Testing a MetaTrader4 Expert Advisor (EA) called “5 Pips A Day”

Trading Systems Expert Advisors and Automated Trading
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Testing a MetaTrader4 Expert Advisor (EA) called “5 Pips A Day”

I decided to buy and try this EA based on this review:

I’ve set up the EA on a demo account over at myfxchoice.com (non US).

In an effort to make this demo test as realistic as possible,
I’ve set the account balance at $500. I’ve done this because
that’s the maximum I’d be willing to risk in a single live account.
It’s an amount that won’t change my lifestyle or impact may family
negatively. It’s an amount I can afford to lose.

I set the leverage at 50:1 to match US regulated brokers.

Also, my demo account broker displays leverage as 1:50 in the settings box where I get
to select how much leverage I want. When I go to Investopedia they express leverage with the big number first, i.e. 50:1. My assumption is that my foreign demo broker uses a non US convention when expressing leverage and that they mean the same thing, even though they are expressed in the opposite. Tilt…really not sure about this.

I’ve also reduced the lot size from 0.1 (the default setting in the EA) to 0.01
(the smallest lot size allowed by the US regulated broker I’m going to use when
and if I go live with this EA. I want to see if this EA can make money in a demo account
under as conservative and or realistic conditions as possible. I want to make it harder
for this EA to succeed, not easier.

Today is day one, I’ll post updates along the way.

Please share your thoughts and don’t spare my feelings.

Thanks in advance.

1 Like
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that’s good to hear but, Sadly… THIS AMOUNT you probably will lose it

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Thanks for the response.

Can you elaborate please?

How much money would I need to deposit into the account for this to work?

Why and how am I likely to lose this money?

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@mitsufisher

hi mate
well if you could start with an amount like $1,000 - $1,500 as a minimum you would have a better chance, a much better chance.

starting with $500 is somewhat of a risk until you get it to $1000, after that it becomes easier.

this can be a long story if i want it to be :stuck_out_tongue:
simply put…
the market is setup in such a way so that people that start with low amounts lose their money.
most people will start with amounts less than $600 (you fall in that category)
the majority start with $400 or less, these people almost always lose their money.

start with a larger amount to give yourself a fighting chance

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Copy that…good advice, thank you.
I’ll increase my demo account balance to $1,500.

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Hi @mitsufisher i am keen to hear more about your results. This is a robot i’m interest in. It’s been just over a month since your post. How were the results on the demo account?

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Oops, a bit over a year and a month. Guess you’re not keen to share your results.