How does ForexAutoPilot Work & How to Configure it? Lost Already $5000 in 2 Weeks :(

[Aussie]

Could Anyone Please help Me I'm a new begginer in Trading a stupid of me I have already lost $5000 in two weeks and now purchase ForexAutoPilot but confused on how to use the thing. I have posted few Question if anyone could answer them I would really appreciate it. Any Tips would help.

Could anyone help on the questions Below??


Q1) Do I have to a make a new order first buy or Sell and then drag

Forex AutoPilot to a EUR|USD chart?



Q2) If I dragged Forex AutoPilot to a chart ex. EUR/USD does it automatically

Open a new position or Order for me automatically without putting an Order In?



Q3) If I was loosing on a position does Forex AutoPilot close that position

Automatically or do I have to do it manually?



Q4) Do you need to configure the Stop Loss or Take Profit from the Input of Forex AutoPilot or do you leave it as default?



Q5) If Forex AutoPilot was in a position on taking a Long Trend and making Profit and then Suddenly the Trend When Down does it holds the profit? If it then it takes a Short Trend do you loose your previous Profit or make more
Profit on the short Trend? What happens to the Previous long Profit?


Q6) Could you please give a configuration of steps on the best way on how to configure Forex AutoPilot?

Thanks You for All Your Help :)

Regards,

Aussie or email me on sadikf@yahoo.com

[alan]

Could Anyone Please help Me I'm a new begginer in Trading a stupid of me I have already lost $5000 in two weeks and now purchase ForexAutoPilot but confused on how to use the thing. I have posted few Question if anyone could answer them I would really appreciate it. Any Tips would help.

Could anyone help on the questions Below??


Q1) Do I have to a make a new order first buy or Sell and then drag

Forex AutoPilot to a EUR|USD chart?


No. Just rightclick on the EUR/USD currency pair there to the left where it says MarketWatch. Then click on "Chart Window" It will open a new chart on the EUR/USD pair. Now you have to click on "M1" at the top there to switch the time frame to 1 minute. Then you can drag and drop Forex Autopilot to the chart, set your activation key and let it rip.



Q2) If I dragged Forex AutoPilot to a chart ex. EUR/USD does it automatically

Open a new position or Order for me automatically without putting an Order In?


Yes, of course.That is the whole point of an automated trading system such as Forex Autopilot. Check to make sure you see a smiley face at the top right of the Forex Autopilot M1 EUR/USD chart. If you see a frown it means expert advisors are not enabled. To do so click on the 'Expert Advisors" button there at the top of your MT4 platform.


Q3) If I was loosing on a position does Forex AutoPilot close that position

Automatically or do I have to do it manually?


It will close it automatically. Beware that if you're holding on to a losing position, not matter how big it is FAP will close it at the end of the month. Think of this as a "start fresh" protective measure. It basically gives up on a position after a month.


Q4) Do you need to configure the Stop Loss or Take Profit from the Input of Forex AutoPilot or do you leave it as default?


Depends on your preference. If you're just beginning with FAP I'd suggest you leave the defaults on. Run FAP on a separate demo account and play with the settings on THAT account. Experiment, backtest, play around, it's the best way to learn.


Q5) If Forex AutoPilot was in a position on taking a Long Trend and making Profit and then Suddenly the Trend When Down does it holds the profit? If it then it takes a Short Trend do you loose your previous Profit or make more
Profit on the short Trend? What happens to the Previous long Profit?


You gotta make your question a bit more clear. FAP closes a position when it hits the Take Profit level (default 20 pips). This happens no matter whether it is short or long.

If a trade reverses WITHOUT the take profit being hit, FAP just waits and let the trade ride until the take profit gets hit, or at times the internal indicators may decide to close the trade.

By default FAP trades on position at a time, so you don't have this scenario of it taking trade in different directions. If you set teh max number of trades to anything other than 1 this MAY occur. I'd recommend you stick to 1 trade for now. Later on when you progress and become a more advanced user you can play with multiple open trades.


Q6) Could you please give a configuration of steps on the best way on how to configure Forex AutoPilot?

Thanks You for All Your Help :)


Whew! Just when I thought the questions would never end ;)

Leave the defaults on for now. That is the best way to configure it for now. Browse this forum and see what settings others are using and test them on a separate demo account and if you find them profitable you can change them from the defaults, but like I said, as a beginner I suggest you leave the defaults the way they are.

Btw, don't post your e-mail in a raw format as spam bots can easily pick it up - it's up to you though.

Cheers,
Alan
your friendly neighborhood forum admin

[Aussie]

Alan Thanks Thanks for your help you are a Legend I really apprecaite your help.

One more question if you don't mind?

If EA opened a Sell Trade Automatically on EUR|USD and I was loosing money on it and then I close it manually is that O.K? Instead waiting for a whole month inorder it to close the Sell Position!!!

[alan]

Alan Thanks Thanks for your help you are a Legend I really apprecaite your help.

One more question if you don't mind?

If EA opened a Sell Trade Automatically on EUR|USD and I was loosing money on it and then I close it manually is that O.K? Instead waiting for a whole month inorder it to close the Sell Position!!!

Yes it is okay. The robot will open another position at the next opportunity that it sees. Just keep in mind that trades take time to develop, so don't expect always to be in profit right away. If you do I'm afraid you'll be unpleasantly surprised at how the forex market treats folks with such ideas.