below. If so, click the AutoTrading button on the menu bar (red arrow on left) to enable trading to commence. The little red circle on the AutoTrading button will turn green and the sad face will now become a smiling face! And now you are off and running. Do monitor the trades and take appropriate actions. If you ever want to access the Dialogue Box of an EA on a chart, then right click anywhere on the chart, and select Properties. The Dialogue Box will appear. 7

8 To remove an EA (or the SET file if you like), right click anywhere on the chart and select Remove. Or simply close the chart by right clicking on the chart tab and select Close. But only do so after any open trade is either closed manually by you or automatically by the EA. To stop a strategy or SET file from trading, do the following. a. If a strategy/set file has an Open trade and you want it to stop taking new trades then set Lot size and Risk % for both Initial and Re-Entry trades to 0. This allows the EA to continue to manage the Open trade but prevent it from taking new trades. b. If there is no Open trade for the strategy, then go to the Common tab of the Dialogue box and untick Allow live trading and click OK. The smiling face will turn sad. c. If there are no Open trades on the platform at all, and you want to stop all of the strategies from trading, then click the AutoTrading button on the top menu bar (the green mark on the button will be replaced by a red circle indicating that autotrading is no longer enabled. Please note. The FX Autotrader Elite EA and SET files are provided entirely at the user s own risk and you should check them thoroughly on a demo account before using them to trade with real money on a live account. Tresik Pty Ltd trading as DIY ForexSkills or any of its affiliates accepts no responsibility whatsoever for any loss of any kind caused by installation or use of the software. You take full responsibility for your actions, trades, profits and losses. There are no guarantees that the SET files provided, or indeed any EA, will trade in exactly the same way on a live account as on a demo account; nor will performance be the same across all brokers (or for different users with the same broker due to internet connection issues). 5. The Dual System of Trading EAs All EAs and strategies will go into drawdowns (DD) at various times as market conditions become unsuitable for the particular strategy. If the DD becomes too much (say 20%) you can always turn the EA off. But when would you restart? The simplest way is to always run the EAs on two platforms at the same time. One for your live account; the other for a large (say $50K) demo account. A large account so it can withstand large DDs from several EAs simultaneously. When any particular strategy or SET file has reached you DD limit, switch if off on your live account; but keep it running on your demo account. Then when market conditions become favourable again, as shown by the equity curve for that SET file on your demo account turning up again by say 20% from the deepest DD, then switch the EA/SET file on your live account back on. This way you avoid any big DDs and re-enter at a favourable time. In order to monitor the equity curves for each SET file you need to add a monitoring EA to your platform. These are available for free from either FX Blue or myfxbook. 8

9 Example of how we might have switched our EA off and back on, on a live account by monitoring the equity curve of the EA on a demo account, as shown with the blue line. Perhaps use support and resistance trend lines to determine appropriate times for stopping and starting the EA on the live account. 6. Back Test Results of the three Bonus SET files Each of the three SET files provided with the FX Autotrader Elite has been optimised and back tested over the period 1 January 2012 to 28 February A period of just over 4 years covering a range of market conditions. Past performance is no guarantee of future results but a 4-year period of back testing does provide some indication of how robust a strategy is. The results shown below are from the Strategy Quant EA Analyser analysis of MT4 back tests run with 99.9% modelling quality. Charts are on the next page. 9

10 FXAE V AUDNZD H1 FXAE V GBPUSD H1 FXAE V EURUSD M15 10

11 PART 2: User Guide for Developing and Running Strategies 1. Overview a new way of working with expert advisors First and foremost, this EA has been designed for use on MT4 platforms only. The EA has been rebuilt to operate on Build 600+ versions of MT4. The methodology for using this Autotrader is simple But it is quite different to the normal EAs that you may be used to So please read this User Guide thoroughly In summary, the process you need to follow is as follows: Study your charts with the help of one or more of the five technical indicator modules and three timeframe filters on which this EA is built Design your strategy (any mix of indicators and trade and timing settings) based on that analysis Back test and optimise the strategy over the previous three to five years using the Strategy Tester of the MT4 platform (good quality tick data can be downloaded from ) Enter the settings for that strategy in the Inputs tab of the Dialogue Box of the EA Let the EA execute the strategy on autopilot Repeat three to five year back test progressively and optimise every three to six months over say the previous year s data. But back test the new settings for a full 3 to 5 years to make sure you are not curve fitting to a short and unusual period of data. Reap the rewards In other words, do the critical analytical work yourself with the indicators and trading options provided you will be amazed at the flexibility you have to develop a whole host of strategies. Then let the EA do the mechanical work while you eat, sleep and play. Don t forget to check on the EA from time to time just to see if it needs any attention and/or adjustments. I recommend at least daily if trading on the shorter timeframes. Remember an EA cannot think for itself. It can only do what you have told it to do. This EA can be run on numerous charts on your platform at the same time to give you a diversified forex trading portfolio. For example: different strategies(indicators and their settings) each on the same pair; or different strategies on different pairs; or the same strategy but with different trading options (take profit, partial closures and break-even conditions) on the same pair; different strategies at different times of day eg Asian and European session: etc In this way, using the portfolio approach, your results may become less volatile and more profitable as you are no longer relying on a single strategy, trading session or currency pair. 11

