Subscribe to main site(Originally posted on ScoutForex main site)
Due to the recent program reliability issues (i.e. EA inactivity and Invalid price error_129), Marcus Leary and his support team made a first-time direct e-mail response to me and claimed that the problem has finally been resolved with the latest update on the ForexAutopilot EA. Click here for more info and the new EA should be updated in the member's area.
I also took this opportunity to raise my point regarding the EA trading and its potential system drawdown in hope to figure out the working of this forexautopilot ea. We've already seen quite a strong performance (in backtesting) of this EA as the Euro rode from the 1.48 level to the current level of 1.54 !
I directed the following question to Marcus:
Q1: At what point the EA decides to take a loss and what is the acceptable drawdown for this EA?
Here is his full response:
It decided to stop according to signals from inner indicators. ForexAutopilot EA does not use fixed stop loss. It uses smart settings for stop loss to close losing trades according to inner indicators. EA with fixed stop loss will finally loose your deposit if trading against trend. Our ForexAutopilot EA does not have such problem. when i backtested i saw drawdown near 20-30% if trading with low risk.
I recommend to trade FAPS ea:
0.1 lot for deposit 1000-2000 usd
0.5 lot for deposit 5,000
1 lot for deposit 10,000
Earlier, I also sent some of my queries to Andreas:
Q2: May I ask what is the eurusd_m1.set? And where should it be placed plus how can we change the default parameter?
Q3. LotsRiskReductor – Defines the risk. The parameter default is 1 , and what does it means. At what point, the EA decides to take a loss?
Here is Andreas's reply:
eurusd_m1.set can be skipped. It contains default parameters to let user load them if he wants to use default parameters after changing EA settingsLotsRiskReductor
To let program use AutoLot management (it means that IE decides the lot size itself) the variable Lots should be set to zero. So LotsRiskReductor will define the risk size. LotsRiskReductor can be from 1 to 10. 1 means 10% of risk of deposit. 10 means 100% risk.
If you have any problem/issue regarding this forex autopilot ea, you can try its support team or forward me your queries. I will put up a Q&A for everyone to read.
Related Post:
Technical Help: Forex AutoPilot EA
8 comments:
Hi,
I too just recently purchased FAP and put it to test on IBFX and running 24/7. So far since 03/9 this EA manage to gain 80 pips and currently running at -150 pips. This certainly worries me, especially with no predefined SL I'm afraid my account could be blown up at any time....In addition, a lot of parameter inside the EA just are not clearly explained, for instance TP is 20 pips but Trailing Stop feature given 50 pips, this is useless in my opinion. What is SpanGator for? and another thing, Waht are SafetyGapDemarker and SafetyGapWPR? I need more explanation about this so we can optimised this EA on any pair and TF?
greg
Greg,
There should be no big drawdown, especially in the previous few days, for this autopilot ea as the EURUSD is currently chasing new highs! In fact, you should have scored many profits since 03/9. There is a known issue with IBFX, please check this out with forexautopilot support site.
Anyhow, you raised a good point about the system parameters. As mentioned in this post, LotsRiskReductor parameter will be useful at defining risk. Maybe we should find out more about others too.
Lloyd
I just want to say that so far I am impressed. I have FAP, got it working recently. It works fine at InterbankFX both mini and standard demo accounts, plus at Alpari UK demo. Alpari UK demo does better than a matching account at IBFX with the same settings. You can test multiple settings by installing the MT software (change the install directory names) and have multiple MTs running on the same computer. I've been testing EAs for a couple years now both demo and live. In my opinion, backtesting is worthless (just my opinion from experience) - you could do a Google search on "MetaTrader Strategy Tester inaccurate" in case you are new to all of this. Plus, without knowing details of what the EA is looking at the backtesting issue of every tick, control points, or open prices only comes into play.
Anyway, I always forward test, it takes more time and I usually switch to a live Mini account and compare to a matching demo account at the same time to see if the broker is taking action for real the same way they are for demo.
Like I said, I like what I am seeing so far.
PaulW
The following website is NOT mine, just an example of discussion on backtesting...
http://www.fxfisherman.com/forums/forex-metatrader/metatrader-zerocode/1843-strategy-tester.html
Hi Paul,
Thanks for sharing.
Lloyd
I've been running FAP for the past week. During the rise of the EUR against the USD, somehow FAP tried to short the EUR/USD. At one point, FAP was running at -500 pips but still the trade was open. Marcus says that FAP has some internal indicators to close losing trades but surely 500pips should be enough to close a bad trade?
TJ, the system drawdown is always a concern in every expert advisor system. Unfortunately, I have no futher clue about the FAP's trade exit mechanism. Perhaps, we should forward your query to Marcus. By the way, using SL paratemter is the only sure choice to exit the trade at predefined risk limit.
Lloyd
TJ, I got a reply from FAP support regarding trade exit. Read here.
Lloyd,
I just upgraded FAP with new version but I notice there is an error in the expert field
Forexautopilot EUR/USD,M1: Alligator Jaw Error=129;desc=invalid price
Forexautopilot EUR/USD,M1:Closing
Perhaps you can relay this message to FAP support so I can get quick response. I've already send them e-mail but it normally takes 3-4 days to answer.
Thanks a lot!
Post a Comment