I'm writing this post in response to a question from a Forex Autopilot user who wants to know how to set FAP so that it will select the lot size automatically. Here are the steps below
:
- Go to the Forex Autopilot EA properties.
- Set Lots to 0.0
- Set LotsRiskReductor between 1 - 10.
1 = 10% risk of your deposit
2 = 20% risk, etc... - Click ok
Please note that good money management practice is to risk not more than 3-5% of your deposit on any one trade. So, even the minimum 10% risk is considered high.
6 comments:
TJ, It is amazing to me how your are more helpful and more knowledgeable than the company. Question: The FAP ea takes trades very sporadically. Is there a reason for this aside from trade setups? Is it tied into a server or something? Out of the blue at 3:21pm (CST) it opened a Euro trade for 1.5 lots. The market is VERY quiet, but when the market was going crazy earlier today (on economic news)it was quiet. What gives. Please email me at: cfloydii(at)yahoo.com as I do not always check your blog for a few days. It would be nice if I could be notified when you post again to get the latest. Thanks,
Charles
Hi Charles,
Thanks for your kind comments. The FAP EA is not tied to any server. It only works then MetaTrader is up and running on your PC. I don't really know when FAPS decides to open a trade but what I do know is that FAPS is as good or better than some of the other EAs out there for the EUR/USD 1m timeframe.
It's actually good that FAPS did not open any trades during economic news release because volatile markets can go either way. I usually turn off FAPS whenever major USD/EUR related economic news are released.
I don't know how to configure Blogger to auto email post to people but there is a RSS "Subscribe to Posts" button at the bottom of my blog. I think most email software nowadays have a built in RSS reader.
I'm also in the midst of compiling a report on how to finetune the FAPS EA for other currency pairs beside EUR/USD. Stay tuned for that.
People should be aware of basic FX knowledge in addition to running the EA as evidenced by the first comment. More trades is not necessarily a better thing much less opening trades when it is most volatile like news times when not only PIPs can get crazy but the broker spread can go crazy as well. Be safe, and don't get greedy.
hmm.... strange when let FAP calculate lot sizes by itself, the EA unable to trigger any trade at all...
that mean it will fully auto
auto trade?
auto profit?
auto cut loss?
auto MM?
Quite an impressive review and very informative and i got an idea how the Forex Autopilot Manage Lot Sizes Automatically..
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