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Hey Nikos,
the more I ask question the more confused I get.
As to the risk calculation – you say when I trade the pair EURJPY I have to put EUR in the field Account Currency. But my account is in USD, what if I trade something else? Do I have to do it every time like this – convert the account balance from USD to the first currency of the trading pair? That would be very disrupting.
About the correlation entry lots – SL – why does the calculator needs the SL in pips to calculate the entry lots?
About the crypto pairs – which calculator do I use for those? And you did not tell me – when I trade this crypto pairs – I am not trading the coins, since I am not trading on a crypto exchange, what instrument am I trading CFD?
About the results in FX Blue – thank you fort he info, this is also what I am aware of. You still did not tell me which 2 or 3 out of these on the screenshot would you chosse if you were me?
I would appreciate if you answer today, because I want to put the strategies to trade on the weekend. Thank you!
Kind regards
Boyan
Hey Boyan,
I am sorry if I am confusing you, I am trying my best to explain everything!
Regarding the risk calculation, I just mentioned changing the currency as you was getting the USD/JPY asking price. You can keep it in USD if this is your account currency.
About the SL, it is needed in pips as this is the way the SL can be better calculated. Also, it is needed as this is how the risk is calculated in case the trade goes in the opposite direction.
I am not really aware of risk calculators for crypto.
I am sorry I think I must have missed the questions of choosing from the screenshot. I would pick the one with profit factor 1.84 and 3.98 and the reason is because they seem to have a good potential since the losses that really big. I would avoid the ones without profit factor as with just 1 trade, you cannot really tell if it is going to be profitable in the end.
Hope this helps!
If you have any more questions, let me know!
Kind Regards,
NikosHey Nikos,
thanks for the quick responce.
So to sum up and finalize the topic risk caluclation – I would keep the account in USD. This is what I posted yesterday maybe you missed it:
‘Anyway I did the calculation one more time with both calculators with the following inputs: Currency Pair EURJPY, Account Currency USD, Account Size 25.000, Risk Ratio 1%, Stop-Loss(Pips) 154 (according to the EA I am going to use) and I put 1 in the ‘Trade Size(Lots)’ field in myfxbook calculator. It shows automatically USDJPY 155,81100 there. This value I put in the field Current USDJPY Ask Price in the babypips calculator. I get pretty much the same results from both calculators – Sizing according myfxbook is 0,25 lots and Standard Lots according to babypips is 0,2529. So that means, that when I put 0,25 in the field Entry lots of the EA I will be risking 1% from the 25k account per trade, correct? In the Complete Guide video Petko used 0,1 but this is myabe because he was trading 10K account right? So this would be risk medium according to the Prop Firm Robots App, and if i want to trade low risk I should put 0,125 in my case right?
Just tell me if I got everything right, tnanks!
As to the cryptos – if you tell me what instrument is being traded I will do my own research on the calculator.
Thanks for your opinion on the choice of the EAs, what do you mean by this – ‘they seem to have a good potential since the losses that really big’ ?
Thanks
Kind regards
Boyan
Hey Boyan,
Yes, I read it but I might still missed something. Anyways, you got it correct!
So, about crypto, since it is in a broker and not a crypto exchange, it is a CFD asset as mostly brokers offer CFD assets to trade.
I meant to say they seem to have a good potential since the losses are not that really big which makes it a good robot to trade with.
Hope this helps!
If you have any more questions, let me know!
Kind Regards,
NikosHey Nikos,
this is what I also thought, just wanted to make sure I got everything straight. Thank you and have a great weekend!
kind regards
Boyan
Hey Boyan,
Sure. If at any time you have any other questions, let me know!
Thank you and you have a great weekend too!
Kind Regards,
NikosHey Nikos,
I need you support again please. I put yesterday 4 EAs to trade on a 25k demo account to test the account protection settings. I tried to fill the Daily rest hour(terminal) in the settings, but I dont know how exactly to put it. I need to put 17:00 EST there? Another thing is the news filter – what is the difference between Medium and High news filter? I have both set now. What are the recommended before and after settings in minutes? I have now for both Medium and High news 60 minutes for before and after.