12 1.1 Operation of the Expert Advisor (EA) how does it work? This EA is a versatile instrument providing the user with a multitude of strategies and trading options which are run on autopilot once selected. The user can design a complete strategy based on: a set of up to five technical indicator modules (moving averages (MAs), RSI, MA of RSI, a two MA cross of RSI and MACD 1 ) for entry and exit, and three multi timeframe (MTF) filters based on MA crossovers, one of which can be used for both entries and exits, the other two only for entries Take Profit (TP) including a partial close, Break Even (BE), Stop Loss (SL) including a partial close, and Trailing Stop (TS) settings NEW in V35 - ATR-based TP, SL and TS (ATR is a measure of volatility) Scale-in trades for either stop or limit orders. You cannot have both on the one strategy but you can set up two instances of the strategy, one with scale-in limit orders (-ve pip values), the other with scale-in stop orders (+ve pip values) NEW in V37 Maximum Spread setting, applying to both entries and exits Management of trades by basket time of day and/or day of week trading periods; and the ability to hedge, set reverse trades, or swap the entry and exit rules from say all indicators must agree to as long as any one indicator agrees to signal the entry and/or exit the ability to independently have entries and exits take place only at candle close or at any time when conditions are met the ability to specify by how many pips MAs must have crossed, but only on the Triple MA, MTF1 and MAs of RSI modules The ability to specify whether or not the slope of MAs and/or RSI must be in the direction of the trade being taken (useful when doing overbought/oversold type strategies) Once the user has decided on the appropriate settings and entered these settings on the EA s Inputs tab, the EA will automatically execute the strategy that has been set by the user. You can also set an alert, on screen and/or by , asking you to confirm whether or not you want to take the entry that is being signalled. When longer term trend following strategies are caught in a tightly ranging market, this feature is especially useful as it enables you to wait for confirmation that the trend is truly underway. So this is the exact opposite of many of the black box EAs that you may have purchased in the past and over which you have no control, and which often end up losing you money. With the FX Autotrader Elite you are in total control. You design the strategy and you tell the EA what to do. The EA will then execute that strategy exactly as you have programmed while you sleep, work or spend time with your friends and family. 1 Earlier versions of the Autotrader used Zero Lag MACD which is a custom indicator that attempts to remove lag in the Moving Average Convergence Divergence indicator. It does this by using a Zero Lag Moving Average instead of a traditional moving average. The Zero Lag Moving Average places greater emphasis on recent prices, and less emphasis on older prices. Zero Lag MACD in contrast with standard MACD gives the signals several bars earlier. 12

13 And as with any tool that operates on auto mode, it is always wise to check on progress every day or so. In particular check the Experts and Journal tabs on the bottom Menu bar for any EA error messages or MT4 platform issues. 1.2 Licence yes you can use this EA on many accounts This software is licensed for personal use only on your own accounts demo and live. Please note. The FX Autotrader Elite EA is provided entirely at the user s own risk and you should check it thoroughly before using it to trade with real money on a live account. Tresik Pty Ltd trading as DIY ForexSkills or any of its affiliates accepts no responsibility whatsoever for any loss of any kind caused by installation or use of the software. You take full responsibility for your actions, trades, profits and losses. Always test strategies on demo first. 2 Getting the Autotrader up and running To begin using the FX Autotrader Elite you need to load the FX Autotrader Elite v [2016].ex4 file into the MQL4/Experts Folder of your MT4 platform. If you just want to run the SET files then please read the instructions in Part 1 above. The material below is for traders who want to design and run their own strategies using the full functionality of the Autotrader. 3 How the Autotrader works 3.1 Trade placement The EA can take both an Initial trade and a Re-Entry trade; as well as Scale-In trades. The Initial trade is taken the first time that the entry conditions (see below) are met; if that trade is closed on an indicator-based Exit condition and Entry conditions are subsequently re-met for a trade in the same direction as the first (long or short), then a Re-Entry trade will be triggered. Alternatively, if the trend reverses after closing the Initial trade (say it was a Long trade), then the first trade upon reversal will be an Initial Short or Sell trade. 3.2 Trade parameters Trade size (by direct lot size selection or % Risk), TP, BE, SL, TS (either by fixed pip values or ATR-based multiples), partial close of both winning trades and losing trades, and breakeven can be set individually for Initial, Re-Entry trades and Scale-In trades. (No partial closes for scale-in trades). 3.3 Trading times The EA can be filtered to trade every day or only on selected days. In addition, two trading periods can be set during any one day. For example you may only want the EA to trade for a few hours around each of the London and New York sessions opens when the markets are most active. Or to only trade during the quieter Asian session. During the set blackout times, the EA will not open any new trades but it will continue to manage existing trades. 13

14 3.4 Trading rules There are two key rules built into the EA. In the default setting: An Entry is triggered when all indicator conditions as set are met. That is, Condition 1 AND Condition 2 AND Condition 3 etc. An Exit is triggered when any one of the indicator conditions as set are met. That is, Condition 1 OR Condition 2 OR Condition 3 etc In addition, another innovative feature of this EA is that the Entry and Exit Rules can be changed using True/False selections providing the user with four choices. 1. Both Entry and Exit indicator conditions governed by AND 2. Both Entry and Exit indicator conditions governed by OR 3. Entry governed by AND and Exit by OR 4. Entry governed by OR and Exit by AND The EA checks these settings and takes action only at the close of the candle. So if for example there was a massive spike during the candle period, say on the 1 hr chart causing the MAs to cross temporarily, the EA would wait till the close of that candle to determine whether the MAs had crossed before taking any action. So rather than being stopped out for a loss on a spike, the trade may well be able to continue and move into profit. With Version and up however, users now have the option for both Entries and Exits to vary this rule from action being taken at candle close to whenever the conditions are met. With both RSI and MA1 (the fast or trigger MA in the triple MA module, the MTF filter modules, and the double MA crossover of RSI module), an additional built-in rule is that the slope of the RSI and the MA1 must be in the direction of the Entry of the trade to be taken. This is particularly important for Re-entry trades where the MA crossover conditions are still in favour of the trade but where the slope of the MA indicates that the trend has started to retrace. However from V31 onwards, this condition can now be set to True or False. Finally, in from Version 28 onwards, we now also have a selectable Rule (True or False) which determines whether trades will be taken in a Buy/Sell/Buy/... sequence (True), or whether this sequence should be ignored (False). This can have an impact on whether Reentries will be taken during a hedged situation. A word of caution. When activating the Entry Rule to OR, ensure that the Exit settings will not immediately close each trade. Simplest way is to reverse the Rule for Exits also so that ALL the conditions for exit will need to be met before the trade is closed. All of this can appear a bit complex at first so I suggest you become familiar with the operations of the EA in normal mode on demo before experimenting with these settings. The EA can also be set to take the reverse trade. If you have a consistently losing strategy you might want to experiment with this. Activating this feature means that when your settings indicate a Buy, the EA will instead take a Sell. As logical as it seems, simply reversing a losing strategy generally does not turn it into a winning one. Further adjustments will need to be made. So test first on a demo account. But this setting can be useful when you have a 14

