In the last article, we talked about what trading advisors are and what their advantages (disadvantages) are. Let us consider in more detail one of these robots for clarity. As an example, we took the Fast Forex Millions trading advisor, which you can download for free on the A-Market website. There is also a video on the broker’s website that demonstrates how to install Fast Forex Millions on MetaTrader 4, set the settings and run the test mode.
- Tip: You should not pay money for a trading advisor, but you should not download them for free from unknown sites. For a paid adviser, detailed instructions for settings and testing are provided, for free ones – no. Downloading the program from the broker’s website, you can write to support and get, as a client of the company, a detailed explanation on working with the advisor.
How the Fast Forex Millions Works
With the basic settings of the advisor after testing for 6 months, the yield with a maximum drawdown of 21% was 133%. It is based on the old adviser WinnerH 4, modified to work with small deposits (the recommended amount is $ 100). The most successful timeframe is H4, currency pairs are USD / JPY, USD / CHF, USD / CAD.
The Fast Forex Millions is based on the ATR indicator (average true range), but the author (William Morrison) does not fully disclose the principle of its operation and offers it on its website for $ 250. USA. It is only known that the adviser does not set stop-loss orders and take-profit, and closes transactions depending on the market situation, but does not apply to scalping ones.
Fast Forex Millions has more than 10 parameters to set up, we will give the decoding of only some of them:
- Market Execution is an analogue of the ECN value (order execution without a request at market prices). It is recommended to leave true;
- ReverseExit – when enabled, the robot will close current deals as soon as a signal appears in the opposite direction;
- DualMode – risk insurance option. In the on state, it simultaneously opens two orders in opposite directions (reduces the risk of loss, but also underestimates the profit);
- FilterDeph – the larger its value, the more accurate signals and the smaller the number of transactions (sensitivity to the market);
- RiskPercent – transaction risk;
- FixedLot – set a fixed lot. If the value is “0”, the adviser is guided by the built-in money management;
- MagicNumber – parameter that allows the robot to distinguish its positions from the positions of other robots or manually opened;
- Slippage – the parameter of permissible slippage (set in points by the trader in accordance with the individual risk management system);
- PerATR – period of this indicator. It is selected by testing individually for each currency pair;
- Ktp – the parameter responsible for the dynamic Take Profit;
- OrderComment – the ability to write comments for the trader to the established orders.
After installing the robot, test it on a demo account for at least 3 months! The profitability declared by the broker does not mean that you will be able to repeat this achievement, although the developers of Fast Forex Millions guarantee at least 5% per month.
FxCash clients who trade with an AForex broker can get Fast Forex Millions Advisor for free.