Trouble with Forex Hoster and Robot Setup

Hi folks,

I cannot tell you how many posts I have read from FAPT members which were awaiting some kind of response from their VPS host service or awaiting someone like Robot Setup to setup their EA on a VPS.. As a test I sent an email a week ago to Robot Setup to see if I would get a response given I heard they were not answering clients questions or assisting in any capacity.

Sure enough as I suspected a week plus later and STILL I have not received a reply to my email. I did however receive an automated response telling me my email would be answered in 24 hours. Daily I see FAPT members rightfully complaining how they cannot get the service which they paid for.. Interestingly the payment pages are still up and running.. They will take your money, but not respond to any queries regarding times for job completion.. WOW...

You would have thought by now it would have occured to them people are getting increasingly frustrated from their no response policy..

It's obvious to me their service was inundated with requests and they could not handle the many requests for EA setup assistance. Robot Setup.com should take down their payment processor and pages while they make a concerted effort to catch up..

The other lemon is Forex Hoster ... They are not responding and getting out the login details for their customers either..

What is working really well is ForexVPS This company has the cleanest setup and will not dilly dally with your account information. Signup and subsequent login details are dispatched to your email address within hours and not weeks . Further they are half the price.

If you are looking to get setup contact fap.remote@gmail.com

Until next time folks.. Happy trading,

Chris Forex

New FAPT Release 47

Hi Traders,

I really like the newest FAPT 47 universal version if for no other reason then it simplifies my life with respect to answering questions regarding the differences between FAPT37 and FAPT45 . LOL

The best change and perhaps the most frequently asked question amongst the FAPT membership is the GMT Offset. Thank you programmers for making this an automatic calculation.  :)

Once again the FAPT developers delivered and delivered BIG. Where else can you find a company that listens and makes revisions based on user input? Not aware of any myself.. 

There is one setting which is rather amusing. I have discussed this setting sometime ago with Donna Forex.. We called it the Contrarian trading system. The setting I speak of actually will do the reverse of how the FAPT EA typically trades. This is for those of you who believe the FAPT always is trading in the wrong direction. Change Scalper_ReverseTrade and your EA will literally take the opposite position your robot would normally take :)

Other noteable changes worthy of mention. The ability to set the Scalper start and end work times between hours instead of from one hour to the next.  Now you can trade in between by setting the Scalper_StartSessionMinute from 1-59 minutes and your Scalper_StopSessionMinute as well can be between 1 and 59 minutes

I am very pleased to see the FAPT develop into a consistently ever evolving profit machine.

Have a great week everyone,

Chris

So far so good.

The new settings incorporated into both the EURO/GBP and EUR/CHF seemed to have been successful.

Below is an image of my transaction history taken from MT4. Notice the time of the sell until the end when it was sold for profit.

This is the result of setting the Scalper_UseCustomLevels to false.

As I have written previously.. You change this setting and no longer will the FAPT robot close out a trade for a small loss after hours in the market.

You can clearly see here the time of the trade and then the time of exit

Now of course it could go to full stop as well but considering the number of time this actually happens compartive to the amount of trades which end in either small losses I think my chances of the former then the later proves itself out.

FAPT  as the premiere EA is clearly making money and taken shape.

Pips Ahoy

Chris

Settings for FAPT EA

After careful deliberation I have decided to alter my settings on both trading accounts.  Actually I had changed these settings a day or two ago.

I lowered my stop loss on the EUR/GBP pair to 30 pips on both accounts because I read backtesting proved this to be the best optimal setting given present market conditions.

Last evening the same account with FXDD hit the SL twice for two losses of 30 pips each .. The other account with FXCM only hit the SL once for a loss of 30 pips as well.

Today May 7-09 I have decided to put the FXDD account back to the default setting of 112 pips as coded in the robot and leave the FXCM account at 30 pips SL.

The one similarity which I have changed from defaults for both accounts is the Scalper_UseCustomLevels ..  This change as all changes can be done by using F7 key .. This will get you to the properties of your EA. You will see as you scroll down the Scalper_UseCustomLevels variable .. Change this to False from the default of True if you rather go to SL or TP . 

