Megadroid Risk Concerns

[jimmy55]

Hi All,

Looking for a bit of advice if anyone would be so kind...

I'm a sub-novice trader with a live alparipro account. I've been running FAP with mediocre results and decided to experiment with MD. Since the pro account doesn't allow for trades at less than 1 lot I am compelled to trade at that minimum. As I would prefer not to exceed this volume/trade I set my risklevel at 0.05 which autosets the lot level at about 1.0 in correlation with the 10k+ balance I've got in the account.

My concern here is, given the fact that this isn't a scalper like FAP, would my stoploss now be too low/small for the longer term trades that this EA is designed for given the price fluctuations it's meant to endure?


Would appreciate any advice or input


Regards

[Master Tang]

Why not just switch your account to to one that allows smaller lots?

[ClarkFX]

With $10K, I don't think a Pro Account is what you need, that's like the minimum requirement for pro accounts at most brokers. Usually they're even $20K. Like Tang said, just open with a standard account type.

[jimmy55]

yeah, I guess I thought I was being smart in avoiding the standard account spreads to bolster scalping profits
in retrospect it was a less than intelligent choice...

that being said, I would assume you are of the opinion that a 5% risk level on megadroid decreases the chance of profit?


Rgds

[Hugh]

You bring up the biggest issue in your first post. You do not know how the system is trading. If you do not know how it works, how will you know when it stops working? I my opinion, EAs are only useful if you know the system it is trading and can constantly monitor it's performance based on historical risk parameters.

Learn to trade for yourself. Yes, it is harder, but do not leave your hard earned money in the hands of some programmer.

[jimmy55]

You bring up the biggest issue in your first post. You do not know how the system is trading. If you do not know how it works, how will you know when it stops working? I my opinion, EAs are only useful if you know the system it is trading and can constantly monitor it's performance based on historical risk parameters.

Learn to trade for yourself. Yes, it is harder, but do not leave your hard earned money in the hands of some programmer.

indeed learning to trade on my own would be a better alternative but i would be wary of the trial and error learning curve, greed, and emotional trading

i've diversified with FAP and Megadroid EA's while also using Honest Forex Signals in the hope that more frequent profitable trades will compensate for the inevitable losing ones. it's probability really...

[Jezzode]

I'd be more concerned that you have a limit on your maximum trade volume. This screams out that your account of choice is not a TRUE ECN account. Take a look.

For this very reason you would see no difference by downgrading your account to a regular Alpari MT4 account for your EA where you can take smaller positions.

[jimmy55]

I'd be more concerned that you have a limit on your maximum trade volume. This screams out that your account of choice is not a TRUE ECN account. Take a look.

For this very reason you would see no difference by downgrading your account to a regular Alpari MT4 account for your EA where you can take smaller positions.

yeah im definitely downgrading to classic...just a bit of a pain resetting and resubscribing to everything

[salimvp]

I'd be more concerned that you have a limit on your maximum trade volume. This screams out that your account of choice is not a TRUE ECN account. Take a look.

For this very reason you would see no difference by downgrading your account to a regular Alpari MT4 account for your EA where you can take smaller positions.

Why they charge Indians high spread? Are they wealthy people?

[Jezzode]

Just save your template, open a new account in your current MT4 platform, and the same settings can be applied. No need to change anything apart from opening a new account which you can do by logging into your Alpari Account on the Alpari website.