15 range trading strategy and, for instance, you want to take a Sell, instead of a Buy, when RSI is overbought at say 80. Normally the EA will only allow one trade to be active at any one time. However by setting Hedge to True in the Input settings, the EA can be made to enter a Sell trade while a Buy trade is still active or vice versa. However not all brokers allow hedging so check first. The idea here is that when a trade is in profit and begins to retrace, you can offset that retracement loss by entering a trade in the opposite direction. Ideally that original trade will close in profit and the beauty is that by having hedged at the start of that reversal, you will already be in the reverse trade that is, you made an early entry. 3.5 Pairs and timeframes The EA has been built to operate on the MT4 platform and can operate on any currency pair (or any commodities or index available on your MT4 platform) and timeframe. Note that f you are running multiple charts with the EA you must set a different Magic Number on each as well as on each of the Initial, Re-entry and Scale-In trade settings. See Section 4 below. 3.6 Partial Closes and money management Be careful using partial closes so that you don t end up being profitable in terms of pips, but losing in actual $s. Consider this example for instance. Trading minilots ($1 per pip). You set TP to 100, SL to 100 (a 1:1 risk: reward ratio) so looks Ok. If you win 50% of the time you will break even. Win more and you are in profit. But then you set a partial close of 50% at 50 pips and break even at 50. Let s say that over the next few weeks 50 of your trades reach 50 pips so closing half a minilot results in 2500 pips profit but only $1250; 20 of your trades go on to reach 100 pips resulting in 2000 pips and only $1000 profit), and 30 of your trades are stopped out at -100 pips never having reached anywhere near the partial close level and resulting in a loss of 3000 pips and a loss of $3000 since these are full minilots. So your net result is a gain of 1500 pips but a loss of $750! So back to the drawing board revise your money management. With Version and higher, we have also added a feature enabling a partial close of a losing trade. The idea here is to be able to set a fairly large SL in the knowledge that should that SL be reached it will only be with part of the trade, and hence a smaller loss. And the portion that has not been closed, may reverse and finish in profit. 3.7 Profit Lock at Break Even and Trailing Stop These are new features in FX Autotrader Elite V and up and their operation is straightforward. Profit Lock enables the user to specify at what profit the trade should be closed after it has reached Break Even (BE) and retraces. The trailing stop (TS) features a mode whereby the TS is moved up (stepped) only after a set number of pips. 3.8 Multi Timeframe (MTF) Filters Three MTF filters, based on MA crossovers, have been added to the FX Autotrader Elite in V and up. One of them, TF1, can be used for both Entries and Exits and this one 15

16 also has a crossover pips setting for both entries and exits (crossover is new in Version 28); the other two are only for filtering Entries. Their use is explained in Step 6 of Part 2 of the User Guide. 3.9 Scale-In Trades and their Management With Version and up we now have the ability to add trades (scale-in) to Initial or Re-Entry trades as they move into profit or into loss. So for instance you can set the EA to add trades at say 10, 20 and 30 pips should the original trade develop a nice trend. Or you can add trades at say -10, -20 and -30 if the trade goes against you and hoping for a reversal (Martingale strategy). Note however that you cannot scale-in trades at both + pip values (stop orders) and pip values (limit orders). You must choose one or the other in any one particular strategy. The scale-in trades can be managed individually by TP, SL, TS etc or by MA crossover for Exits; and/or they can be managed as a basket along with the original trade (Initial or Re- Entry) in terms of the total TP, SL, TS etc as measured in pips or by ATR multiplier. TP and SL levels for the basket can also be set in terms of Dollars or as % of account Balance. And In V35 and up, by ATR-based TP, SL and TS Maximum Spread Control (NEW) This is the new feature in Version The setting applies to both Entries and Exits. For example if set to 5, then a trade will not be entered or exited if the spread is greater than 5 pips even if either the Entry or Exit conditions have been met. This avoids being entered or stopped out at a highly unfavourable spread which can occur at end of week trading or on news announcements. 4 EA Parameters When you open the EA s dialogue box you will see the following properties or Input parameters as listed in the left hand column. Guidance on these properties is provided in the right hand column. Labels Label 1 Manual Confirmation Manual Confirmation Enable hedge Reverse Change Entry Rule AND to OR Change Exit Rule OR to AND Description and use General trade settings Enter the address that you used to purchase this EA. The EA will not function without it. This also applies to back testing. Set to True if you want an on-screen pop-up asking you whether or not you want to enter the trade that has been signalled by your strategy Set to True if you want to be notified by for the confirmation. Go to Tools/Options/ on your platform to enable s from your platform. Google from mt4 if you need help with this. You will still need to activate the trade from your computer, but you could of course do this remotely if you have a Remote Desktop connection on your device. Select True or False If set to False, the EA will trade normally; if set to True the EA will take a Sell trade when Buy conditions are met; and vice versa If set to False, entry rule is governed by AND (i.e. all conditions for entry must be met); if set to True, entry conditions are governed by OR (i.e. trades will be entered when any one of the conditions for entry is met) If set to False, exit rule is governed by OR (i.e. any one of the conditions set must be met); if set to True, exit conditions are governed by AND (i.e. all conditions for exit must be met) 16

17 Entry at Candle Close Exit at Candle Close Entry in Buy Sell Sequence ATR Period Initial magic number Initial lot size Initial lot risk % Initial TP Initial TP ATR Multiplier Initial SL Initial SL ATR Multiplier Initial break even (BE) Initial Breakeven Lock Pips Initial Trailing Stop Start Initial Trailing Stop Initial Trailing Stop Step Initial TS start ATR Multiplier Initial TS ATR Multiplier Initial partial close % Initial partial close at pips Initial partial close SL Initial partial close at pips SL Re-entry magic number Re-entry lot size Re-entry lot risk % Re-entry TP Re-entry TP ATR Multiplier Set to True if you want Entries to occur only when all conditions are met at the close of the candle; set to False if you want the Entry to take place whenever the conditions are met As per above but for Exits Default is True and in this mode trading is only allowed in a sequence buy/sell/buy/sell based on closed orders. This normally works best. But when hedging this rule comes in conflict with the hedging rule and so we can now disable it by setting to False. In my testing to date, I still get better results with this rule set to True, even when hedging. We miss some possible trades but overall we appear to be better off missing them. This is where you set the ATR period which will apply to the ATR-based TP, SL etc for the trades and basket management Specifies the trade that the EA is controlling. You can use any number of digits but not 0 (zero). Always set different magic numbers (one for Initial and one for Re- Entry) for each pair is the smallest you can set. But if you plan to do a partial close, you must set at least 0.02 (so that the EA can close 50% leaving 0.01); or 0.03 so that it can close 80% and still leave 0.01 Enter as % value, e.g. 20, 50 etc. % risk is calculated on Balance of the account and requires a SL to be set so that risk can be calculated Enter a value in pips Enter a value. Eg 3 if you want TP to be at least 3 x the ATR Enter a value in pips Enter a value. Eg 1.5 if you want SL to be 1.5 x the ATR Enter a value in pips Enter a pip value. This is the number of pips that the trade will be closed at, once it has reached BE and retraced Value in pips at which trailing will start By how many pips the trade will be trailed The number of pips the trade must move before the TS is moved up Enter a value Enter a value Set a % value (e.g. 50) Enter a value in pips. E.g. if your Initial TP is 100, you might want to partially close the trade at 50 pips in profit and let the rest of the trade run Set % value (e.g. 50) Enter a negative number of pips, e.g. -40 Specifies the trade that the EA is controlling. You can use any number of digits. Always set different magic numbers (one for Initial and one for Re-Entry) for each pair is the smallest you can set. But if you plan to do a partial close, you must set at least 0.02 ((so that the EA can close 50% leaving 0.01); or 0.03 so that it can close 80% and still leave 0.01 Enter as % value, e.g. 20, 50 etc. % risk is calculated on Balance of the account and requires a SL to be set so that risk can be calculated Enter a value in pips Enter a value 17

