All the members of Strignano’s Forex Signals are getting very excited because the Expert Advisor that allows us to trade the signals on autopilot is about to be released Nov. 10th. Members have been asking this for a while but it was hard to get Tom to accept this solution because he is not a big fan of “robots”. It was not until he met up with an ex-NASA programmer that could program an Expert Advisor to trade as if you were sitting in front of the computer managing the trades yourself did he agree. This is Artificial Intelligence at its best!
The Expert Advisor has not been released yet, but Tom, Carlos and Norm are doing a Training webinar today to let us know what we should expect, how to set up the EA, all the settings, etc. I thought I would pass on some info I learned from attending the webinar.
The webinar was hosted by Norm (the programmer), with input by Tom and Carlos. Participants also asked questions.
Right now the Expert Advisor is set up to trade the signals. (There is talk of future versions trading the TRN’s and Head Fakes!) There are some parameters that are built into the programming and some settings you need to set up yourself. It has to be this way because each trader is going to have different money management requirements, based on the size account they have, their risk tolerance and how many currencies they are going to trade. Let’s go over some specifics…
Installation
The EA is installed on your charts the same way the custom indicators are installed. It is the exact same process. Basically, you download a program, tell it where to install everything and it is done automatically. Then you can set the EA up on the charts you want it to trade. IMPORTANT: The EA works ONLY for the currencies included in the package you bought when you joined!
If you’ve ever used any type of EA before, installation is pretty straight forward. You do need to make sure the settings in Metatrader4 are set to allow the EA to trade live. All this is explained in a pdf and the webinar was recorded and will be put in the member’s area.
Settings
Just like the indicators, you need to put your email address into the EA’s settings. The account number of the account you will be trading needs to be put in the member’s profile section. This allows the EA to work on that account only. (There was a question about being able to test the EA on a DEMO account and use the manual trading indicators on a different LIVE account. It looks like they are going to have it set so you can use the EA on one account and the Indicators on a different account for manual trading.)
The most important settings are the money management settings. You need to figure out the Lot size according to your account size, risk tolerance and number of currencies you are going to trade. (I’ll be going over money management in the Strignano’s Forex Signals Bootcamp… and the same concepts apply for using the EA to trade the signals automatically).
As you probably know, with each signal Tom calculates 6 price targets. You can set the EA up to scale out at levels 2 and 4 and can set how much you want to scale out at each of those levels. To protect your capital, your stop loss is moved to -15 at level 2 and +5 at level 4. (This is similar to how I manage my manual trades using the Forex Trading Troll).
There is also a feature using the Market Exhaustion calculation and time. If the Market Exhaustion level is not broken in a certain amount of time, you can have the EA take off part of your position to protect your balance.
If price reaches level 6, a Trailing Stop kicks in and trails price… locking in profits and going for bigger wins.
Heads Up Display
There is a display box on the chart so you can see what is going on. It gives you info to tell you if a trade might be coming up, etc. A nice feature.
Alerts
You get an alert that pops up in a box every time the EA takes action. (You can turn this off if you like). So, if the EA moves your stop loss up, you’ll be notified. Gets into a trade… you get a pop up. This is a nice feature if you are going to be watching the EA trade.
Virtual Private Server
Carlos is going to be sending members an email with a Virtual Private Server recommendation. The platform must be running and connected to the Internet for the EA to work. For those traders that don’t want to leave their computer on all week, the VPS is a nice solution. This lets you set up your platform and EA on a Virtual server where it will stay connected to the Internet all the time without you having to keep your computer on.
Preliminary Thoughts
All in all, this looks easy to install and easy to set up. You should test it on a DEMO account before going live. The most important part is to figure your money management and use the correct setting for your account size. This will be different for each trader, so there cannot be a default setting for this.
For example, the money management will be different for a trader with a $10,000 account risking 3% and trading 10 currency pairs than it will be for a trader risking 2% on a $5,000 account trading 2 currency pairs. I can’t stress this enough… figure out proper money management for YOUR situation and use the correct settings!
I’m really excited about this. Basically, we can set the EA up to trade the signals as if we were placing and managing the trades.
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