Going Live Any Tips ???

[Aussie]

Hi Guys,

I would like your inputs?

Choosing Broker IBFX....

I'm going live deposit of $500 & my settings are below any tips and feedback would be nice :)

I did a Backtest on $500 and generated $2778 Period 1/10/08 to 31/10/08..
Cool:cool:

My Settings are below....

Trading Only EUR|USD M5 not M1

Lots= 0
LRR= 1
Max Ord=3
MaxLots=100
Stop Time=1
aaa=20
bbb=8
TP=20
SL=0
TS=0
Period MA=200
TypeMA_0_3=1
Rest is default.

Any Feed Back would be nice :)

Regards,

Aussie

[echaz]

i'm using almost the same settings on my live account and get great results.. but as many other people here i would also recommend to set the LRR to 2 or maybe 3 and only one maxorder.. risk is the same but you don't have that many trades open.

[Nelstradamus]

Aussie, like echaz said, change LRR=3 (for 3% risk) and Maxord=1. Only trade 1 currency pair at a time and use the LRR to adjust your risk. 3 x 1 = 3

If you follow that rule you should do well.

[Aussie]

Thanks for you input Guys I appreaciate your help. :)

Why one max order? Is it because that I have only $500 deposit?

Do you think I should deposit $1000? With 2 Max Orders?

Increasing LRR? Does that you give you more profit?

Are you guys running EURUSD M5 or M1?

Thanks againg for your tips.

Regards,

Aussie

[Nelstradamus]

Thanks for you input Guys I appreaciate your help. :)

Why one max order? Is it because that I have only $500 deposit?

Do you think I should deposit $1000? With 2 Max Orders?

Increasing LRR? Does that you give you more profit?

Are you guys running EURUSD M5 or M1?

Thanks againg for your tips.

Regards,

Aussie


Use max order=1 so you only have one trade going at a time. Why have two trades open that are 5 pips apart? One trade, one currency = best practices.

MaxOrder x LRR = Risk .. . . Example: Max=5 and LRR=2 then 5x2=10%risk, if Max=2 and LRR=5 then 2x5=10%risk….get it? if you run Max=1 and LRR=2 then you'll have 2%.

LRR=? (whatever risk you want to trade at 2=2%, 5=5%, etc) To be safe with any account size keep this at 1 or 2 to stay alive and trade for years to come.

We've started trading off the M5 chart because the results are smoother/better.

It won't matter if your account is $500 or $2K, just set your parameters and lets FAP work it's magic. You'll be able to grow your $500 account to $2k in weeks or months time.

[Aussie]

Nelstradamus I would like to THANK YOU AGAIN :)

You are a LEGEND!!!!

Regards,

Aussie

[Earl]

Use max order=1 so you only have one trade going at a time. Why have two trades open that are 5 pips apart? One trade, one currency = best practices.

MaxOrder x LRR = Risk .. . . Example: Max=5 and LRR=2 then 5x2=10%risk, if Max=2 and LRR=5 then 2x5=10%risk….get it? if you run Max=1 and LRR=2 then you'll have 2%.

LRR=? (whatever risk you want to trade at 2=2%, 5=5%, etc) To be safe with any account size keep this at 1 or 2 to stay alive and trade for years to come.

We've started trading off the M5 chart because the results are smoother/better.

It won't matter if your account is $500 or $2K, just set your parameters and lets FAP work it's magic. You'll be able to grow your $500 account to $2k in weeks or months time.9 posts and this guy is a pro! LEGEND INDEED:rolleyes:

I haven't seen one thing this guy has put forth on this forum....

what a poser!:D

[Nelstradamus]

9 posts and this guy is a pro! LEGEND INDEED:rolleyes:

I haven't seen one thing this guy has put forth on this forum....

what a poser!:D

:eek: Wow! I didn't ask for your resume when you started posting Earl. I sure hope you're kidding.

[Earl]

:eek: Wow! I didn't ask for your resume when you started posting Earl. I sure hope you're kidding.LOLOL I'm just buggin you...for forex trading what you said is dead on the money..

I'm not a forex trader I'm a faps user...LOL I threw everything I know about trading out the window...except the use of my indicators...LOL

I threw everything in the faps hand book out the window...nothing in those pages actually work

I'm just a glory hound...LOL don't listen to me :D

no one called me legend:(

[Aussie]

Earl I say it again you are not a Legend But you are a MASTER

If it wasn't for your settings I would have open a live Account...

I'm serious I have being studding your post and testing your settings over a month...

But also thanks to other guys who puts some input on my settings....

Again You are a Master in Fabs Earl.....

Keep Up the Good Work.....:)

[Nelstradamus]

:) Big HUGS for Earl :) You're an endless bucket of knowledge and have been pivotal in the FAP settings I am now using so I thank you once again.

