1. Trading symbols
The trading strategy of the ProfitLocker EA is adapted for a certain set of currency pairs. Working with these pairs guarantees a profitable and safe system operation. The working timeframe and currency pairs are listed on the "About" tab, in the settings window:
Recommended currency pairs for the current version: EURUSD, USDJPY, EURJPY, EURGBP, CHFJPY, USDCHF. Working timeframe: H1.
With the release of the next versions of EA, the set of recommended tools will expand.
2. Money management and lot size selection
The trader himself must calculate and set the size of the initial lot with which the system will work. It is not difficult to do this, if you have any questions, please contact our technical support or write in the comments.
The minimum deposit is $ 500 on a dollar account, or 500 cents on a cent account. To calculate the lot size, if the currency of your account is not the US dollar, then in the calculations you need to transfer the deposit from its currency into dollars, at the current rate.
The basic rule for calculating the initial lot when working with ProfitLocker EA is 0.01 lot for each currency pair, for every $ 500 or cents. For example, with a deposit of $ 500, ProfitLocker can be set on one pair with a lot of 0.01. And with a $ 1000 deposit, it can be set for two pairs, also with a lot of 0.01 for each - this is a more optimal option, so the profitability will be greater and the risks will be diversified.
The principle of calculating the lot size: divide your trading account balance by 500 and you will get the number of minimum lots of 0.01, which can be divided into several financial instruments and used in trading. So, for example, if your balance is 500 dollars or cents, then without options, you can trade only with lot 0.01 and only one instrument - EURUSD, as the most optimal one. If you take a balance of 2000 dollars / cents, then you already have 4 minimum lots at your disposal, which can be distributed over 4 recommended currency pairs (put an advisor on 4 recommended pairs with a lot of 0.01 for each).
If the number of minimum lots exceeds the number of recommended pairs, then you can already increase the lot size. So, for example, if the deposit is $ 5000, and the number of recommended pairs is 4, then the received 10 minimum lots of 0.01 can be distributed as lot 0.03 for 3 pairs and lot 0.01 for 1 more pair.
Start Lot - the initial lot with which the first deals are opened. ProfitLocker EA trades not one deal, but systems of deals, consisting of several deals with different volumes.
Max. drawdown, % of balance - maximum drawdown in percents of the balance. If the total profit on open positions reaches the negative value specified in this parameter, then the action set in the "Action for max. drawdown" parameter will be applied. The value is indicated in percents of the total account balance. Profit is calculated on the positions opened by the current instance of the EA on the current chart. For example, if the value "Max. Drawdown,% of balance" = 10 and the balance is $ 1000, the action "Action for max. drawdown" will be applied when the profit is $ -100 (-10% of $ 1000). There is no need to put a minus sign.
Action for max. drawdown - selection of the action that will be applied when the drawdown is reached, specified in the previous parameter "Max. drawdown, % of balance".
There are three actions in total:
- "No action" - do nothing.
- "Stop" - all trading operations are stopped. When the drawdown decreases to the value specified in the "Max. drawdown,% of balance" parameter, the EA will continue working and will withdraw open positions from the drawdown. It’s like putting the Expert Advisor on pause until the drawdown decreases to an acceptable value.
- "Close all" - the advisor closes its trades and does not resume work anymore. To resume work, you must first install the advisor on the current or new chart of the selected currency pair.
Max. account drawdown, % of balance (0-off) - maximum drawdown on the account, in % of the deposit. If the total drawdown on the account reaches this value, then new systems of deals will not be opened, but current deals will be brought to closing. If the value is zero, this limitation is disabled. This limit is in effect when the ProfitLocker works simultaneously on several currency pairs. It is intended in order not to start opening new systems of deals on any particular pair, when the total drawdown for other pairs has already reached this value.
Max. spread, points (0-off) - maximum spread, in points. If the current spread exceeds this value, then all trading operations are postponed until the spread decreases again to the specified value. If the value is zero, this limitation is disabled. The value can be reduced to 50-60 points.
Work End - enable / disable the shutdown mode. When this parameter is enabled (value "On"), the ProfitLocker will bring open trades to the close and after that it will not start opening new systems of trades.
Magic number - a special number that the trading system assigns to each open deal. It is necessary for the system to be able to distinguish its trades from trades opened by other trading robots. You need to change it if your trading terminal already has a trading system with the same Magic number, or if you want to run the system with different settings, on two or more charts of the same currency pair, simultaneously.
The ProfitLocker EA, in addition to the Magic number set in the settings, uses several of its numbers. In the upper left corner of the chart, there are Magic numbers that cannot be used on other charts of the same currency pair:
License ID - your license identifier.
Current version: 2.10 from 2021.02.28
Leverage: any, from 1: 200 and above.
Recommended currency pairs: EURUSD, USDJPY, EURJPY, EURGBP, CHFJPY, USDCHF.
Recommended trading conditions: NDD / ECN account with 5-digit quotes, hedging allowed, swap-free is possible.
Recommended broker: Forex4You
If you have not purchased ProfitLocker EA yet, you can do it right on this page.