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General FOREX Chat General chit chat about FOREX trading

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  #1  
Old 11-22-2008, 05:47 PM
lennyt3 lennyt3 is offline
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Default when can I quit work?

Hi, I'm Len, I'm new, so bear with me! So if I start with 250.00 and run 2 ea's with the default settings how long till it starts making a few hundred bucks a week? or is it more likely that I'll lose the 250
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Old 11-22-2008, 06:09 PM
^eagle^ ^eagle^ is offline
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Quote:
Originally Posted by lennyt3 View Post
Hi, I'm Len, I'm new, so bear with me! So if I start with 250.00 and run 2 ea's with the default settings how long till it starts making a few hundred bucks a week? or is it more likely that I'll lose the 250

With $250 start up capital it will take a little while before you can quit.

I hope you are opening a micro account.

It will depend on your tolerance for risk.

Have you run FAP on demo first?
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  #3  
Old 11-22-2008, 06:16 PM
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mystikdragon7 mystikdragon7 is offline
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Quote:
Originally Posted by lennyt3 View Post
Hi, I'm Len, I'm new, so bear with me! So if I start with 250.00 and run 2 ea's with the default settings how long till it starts making a few hundred bucks a week? or is it more likely that I'll lose the 250
Back test dude!!!!

I often back test with a starting of $300 to $500 just to see what I can do with it. It turns out pretty darn good over a few months.
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Old 11-22-2008, 08:43 PM
maxfactor maxfactor is offline
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LOL! Dont quit your JOB! Let FAP be your second job!
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Old 11-22-2008, 08:44 PM
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mystikdragon7 mystikdragon7 is offline
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With a starting balance that small it is better to start out with a very low LLR, that way it won't blow out your account, or just use a lot size of .01. When you change the settings around in the back tester it will give you several different results.
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Old 11-22-2008, 08:51 PM
lennyt3 lennyt3 is offline
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I have never done a backtest before, all I have pretty much done is ran the FAP in the eurusd with a m1 and the profit stop at 20 and so I made pretty much 20 dollars a trade .is this what I am supposed to do? someone else said I would lose my money if I just let the autopilot just ride and do it's thing which I hope isn't the case because I don't have time to, or the know-how to manually trade. As a matter of fact because the video doesnt match the audio on the forexdd training videos I'm getting very confused fast! I thought this thing was supposed to run it's self. that's why I bought it. Can you clue me in on how to do this or send me in the right direction to learn? thanks Len.
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Old 11-22-2008, 09:00 PM
drewwood5 drewwood5 is offline
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Hey,
Are you guys making enough to drop your jobs yet.
Im only making about 25-30 a day right now to build capital for the long stretch,
how are you doing?
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  #8  
Old 11-22-2008, 09:10 PM
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mystikdragon7 mystikdragon7 is offline
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FAPS is not quite the set it and forget it program but it doesn't need too much. Once you clue in on good settings checking once a day or so is probably good. Also, there are a ton of really good posts here about settings and what not. Try reading some of the bigger more active posts and it should catch you up pretty fast. A lot of us here are glued to it because we are trying to find the best settings possible and then trying to tweak them even better after that.
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Old 11-22-2008, 09:12 PM
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mystikdragon7 mystikdragon7 is offline
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Quote:
Originally Posted by lennyt3 View Post
I have never done a backtest before, all I have pretty much done is ran the FAP in the eurusd with a m1 and the profit stop at 20 and so I made pretty much 20 dollars a trade .is this what I am supposed to do? someone else said I would lose my money if I just let the autopilot just ride and do it's thing which I hope isn't the case because I don't have time to, or the know-how to manually trade. As a matter of fact because the video doesnt match the audio on the forexdd training videos I'm getting very confused fast! I thought this thing was supposed to run it's self. that's why I bought it. Can you clue me in on how to do this or send me in the right direction to learn? thanks Len.
Here this may help.

Ok, when you click on expert properties another window will pop up. Click on testing and made sure you have to correct deposit amount in there and that short and long positions is selected. Then click on inputs, you only need to fill in your test numbers under the "value" column, don't worry about the other columns. Next make sure you check mark all the way down the whole row on the left side. And at the very bottom you have to fill in your key code number.
Let me know how that works for you.
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Old 02-13-2009, 02:55 PM
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Quote:
Originally Posted by lennyt3 View Post
I have never done a backtest before, all I have pretty much done is ran the FAP in the eurusd with a m1 and the profit stop at 20 and so I made pretty much 20 dollars a trade .is this what I am supposed to do? someone else said I would lose my money if I just let the autopilot just ride and do it's thing which I hope isn't the case because I don't have time to, or the know-how to manually trade. As a matter of fact because the video doesnt match the audio on the forexdd training videos I'm getting very confused fast! I thought this thing was supposed to run it's self. that's why I bought it. Can you clue me in on how to do this or send me in the right direction to learn? thanks Len.
If you are making $20 a trade then I would suggest your risk is set too high for your balance. In my opinion on that risk level you will blow your account quicker than you can make money. Until you understand the consequences of drawdowns on your account and how to deal with them, I would lower your risk down to one or two at the most. It may seem at first as if you are losing out on good trades, but when one goes bad, you will have a chance of surviving.

If you are trading 0.1 lots on that balance, it would not take long for one bad trade to blow it all for you. It sounds like you need to find a micro account provider and open account there to learn what can (and will) go wrong while you are making money. The FAP pages are very good at telling you how to make money, but not very good at telling you how not to lose it.

To find account providers search through this forum, and you will find the good and bad for your EA. If in doubt, ask someone who is already trading with the ones you are considering, I am sure you will get a very open answer on the pros and cons.
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