Tips & Tricks
Don't rush.
Don't rush to get started. Backtest and start with a DEMO account before moving to Live. If you have €5.000 trading capital: do not invest it all in once. Start with €1.000 and increase your balance along the way.
Make a plan beforehand.
Make a plan before starting based on the risk you are willing to take. If you are running the Riskier Setup you most likely want to take out your deposit once you doubled your account. At that point you are trading 'risk free' as you took out your initial deposit. Or you want to take out partials. For example every €100 profit, or every 300% you make. Make a clear plan before you start trading and stick to it. Below I have posted some examples running a €1.000 account:
Risky Settings. At €1.000 profit, take out €1.000 and start again with €1.000. Now take out profits every €3.000 profit.
Medium Settings. Every €100 profit, take out €100 until done 10 times. Then let it run until €3.000 and take out profits every €2.000 profit.
You should always go and secure profits along the way. If you run the risky setup you can be making 100% in 2 weeks, but there will come a time where you will blow your account. Always secure profits along the way.
Do not use lot sizes which are too big for your balance.
If you trade with €1.000: use a 0.01 lot size. Do not use a 0.02 or you will bring your capital in danger.
Also make your own setups.
Use the backtester to your advantage, don't just stick to the standard setups. You might want to trade a 20 pip grid, or 5 pip grid. Or you want the bot to take trades back to the Moving Average at 50 pips instead of 30. Test it all out, but make sure your backtesting history quality is 99%+.
No need to turn off the bot.. but..
In June and July 2023 a lot of US banks went bankrupt. This is, alongside wars and epidemics the worst that can happen to the Forex market. If huge events like these take place, I would suggest to turn off the bot. It's better to secure your money than to risk it in extremely volatile markets. You can see how the bot went in a bigger drawdown in June and July 2023 because of the bankruptcy of many US banks.
Running Multiple Pairs.
All tests are done for one pair at a time. Running several pairs, especially corelating ones, alongside each other will result in bigger profits but most importantly also bigger drawdown. For example if both pairs saw a Drawdown of 30% on a specific date, that means it would have had a 60% when running alongside each other.
Do not run the same pair twice on the same account.
This can cause issues. Just run one pair, once, per account.
News Events.
You do not need to manually intervene when news events take place, but I would personally suggest you to increase the 'Trade Back To MA' when a very big news event takes place for the US. Below you will find a list of all the major news events for the US:
CPI
Non-Farm Payrolls (NFP)
Fed Chair Speeches
FOMC Meetings
Inflation Rate
You do not need to increase the 'Trade Back To MA' as with the backtests this also is not done. The pro of doing this is that it will most likely get you in less Drawdown.
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