PRINCE FX EA MT4 User Manual
Contents: 1. Getting Started 2. MetaTrader4 (MT4) Trading Platform 3. Installing PRINCE FX EA MT4 4. Activating PRINCE FX EA MT4 5. Starting and Configuring PRINCE FX EA MT4 6. PRINCE FX EA MT4 Setting 7. Management Hints 8. Terms of use and risk disclosure
Getting Started Before installing PRINCE FX EA MT4 on your computer and commencing trading on a real account, please read this carefully: it may be crucial for your future profits. 1. Trading Forex entails risk and each instance of negligence or inattention may lead to significant loss! We strongly recommend that you operate a demo account before trading with real money. This will help you become familiar with the way PRINCE FX EA MT4 operates before you commit genuine funds to a real money account. 2. If you suspect that PRINCE FX EA MT4 might be operating incorrectly, please halt operations and contact us immediately! WHAT YOU MUST KNOW BEFORE USING PRINCE FX EA MT4 -PRINCE FX EA MT4 has been developed especially for trading the following currency pairs. EURUSD, EURGBP, EURJPY, USDJPY, USDCHF, GBPUSD, NZDUSD, XAU/GOLDUSD -PRINCE FX EA MT4 has been designed to work on 5 Minutes (M5), 15Minute (M15) and 30 Minutes (M30) timeframe. -PRINCE FX EA MT4 is compatible with all MetaTrader 4 brokers, as well as with brokers using ECN- type order fulfillment. You do not need to change any settings. - PRINCE FX EA MT4 automatically recognizes four or five-digit quotes. -We do not recommend you to launch and close your trading terminal too often or switch between time frames during the EA running in the account will also interrupt its performance. Do not make any changes in the EA property and chart time frame once the EA is active and placing orders. Ideally, it ought to work without interruption from market opening on Monday to closure on Friday. -Maintaining a stable Internet connection is of the essence to ensure reliable PRINCE FX EA MT4 operation. - The recommended spread for PRINCE FX EA MT4 is 3 pips for EURUSD, EURGBP, EURJPY, USDJPY, USDCHF, GBPUSD, NZDUSD & 5pips for XAU/GOLDUSD.
MetaTrader4 (MT4) Trading Platform PRINCE FX EA MT4 operates within the MetaTrader4 trading platform. MT4 is a free trading platform available through most Forex brokers. If you do not have MT4 installed on your computer, you can download a copy by going to one of the following brokers and requesting a demo account: www.alpari.ru www.alpari.co.uk www.hotforex.com/ www.xm.com www.forextime.com superforex.com This list is for reference only. You may choose any broker of your choice Installing MetaTrader 4 Skip through this section if you are familiar with MT4 and already have a broker account. After completing installation, you will be asked to create a demo account.
Fill in the details and select the amount of the account deposit. Enable Agree to subscribe to your newsletters, and click next. The program will ask you to select the trade server to which it should connect. Click Next. In the next window, click Finish.
Your demo account is opened. Now Go to the PRINCE FX EA MT4 Folder and copy PRINCE FX EA MT4.exe file and for WINDOW OPERATING SYSTEM USERS Click on File top left of the Mt4 and then click on Open Data Folder_MQL4_Experts folder and paste, PRINCE FX EA MT4 will be copied in the expert folder just like the examples below.
FOR MACBOOK USERS: Copy the PRINCE FX EA MT4.exe from the folder and Go to Finder (Normally its located left bottom of your screen near start Manu) Click on APPLICATIONS and select your MT4 platform and right click for SHOW PACKAGE CONTENTS_Drive_C_PROGRAM FILES_SELCT YOUR MT4 Platform (like here GDMFX)_MQL4_EXPERT Folder and paste, The PRINCE FX EA MT4.exe will be copied in the expert folder. Below is the step-by-step example with the help of screenshots.
Now Close your MT4 platform and open again. Click on Navigator and Drag PRINCE FX EA on your Chart
Follow the below images to setup the EA properties.
