demo account got killed today

[echaz]

hi!

my demo account was running very well the last 2 weeks.. i made lots of profit but today it got killed. i started with a 1000$ account.
0.1 lots...
3 max orders...
20 takeprofit...
350 stop loss...
the rest is default...

i traded on eur/usd and gbp/usd at the same time with the settings above..

please tell me what are my mistakes..


another question:
would it be smart if i trade on, lets say 6 different currencies, but with only 1 max order so that i have max. 6 orders at one time?

because my account got killed because of 3 sell orders on one currency.. so this could be avoided if i trade on 6 different currencies or?

[^eagle^]

hi!

my demo account was running very well the last 2 weeks.. i made lots of profit but today it got killed. i started with a 1000$ account.
0.1 lots...
3 max orders...
20 takeprofit...
350 stop loss...
the rest is default...

i traded on eur/usd and gbp/usd at the same time with the settings above..

please tell me what are my mistakes..


another question:
would it be smart if i trade on, lets say 6 different currencies, but with only 1 max order so that i have max. 6 orders at one time?

because my account got killed because of 3 sell orders on one currency.. so this could be avoided if i trade on 6 different currencies or?

Your lots were WAY to high for your account. If you were making a dollar a pip that is way overleveraged.

with 1000usd a dime a pip is sufficient.

That is .01 lots

Take the time to read about money mangement. It is THE MOST IMPORTANT THING TO LEARN IN FOREX EVEN TRADING WITH A ROBOT>

Google : forex Money management

You will find tons of useful info out there.

Money management is king. without it you are doomed to fail.
It's more important than any indicator or EA or fundemental analysis. It should be the very FIRST thing you learn in Forex.



You must understand leverage and what it can do to your account.

This is especially true with this EA because of Draw downs.

[echaz]

oh thank you very much.
that's something new for me as a newbie :)

thanks!

[alan]

echaz, do yourself a really really big favor and learn this stuff (money management in particular) before you ever think of taking FAPS live.

Cheers,
Alan

[Short14]

Why would an EA work better on one currency pair vs another?
I have been trading the eur/usd and usd/chf with great success.
Since monday I set the FAP on eur/chf with a lot size of .01 it has made 5 succesful trades. I am just curious as to why they say the FAP is only for eur/usd:confused:

[Earl]

If you keep with the settings faps comes with...it will be fine...faps will hold it's own with most pairs....But..I find you carry big losses and may end up in the end loosing all gain..

but that was just my experience

[alan]

Why would an EA work better on one currency pair vs another?
I have been trading the eur/usd and usd/chf with great success.
Since monday I set the FAP on eur/chf with a lot size of .01 it has made 5 succesful trades. I am just curious as to why they say the FAP is only for eur/usd:confused:

Well, perhaps because the trading system it uses is designed to work best with highly liquid and stable pairs such as the eur/usd..?

[echaz]

yesterday i've opened two new demo accounts... mini accounts with 1000$ deposit.

on one account i'm trading two currencies with a max order of 3
on the other account i'm trading on 5 different currencies with max order 1

the problem is, that i'm losing on both accounts.. the settings are on both accounts same

lots 0.3
takeprofit 20
stoploss 90

i've read some articles about money management and as i understood my stoploss should be 1 -3% of my deposit, is that right- then should 90 be the right setting.

i the stoploss too low? or should i stop to trade with different currencies and start to trade only with eur/usd?

[Skytrader]

Set your Max Order to 1 and Stop Loss to 50 then allow it to run for a day without interruption. You should profit on a mini account but if you are looking for over $500 a day you might want to deposit more money and go standard.

[Short14]

Set your Max Order to 1 and Stop Loss to 50 then allow it to run for a day without interruption. You should profit on a mini account but if you are looking for over $500 a day you might want to deposit more money and go standard.

I would set the stop loss at 350 and just make sure your lot size and amount of trades wont get you a margin call before you reach your stop loss. I have mine set at 350 and it has done over 50 succesful trades with no losses in the past 15 days

[alan]

yesterday i've opened two new demo accounts... mini accounts with 1000$ deposit.

on one account i'm trading two currencies with a max order of 3
on the other account i'm trading on 5 different currencies with max order 1

the problem is, that i'm losing on both accounts.. the settings are on both accounts same

lots 0.3
takeprofit 20
stoploss 90

i've read some articles about money management and as i understood my stoploss should be 1 -3% of my deposit, is that right- then should 90 be the right setting.

i the stoploss too low? or should i stop to trade with different currencies and start to trade only with eur/usd?

Yes the stop loss is way too low. Also 5 different currencies on a $1000 account is quite pushing it - too risky. Either increase your account size 5 times or just stop trading multiple currencies and stick with eur/usd.

As for SL I'm using 300. So far it hasn't been hit so it's sufficiently wide so far.

[Short14]

Well, perhaps because the trading system it uses is designed to work best with highly liquid and stable pairs such as the eur/usd..?

In your opinion what other pairs would be considered stable?:confused:

[^eagle^]

In your opinion what other pairs would be considered stable?:confused:

Some pairs that I have either had success or have seen success.

GbP/usd
AUD/USD
USD/CHF
USD/CAD
USD/NZD
I tested The aud/NZD but find the "twitchy ones" that is longer candles, have less than average performace.

Havent tested the yen crosses but They look twitchy so i avoid them.

[^eagle^]

I would set the stop loss at 350 and just make sure your lot size and amount of trades wont get you a margin call before you reach your stop loss. I have mine set at 350 and it has done over 50 succesful trades with no losses in the past 15 days

Yes, Enough with the low stop losses. The EA designed to run without one. I put the 350 Just so I could sleep at night and avoid a Death drop or a sky rocket.

[alan]

In your opinion what other pairs would be considered stable?:confused:

I only tested GBP/USD and according to my backtests the performance is very much similar to that of EUR/USD. But I don't like trading any other pairs due to the wider spread (GBP/USD is typically 4 pips). My opinion is that FAPS works best with highly liquid pairs such as EUR/USD, GBP/USD, and USD/CHF.

[alan]

Yes, Enough with the low stop losses. The EA designed to run without one. I put the 350 Just so I could sleep at night and avoid a Death drop or a sky rocket.

lool...yeah, I too tend to sleep better knowing that in the worst case scenario even if I lose it won't be the entire account. I've got my SL at 300 for now and so far it has been sufficiently wide to cover the swings in the EUR/USD. I'm really liking this ranging market :D ...FAPS is very successful in this market pattern.

[hazelj80]

hello, new guy and user here. i found you can use all the major US crosses

GBP/USD
EUR/USD
USD/CHF
NZD/USD
AUD/USD
USD/JPY
USD/CAD

lotsriskreducer set at 3.6 on each pair
one trade open on each pair

no losses yet today and it took my 3000 paper acct and made 314.00 so far and no S/L in 8 hrs! the software works on pullback it looks like so I'll let it do it's thing. i saw a trade go 100 pips against me at a dead time of day then turn right around 12 hrs later.