Basic settings of Forex advisors
Such a concept as automatic trading has long been present in the everyday life of traders; to implement it, you do not need to
conduct a detailed analysis of the market, but simply install a suitable Forex advisor.
True, in order for the program to work correctly, you must first install the advisor itself and study its settings.
The result of automatic trading will depend on the last step; an incorrectly configured robot can easily drain your deposit in just a couple of trades, so you should take it as seriously as possible.
Advisor settings have a number of standard parameters, which are set according to general principles.
Before proceeding to the launch and settings, you should first install the program itself in the trader's terminal; to do this, you just need to copy the downloaded script to the folder where the trader's terminal was installed.
Preliminary setup of an automatic advisor.
Each of the trading robots has its own individual settings, but the main operating parameters are still similar:
Long/short - selecting the direction of trades to avoid unnecessary losses; in an uptrend we select only long trades, in a downtrend we select short ones.
Manual confirmation - to fully control the opening of orders at first, it is advisable to set the checkbox, so you can control each transaction and change the direction of trading in time when the trend reverses.
take profit – set the real value, otherwise our order will not be able to close within 24 hours; for starters, you can set 200 points on five digits. It’s better to focus on the current trend and the strategy itself the advisor is trading on.
Stop-loss – should be less than the previous order, it can also be selected experimentally by adjusting the size depending on the frequency of closing transactions. however, you are unlikely to be able to set this value below the level set by the broker, usually it is equal to 50 points.
Lots – the volume of transactions made; it is recommended that no more than 30% of the amount of transactions made be pledged, so you need to be careful when choosing trading volumes. For example, if your deposit is only $100, then the volume of open orders should not exceed 0.1 standard lot.
Risk - this parameter can also be found quite often when setting up Forex advisors, it characterizes the risk indicator with which trading is carried out, an excessively high value can cause a large number of unprofitable transactions, and an underestimated risk level will lead to the fact that the advisor will practically not trade. The golden mean is found empirically in the testing process.
Number of orders - we are talking about the ability to open several trading positions simultaneously, thereby adding trading volumes; you should not set the value of this parameter to more than 3 simultaneously placed orders.
At the same time, we should not forget that some trading robots also have such a setting as the number of simultaneously open orders, so add up the volume of open transactions.
Other settings - in addition to everything listed above, each advisor has individual settings, depending on the strategy and indicators on the basis of which it operates.
In addition, not all robots have the ability to set parameters for stop orders, so in some cases you will have to trust the author of the script.
It should also be noted that when installing an advisor, it usually already has standard settings, and if you do not understand what should be adjusted and in what direction, then it is better not to change the set parameters.
We carry out all experiments with the advisor on a demo account, and only after making a profit we transfer it to real.