18 Re-entry SL Re-entry SL ATR Multiplier Re-entry break even (BE) Re-entry Breakeven Lock Pips Re-entry Trailing Stop Start Re-entry Trailing Stop Re-entry Trailing Stop Step Re-entry TS start ATR Multiplier Re-entry TS ATR Multiplier Re-entry partial close % Re-entry partial close at pips Re-Entry partial close SL Re-Entry partial close at pips SL ScaleIn magic number ScaleIn lot size ScaleIn lot risk% ScaleIn TP ScaleIn TP ATR Multiplier ScaleIn SL ScaleIn SL ATR Multiplier ScaleIn break even (BE) ScaleIn Break Even LockPips ScaleIn Trailing Stop Start ScaleIn Trailing Stop ScaleIn Trailing Stop Step ScaleIn TS start ATR Multiplier ScaleIn TS ATR Multiplier Remove Pending Scale- Ins Slippage Enter a value in pips Enter a value Enter a value in pips Enter a pip value. This is the number of pips that the trade will be closed at, once it has reached BE and retraced Value in pips at which trailing will start By how many pips the trade will be trailed The number of pips the trade must move before the TS is moved up Enter a value Enter a value Set a % value (e.g. 50) Enter a value in pips. E.g. if your Initial TP is 100, you might want to partially close the trade at 50 pips in profit and let the rest of the trade run Set % value (e.g. 50) Enter a negative number of pips, e.g. -40 Enter a magic number, different from Initial and Re-Entry numbers 0.01 is the smallest you can set Enter as % value, e.g. 20, 50 etc Enter a value in pips Enter a value Enter a value in pips Enter a value Enter a value in pips at which you want the trade to break even Enter a pip value. This is the number of pips that the trade will be closed at, once it has reached BE and retraced Value in pips at which trailing will start By how many pips the trade will be trailed The number of pips the trade must move before the TS is moved up Enter a value Enter a value When set to True, any pending scale-in order still in place when the initial or reentry trade has been closed, will be removed. With negative scale-in orders my testing so far indicates that it is better NOT to remove these automatically. If so set to False when trading with negative scaleins. (In V24, only +ve scale-ins were removed by default) Determines how close the broker s price needs to be to the price selected for the 18

19 Order Comment Max Spread NEW in V37 Label 2 Manage by Basket CloseAll TP in pips CloseAll TP pips CloseAll TP in Dollars CloseAll TP Dollars CloseAll TP by percent CloseAll TP percent CloseAll TP by ATR CloseALL TP ATR Multiplier CloseAll at SL CloseAll SL in pips CloseAll SL pips CloseAll SL in Dollars CloseAll SL Dollars CloseAll SL by percent CloseAll SL percent CloseAll SL by ATR CloseALL SL ATR Multiplier Basket Breakeven Basket Breakeven at pips Basket Breakeven Lock pips Basket Trailing Stop Basket Trailing Stop Start at pips Basket Trailing Stop pips Basket Trailing Stop Start ATR Basket Trailing Stop ATR trade to be entered. Default is 2 (pips) Any comment placed here will appear in the Comments column of your trade history. When analysing your results you can then sort the trading results by this Comment Enter a value in pips, eg 5. This avoids being entered or stopped out when the spread widens too much. Basket Management True or False True or False Set value for TP of basket in pips True or False Set value for TP of basket in dollars True or False Set value for TP of basket in % of account balance True or False Enter multiplier value True or False True or False Set value for SL of basket in pips True or False Set value for SL of basket in dollars True or False Set value for SL of basket by % of account balance True or False Enter multiplier value True or False Set value in pips Set number of pips True or False Value in pips at which TS of basket is to trail Set number of pips for basket trailing True or false Enter multiplier value 19

