I personally didn’t have that kind of drawdown. Mine was closer to 20% which is still a lot but one would expect a few bumps in the road. My smaller loss could also have been due to the fact I use FGB on one extra pair which pulled in some positive pips that month. I also monitor my trades and you might say micro manage them. I don’t let winners become losers and I close out losers at predefined support/resistance lines if they are broken. I may even close out partial lots and let the remainder run if I think the bot has really caught a good wave.
Currently for June I’m up 21% so I’m back to even for the last two months.
If you’re looking for a program that never has a losing month or that you can set and forget, you will spend your life looking.
However, I make no emotional tie to any program and I monitor their performance all the time. If a bot starts to act erractic, or the market conditions change, I am perfectly willing to move a bot to the bullpen until it forward demo tests successfully for several weeks to a month.
anyway, it is good to hear you have a better result. i will keep following this ea and also wsfb and i hope i can start the live trade within next month.
good luck!
It’s because they’re using very high risk (large trade amounts compared to the size of their account). That’s why it’s doing over 100% some other months. If you scale it down you can do about 10% most months and bad months aren’t so bad.
Hello, I have been really interested in FGB and following some of the results, so yesterday I bit the bullet and and set it up using MetaTrader with ThinkForex. I have initially deposited £200 to a live account, but I just wanted to check I have done everything right, as I have tried to email support and they didn’t really answer.
As I only have £200 on the account, I have followed the manual and stuck my lot size at 0.01, so does this equals £2pp.
Because the bot had already opened a trade last night and although the market was shifting by over ten points, the P/L didn’t seem to move more than a couple of quid!
Also, I am just running MetaTrader off my computer at the moment, and leaving it on as I haven’t set up a VPS yet. I have ‘smiley face’ on my EU chart, and all the signs seem to be good, but in the Journal tab at the bottom, it has came up at least three times saying ‘Ping Failed’ and at least a dozen times saying ‘Login.’ Is there a problem with my settings?
Sorry if a lot of this is drivel, but you all seem very helpful and friendly here on babypips, so I thought it was worth a punt. So is anyone far enough in with FGB that they are paying themselves a wage? I am an actor, but I have been interested in the Forex for years, so I have been teaching myself here and there as I am looking for a way to try help pay the bills between acting contracts.
Has anyone figure out if 1.4, 1.5, and 1.6 trade differently? I made a killing with 1.5. I decided to move to 1.6 and now have a huge drawdown which I never saw on 1.5. I will go back to 1.5 if this keeps up but thought that they should trade the same. Is there that much of a difference between updates? I would hate to have to run each update on a demo account for a couple weeks just to update my live account.
With 1.5 my account went from $300 to almost $800 in two weeks. I would say that is fantastic.
Make sure that MT4 is actually loging in correctly to your account. Is your account balance showing up correctly in the trade window? Also, have you registered your copy of FGB with you purchase number? Does the text on the chart screen say version 1.xyz - Active?
How stable is your internet connection? It could be you are getting short disconnects with your internet which momentairly tells the bot you aren’t connected?
Also, I would strongly recommend trading the bot on a demo account for a few weeks just to make sure it is right for you, your broker, your broker feed etc. One thing I have learned is that what works for some people, will not always work for me the same way. Your money will last a lot longer if you test first.
Mosier, my motto has always been if it works don’t fix it. I’m staying with 1.5 until I have a chance to evaluate the changes in 1.6.
This is a very good point. I purchased FGB at the beginning of this week, and had one great winning trade. It might have been twice the profit, had I not accidentally closed my MT4 causing the bot to close the position upon reopening. Then I updated to 1.6, and had one losing trade. I figure they corrected a few things to the soft, but now the actual algorithm. But you’re right. If it’s working, why update?
You guys are not giving enought time for new patch to show us results. 1.5 had some runs of many losing trades (over 10 one time in a row if i remember correctly, but at least 7-8) and then it did go back and made profit. 1.6 is only on for short term, so give it some time and it will probably make you more profit
Why update? Well, think of it the other way around, if the bot were never updated, but the market condition changed, your bot would become useless :). Another example would be, ymm, fix bugs.
these updatesare to fix small problems in there code, specifically trade management. As far as I know the algorithm remains the same. My rule of thumb is if fgb isin a trade do not update to new releases and don’t change any settings and also don’t restart mt4.
Maybe there releases address some of this but why chance it. Sorry my typing sucks, been drinking actually Im al little drunk. and I still care to check on you gus have a good weekend
I have a problem setting up ver 1.6, anyone care to give me some settings ?
When using strategy tester, older history seems to throw it off. Also when I test it a couple of times with starting only one day apart and with the same settings, the results are vastly different.
Johnny love that late night drinking / posting. I need to drink more. Has anyone here ever made a living or even think it’s possible to make a living just using EA’s. I have a plan if anyone would like to hear it.
reminder to myself drink more lol
PS I lost over a hundred dollars with 1.6 so I went back to 1.5 which as I said I made several hundred dollars over two weeks.
I treat each bot update as a new bot. I have seen numerous times, even with some of my own bots that the littlest change can make a big difference. I firmly believe if it works don’t fix until you can prove out and be confident that the changes or “improvements” to a bot are truly accurate and produce the desired results. It is very possible in the coding for a bug to introduced each time the code is relased. Be VERY CAREFUL blinding accepting bot upgrades unless you are just working with them on demo. No upgrades get near my live money without proving they are better.
Krizz - look at your modeling quality of your backtests. If you are not getting 90+% accuraccy in your results you are just playing with a random number generator and your back test data is not really worth a lot.
i installed the fgb yesterday but have no trade yet. i asked fgb support how to do my settings but they never advise what the default setting is and they said they cannot suggest my lot size since it is my risk preference. so for the moment, i still do not know how many lot size will be trade for my us$5,000 demo account. can anyone give me a hint?
For a 2% risk, you will be looking at $100 (2% * $5k). On average the stop loss for fgb is around 50 pips (usually lesser) so $100/ 50pips = $2 per pip which is lot size 0.2.
hopefully i got that right
Also, the default setting (also described in the manual) is actually the exact settings you see when you drag/double click the forex growth bot EA on the left panel.
hey every one,
I had been on this thread before but felt some what unqualified to really understand the use of bots as opposed to manual trading,
which being a newbie in both department kinda made me feel just a bit out of the circle (if you get what I mean)
well I’ve done lots of reading and even more testing just so I have some idea of what I would be doing with this bot or any bot for that matter,
because I have found that it’s not good enough to just blindly put your trust and money into a piece of software and let it make all the trading decisions for you,
because I believe that you should really have a reasonable grasp of how the forex markets work and why sometimes even when everything tells you to go long you should really go short (I’ve been caught like this countless times…lol)
however I will be buying this bot tonight and hopefully have it up and running for Monday…
I will also be testing this on other pairs just to see what happens (you’ll never know unless you try it !)
so I look forward to all the posts that you guy’s write and I’d like to say thanks to all that have already posted,
it has made for some very interesting reading…
Hi klccwei, thanks. The default setting is 0.1 lot size. so i assume it is the fixed lot regardless of how much the equity is. And i was told from fgb the you have to adjust it manually everytime the equity goes up and down.
Hi guy’s
I went to buy FGB and it seems to have gone up in price,
because I’m sure I saw it for about $70 a little while back,
but now it seems to be $99
is that right ? or is there some kind of discount voucher that I’ve missed.
have a good weekend