Forex Growth Bot (FGB) Expert Advisor SETTINGS and LIVE TRADE UPDATES

[pharoh777]

Without further delay, I proudly offer you my settings and live trade updates for one of the most controversial (love it or hate it) and potentially one of the most profitable EAs available to the retail market!!

Keep in mind these following settings are the ones I am using for 2012 with NO intervention. It has taken me a lot of reading and research to put these together and I am offering two "trade profiles" to try. The first will be an improvement on the default settings which will be trading ONLY the EUR/USD on the 15-Minute timeframe. The second, for those who like much more risk but potentially EXPLOSIVE pip gains, I am offering the best 5-minute profile I could dig up. Both timeframes offer their own pros/cons. Please exercise caution and I HIGHLY advise reading most of this thread to get the whole story on each configuration. (updated 07/14/2012)

Important Note: To use ALL settings that I use, you must have the Advanced version or the Power Version of FGB. Don't worry, the default version works AWESOME! But my settings are supposed to improve the drawdown a bit while improving profits taken. There is a tradeoff with this EA because the tighter you try to get the wins, and the smaller the stops, the worse that actual gain becomes. So there is a very fine line and I am NOT taking credit for finding it. My settings are a culmination of people much better at forex than me and much better at math and calculations than me.

LOT SIZE: I wanted to make this separate because it is such an important aspect of this system. They don't give you an option for how much risk % to use because there is no way this EA could ever estimate it correctly. So here is how it breaks down as a general guidline:

1. Low Risk: 0.01 standard lots per $1000 traded
2. Medium Risk: 0.01 standard lots per $500 traded (where my risk is)
3. High Risk: 0.01 standard lots per $250 traded (I would only recommend this if FGB is the ONLY system traded on the MT4)

Forex Growth Bot (FGB) 15-Minute Settings For EUR/USD Version 1.8 (as of 7/14/2012) :
These are the EXACT settings I will be using for the live test

Lot Size: We just discussed this
FIFO: FALSE
Close Previous Session Orders: 2 (none of the choices allow FGB to control trades if MT4 is restarted so this automatically closes the order on restart)
Assign PT and ST: FALSE (This only refers to whether the stop loss and take profit are printed to the broker. I prefer keeping that info hidden on any EA when I can)
Internal Control: TRUE (CHANGED 3/13/2012 FROM FALSE) This checks the lot sizes open versus what internally it should have. I have this set to "true" because version 1.7 is stable enough to use this feature.
Manual Trade Control: FALSE (I learned the hard way last year that this system going by its own rules is a better system than using it simply for entries and managing the trades myself)
Trades Per Side Allowed: 10 (NOTE: I used 5 last year to reduce my risk. I very much trust the system now especially with the new settings so I am increasing this to 10 this year. Default is 99, NO THANK YOU)
Fast Volatility Base: 3 (Custom setting for when the trade enters, reduces bad entries)
Slow Volatility Base: 60 (60 may be default or custom, I can't remember but it again effects entries)
Volatility Factor: 3.0 (Custom setting for when trade enters, reduces bad entries)
Profit Target: 0.4 (Custom setting that reduces the amount of t/p FGB looks for but keep in mind it is a ratio. This has been set this way so that we don't see FGB shoot to the moon and then retrace back to 0. Full profit target is hit more often with this setting at 0.4 without blowing big orders from running)
Stop Loss: 0.18 (Custom setting that tightens stop loss so losses end up being smaller than the usual -50 pips)
Profit Loss Volatility Base: 50 (default setting, as I haven't seen much convincing information to change this)
Smart Exit: FALSE (This pulls the plug on trades that are 40% to t/p after 18 hours and pulls the plug on losing trades that are 60% to s/l after 30 minutes. Sounds like a good idea, but backtesting results have proven that it kills profitability without reducing drawdown too much)
Reinvest Capital: FALSE (we set our own lot size based on our accounts. No need for this)
Wave Trailing: FALSE (backtesting with above settings shows that setting this to "true" reduces profits a bit but also reduces drawdown a little. I'm keeping this false.