Keep Remember: If your Chart is set on 30 minutes Time frame then in the EA property in the EA_TF field choose the same 30Minutes time frame. If your chart time frame shows 15Minutes and in the EA setup you choose 30Minutes, The EA will fail to get the correct signal and that will cause execution of orders against the EA strategy or sometimes the EA will remain silent. Hence these two time frame setup should match before you proceed ahead. The MAGIC number should not be same, on every pair/chart you will change the magic number eg, for EURUSD 4546, GBPUSD 4547, USDJPY 4548 and so on.
The Lot size is to be increased or decreased according to your Account Balance Normally for 1000USD it should be 0.02 Lot 5000USD it should be 0.05 lots 10000USD it should be 0.1 lots 15000USD it should be 0.2 lots and so on Maximum Spread is best 3pips for all the recommended Pairs except Gold, which is preferably 5pips. Trailing Stop is not necessary so leave as it is. Enable buy and Sell both should be True. Comment field is not visible for client version, however it could be made visible on request (terms and conditions apply) Minimum Distance: it s the distance between orders, PRINCE FX EA MT4 is not at all Martingale system, it has its own advance trading method, it will open multiple orders on single pairs if the market doesn t hit the TP of the first executed order, in that situation as long as the market goes against the trades it will keep placing orders with a very safe strategy increasing the lot size very carefully according to your account size and soon or later upon the pull back or retracement or bounce in the market it will calculate the profit and lost and will close all the orders simultaneously after adjusting profit and loss and gaining higher profit than the loosing one. So the DISTANCE 15 means the EA will keep 15 pips or above distance between the orders but not less than 15 pips if it s set like above. The EA places order on every new tick of candle rather than the distance range between orders.
For EURUSD, NZDUSD, EURGBP, we recommend keeping the DISTANCE value as 15 PIPS. For GBPUSD, USDJPY, EURJPY, USDCHF The distance should be 20 PIPS For GOLD it should be 200 Now Click on Ok Click On TOOLS_OPTIONS Click on Expert Advisors At this stage, make certain that you have checked and unchecked all the boxes exactly as shown below in order to ensure correct PRINCE FX EA MT4 operation.
After placing PRINCE FX EA MT4 on the chart, you should see a smiley face in the upper right hand corner of your chart. This means the robot is running. If you do not see a smiley face, make certain that under Properties on the menu bar, the Allow Live Trading box is checked. If it is checked and you still do not see a smiley face, go to Tools on the menu bar and select Options. A popup will appear. Select the Expert Advisors Tab and check both the Enable Expert Advisors box and the Allow Live Trading box. You can enable or disable PRINCE FX EA MT4 from the Expert Advisor button at any time. Now your EA is set up for the first chart After you mounted the EA on the first chart, you need to set up the second chart too. You will need to mount the EA to the second chart, 3 rd chart and so on.the installation of the second, 3 rd and all charts is the same as the first one, the only difference is the magic number and time frames The best and tested time frames and Minimum Distance level for the above stated pairs are recommended as below USDJPY >15 Minutes Time Frame & Distance value 20 PIPS 30 Minus Time Frame & Distance Value 15/20 Pips GBPUSD (20), USDCHF (20), AUDUSD (15), EURJPY (20), NZDUSD (15), EURUSD (15), EURGBP (15) XAUUSD >30 Minutes Time Frame and Distance Value 200
