newb

[Olafur Einar]

hi there
I recently bought forex autopilot and started a demo account with 3K. I did ass I was told in the setup but I am loosing money fast! I'm down to 600USD
what am I doing wrong?
can anyone help me please?

[Olafur Einar]

like what should my settings be ? lust sett my lots to 0.01 and that seems to make it a bit better, what should the other settings be for a 700dollar account?

[Pavarotti]

hi there
I recently bought forex autopilot and started a demo account with 3K. I did ass I was told in the setup but I am loosing money fast! I'm down to 600USD
what am I doing wrong?
can anyone help me please?

Don't use the default setting, I don't find them to work.

Do some back testing with different settings and then see if you can find something that works better.

I am currently running optimization (2008/03/01 - 2008/10/30) and should have some results by the end of the week, the best result I have sofar is the following parameters and then to forward test:

Results:
Trades: 457
Profit Factor:2.68
Expected Payoff:9.29
Drawdown:65.89%

Settings:

Lots=0.04
MaxOrders=5
aaa=25
bbb=3
TakeProfit=40
PeriodMA=90
PriceMA_0_6=1
TypeMA_0_3=1
LotsRiskReductor=0
MaxLots=100
StopTime=480
StopLoss=0
TrailingStop=0
UseMAControl=1
SpanGator=0.5
SlipPage=2
SafetyGapDemarker=0.2
SafetyGapWPR=0
StartWorkTimeHour=0
StartWorkTimeMin=0
EndWorkTimeHour=0
EndWorkTimeMin=0


I have a question or two while I'm at it...:rolleyes:

On the report what does Profit Factor and Expected Payoff mean?

Then on the EA's setting how does SpanGator, SafetyGapDemarker and SafetyGapWPR affect the EA or what does it do?

The help I got with it gives no explanation :confused:

Also the PriceMA_0_6 and TypeMA_0_3 I know can be set up for simple or exponentional, what about smoothed or Linear Weighted?

[Olafur Einar]

noticed that the lots dont go lower than .10 and the autopilot just bout and bout as the market was going up and up... ended with 3 lost trades all over a hundred... what is the reason for that? and why are we told to keep the original settings if that clearly dosn't work (as I was told here)? this is clearly more complicated than you are told on forexautopilot.com :P

how do I get the lots down to .04?

[mystikdragon7]

noticed that the lots dont go lower than .10 and the autopilot just bout and bout as the market was going up and up... ended with 3 lost trades all over a hundred... what is the reason for that? and why are we told to keep the original settings if that clearly dosn't work (as I was told here)? this is clearly more complicated than you are told on forexautopilot.com :P

how do I get the lots down to .04?

How much money did you start out with in your account? What is your TP at and how many max trades to you have set up? Go to your settings and next to lot size just move it down to .01

[newman]

As mentioned in my other thread, this EA cannot work alone, it definitely needs manual intervention for the long term survival. I believe we need a trading plan for this. Any forex guru can suggest potential plan ?

Im willing to create an EA extension to complement this FAP's EA if anyone can devise a sensible trading plan ?

[alan]

Don't use the default setting, I don't find them to work.

Do some back testing with different settings and then see if you can find something that works better.

I am currently running optimization (2008/03/01 - 2008/10/30) and should have some results by the end of the week, the best result I have sofar is the following parameters and then to forward test:

Results:
Trades: 457
Profit Factor:2.68
Expected Payoff:9.29
Drawdown:65.89%



That 65.89% drawdown is unacceptable in my book and it shouldn't be to any sane trader.

[alan]

noticed that the lots dont go lower than .10 and the autopilot just bout and bout as the market was going up and up... ended with 3 lost trades all over a hundred... what is the reason for that? and why are we told to keep the original settings if that clearly dosn't work (as I was told here)? this is clearly more complicated than you are told on forexautopilot.com :P

how do I get the lots down to .04?

You're probably running on a standard account. Look into getting yourself hooked up with a true mini account that offers micro and nano lots (IBFX being one example).

Who says the default settings don't work? They work, it's just that people don't have the patience to stick with them. They see a loss and the immediately assume the settings must be no good.

[Olafur Einar]

well thanks for your help :) as the title says, I am a newb at this and dont know anything about this at this time.

so just one last favor from you guys,

what would be the best plan for me here.

lover the lots and back to original settings?
what do you think?

thanks again...

[mystikdragon7]

You should move your lot size down to .01 while your're learning FAPS. As far as your TP and MT it's what you feel most comfortable with.

[Olafur Einar]

now its going better :)
Started of again with a demo account of 3000usd and after 2 weeks I´m close to 7000!! great profit there

but I have another question...

If I start a live account, how do I get payed?
how do I take money out of my MetaTrader account and over to my bank account?

[^eagle^]

Beore you go live I suggest you go through babypips.com school of pipsology.

You need to have an understanding of what you are gettin g into.

10 days is jsut not nenought ime to demo. You need to understand what this is.

It's not a game. Its an investment and you need to treat it as such. You will get eaten alive if you dont


That being said Your broker usually has a ew diferent options for funds transfer.

I use a wire service like bps.com
Some brokers have paypal
and others have debit cards linked directly to the account.

Do your due dilligence. And find a good broker.

The three that seem to come to mind the most are
FXDD
IBFX
alpari

Others include
onada
FXCM


You are probably using forexmeta which is an introducing broker
They run on FXDD's price feed. So i suggest cutting the middle man.

[Earl]

now its going better :)
Started of again with a demo account of 3000usd and after 2 weeks I´m close to 7000!! great profit there

but I have another question...

If I start a live account, how do I get payed?
how do I take money out of my MetaTrader account and over to my bank account?your broker pays you ...if your deposit comes from your credit card it'll go back to your pay pal account..

if you wire it...they wire it


demo account is nothing like a real account...server operation are different

[Sooner]

Eagle is 100% correct, the money invested must be treated as such and any negligence on your part with not paying attention to the account or to the market is likely to get your starting capital wiped out. Baby pips has some great information regarding the basics of the forex trading and you should read through it until you understand it, or continue asking questions until it all makes sense.

Before you throw any hard earned money at FAPS, it would be highly adviseable to really learn how it works on demo accounts and through some serious back testing, along with all the reading you can do on this forum. There are a myriad of different settings you can test with against any time frame you wish right here on this forum and many of them have been tweaked and discussed at length.

The best way to learn is to put it on a demo account and watch how it behaves and then backtest different settings to find what gives the best return for you and your capital. Yes the default settings work (with good money management) but there is always room for improvement and that is what we are here trying to accomplish. There is no perfect system but you have some very knowledgeable and driven folks right here who are trying to get as close as possible with the free exchange of ideas and information.

[Olafur Einar]

I,ve been reeding trough the babypips and noticed that there they say that its not a good idea to start an account with less than 5-10.000 USD... is that right?
FXAP maybe a different deal?

and Eral: why do the real accounts operate differently? then whats the point of a demo account?

thank you for your help.