The above settings should improve over the default in terms of profitability to drawdown ratio. So we should get hurt as much during bad periods and make a boatload when the market conditions are favorable. And my testing will be with NO manual intervention which seems to be the most profitable way to trade this EA. AND TRUST ME, I HAVE DEBATED THIS AD NAUSEUM!!



For those of us who like to live life on the edge, I proudly offer the 5-minute settings. Everything else above stays the same except the settings I will list below. These 5-minute settings work AMAZING for fast moving markets that get some extension, or for markets that are trending very smooth and without much retrace. Please exercise extreme caution in using them and that you should use reduced lot sizes, and be prepared for many simultaneous open orders. I highly advise reading the warning on page 54 of this thread. This is almost like an automated manual trading strategy I had learned in the past. If you can find a potential breakout trade that can run (like classic M1 during a strong trend and tightly compressed Asian session). For those who are wondering what "M1" is, please join Forex Mentor Pro to find out!!! I guarantee you that it will be the best and honest forex education you can find without spending a college tuition (not that college teaches you ANYTHING about trading) on courses and seminars.

But here are the settings for advanced members and daredevils!!


Forex Growth Bot 5-Minute Settings for EUR/USD ONLY:

Fast Volatility Base: 12
Slow Volatility Base: 60
Volatility Factor: 1.5
Profit Target: 0.5
Stop Loss: 0.2
Smart Exit: TRUE
Wave Trailing: FALSE


Forex Growth Bot 15-Minute Settings For Eur/Jpy ONLY: (Updated 7/29/2012)

Fast Volatility Base: 3
Slow Volatility Base: 60
Volatility Factor: 3
Profit Target: 0.6
Stop Loss: 0.3
Smart Exit: FALSE
Wave Trailing: FALSE


Forex Growth Bot 15-Minute Settings for AUD/USD and AUD/JPY ONLY: (UPDATED 09/26/2012)

Fast Volatility Base: 10
Slow Volatility Base: 60
Volatility Factor: 2.0
Profit Target: 1.0
Stop Loss: 0.5 (Aud/Usd) and 0.3 (Aud/Jpy)
Smart Exit: FALSE
Wave Trailing: FALSE




Oh and in case you want to jump in and join in the trading we are doing with FGB here is the link:

Remember I am not personally an affiliate of ANY of the products reviewed and tested here!! BUT, if you do decide to purchase the EA, clicking the link above will help with site maintenance and making sure we can continue to bring the most honest, real reviews and results as well as top-notch customer service to all our members and guests!!!

Happy Trading and Stay Tuned!!!!!

[pharoh777]

Hi All!!

With the surge in the Eur over the last hour and a half, FGB has now fired 3 trades all between 1.3162 and 1.3182. We know that 1.3200 and 1.3220 areas are going to be tough to break, so these trades may not win BUT if this area is blasted through, then these trades should bank.

I was going to leave and update for last week, but the trades fired a bit after NFP and I had to close them manually to end the week. I DO NOT like to roll trades over the weekend, unless they are deep in profit. It never seems to end well any other way. I apologize to the purists who want me to be completely hands off. This is my real money though and at this point in my trading career, I'd much rather enjoy my weekend, and then start my trading week off fresh, rather than worry if there is going to be some insane 300 pip gap (I HAVE SEEN THIS MORE THAN ONCE) that jumps my stop or something. No thanks.

I hope our FGB orders win but if not, it is totally normal for this system to have periods of losers. It rarely wins more than 50% of its trades but the winners tend to be so much bigger than losers that it really doesn't matter.

Let's see if these new settings help with the drawdowns, as they are supposed to only catch bigger moves.

[pharoh777]

Yaaaayyy!!!! Over 115 Pips!!! Banked!!! And now it's taken the reverse order right where I have a manual sell so maybe more action if this resistance doesn't break but it looks like a pretty solid move up so I might lose both. But at least the first real set of trades won!