In this way there are two scenarios which are plausible.. One the EUR/GBP will go to full stop loss which I have set or it will go to the TP ( incidentally I have not made adjustments to TP or take profit)

Below are my settings for both accounts

FXDD Settings EUR/GBP

EURGPB, GBPCHF or USDCAD M15 ---

UseScalperStrategy=1

Scalper_Lots=0.10000000

Scalper_UseMM=1

Scalper_LotsRiskReductor=20.00000000

Scalper_MaxLots=10.00000000

Scalper_GMTOffset=3

Scalper_StartWorkTimeHour=21

Scalper_EndWorkTimeHour=0

Scalper_EURGBP_TakeProfit=6

Scalper_EURGBP_StopLoss=112

Scalper_EURCHF_TakeProfit=5

Scalper_EURCHF_StopLoss=53

Scalper_GBPCHF_TakeProfit=10

Scalper_GBPCHF_StopLoss=75

Scalper_USDCAD_TakeProfit=10

Scalper_USDCAD_StopLoss=58

Scalper_StealthMode=1

Scalper_ProfitLimit=0.00000000

Scalper_LossLimit=0.00000000

Scalper_UseCustomLevels=0

Scalper_RelaxHours=0

Scalper_SimpleHeightFilter=1

Scalper_TrendFilter=1

Scalper_TradeFriday=0

Scalper_OneTrade=0

Scalper_OneOpenTrade=0

Scalper_UseFilterMA=0

Scalper_PeriodFilterMA=100

Scalper_PriceFilterMA=0

Scalper_MethodFilterMA=0

Scalper_MaxSpread=20.00000000

Scalper_Slippage=6

Scalper_ExpertComment=FapTurboScalper

 

FXCM Settings EUR/GBP

____Scalper___________=--- Scalper EURCHF, EURGPB, GBPCHF or USDCAD M15 ---

UseScalperStrategy=1

Scalper_Lots=0.10000000

Scalper_UseMM=1

Scalper_LotsRiskReductor=5.00000000

Scalper_MaxLots=10.00000000

Scalper_GMTOffset=-4

Scalper_StartWorkTimeHour=21

Scalper_EndWorkTimeHour=1

Scalper_EURGBP_TakeProfit=6

Scalper_EURGBP_StopLoss=35

Scalper_EURCHF_TakeProfit=5

Scalper_EURCHF_StopLoss=53

Scalper_GBPCHF_TakeProfit=10

Scalper_GBPCHF_StopLoss=75

Scalper_USDCAD_TakeProfit=10

Scalper_USDCAD_StopLoss=58

Scalper_StealthMode=1

Scalper_ProfitLimit=0.00000000

Scalper_LossLimit=0.00000000

Scalper_UseCustomLevels=0

Scalper_RelaxHours=0

Scalper_SimpleHeightFilter=1

Scalper_TrendFilter=1

Scalper_TradeFriday=0

Scalper_OneTrade=0

Scalper_OneOpenTrade=0

Scalper_UseFilterMA=0

Scalper_PeriodFilterMA=100

Scalper_PriceFilterMA=0

Scalper_MethodFilterMA=0

Scalper_MaxSpread=10.00000000

Scalper_Slippage=6

 

So you want to Hedge ?

As promised an update on hedging and how to get around the new NFA regulation regarding hedging.

What can you do to circumvent this new regulation due out May 15th-09

1/ Change to a non NFA regulated brokers.. Not the most favourable but perhaps the most obvious.

2/ Continue with your broker and inquire with support if in fact they have a branch outside of the US where you get keep your account and simply have it transferred. 

3/ Come to an agreement with a partner such as a wife and or husband and register another account and using both accounts you can use the hedging technique at your discretion.

4/ Last but certainly not least. Open a second account with your broker and use another identity.

There is good in bad with those kinds of decisions. Obviously a non NFA regulated broker could present challenges which you want to avoid. An NFA regulated broker provides some peace of mind and protection and attempt at least to keep broker honest and on the up and up. Wow I actually used Honest and Broker in the same sentence. LOL 

And finally just because a broker is NFA regulated does not necessarily mean things cannot go sour. It certainly adds a layer of protection from an investors perspective however the process is not entirely flawless.. 

Happy pipping,

Chris

NFA and Clarity of Hedging

This post is an addendum to the previous post on the new NFA rule on Hedging which incidentally will take affect May 15th, 2009

This new rule will only apply to NFA registered brokers.. If your broker is outside of the US then you will not need to concern yourself with the aforementioned NFA Hedging rule. In fact there are some suggestions that US brokers will allow transferring of accounts to their branches outside of jurisdiction if traders wish.

Tomorrow I will discuss available options for traders who wish to continue to hedge.

Until then,

Chris

Forex VPS

Just wanted to quickly remind everyone that Forex VPS is indeed a great place to have your MT4 trading platform off of your computer and on to a virtual server.. Why would you do that? 

Well if your computer goes down so does your MT4 trading platform and any of your EAs which had open trades could suffer huge losses because your trades are no longer being managed by your EA..