20 Multiplier Label 3 Time filters Label 4 MAs entry Trading session settings These settings are self-explanatory. Note that the times to be entered are the times shown on your MT4 platform in the Market Watch panel. Not your local time. Some traders don t like running EAs on Fridays and/or Mondays because of the gaps that can occur on Monday open. So you can block out these days if you want. Or you may want to block out times of major news announcements from time to time. Or trade only during the quieter Asian session etc Triple Moving Averages settings If set to True, an Initial trade will be triggered when MA1 crosses MA3. Subsequently, if a reverse cross of MA1 over MA2 has closed the Initial trade (Exit condition must be set to OR), and MA1 then crosses MA2 back again, a re-entry trade will be triggered. If set to False, trades will not be triggered on any MA crossover. MAs exit If set to True, trades will be exited on MA crossovers. MA1 over MA2 or over MA 3 whichever occurs first. If set to False, trades will not be closed upon MA crossovers. Crossover pips Entry Crossover pips Exit The number of pips that the MAs must have crossed each other by. Any number including zero. This feature can be helpful in avoiding instances where the MAs just cross before reversing again. But if set too high, you may get into the trend too late. The number of pips that the MAs must have crossed each other by. Any number including zero. This feature can be helpful in avoiding instances where the MAs just cross before reversing again. But if set too high, you may get out of the trade at a bigger loss. MA settings MA1 should be set as the fast MA (e.g. period 5) MA2 as the medium MA (e.g. period 20) MA3 as the slow MA (e.g. period 40) MA1, MA2 and MA3 must have different values. If you want to use a two MA crossover and not have re-entries on MAs, say a 5 crossing a 200, then set MA2 to 198 and MA3 to 200. Alternatively, use the TF1 MTF Moving Averages filter (refer Label 5). For each MA you can set the Period, Shift, Type (or Method) and Price (Apply to) as you do normally for MAs when you place them on your chart. Default for Shift and Price (Apply to) is 0 Both Period and Type are the ones you should try to optimise for each strategy. Do this optimisation on the charts with the MAs loaded. Once you are satisfied, enter the values into the EA s Properties tab here. Note: For Type (Method) 0 means Simple; 1 means Exponential; 2 means Smoothed; 3 means Linear weighted. For Price (Apply to) 0 means at Close of candle; 1 means at Open of candle; 2 means at High of candle; 3 means at Low of candle Label 5 TF1 filter entry TF1 Slope filter entry TF1 filter exit TF1 Crossover Pips Entry TF1 Crossover Multi Time Frame (MTF) Moving Averages settings Set to True if you want to use this TF1 filter for Entry. False if not If set to true then slope of MA1 must be in the direction of the trade to be taken. If set to false then slope of the MA1 is ignored. Set to True if you want to use this TF1 filter for Exit. False if not. TF1 is the only MTF filter that you can use for both Entry and Exit. If you use it on a lower timeframe to what your strategy is running on, then it can act as a TS feature getting you out of trades on smaller retracements depending on the MA settings you apply. TF2 and TF3 can only act as Entry filters Specify the number of pips that the MAs must have crossed by before entry is triggered. This can be at close of candle or at any time during candle depending on how you have set Entry at Candle Close in Label 1. Specify the number of pips that the MAs must have crossed by before exit is 20

21 Pips Exit triggered. This can be at close of candle or at any time during candle depending on how you have set Exit at Candle Close in Label 1. TF1 Enter timeframe in minutes, eg 5, 15, 240 (H4), 1440 (Daily) etc For each MA you can set the Period, Shift, Type (or Method) and Price (Apply to) as you do normally for MAs when you place them on your chart. For Type (Method) Select from drop down menu For Price (Apply to) 0 means at Close of candle; 1 means at Open of candle; 2 means at High of candle; 3 means at Low of candle TF1 MA1 period Enter a period. MA1 is the fast (short period) MA; MA2 is the slow (longer period) MA TF1 MA1 shift Default is 0 TF1 MA1 type Select from drop down menu TF1 MA1 price Default is 0 TF1 MA2 period Enter the period TF1 MA2 shift Default is 0 TF1 MA2 type Select from drop down menu TF1 MA2 price Default is 0 TF2 filter entry Set to True if you want to use this TF2 filter for Entry. False if not TF2 Enter timeframe in minutes, eg 5, 15, 240 (H4), 1440 (Daily) etc TF2 MA1 period Enter the fast (or short) period TF2 MA1 shift Default is 0 TF2 MA1 type Select from drop down menu TF2 MA1 price Default is 0 TF2 MA2 period Enter the slow (or longer) period TF2 MA2 shift Default is 0 TF2 MA2 type Select from drop down menu TF2 MA2 price Default is 0 TF3 filter entry Set to True if you want to use this TF1 filter for Entry. False if not TF3 Enter timeframe in minutes, eg 5, 15, 240 (H4), 1440 (Daily) etc TF3 MA1 period Enter the fast (or short) period TF3 MA1 shift Default is 0 TF3 MA1 type Select from drop down menu TF3 MA1 price Default is 0 TF3 MA2 period Enter the slow (or longer) period TF3 MA2 shift Default is 0 TF3 MA2 type Select from drop down menu TF3 MA2 price Default is 0 Label 6 Moving Averages ScaleIn Exit MAs ScaleIn exit True or false MA1 ScaleIn period Enter the fast (or short) period MA1 ScaleIn shift Default is 0 MA1 ScaleIn type Select from drop down menu MA1 ScaleIn price Default is 0 MA2 ScaleIn period Enter the slow (or longer) period MA2 ScaleIn shift Default is 0 MA2 ScaleIn type Select from drop down menu MA2 ScaleIn price Default is 0 Label 7 RSI entry settings RSI entry filter If you want an RSI value as an entry condition, set to True. If not, set to False and then don t worry about the settings for RSI entry 21

22 RSI entry If set to true, then RSI must be sloping in the direction of the trade to be taken. If direction set to false then slope of RSI will be ignored. RSI period Enter the period value. Default is 14 RSI price Default is 0 (at close of candle). RSI buy level high Enter the levels of RSI. E.g. if High is set to 60 and Low to 50, then the RSI Buy condition is met whenever RSI is between 50 and 60 and sloping upwards. RSI buy level low RSI sell level high RSI sell level low Label 8 RSI exit RSI period Default is 14 RSI price Default is 0 RSI buy level high RSI buy level low RSI sell level high RSI sell level low Label 9 Enter the levels of RSI. E.g. if High is set to 50 and Low to 40, then the RSI Sell condition is met whenever RSI is between 40 and 50 and sloping downwards. RSI Exit settings If you want RSI as an exit condition, set to True. If set to false you don t need to worry about these other RSI exit settings Enter the levels of RSI. E.g. if High is set to 70 and Low to 40, then the RSI exit condition is met whenever RSI is greater than 70 or less than 40. Enter the levels of RSI. E.g. if High is set to 60 and Low to 30, then the RSI exit condition is met whenever RSI is greater than 60 or less than 30. MACD settings If you want this indicator as an entry condition, set to True. If not, set to False MACD entry Fast EMA Default is 12 Slow EMA Default is 26 Signal EMA Default is 9 Buy level entry Default is 0. But could be e.g Sell level entry Default is 0. But could be e.g (note - negative number) Notes on MACD Entry Default Entry with this indicator is triggered by the histogram bars appearing above (Buy) or below (Sell) the zero line. Note that is the same as a crossover of the two EMAs; however with MACD, instead of the zero line being the determinant (as it is in a simple MA crossover), you can use the Buy and Sell level entry settings to specify when you want the Buy or Sell condition to be met. The value of the levels will typically have to be small e.g and in order to get into the trend early enough. MACD exit If you want this indicator as an exit condition, set to True. If not, set to False Fast EMA Default is 12 Slow EMA Default is 26 Signal EMA Default is 9 Notes on MACD Exit For Exit you need to specify two levels each (upper and lower) for a Buy and a Sell. In other words, you can exit a Buy when the histogram is either greater than some upper level or less than some lower level. Similarly for a Sell. NOTE: If you don t want to exit a Buy when it goes higher than some upper level then set this value to 1 or higher (such values are never reached with MACD). Similarly set Sell lower level to -1 if you don t want to exit on this setting. Buy upper level exit Buy lower level exit Sell upper level exit The upper level above which you want a Buy trade to be exited The lower level below which you want a Buy trade to be exited The upper level above which you want a Sell trade to be exited 22

