Forex Simple Trades Robot review:
Forex Simple Trades Robot scalps the intra-day price movement.
Timeframe: The time frame it is attached to is irrelevant. It takes its calculations from three time frames.
Pair: It can work on any instrument.
Performance: EA is a great tool for scalping short and medium price directions. An open position can be on from between 1- 5 days.
1. Begin Hr: Hour of the day you want EA to start scanning the market for trading opportunities.
2. End Hr: Hour of the day you want EA to stop scanning the market for trading opportunities.
Note: EA can be set to open new available positions only at certain hours. To make EA trade for the whole day, set ‘Begin Hr’ to 0 and ‘End Hr’ to 23. The trade management side of the EA is not affected by this setting. If not sure, leave at default.
3. Type of Account: “Standard account= true” is the default. If set to false, it means mini account = true.
4. Lotsize: Set lotsize manually or leave at default (0.0) for optimized lotsize. For a free margin of $1000, optimized lotsize will start trading at 0.05 lot, which is 50 cents per pip (for standard account) if MmLevel is set to default. Optimized lotsize can only be activated if your free margin is up to 100. For mini account types, optimized lotsize will work if free margin is not less than $20. Otherwise, manually enter your lotsize.
5. Stoploss: Stoploss is dynamically calculated to be placed at 10 pips + spread above the high of the last closed daily candle in a sell trade and 10 pips below the low of the just closed daily candle in a buy trade. You may increase the 10 pips default, but it is not advisable to decrease it. For spot metals and other instruments outside currencies, StopLoss should be increased considerably. i.e. for Gold, StopLoss should be minimum: 200.
6. Takeprofit: Increase or decrease TakeProfit. EA also has a logic that closes trades when the strength of bear/bull is reversing. Trade may close without hitting StopLoss.
7. MaxOpenTrades: Set to maximum no of open trades you want to allow on your account.
8. MmLevel: This stands for “Money Management Level”. This setting works for Optimized Lotsize. Default is set to 200. If increased, Optimized Lotsize will decreased but if decreased, optimized Lotsize will increase. If not sure, leave at default.