[Earl]

:) Big HUGS for Earl :) You're an endless bucket of knowledge and have been pivotal in the FAP settings I am now using so I thank you once again.
You guys know how to keep a glory hound happy!:D

hopefully everything holds together...so far I'm going just fine!:D

[wishiwasrich]

Hello Everyone,

Been following this for a while, and want to go live next week. Bit nervous about it, can anyone recommend the best broker to use and $ amount I should start with? I am thinking about using the Eur/USD at M5. Any suggestions would be awesome. Thank you

[DayTrader]

Use max order=1 so you only have one trade going at a time. Why have two trades open that are 5 pips apart? One trade, one currency = best practices.

MaxOrder x LRR = Risk .. . . Example: Max=5 and LRR=2 then 5x2=10%risk, if Max=2 and LRR=5 then 2x5=10%risk….get it? if you run Max=1 and LRR=2 then you'll have 2%.

LRR=? (whatever risk you want to trade at 2=2%, 5=5%, etc) To be safe with any account size keep this at 1 or 2 to stay alive and trade for years to come.

We've started trading off the M5 chart because the results are smoother/better.

It won't matter if your account is $500 or $2K, just set your parameters and lets FAP work it's magic. You'll be able to grow your $500 account to $2k in weeks or months time.

Maxord=1 ???
I'm not convinced that it is all that smart, because if the trend is moving against that order, and especially if running with high or no SL that order could be open for days or even weeks.... And during that time all focus will be on that order and no new orders would be free to capitalize on the new trend. I'd say have Maxord=2 to 4.

[Earl]

Maxord=1 ???
I'm not convinced that it is all that smart, because if the trend is moving against that order, and especially if running with high or no SL that order could be open for days or even weeks.... And during that time all focus will be on that order and no new orders would be free to capitalize on the new trend. I'd say have Maxord=2 to 4.1 is safe...say if both orders are in the same direction...say all 4 are in the same direction...

if your using the M5 and a stop time of 1 then all the order clump together....if you move up the stop time ie 10 then you get big drawdowns like 80%:eek:

the most I would go is 2...

[Earl]

I have a demo sitting with 10 orders buy and sell all over the place for days..because I didn't close them out

eurusd 1.2401 area
eurusd 1.3554 area

thats 10 trades dead in the water ...margin% is floating at around 250
margin call waiting to happen


no orders will open and I doubt that I will get all those positions closed..

I'll stick with 1 trade 1 currency 1 sound CHA-CHING!

[wishiwasrich]

Hi Earl

Any suggestions on my prior post?

thanks

[Earl]

Hi Earl

Any suggestions on my prior post?

thanksI like FXDD.... but thats just me.... if you can afford it go 10K...but if you just want to play 1k is good

10 k makes money fast..and there is a bit of room for mistakes and adjustments

1k tight

M5 is the way to go....my live account has improved so much since I been trading M5

what ever settings you use don't use the default settings...it's a train wreck waiting to happen...

the only thing else I would say is backtest until you find some that YOU are comphy with.....not everyone has the same stomach for risk

good luck
Happy Capitalism!!!

[DayTrader]

1 is safe...say if both orders are in the same direction...say all 4 are in the same direction...

if your using the M5 and a stop time of 1 then all the order clump together....if you move up the stop time ie 10 then you get big drawdowns like 80%:eek:

the most I would go is 2...

Yes 1 is safe(est) but we also want to make money. Obviously all open orders could be heading the wrong way for a long time. But statistically only two of them would, and the others who are trading could well make up for any losses.
Earl, would you care to post a report from your live account ?

[Earl]

I did it's in the Earl's Fap Settings thread....

I'm looking at my screen right now where all 10 trades are in the -minus

we are just sitting between them all...10 trades 4 buys 6 sells

I kept faps running on my demo account on the M1 chart

if that way my live account I'd be screwed...

it will most likely margin out

[Earl]

trading is like a fast car....step on the gas to hard you just spin your wheels lose control and crash....

you just got to take your time...thats something I have to learn as well

[alan]

I have a demo sitting with 10 orders buy and sell all over the place for days..because I didn't close them out

eurusd 1.2401 area
eurusd 1.3554 area

thats 10 trades dead in the water ...margin% is floating at around 250
margin call waiting to happen


no orders will open and I doubt that I will get all those positions closed..

I'll stick with 1 trade 1 currency 1 sound CHA-CHING!

Earl, what happened to your 1 order max is bad philosophy? Had a change of mind?

[alan]

trading is like a fast car....step on the gas to hard you just spin your wheels lose control and crash....

you just got to take your time...thats something I have to learn as well

Well said. Patience and proper risk and money management is what separates the winners from the losers in the Forex game.

[Pullice]

Earl, most of us are going live, using bits and pieces of info from all over the forum, but mostly your info, If we loose, we hunting you down baby.

[Earl]

Earl, what happened to your 1 order max is bad philosophy? Had a change of mind?I like to play with the demos and dream...lol