23 Sell lower level exit Label 10 RSIMA Crossover entry MA-RSI entry MAofRSI entry RSI period MAofRSI entry RSI price MAofRSI entry MA period MAofRSI entry MA Type MAs RSI entry MAsofRSI entry RSI period MAsofRSI entry RSI price MAsofRSI entry MA period 1 MAsofRSI entry MA type 1 MAsofRSI entry MA period 2 MAsofRSI entry MA type 2 Label 11 RSIMA Crossover exit MA-RSI exit MAofRSI exit RSI period MAofRSI exit RSI price MAofRSI exit MA period MAofRSI exit MA type MAs RSI exit MAsofRSI exit RSI period MAsofRSI exit RSI price MAsofRSI exit MA period 1 MAsofRSI exit MA type 1 MAsofRSI exit MA period 2 MAsofRSI exit MA type 2 The lower level below which you want a Sell trade to be exited RSI-MA and RSI-2MA cross Entry settings This is for the double MA (RSI-2MA) crossover of RSI. Set to True if you want to use this function as an Entry condition This is for the RSI cross of its own MA. Set to True if you want this indicator as an Entry condition. If not set to False Default for RSI is 14 but experiment/optimise with different periods Default is 0 Select the period and type of MA that you want to work with this RSI. When RSI crosses the MA in upward direction, a Buy will be triggered. Opposite for a Sell Set to True if you want to use a double MA crossover of RSI as an Entry condition. That is, instead of having a MA crossover on the main chart based on the MAs of price, we now have a MA crossover based on MAs of RSI. Default for RSI period is 14 but experiment with other periods. Note that the RSI period for the double MAs can be different to the one you use for the MA cross of RSI. Default is 0 Select the periods and types for each of MA1 and MA2. An Entry will then be triggered when MA1 of RSI (fast MA) crosses MA2 of RSI (slow MA) crossing upwards for a Buy, down for a Sell RSI-MA and RSI-2MA cross Exit settings This is for the double MA (RSI-2MA) crossover of RSI. Set to True if you want to use this function as an Exit condition This is for the RSI cross of its own MA. Set to True if you want this indicator as an Exit condition. If not set to False Default for RSI is 14 but experiment/optimise with different periods Default is 0 Select the period and type of MA that you want to work with this RSI. When RSI crosses the MA in upward direction, a Buy will be triggered. Opposite for a Sell Set to True if you want to use a double MA crossover of RSI as an Exit condition Default for RSI is 14 but experiment/optimise with different periods. Note that the RSI period for the double MAs can be different to the one you use for the MA cross of RSI Default is 0 Select the periods and types for each of MA1 and MA2. An Exit will then be triggered when MA1 of RSI (fast MA) crosses MA2 of RSI (slow MA) crossing downwards to exit a Buy, upwards to exit a Sell. (ie in opposite direction to when trades were entered.) 23

24 5 How to Design and Implement a Strategy on the Autotrader The FX Autotrader Elite was developed to enable traders to automate their own strategies using common technical indicators and without the need for knowing or using any programming language. In other words, how to make your own EAs. In what follows I will describe the process for doing that, assuming that the reader has a basic knowledge of indicators and EAs and how to apply them on the charts. If not, please consult the educational material available on most brokers websites. I will err on the simplistic side of explanations in the hope that newbies will try this out. Apologies to those for whom I am teaching grandma how to suck eggs as the saying goes. By way of example we will design an EA for the GBPUSD H1 timeframe using a triple MA strategy with RSI, double MA crossover of RSI, and multi timeframe (MTF) conditions as filters. The basis of a triple MA strategy is that a trade is entered when the fast MA crosses the slow MA and the trade is closed when the fast MA crosses back in the opposite direction over the medium MA. That is, the medium MA acts as a TS or early Exit. NOTE: This strategy development is for illustrative purposes only; the more filters, the fewer trades. Step1 open chart and add MAs Open a 1 hour chart of the GBPUSD currency pair and add three MAs to the chart. I like to start with a 10, 20 and 40 simple MAs (SMA). Select a different colour for each. Maximise the area for the chart and zoom in or out so that you have 3 to 4 weeks of data displayed. Step 2 optimise MA settings Adjust the settings of the MAs (Period and Type) so that the crossovers provide optimum Entry and Exit conditions over the period on the chart. This is a trial and error process but should only take a few minutes. The conditions won t ensure 100% success but don t worry about that since we will be adding filters later on to help weed out many of the bad trades. Step 3 check MA settings on earlier periods (back test visually) We want the EA to be profitable over periods of a year or more so it stands to reason that we should test these settings over more than the past 3 to 4 weeks. So enable Auto scroll on the chart by clicking the symbol on the Menu bar as shown below. Now click anywhere on the chart and drag it back to some time about three months earlier and check to see if the MA settings still work reasonably well. If not adjust. Repeat this process for another period say 6 to 9 months ago. Then go back to the current period and decide on your optimum settings for the MAs. If you want to see what I mean by back testing visually please watch the Video Back testing strategies visually on the charts, at In my case I have chosen 5 smoothed MA (SMMA) for the fast MA, 10 SMMA for medium, and 60 EMA for slow. 24