PRNCE FX EA MT4 settings You can edit PRINCE FX EA MT4 Robot settings by right clicking anywhere on the chart and selecting Expert Advisors -> Properties. PRINCE FX EA MT4 automatically authorizes itself when used for the first time on an account. Periodic license verification also occurs every 24 hours. EA_MAGIC: A unique identifier through which PRINCE FX EA MT4 recognizes and manages its own positions. If you use other expert advisors on the same account, please ensure that each of them has a distinct unique identifier. EA_TF: The Time Frame of the PRINCE FX EA MT4 is crucial to be matched with the time frame you choose for any pair on your Chart LOTS: This determines the trading volume used in the beginning of the position. When you set it 0.02, 0.03 or 0.04 lots the PRINCE FX EA MT4 will trade using the fixed lot strategy for the multiple orders in sequence as well. If you set it 0.05 or above any volume then the EA will use lot multiplier for multi orders in sequence. MAX_SPREAD: Maximum allowed Spread for any pair if you set it as 3pips when in the high volatility market the spreads are widened the EA will not execute any order on those pairs that spread goes above 3pips. TRAILING_STOP: proximity to trail stop levels in standard (4 digits) pips. TRAILING_STEP: Determines if trailing step is used ENABLE_BUY: Determines if buy mode is enabled or disabled ENABLE_SELL: Determines if sell mode is enabled or disabled
TRADES COMMENT: This variable determines if the EA will show Onscreen Comment or not. MINIMUM_DISTANCE: Determines the gap/distance between multiple orders Risk Management Hints Risk management is of fundamental importance in attaining optimum Forex trading results. It pays to think carefully before deciding what percentage of your account to expose to risk in each individual transaction. If your account is significant in extent and importance and if you do not wish to take unnecessary risk, then you ought to settle for a very low lot size in a grid cycle. In such case, you may expect a return on investment in the order of 10 to 100 percent on an annual basis. If your account is not significant in extent or importance, and if you can afford to assume significant risk, then you may select a high lot size. In such case, you may expect a return on investment in the order of 200 and 1000 percent on an annual basis. Bear in mind, however, that the level of risk assumed means that the chance of losing the entire account increases. In reality, perhaps the most widely assumed risk per individual transaction is 1 percent, and for a good reason. Assuming 5 percent risk and applying a good trading strategy, your chances of steady long-term profit are significant, while the risk of losing the entire account is minimized
RISK MANAGEMENT SETTINGS Forex Account Type Micro, Cent, Micro/ECN, Standard/ECN Minimum Deposit Required $250 $2,500 $5000 $10,000 $25,000 $250,000 3Pairs Max 4 Pairs Max 5Pairs Max 8Pairs Max 10 Pairs Max 15 Pairs Max Recommended Lot Size 0.01 0.03 0.05 0.1 0.3 1Lot Terms of Use and Risk Disclosure U.S. GOVERNMENT REQUIRED DISCLAIMER FOREX trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the FOREX markets. Don t trade with money you can t afford to lose. This is neither a solicitation nor an offer to Buy/Sell currencies, futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. Trading foreign exchange on margin carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you. As with all investments, you should not invest money that you cannot afford to lose. Before deciding to invest in foreign exchange, you must carefully consider your investment
objectives, level of experience, and risk appetite.additionally, you must be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor. Past results are not necessarily indicative of future success. By using PRINCE FX EA MT4, you acknowledge that you are familiar with these risks and that you are solely responsible for the outcomes of your decisions. We accept no liability whatsoever for any direct or consequential loss arising from the use of this product. It's to be noted carefully in this respect, that past results are not necessarily indicative of future performance. Your purchase PRINCE FX EA MT4 serves as your acknowledgement and representation that you have read and understand these TERMS OF USE and that you agree to be bound by such TERMS OF USE ("License Agreement"). Copyright Information REPRODUCTION AND OR TRANSLATION OF ANY PART OF THIS WORK BY ANY MEANS ELECTRONIC OR MECHANICAL INCLUDING PHOTOCOPYING BEYOND THAT PERMITTED BY COPYRIGHT LAW WITHOUT THE PRIOR WRITTEN PERMISSION OF THE PUBLISHER IS UNLAWFUL. Copyright 2017 PRINCE FX EA MT4, www.princefxtrading.com - All Rights Reserved Author: Shehzada Behram Email: info@princefxtrading.com Skype: pmizaajint