Version 1.07 is now available!

If you haven't noticed, Forex Set and Forget version 1.06 has been performing very poorly during the month of July. July was a strong ranging month for just about all pairs, which means support and resistance were relatively close to each other and price, for the most part, was bouncing back and forth between support and resistance.

Forex Set and Forget 1.06 suffers when this phenomenon occurs because it tends to place buy orders right at resistance and sell orders right at support, which are almost guaranteed to be losing trades. Because of this, July was not a good month for Forex Set and Forget (FSaF).

Version 1.07 introduces a new custom indicator called "AME Support Resistance", which tells FSaF what the support/resistance levels are. This new information is then used to decide if it is wise to place buy/sell orders at the current price levels. The new indicator can also be plotted on your charts and is very handy for manual trading, even day trading on the 5 and 15 minute charts.

However, as a result of the new indicator, FSaF tends to place alot less trades now. Sometimes going weeks without trading. This is especially true when the support and resistance levels form a narrow channel that does not give FSaF enough room to capture the minimum profits in a trading round. Because of this, I have greatly improved FSaF's ability to run on multiple charts simultaneously. I know how you traders think. If your EA is not in a trade then you get nervous. :-)

Forex Set and Forget - First endorsement!

Check it out! My first endorsement for FSaF. It comes from Cynthia's Forex Support Trading Web Site. If you don't know about Cynthia, I recommend you get acquainted with her because she evaluates alot of trading robots and brokers. She will save you so much time and money with all of her research. Cynthia will only promote products that she has personally tested and had success with. If you are not on her mailing list, I recommend you get on it.

--> www.cynthia-recommends.info/robotsupport.php

To see her endorsement for Forex Set and Forget, go to the above site and look on the right for "From the Forex Millionaire Maker" [that's me :-) ]

New FSaF video posted on YouTube

If you are a user of Forex Set and Forget you have probably noticed that it tends to experience more losses than usual during ranging markets. I have created a new video to show you how you can virtually eliminate risk during these times. Click to watch the latest video...

Forex Set and Forget: Protection from Losses

Current version of Forex Set and Forget is 1.06. Version 1.07 will likely have this "protection mode" automated.

Clearing up some confusion about FSaF

I received the following message this morning about someone having problems with Forex Set and Forget. It seems I overlooked an important detail in my documentation. Here is the message, followed by the response.

Tony

Have been running FSAF with your recommended settings on all pairs. Already has blown up four $10000 demo accounts in 1 week. The settings you are recommending do not make money.
Also, ran the optimization backtest and start using the best settings from the optimization on forward test, but it also blew up the account.

Do not know what else to do.

Unless maybe you have any other settings that might work or recommend the days and times to use FSAF ea?

Too bad, really wanted this ea to work.

Here is my response...

The recommended settings are to be used on a SINGLE PAIR. If you run on multiple pairs at the same time you will get a margin call very quickly. If you do want to run on multiple pairs, you will need to change "scaleDivisor" for all pairs. At the minimum, you want to multiply the number of pairs you will be running on by 1000 and use that number for scaleDivisor. For example, if you are running on 6 pairs at once then set scaleDivisor=6000. This is the lowest value you should have in this case. Higher values are even safer.

Now a little info about scaleDivisor. But first a little tutorial about "trading rounds" and "virtual trades"...

Forex Set and Forget (FSaF), using the included preset files, places trades 10 at a time and waits for all 10 trades to be closed before even looking for another opportunity. A trading "round" represents those 10 trades from open until close of the last trade. All of the trades are the same size and represent a single "virtual" trade. So for example, FSaF places 10 trades of 0.01 lots. That set of 10 trades is considered a single "virtual trade" of 0.1 lots.

So now back to scaleDivisor...

The scaleDivisor parameter determines when to increase trade size. It is critical that it is set correctly. The way it works is this; Divide your Account Equity by scaleDivisor. That becomes the scaling factor for your trade size. For example, if your account equity is $3000 and your scaleDivisor=1000 then 3000 / 1000 = 3. Multiply minTradeSize by 3 and that becomes the size of your next set of trades. If your minTradeSize=0.01 then your trade size will be 0.03 next time a trade is placed.

With that in mind, 10 trades of 0.03 lots represents a virtual trade of 0.3 lots. If your account equity is 3000 then that represents about 10:1 leverage, which is high but should be safe to run Forex Set and Forget. So now, let 's see what our friend did in the above message...

• Starting balance: $10000
• minTradeSize=0.01
• scaleDivisor=1000 <--- UH OH!
  
• Number of currency pairs: 10

This means each chart running the EA was placing virtual trades of 1 full lot. That's ok with just one chart running. However, if you get 5 charts with trades open at the same time then (unless you get very lucky) it's just a matter of minutes before you get a margin call. Either way, your account will be drained very quickly with these settings. So how do we fix this? I'll show you...

• Starting balance: $10000 (unchanged)
• minTradeSize=0.01 (unchanged)
• scaleDivisor=10000 (factor of 10 difference)
• Number of currency pairs: 10 (unchanged)

So now what happens? Here's the calculation.

• Starting balance (10000) / scaleDivisor (10000) * minTradeSize (0.01) = 0.01

That means each virtual trade will be 0.1 lots instead of 1.0 lots. BIG difference. Now your account can withstand at least 100 consecutive losing rounds and still survive.

Here is a shortcut to help you determine how to set scaleDivisor.

• scaleDivisor = (number_of_charts * 1000)

In other words, if you are going to have FSaF running on 3 charts, then EACH chart must have scaleDivisor=3000 at least! Larger numbers will make it even safer to trade.