Thanks for your message. I think it may come down to the broker. I use Pepperstone which is an Australian broker. I also hear that ThinkForex is good. I use the default settings and only very rarely close a position that the FGB robot has made. I've made my comment visible to the public, and I always make a comment if I manually intervened, so you can review these if you like - there's only about 4 in total that I've manually stopped, or put a stop on.
I get very similar results to the owners FGB results, so I'd say if you're not getting good results, change your broker. It's not a scalping robot, so I wouldn't have thought there'd be much difference from broker to broker, but it appears there may be.
just an observation- you use close to 4 times the recommended lot size/risk level. Now that the market is trending,it would be fine, but if we get locked in a range such as occurred in August/September 2011(31% DD for FGB live testing),one would not survive the drawdown.
I pulled all the live data from the owners FGB site and analysed it thoroughly in Excel - lucky I'm good with spreadsheets :)
Totally aware my risk is quite high at the moment, and I could make substantial losses, but the way I'm set up now, I am prepared to lose around 80% worse case scenario - and that's worse case. I'm planning on increasing or decreasing my lot size each week depending on my balance.
My formula at the moment is that for each $1000 in my account, I'll invest 0.1 lots per trade. If I have $7,500 at the beginning of next week, I'll put my lot size up to 0.75 - on the flip side, if it goes down to $2,500, I'll put my lot size down to 0.25 and so on. I have a plan to decrease this risk over the coming year and I've outlined this in the analysis and plan I've drawn up. May sound like a crazy method, but we'll see how it goes.
Just to note, I do keep a very close eye on the robot given my risk is so high and I have set-up SMS alerts to my cell phone when the robot enters and exits a trade. If I think the market is choppy and trading in a range (as it did in August last year), I'll reduce max trades down to 1 or 2. I currently have the max trades option set to 5 (sorry, I said I was using default settings but this is the only one I have changed - forgot about that). It's a great robot, but do keep an eye on it especially with real money, and larger lot sizes.
do you mean the SMS alerts? If so, this is a program I wrote myself. It's an EA that sits in MT4 and sends an email to my SMS gateway with the trade details - it alerts me within seconds of a trade opening or closing. See attached pic...
@leverconsult - I've tested a new SMS alert system which is free (but you do have to set up an account with Clickatell to provide the SMS gateway - it's very reasonable - about 5 cents per text. Once your account is set up, just follow the instructions included with the program and you're away. It's the best free SMS product I've seen - I actually can't believe it's free considering how full featured it is. It also lets you do email and twitter alerts in the same EA - very cool.
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