Stop Loss???

[Silvester]

I know Auto Pilot does not use Stop Loss but:
I have a concern about trading without some kind of stop loss safety.
ie. If my computer of internet goes down or if there is a large change in the market on a loosing trade. I would like to protect against a $1000.00 to $2000.00 loss or a disastrous liability.
Does anyone have some ideas
I have a $3000.00 deposit.

[n1ghtnday]

I know Auto Pilot does not use Stop Loss but:
I have a concern about trading without some kind of stop loss safety.
ie. If my computer of internet goes down or if there is a large change in the market on a loosing trade. I would like to protect against a $1000.00 to $2000.00 loss or a disastrous liability.
Does anyone have some ideas
I have a $3000.00 deposit.

Using a stop loss with FAPS will most likely render your deposit useless anyway. You're better off leaving FAPS running without a stoploss, or for sanity reasons keeping it really high (300-500). If you backtest you will notice that stop losses kill most accounts with FAPS.

FAPS is designed to make trades that will eventually make profit. Not ALL the time, but this is why it is also important to watch trades during announcements and cut your losses while you're ahead.

Don't forget that money management needs to be applied to FAPS. This is definitely not a "set and forget" system as it sometimes can make a bad trade (ie. fundamental announcements, etc.).

Stop losses are definitely trouble with this EA. If you want a more stable platform to use EAs with then I suggest visiting this thread: http://forexautopilotforum.com/showthread.php?t=125

-nnd

[mystikdragon7]

If you want to play it a bit on the safer side then using a stop loss is a good thing. If you want to be more of a risk taker then a stop loss of 0 can be used. A lot of us here use a stop loss of 0 and are doing really good with that. And a lot of us here use a stop loss and are doing just as good. If you use a stop loss then a setting of 300 or higher is good to start with. Use some backtesting to fugure out what SL is a good setting for you.

[^eagle^]

FAP does have a stoploss.

That is a big misconception.

It has three actually.

End of month closeout--closes out all losing trades on the first of each month (does not seem to work when first is on a weekend)

Disaster trade---Just before the big fall inAugust I noticed FAP's Stop loss initialize. the Take profit box turned yellow while I was holding a losing position. But it did not execute the stiop. After anothe 100 pips I manually closed the position . i closed it manually thinking something wasn't right and changed it to short only. This saved my accou nt.

whipsaw stop___ This stop initiates when right after a trade the market immediately turns against it. I've seen this happen a few times. It has to whipsaw very hard to trigger this stop. It usually stops around break even.

So there are stops in place. Its just that they are very hard to trigger.

[alan]

FAPS is supposed to close losing trades according to its own internal indicators, but they rarely kick in. I saw FAP close a losing trade without hitting the SL (and no it wasn't the end of the month) last week, but like I said this is a rare occurence. For the most part FAPS just let's the trade ride.