Q. 1)Can you give me the recommended settings/inputs for a Mini-Forex Account with InterBankFX ? 2) Please note that I have an $800.00 USD account. 3) Which version should I be using Version 3 or 4 i.e. v3 OR v4 ?
A. If you download the latest version of v4 the defaults should suite you fine. You should be using v4 on a DAILY chart.
Please run it on a demo account until you are comfortable with the settings.
The 2 main settings to consider are as follows;
1) gridmesh
This is how far apart the orders will be spaced. I would set this to 50 or more.
2) gridmaxopen
This is how many orders will be placed. As a rough guide, gridmesh / gridmaxopen
gives you a risk ratio,. So at a setting of 50, using 10 orders, the ratio is 5.
This is a safe level to run the EA at. Generally it is good to make sure your
risk ratio is above 3, unless you have a clear understand of the state of a
given pair.
Q. Where should I adjust to change the number of the lot ?
A. The maxpositionsopen property dictates the maximum number of trades placed.
Q. What are the default settings for the EA V4?
A.
GridMesh = 50 - minimum number of pips between orders
GridMaxOpen = 30 - maximum number of open duo at any given time
minFromPrice = 10 - minimum distance from price in pips to place orders
Risk = 1 - 1.3 is the max risk over 7 yrs of testing. This is a multiplier for the lot size
UseMicroLots = true - Whether the account can handle lots under 0.1 in size
Stoploss = 0 - stoploss of zero is no stop, otherwise define stoploss to use in pips
CloseOnlyProfitableOnReverse = true - will close only profitable positions on reverse
UseManualLots = false - use automatic settings, set this to true if need to override automatic lot sizes
ManualLotSize = 0.1 - this is the lot size to use if UseManualLots = true
Q. 1)I plan to have $5000 in real account, trading GBP/JPY only with the following settings: DO you see any risk or problems?
GridMesh : 25
Gridmax: 10
min from price: 5
Risk : 1
UseMicroLots = false (This means it will start with 0.1 lots)
Stoploss = 0;
CloseOnlyProfitableOnReverse = true
UseManualLots = false
ManualLotSize = 0.1
A. Yes, firstly your grid is too tight, you are only covered for a 250 range, i would want to cover 600
or more. See below the default covers 1500. Perhaps if you used 35/15 that would be a good compromise
for you. A small, tighter grid will do better in ranging markets, but lose out on the big runs, where
the big money is. Plus you want to be scaling into positions to spread the risk. Secondly with
minFromPrice, i would increase it or you may get a lot of failed orders due to price movements.
GridMesh = 50; // minimum number of pips between orders
GridMaxOpen = 30; // maximum number of open duo at any given time
minFromPrice = 10; // minimum distance from price to place orders