25 Step 4 add RSI filter Add the RSI indicator to the chart and decide on the settings that might work best to filter out any bad trades that may be triggered by the triple MA strategy settings we have just completed; and enable the good ones to go through. RSI Period and Levels are the two aspects we should look at. RSI period 14 is a popular setting and one we could use, but I prefer period 7. A RSI period 7, or 9, with appropriate settings for the levels, helps prevent entering a trade on a surge. Surges are often followed by retracements after which we can often achieve a better entry point. The shorter RSI period is also helpful in triggering re-entry conditions. Next decide the level above which and the one below which a Buy trade should be triggered. In my case I will use above 50 but below 70 as the Buy levels. (If you allow a Buy at too high a level it usually, but not always, means that the rise is exhausted and price will go down rather than continue up). So best to wait for a safer Entry point. Do the opposite for a Sell condition. In my case I will choose below 50 but above 30 as my settings for a Sell. Step 5 add Double MA crossover of RSI filter In this case I am going to use the same RSI period 7 so I don t need to add another RSI indicator to the chart. Now add two MAs to the RSI. To do that, from the Navigator Panel, Indicators\Trend, left click and drag the MA to the RSI window and let go. From the Dialogue Box, left click on the Apply to menu and select First Indicator s data. Then select Period and Type. I usually start with a 5 or 10 SMMA and choose colour red (for fast! ). Because RSI especially on short periods can be quite jumpy I find that a smoothed MA avoids too much whipsaw. Repeat the above to add a second MA to the RSI and test different settings. The aim is to find conditions which would signal good Entry and Exit points and especially ones which would eliminate bad Entries. Use your cursor to line up the MA crossovers on the RSI window with the MA crossovers on the main chart. In my case I am going to use 10 SMMA and 25 SMMA on RSI 7 as my MAs for this filter module. Step 6 add MTF filters It is usually a good thing to trade in the direction of the trend on a longer term timeframe. But that does not always guarantee success and it can lead to very few trades being taken depending on the MAs we select to determine trend on those higher timeframes. An alternative way of using these MTF filters is to use them on the same timeframe as the one that the EA is running on, but select different combinations of MAs for each. In that way we can avoid some bad entries but only be delayed a little bit on the good entries. Additionally we can use a shorter term timeframe filter to fine tune our Entry; and possibly use it also to Exit (i.e. as a sort of TS). Sometimes such an early exit will preserve profit or reduce a loss; at other times it might take us out too early if it is only a temporary retracement. So a matter of compromise. Designing and visually back testing a strategy on 4 different charts can be a little tricky and so I like to do it by setting up the four charts and tiling them using the Tile Windows button on the Menu bar 25

26 The platform should then look something like the picture below. The EA would be on the chart in the top left showing the triple MA and RSI. The bottom left chart is the M15 entry and Exit and TS control. The two charts on the right are also H1 but have slightly different MA combinations to capture the different periodicities of the market dynamics. I am showing the finished settings here after a bit of testing which took maybe 15 minutes. The vertical line has been placed on each of the charts at the time when the MA entry conditions had been met on all four timeframes at the close of the candle; and when both the RSI and double MA crossover of RSI filters were also in agreement. (RSI between 50 and 70 and sloping up in the direction of a Buy trade; MA1 of RSI > MA2 of RSI and MA1 sloping up in direction of the Buy trade. (Scrolling back over the charts for a couple of months, it also becomes apparent that this particular combination of filters does indeed filter out a number of what would otherwise have been losing trades) The trade shown went as high as 65 pips and would have been exited on the M15 timeframe filter at 30 pips profit unless we had set a TP of 50 and/or had used our pip based TS function eg trail by 20 pips at 50 pips in profit in 5 pip steps in which case we would have made 45 pips. Once we have decided on these MTF filter settings, we no longer need these extra charts so we can close them. If we wanted to keep an eye on how the MAs on the other timeframes go, we can add small MTF charts in a sub-window on our charts. Such an indicator is available for free from Step 7 decide on trade settings (TP, BE, SL and TS) This is the most difficult part in my view. We need to look at the charts and measure the pips made during small and large trends, and come to some conclusion as to what would be a good average TP to target. Then we should check the degree of volatility to help us judge 26

27 the BE, SL and TS levels we might set. And then decide whether we should take any partial profits at lower TP levels. Alternatively, if we have set a reasonably tight exit condition on the M15 timeframe we could rely on that condition for exiting our trades and only concern ourselves with setting a SL at a level we are comfortable with and one that allows enough room for the trade to breathe. A fixed SL level is a good safety precaution should our platform ever lose internet connection with the broker. In my case I am going with the following settings for Initial trades. TP at 200 (yes we do get some nice trades like that as seen by scrolling back over the charts); BE at 30 pips with ProfitLock of 5 pips; SL at 30 pips; Partial close of 80% at 50 pips; TS to start at 50, trailing by 20 pips in steps of 5 pips. (By having a SL at 30 and partial close of 80% at 50 I am trading at 40:30 reward to risk or a little over 1:1. Leaving the 20% of lot size in place enables me to capture some longer trends and should not cost too much if the trade reverses.) For Re-Entry trades I am going to be cautious with this currency pair (based on past experience) so I will only use half the lot size that I am using for Initial trades, TP at 30, BE at 20, SL at 30 and TS starting at 20 with 15 pip trail in 5 pip steps. These are all judgment calls. Alternatively we could run two (or more) instances of this strategy, dividing our preferred lot size in half, and employing different trade settings on each. And yes two or three year back test optimisation with Strategy Tester would help here and the new build enables fast backtesting with the standard indicators for that purpose. Unfortunately the MA crossovers of RSI are custom indicators which considerably slow down the back testing with Strategy Tester. In any case it is still important to also back test visually by scrolling back over the charts as described in Step 3. Doing it visually means that you get to see how the market dynamics change over time and can help explain why and how you should optimise. Strategy Tester is just another black box which prints out results but without providing any insights, and which if not done properly can be very misleading. Step 8 enter the settings on the FX Autotrader Elite Now that we have designed the strategy, it is time to enter the settings for the strategy onto the Autotrader. So load the FX Autotrader Elite onto the chart of the GBPUSD H1 and select Inputs from the Dialogue Box. Then input all the True/False settings as required and enter all the values for the trade settings and indicators. Just work your way down from top to bottom. It is all selfexplanatory and you can refer to Section 4 above where I have set out and described all the parameters for the Autotrader. Once you have entered all the settings, click Save, name the file (I have named it FXAE V35 GBPUSD H1 195) and click OK. We have now saved this strategy as a SET file. By way of explanation I have a two digit number for each currency pair, 19 for GU, and the 5 says that this is my fifth strategy for this pair. H1 reminds me that this is for the 1 hour timeframe, and V24 tells me that this strategy has been developed for use with this version of the Autotrader. For easy reference I open this SET file from the Presets folder in MQL4 Folder, with Microsoft NotePad and copy and paste it into my Excel Trading Performance workbook. Whenever I then make an adjustment to the strategy, I record that and the date as a 27

