newb

Olafur Einar · #1 11-03-2008, 07:44 AM

hi there
I recently bought forex autopilot and started a demo account with 3K. I did ass I was told in the setup but I am loosing money fast! I'm down to 600USD
what am I doing wrong?
can anyone help me please?

Olafur Einar · #2 11-03-2008, 11:55 AM

like what should my settings be ? lust sett my lots to 0.01 and that seems to make it a bit better, what should the other settings be for a 700dollar account?

Pavarotti · #3 11-03-2008, 12:01 PM

Quote:

Originally Posted by Olafur Einar

hi there
I recently bought forex autopilot and started a demo account with 3K. I did ass I was told in the setup but I am loosing money fast! I'm down to 600USD
what am I doing wrong?
can anyone help me please?

Don't use the default setting, I don't find them to work.

Do some back testing with different settings and then see if you can find something that works better.

I am currently running optimization (2008/03/01 - 2008/10/30) and should have some results by the end of the week, the best result I have sofar is the following parameters and then to forward test:

Results:
Trades: 457
Profit Factor:2.68
Expected Payoff:9.29
Drawdown:65.89%

Settings:

Code:

Lots=0.04 	
MaxOrders=5 	
aaa=25 	
bbb=3 	
TakeProfit=40 	
PeriodMA=90 	
PriceMA_0_6=1 	
TypeMA_0_3=1	
LotsRiskReductor=0 	
MaxLots=100 	
StopTime=480 	
StopLoss=0 	
TrailingStop=0 	
UseMAControl=1 	
SpanGator=0.5 	
SlipPage=2 	
SafetyGapDemarker=0.2 	
SafetyGapWPR=0 	
StartWorkTimeHour=0 	
StartWorkTimeMin=0 	
EndWorkTimeHour=0 	
EndWorkTimeMin=0

I have a question or two while I'm at it...

On the report what does Profit Factor and Expected Payoff mean?

Then on the EA's setting how does SpanGator, SafetyGapDemarker and SafetyGapWPR affect the EA or what does it do?

The help I got with it gives no explanation

Also the PriceMA_0_6 and TypeMA_0_3 I know can be set up for simple or exponentional, what about smoothed or Linear Weighted?

Olafur Einar · #4 11-04-2008, 08:08 AM

noticed that the lots dont go lower than .10 and the autopilot just bout and bout as the market was going up and up... ended with 3 lost trades all over a hundred... what is the reason for that? and why are we told to keep the original settings if that clearly dosn't work (as I was told here)? this is clearly more complicated than you are told on forexautopilot.com :P

how do I get the lots down to .04?

mystikdragon7 · #5 11-04-2008, 06:57 PM

Quote:

Originally Posted by Olafur Einar

noticed that the lots dont go lower than .10 and the autopilot just bout and bout as the market was going up and up... ended with 3 lost trades all over a hundred... what is the reason for that? and why are we told to keep the original settings if that clearly dosn't work (as I was told here)? this is clearly more complicated than you are told on forexautopilot.com :P

how do I get the lots down to .04?

How much money did you start out with in your account? What is your TP at and how many max trades to you have set up? Go to your settings and next to lot size just move it down to .01

newman · #6 11-04-2008, 10:24 PM

As mentioned in my other thread, this EA cannot work alone, it definitely needs manual intervention for the long term survival. I believe we need a trading plan for this. Any forex guru can suggest potential plan ?

Im willing to create an EA extension to complement this FAP's EA if anyone can devise a sensible trading plan ?

alan · #7 11-05-2008, 12:32 AM

Quote:

Originally Posted by Pavarotti

Don't use the default setting, I don't find them to work.

Do some back testing with different settings and then see if you can find something that works better.

I am currently running optimization (2008/03/01 - 2008/10/30) and should have some results by the end of the week, the best result I have sofar is the following parameters and then to forward test:

Results:
Trades: 457
Profit Factor:2.68
Expected Payoff:9.29
Drawdown:65.89%

That 65.89% drawdown is unacceptable in my book and it shouldn't be to any sane trader.

alan · #8 11-05-2008, 12:36 AM

Quote:

Originally Posted by Olafur Einar

noticed that the lots dont go lower than .10 and the autopilot just bout and bout as the market was going up and up... ended with 3 lost trades all over a hundred... what is the reason for that? and why are we told to keep the original settings if that clearly dosn't work (as I was told here)? this is clearly more complicated than you are told on forexautopilot.com :P

how do I get the lots down to .04?

You're probably running on a standard account. Look into getting yourself hooked up with a true mini account that offers micro and nano lots (IBFX being one example).

Who says the default settings don't work? They work, it's just that people don't have the patience to stick with them. They see a loss and the immediately assume the settings must be no good.

Olafur Einar · #9 11-05-2008, 08:00 AM

well thanks for your help

as the title says, I am a newb at this and dont know anything about this at this time.

so just one last favor from you guys,

what would be the best plan for me here.

lover the lots and back to original settings?
what do you think?

thanks again...

mystikdragon7 · #10 11-05-2008, 07:16 PM

You should move your lot size down to .01 while your're learning FAPS. As far as your TP and MT it's what you feel most comfortable with.