Guys Little Advice & Need Help Don't be stupid than me Lost $7000 in 2 weeks :(

[Aussie]

Hi Guys want to give a little advice & Need Help with 2Q's?? !!!

I'm a begginer of Trading in Forex I have learnt a lot in the last 2 weeks but also lost $7000 in two weeks. I used Forex Trader and lost the lot and now starting from scratch trying to Backtest and running demo account to see how EA Works.

Do not make a mistake on what I did $7000 man if my wife found out she would divource me :(.

Anyway if anyone can help me i have two questions to ask?????

Q1.) Try doing backtesting but nothing happens?

Q2.)When I click on anypair it tells me chart05.chr was not found?

Thanks for your time.

Regards,

Aussie

[alan]

Hi Guys want to give a little advice & Need Help with 2Q's?? !!!

I'm a begginer of Trading in Forex I have learnt a lot in the last 2 weeks but also lost $7000 in two weeks. I used Forex Trader and lost the lot and now starting from scratch trying to Backtest and running demo account to see how EA Works.

Do not make a mistake on what I did $7000 man if my wife found out she would divource me :(.

Anyway if anyone can help me i have two questions to ask?????

Q1.) Try doing backtesting but nothing happens?

Q2.)When I click on anypair it tells me chart05.chr was not found?

Thanks for your time.

Regards,

Aussie

Rule #1 in forex, NEVER EVER EVER trade with live funds until you have thoroughly backtested and forward demo tested ANY trading system or EA. Forex is not a get rich quick game, so please everyone do not go into this having that mentality because I can nearly guarantee you will get burnt.

Q1) Ensure that you enter the FAPS activation key in the expert properties window. Also make sure you have updated your price data history. Go to Tools -> History Center - and click on download once you've selected the EUR/USD pair

Q2) In this case you need to reinstall your demo platform.

[Aussie]

You are right Alan It's not a really Get Rich Game I thought I was making money trading Forex because some days I make $500 to $1800 and then other days I loose the Lot.

I did reinstall it. The BackTest Works fine. Beauty :)

I have being doing some backtest results on $5000?

I get the following

Using the following settings:

Lots=0.5
TakeProfit=200
StopLoss=0
MaxOrders=1
MaxLots=1
Trailing Stop=0
Slip Page=30

Net Profit=$9437

Does the above setting sound right? or
Should I use the default below?

Lots=0.1
TakeProfit=20
StopLoss=0
MaxOrders=1
MaxLots=1
Trailing Stop=0
Slip Page=3

Net Profit=$1177

It makes a big difference from the above results.. Is that because of the Lots and Take Profit???

How does the Lots work again? Does it 0.1= 1Pip .05=5 Pips???

Thanks Again for your help Alan You Are a Legend :)

[alan]

You are right Alan It's not a really Get Rich Game I thought I was making money trading Forex because some days I make $500 to $1800 and then other days I loose the Lot.

I did reinstall it. The BackTest Works fine. Beauty :)

I have being doing some backtest results on $5000?

I get the following

Using the following settings:

Lots=0.5
TakeProfit=200
StopLoss=0
MaxOrders=1
MaxLots=1
Trailing Stop=0
Slip Page=30

Net Profit=$9437

Does the above setting sound right? or
Should I use the default below?

Lots=0.1
TakeProfit=20
StopLoss=0
MaxOrders=1
MaxLots=1
Trailing Stop=0
Slip Page=3

Net Profit=$1177

It makes a big difference from the above results.. Is that because of the Lots and Take Profit???

How does the Lots work again? Does it 0.1= 1Pip .05=5 Pips???

Thanks Again for your help Alan You Are a Legend :)

It's because of the take profit. The take profit for the frist test is a bit too large IMHO. Not to mention you've got no trailing stop on it, so basically you have to prey that your trade reaches the astronomical take profit level of 200 pips. This does not happen all the time - sometimes you do get lucky.

In my opinion with FAPS it's better to have small take profit settings.

Lot size values (in $) depends on the type of account you're running - ie mini or standard

On a mini 0.10 = $0.10 per pip, 1 = $1 per pip and so on
On a standard account 0.01 = $0.10 per pip, 0.10 = $1 per pip and 1 = $10 per pip