28 Comment in the appropriate cell on the spreadsheet so that when I analyse performance I know if and when any changes were made and how they affected performance. Step 9 monitor performance To succeed in trading we need to regularly analyse our trading results and adjust our strategies accordingly. It pays to never skip this important aspect of trading and there is a great tool to help us do this it is called the Publisher EA and is available for free from By loading this EA on your platform you will be able to analyse your trading account in a whole variety of ways on your web browser with the click of the mouse from the various dropdown menus. It really is a great tool. Things to focus on in your analysis include: Initial vs Re-Entry trades (Sort by Magic Number) Time of day and day of week (and month of year when you have sufficient data) Profit in $ vs profit in pips Best and worst trade etc etc Step 10 optimise performance and manage the EA The results of the analysis described in Step 9 will guide you to optimising the performance of your strategies. And with the FX Autotrader Elite, unlike the normal black box EAs, that is exactly what you can do and should do. A common complaint from professional traders about EA robots is that the robots don t respond to changing market conditions and that the users of these black box robots don t even know how they operate; and cannot make any changes. It s like having your car stuck in first gear when you actually need to drive fast on the motorway. I mostly agree with this criticism and that is why I have developed the FX Autotrader Elite EA and why I recommend that you follow certain practices. By now, you will realise that you will know exactly what the FX Autotrader Elite EA can do and how any strategy you develop with it, operates. My strong advice is that you establish a regime whereby you re-evaluate and adjust the strategies if necessary on an ongoing basis. monthly if you are running on the 1 hr charts or higher; or more frequently, say weekly, if you are trading on the shorter timeframes and/or do walk forward analysis using Strategy Tester Since writing this section of the User Guide in 2014, I have moved away from re-optimising strategies on a monthly basis. Thanks to a lot of work by one of our members, it would appear that doing the re-optimisations on a walk forward analysis basis actually leads to worst results. Better results are obtained by developing and optimising strategies over a 5-year+ testing period. Not always easy but does ensure a more robust strategy. I also suggest using the dual system of trading as explained in Part 1, Section 5 on page 8. 28

29 So once you have developed a strategy and are running it on your charts, you need only spend at most 1 hour a week at your computer to do the analytical part of trading. The EA will do all the boring and time-consuming mechanical work that you have programmed it to do while you get on with your life. Happy days are here again. Always test any EA you develop and/or buy on a demo account before using it to trade with real money on a live account. With the FX Autotrader Elite EA in particular, you can experiment with the wide variety of ways to enter and exit trades before deciding on a strategy and putting it to work on a live account. Once you switch to a live account, start with small lot sizes first and gradually increase as your expertise and confidence in forex trading builds. 29

30 Part 3: Develop a Trading Plan Regime Trading requires discipline, rigour and routine. You will have read the mantra Plan Your Trades and Trade Your Plan. 1.1 Elements of my Trading Plan The steps I use are as follows. 1. Clear and realistic Goals to make a steady profit (minimum 5% per month) while continuing to improve my trading skills and reduce the volatility of my earnings. 2. Timeframe: Decide the timeframe for your trades. Whether you want your trades to run over: days or weeks (if so develop trading strategies based on the 4hr or daily or possibly 1hr timeframe); or a few hours (if so develop strategies based on the 5 or 15 min timeframe). Hint: Perhaps try the 15 min timeframe first for a few weeks so that you build experience with the EA more quickly. Then repeat with 1hr and/or 4hr timeframe for several weeks and see which you prefer. 3. Markets: Decide which currency pairs you want to trade select say four and get to know them well. What time of day are they most actively traded? How volatile are the movements? What are the big triggers? And importantly, what are the spreads? Spreads vary widely across the currencies so you may want to take that into consideration some pairs can have a spread of up to 6 to 10 pips making it hard to make profits on shorter timeframes. Commentators also talk about currencies having a personality. You can read about this at 4. Risk Tolerance: Decide on your risk tolerance. Professional traders use 1 to 2% risk per trade and make a steady income. Trading cowboys go for 10% until they get a margin call and wipe out their account. If you want to be successful over the long term, preserve your capital by minimising your risk. 5. Design a basic strategy: A 10-step guide on how to do this is described in Section 6 of Part 2 of this User Guide. 6. Optimise: Once you have a basic strategy, set up 2 to 4 charts with the EA on demo and modify the TP, SL, partial closes and BE settings etc on each. You might also want to have some with Hedging enabled (you need to have special entry and exit conditions to enable hedging refer Section 5 of Part 2). Make sure that you have: entered different magic numbers for the EA on each chart; and saved the settings for each chart as a.set file for later reference. Then let the EAs run for several days if on 15 min charts or several weeks if on 4hr charts. 30

31 7. Analyse the results and see which trade settings (including time of day) performed best for this basic strategy. You may have to perform several optimisation runs depending on how many variables you want to test. If you find one that is really bad you may want to delete it or experiment with setting Reverse to True on the Autotrader and see how that performs. In theory it should become a winner but in many cases it does not. So test and measure. 8. Alternatively do the optimisation with the MT4 Strategy Tester making sure you have downloaded good tick data, eg from tickstory.com.then use Strategy Quant EA Analyser to analyse the back test html report for performance by year, month, day, hour etc and perform some whatif analysis. But always check that analysis by repeating the back test with any new settings. Suggestion: Analysing results from an MT4 history report is very difficult. I use the Forex Blue Trade Publisher EA to record my trading results. You can filter results by date, by currency pair, by magic number etc etc. Go to for your free download. Check out their other free products too. Their User Guides and products are excellent. For instance with one of my trials I was testing for the profitability of Initial vs Re-entry trades for 4 different trade option settings all with the same indicator strategy. The Trade Publisher EA provided me with this simple results table showing me that Initial trades (#51, #52, #53, #54) were the profitable ones. These are the ones with the high Profit factor. And since I kept a record of the settings for each magic number I also know that I get better results with Hedging enabled compare results for #51 (Hedge set to False) and #52 (Hedge set to True). Same for #53 compared to #54. All four strategies use the same indicators and entry and exit criteria. The only differences are in the trade options (TP, BE, and Partial Close settings). I relied on the exit condition for the SL what we call a dynamic or soft SL. 8. Trade for real. Select 2 or 3 of the most promising strategies/settings you have been testing on demo. Then test them using a small lot size on your live account. You could of course trade just one strategy but I like to trade a small basket of currency pairs (same or different ones) with different settings at the same time to help smooth out the volatility. After all what worked in the past may not work in the future and vice versa. 31

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