Auto pilot settings question

mystikdragon7 · #1 09-20-2008, 10:32 PM

Ok, big questions here,
I am trying to figure out what all this mumbo jumbo means. I have opened three demo accounts and all of them with a $500 deposit. I have been currently trading EUR/USD and USD/JPY both with the same specs listed below for about three days now. Two accounts are with FXDD and the third is with Alpari. One of the FXDD accounts is down to $148 and the other is at $350, and the Alpari account is up to $868 with an equity balance of $431. Looking at my specs do any of them look wrong or off just a little? Does anyone have any suggestions? Does it matter what brokerage firm you use? It almost looks better to have a foreign account. One more thing, what do all the ones with the question marks mean?
Thank you!!

lots--0.1
lots risk reducer--1.0 ?
max orders--3
max lots--100 ?
stop time--5 ?
aaa--13 ?
bbb--14 ?
take profit--20.0
stop loss--0
trailing stop--0
use ma control--1 ?
period ma--100 ?
price ma_0_6--0 ?
type ma_0_3--0 ?
spangator--0.5 ?
slip page--3 ?
order magic--231313 ?
safety gap marker--0.2 ?
safety gap WPR--0 ?
start work time hour--0
start work time minute--0
end work time hour--0
end work time minute--0

alan · #2 09-20-2008, 11:57 PM

Quote:

Originally Posted by mystikdragon7

Ok, big questions here,
I am trying to figure out what all this mumbo jumbo means. I have opened three demo accounts and all of them with a $500 deposit. I have been currently trading EUR/USD and USD/JPY both with the same specs listed below for about three days now. Two accounts are with FXDD and the third is with Alpari. One of the FXDD accounts is down to $148 and the other is at $350, and the Alpari account is up to $868 with an equity balance of $431.

$500? Ummm, why such a low amount? Realistically if you're going to use this expert advisor on such a small account you're basically asking asking to have your money be taken away! Perhaps if you had a micro account and traded with 1 cent per pip then you may be able to survive, but that's a whole other discussion.

Quote:

Looking at my specs do any of them look wrong or off just a little? Does anyone have any suggestions? Does it matter what brokerage firm you use?

I can. What's important is the quality of the price feed. There are slight but most of the times tiny differences in the quality of the price feed of various forex brokers. Some forex brokers will filter the price feed and remove "oddities" I'll see if I can dig up some info on this phenomenon. It is real and you must realize that a dealing desk broker has ABSOLUTE control over the price feed.

From my experience one broker whose price feed is not as filtered is IBFX. Thus expert advisors that do not like "jerky" price movements will probably not do well with this broker. Alpari has a very smooth price feed for the most part. I think it's the same with FXDD. These things take a lot of observance to notice and it is hard working tracking discrepancies among the various price feeds - it's tedious and boring work.

Quote:

It almost looks better to have a foreign account. One more thing, what do all the ones with the question marks mean?
Thank you!!

lots--0.1
lots risk reducer--1.0 ? -
max orders--3
max lots--100 ?
stop time--5 ?
aaa--13 ?
bbb--14 ?
take profit--20.0
stop loss--0
trailing stop--0
use ma control--1 ?
period ma--100 ?
price ma_0_6--0 ?
type ma_0_3--0 ?
spangator--0.5 ?
slip page--3 ?
order magic--231313 ?
safety gap marker--0.2 ?
safety gap WPR--0 ?
start work time hour--0
start work time minute--0
end work time hour--0
end work time minute--0

All these settings are explained in the ForexAutoPilotGuide.pdf file. You can download this pdf document in your forex autopilot Members Zone.

Hope this helps.

Cheerio.

Alan

mystikdragon7 · #3 09-22-2008, 05:30 PM

I actually did set up a mini account and thought $500 would be a good start. Should I try to start it with more capital? Or maybe lowering the lot size more?

alan · #4 09-22-2008, 07:32 PM

Quote:

Originally Posted by mystikdragon7

I actually did set up a mini account and thought $500 would be a good start. Should I try to start it with more capital? Or maybe lowering the lot size more?

Both! FAP is risky IMHO. Do not risk more than 1% of your capital is my suggestion. What lot size are you trading with on your $500 account?

mystikdragon7 · #5 09-22-2008, 09:49 PM

Quote:

Originally Posted by alan

What lot size are you trading with on your $500 account?

The lot size I'm using is 0.1, should I bring it down more? Thinking maybe I should.

^eagle^ · #6 09-23-2008, 04:48 AM

Quote:

Originally Posted by mystikdragon7

The lot size I'm using is 0.1, should I bring it down more? Thinking maybe I should.

Bring it down to .01 lots. Otherwise a 400 pip draw down will kill your account.

.01 lots on a mini is a dime a pip. You gotta work your way up to the big numbers. I'm learning this the hard way.

alan · #7 09-23-2008, 04:52 AM

Quote:

Originally Posted by mystikdragon7

The lot size I'm using is 0.1, should I bring it down more? Thinking maybe I should.

Hmm, 0.10 on a mini account is 10 cents per pip. Oh wait, did you say this account is at FXDD? If so then you're trading with $1 per pip (0.10 at FXDD = $1 per pip) and that's dangerous leverage for such a small account.

At FXDD I'd suggest you use 0.01 lots

mystikdragon7 · #8 09-23-2008, 07:38 PM

Yes it's on FXDD and Alpari. Should I change it on Alpari as well?

alan · #9 09-24-2008, 09:02 PM

Quote:

Originally Posted by mystikdragon7

Yes it's on FXDD and Alpari. Should I change it on Alpari as well?

They're both the same really. Look into a broker that offers micro accounts. One that immediately comes to mind is IBFX. This way you can trade with lot sizes as low as $0.01 per pip.

Earl · #10 09-24-2008, 09:21 PM

at .01 per trade...how will you make any money??? it will take forever!