Another thing is the risk calculation again. I am trading the following EAs with the following Stop Losses and calculated Entry lots for 1% risk on the account:
XAUUSD – SL 3306 pips, Entry lots 0 according to myfxbook
XAUUSD – SL 3246 pips, Entry lots 0 according to myfxbook
USDJPY – SL 29 pips, Entry lots 1,34 according to myfxbook
USDJPY – SL 16 pips, Entry lots 2,43 according to myfxbook
I find these results unusual. When I calculated the pair EURJPY with 154 pips SL for the same conditions I got as a result for the Entry lots 0,25 lots. Why do I get a 0 for the Entry lots on the XAUUSD? Also when I calculate the XAUUSD in myfxbook I don’t have the XAUUSD Ask price displaed like in the pair USDJPY – why? Is there something I am missing?
And finally I downloaded yesterday the current 100 robots from the app and put them individually on a demo account. However I was able to put only 99 EAs on the same account in mt4. Is there a limitation ad if so, how can I solve this?
Thanks!
kind regards
Boyan
Hey Boyan,
So, about the daily reset hour, you need to ask your broker or prop firm whatever you are using, what timezone their platform is based on and just set it to be at the end of the day of that timezone.
About medium and high impact news, the difference is that medium is less volatile and high impact news are very volatile which means that the price moves extremely fast and it can be dangerous to trade at that time.
Regarding the minutes, we have it at about 2-3 minutes before but you can set it at even 5-10 minutes before. Though, 60 minutes is also really good as you are way more safe!
So, USDJPY and EURJPY, are different pairs which means the prices are also different and that is why you do not see the same lot size.
The reason you see 0 entry lots on XAUUSD is because the risk is very low. You will need to set it 50 pips or less to see what lot size you need to use. Also, about the ask price, I am not too sure about that, I would say it is because it is commodity but yea, I am not too sure.
Did you receive any error while trying importing them?
Thank you!
Kind Regards,
NikosHey Nikos,
I already asked the prop firm, it is like I said 17:00 EST, my question was regarding the time format I have to use, can I put it in exactly like this?
About the news – I guess the EA is obtaining information about news events online, ist hat right? And how does it behave when I have set times for before and after – it does not open trades in this time, or it also enforces to close open trades before the event?
About the risk on the XAUUSD – I thought the greater the pips set in the SL oft he EA, the bigger the risk? Or maybe I misunderstood something? So the SL is set in the EA to more than 3000 pips and if I change it to 50 won’t it affect the results oft he EA?
About the charts in mt4 – I did not get any error, I was just not able to creat a new chart after the number reached 99, no error, just nothing happens.
Thank you!
Kind regards
Boyan
Hey Boyan,
So, regarding the format, yes, it has to be exactly like that, without the EST just the numbers.
About the news, indeed the EA gets information online for the news. The way it behaves it is exactly as you said, it will not open trades during these times and also it will close trades if there are any open before the news.
Regarding the risk for XAUUSD, yes that is exactly as you said but since it is only 1% risk, you can place a bigger SL than 50 pips because the risk is low and because XAUUSD price is a lot different than forex pairs. If you set the risk higher, you can also set the pips higher or if you have a account with a bigger amount, I guess you can do 1% risk and have also greater pips in SL.
I see, probably there is a limitations.
Hope this helps!
If you have any more questions, let me know!
Kind Regards,
NikosHey Nikos,
about the rest hour – if I put in only 17:00 how does the EA know which time zone?
Reagrding XAUUSD – I thought the pips are predetermined in the EA and if I have a profitable strategy with 3306 pips of SL and I want to keep it profitable I am not allowed to change the SL? What would you do in this specific case when I have once XAUUSD with 3306 pips SL and once XAUUSD with 3246 pips SL? We are talking all the time about the same account – 25k and may risk tolerance is 1%.
About mt4 – seems like you also weren’t aware oft this limitation.
Thanks!
Kind regards
Boyan
Hey Boyan,
So, the EA is actually taking the date from the platform so this is how it knows the time zone.
You can of course change the SL but it will be greater than 1% risk. In this case, I would increase the risk a little to get the SL in the point I want or I would just keep the risk the same for example in your case 1% and just set the pips to whatever is required for the trade to be executed correctly.
About the limitation, of course I was aware and something I forgot to mention is that there is a 99 chart limitation. A solution to this would be to set the robots in a portfolio.
Hope this helps!
Kind Regards,
NikosHey Nikos,
so if I keep the risk at 1%, your suggestion would be to chnage the pips so far, that I get an Entry lots value different than 0, is that what you mean?
Thanks!
kind regards
Boyan
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