Forex Growth Bot (FGB) Live Update 02/07/2012:

All Long, Trade 1 taken much earlier than 2-4 and closed before 2-4 opened
Trade 1) -15.2 Pips
Trade 2) +31.8 Pips
Trade 3) +41.1 Pips
Trade 4) +60.4 Pips


Total Pips: +118.1 Pips


Total Pips For Week: +118.1
Total Gain % For Week: +2.6%
Total Gain % For Month: +1.39%
Total Gain % For Year: -0.96%

Almost positive for the year with one winning basket. 18/38 trades won so far this year and really just these three alone have eaten almost all the damage done by the other 20 trades! And this isn't even close to a monster basket of wins for FGB. If we get a big follow-through one morning and have 5 or more trades open, be ready to smile!!


Update While I Was Writing Above: Well my manual order stopped out while I was writing this and price is now above 1.3250 so we may lose the FGB short as well. By the way, I found it odd that FGB took a reversal order at the top of it's buy orders. I like the concept but it usually needs a move in the direction pretty good to fire trades in that same direction and it shorted right at a crest of an up-move. We shall see!!


Stay Tuned For More!!!!

[patsid13]

Hi Omar

I concur I made the same + 115pips as you today with one trade still running at minus for the moment. I started at low risk but will now move to medium, thanks again. Until your thread opened I used the basic Bot with no idea of settings and constantly lost so I parked the Bot in Siberia. Then you came along I upgraded to power version and low and behold PROFIT, long may it continue.
Cheers
Patrick

[pharoh777]

YAAAAYYYY!!!

Nothing could make me happier Patrick!!!! I want all our members to make lots of $$$ with ALL of our approved products. I got frustrated with FGB too!! I thought, "oh this is great when it wins, but why do I have to see it lose so much?". I'm happy there are many people way smarter and mathematically talented than me that I could study to share these settings with you all!!

Now don't get carried away with risk. Slow and steady is great. And also keep in mind we may have to go back into the trenches a little bit before a big move up and away!! But definitely a sigh of relief here as I love when we get to make pips!!

Kindest Regards,
omar

[pharoh777]

Hello All!! I finally had to close the last short when it rose above -50 pips. FGB should NEVER have stops bigger than 50 UNLESS the market is moving VERY VERY fast and a single 15-minute candle goes very far. My FGB had lost control of this order. I'm having weird things happen like the last order always being forgotten lately. I have heard this is a broker issue and I'm trying to get it worked out. Anyway, it has affected the test in a bad way because a 60 pip stop should not have been reached. But my aim is to be honest here and if I take a weird loss like that, I want everyone to realize that this kind of stuff happens in trading from time to time. We do our best to make sure all bases are constantly checked, but there is some unpredictability in all areas of life. I am not about to see it be negative more than 100 pips before I realize that FGB has lost control. I keep a cap of -60 pips on runaway orders.

I am curious to see how anyone else who uses my settings did with the last short order. Please don't be shy!

Forex Growth Bot (FGB) Live Update 02/08/2012:


Trade 1) -60.0


Total Pips: -60.0 Pips


Total Pips For Week: -58.1 Pips
Total Gain % For Week: +1.19%
Total Gain % For Month: -0.01%
Total Gain % For Year: -2.33%

[patsid13]

Hi Omar

Yes my short is still open since you suggested to let the Bot run so I thought I would and since it is low risk it is not hurting my account I will post profit/loss when it closes
Patrick

[pharoh777]

Thank You Patrick!! I really appreciate that! I've been having some issues so let me know how it turns out and maybe there was nothing wrong and I jumped the gun. Please don't let the loss get over 100 pips for sure because that would indicate a problem with FGB not controlling the trade for sure! My max stop loss ever with FGB was -115 pips and that was on a very fast, huge spike. Tonight has been slowly drifting up so I wouldn't think a losing order of more than 50 pips should remain open.

Kindest Regards

[patsid13]

Hi Omar
My Profit Loss volatility is also set at 50 so yes that is a worry why my stop was not triggered, anyway it is still plodding along
Cheers
patrick

[pharoh777]

Yes, FGB uses a flexible stop but anything over 50 in a slow moving market might indicate that FGB has lost control of the order. Don't let it go too much deeper Patrick. We are in profit for the week even if we close a -60 pip order.