Safety and security for peanuts.. 

http://www.forexvps.com?a_aid=ForexVPS1

Testimonial which I gleaned from review sites

I have to say the service for the price can't be beat! Let me clarify, they are the first and only VPS I have used. Of course I did find the start up was a bit more involved than I hope, I think that was due largely to my technical knowledge.
The staff offered to install EA's for me when I was having difficulty and even emails are answered lightning fast. 
I would offer this advice if needing assistance use the voice chat and log off your account.
They are great and I am very happy with the service and price

http://www.forexvps.com?a_aid=ForexVPS1

Chris

Reducing my risk

As of late no doubt traders have become increasingly aware of the markets biting back a bit more then as in the past. We are indeed in an era which has not been seen before from a global economic standpoint.

Changes around the globe are not relegated to only stock markets and commodities , we are definately seeing the impact on the forex market.  

The above being the case you can manage your losses by reducing your total overall risk.. For example as FAPT users I have reduced my risk by reducing my LotRiskReductor down on the EUR/GBP and increased the percentage of risk per trade on EUR/CHF..  Why? Simply because I see more full stop losses on EUR/GBP (112pips) then on the EUR/CHF and further the stop loss is larger then on the EUR/CHF (54pips).

Another technique is to watch the markets during the NY session.. If you seem extreme amounts of volatility prior to when FAPT trades then perhaps shutting off your Expert Advisor for the day would be prudent.

And last but certainly not least. Limit the amount of trades you have running on your MT4. For example.. If you have capital less then 1K its probably not a good idea for you to be trading more then two scalping pairs ... 

Chris Forex

New Hedging Rules

Just wanted to briefly explain to traders how the new regulation regarding NFA brokers and hedging means and how it will affect FAPT Turbo.

Hedging is defined as

" Process of protecting oneself against unfavorable changes in prices. Thus one may enter into an offsetting purchase or sale agreement for the express purpose of balancing out any unfavorable changes in an already consummated agreement due to price fluctuations. Hedge transactions are commonly used to protect positions in (1) foreign currency, (2) commodities, and (3) securities."

So how does this affect FAPT Turbo.. Well the new rule sanctioned by the NFA does not take affect until May 15th.. So the new version of FAPT is due to be released on May 17th which will counter these measures by adjusting Max Orders to 1 from its present setting of 2

Now I must further explain that FAPT only uses this setting with the Long Term Strategy of EUR/USD which a great deal of members including myself do not trade. In addition to this if your FapTurbo_Hedging setting is at "0" which is the default this means the robot will not hedge and you need not be concerned.

Just wanted everyone to understand this newest changes and calm some nerves :)

Keep in mind there is training weekly where we discuss issues such as this and other issues which concern the overall settings within FAPT EA .. You can signup here http://www.fapturbomeeting.com

Chris Forex

Having a VPS for trading

I realise some new traders will try to trade using their own computer and the Metatrader4 trading platform.. On the surface it seems like a good idea at the time.. Why pay someone money to host your MT4 and any Expert Advisors which you have attached?

Because I am an IT person and have been in the field for 20+ years really do not have much difficulty keeping my dedicated computer up before during and after trades however I must tell you that I have been caught as well with computer reboots and power outages . Luckily these times are few and far between. In fact I believe its been twice only.. Both times I was in a trade and my computer decided to update and then reboot.. You guessed it.. Now my trades are not being managed anymore because my Metatrader 4 platform did not restart ( I have since fixed it so it wil restart on a reboot) How was I lucky... Well the trades went my way and when I was able to close them I was still in profit..

Now I do not worry about outages since I use a UPS or uninterruptable power supply. Problem solved. Well almost.. The problem is for a really good UPS to last the duration of a power outage you have to spend a great deal of money... 

Okay now my point.. Rather the spend money on a UPS and worry that you are not either getting trades with various EAs because your MT4 trading station is down again .. Why not invest in a VPS or Virtual Private Server? 

I recommend Forex VPS.. They have a great deal of experience backing them plus its affordable, convenient and they will setup your Metatrader 4 program for you ... 

http://www.forexvps.com?a_aid=ForexVPS1  

Until next time.. 

They say I should have a blog

Perhaps like many people I have resisted the blogging phenom of the last what decade? Anyways I can no longer resist. This is an essential part of my life and my diary of my life as a forex trader. Here you can track my trading habits and my overall effectiveness, thoughts and opinions.

I welcome you to what will become what I hope to be a useful resource for the mass of Forex traders lost in the sea of pips. It's extremely important to note that any thoughts, opinions and or rants are exclusively proprietary and are not recommendations of trading advice.. Read and act at your own risk :)

You can also follow me on Twitter... Again another tool which has piqued my interest.

http://twitter.com/fabulousforex

Welcome one and all.

Chris Forex