I finally got the Meta4 forex trading platform and the forex trading robot set up and working together over the weekend and turned the fearless little guy loose about 1800 hours Sunday evening.

The first entry trade was made a little after midnight. Let me caution you that if you do give the robot a go take your time in setting it up. It’s not that difficult but you really should read all of the PDF file instructions and explanations before starting your set up.

I recommend that you take the time to watch the videos as well. It’s not really that difficult to get everything running but a small mistake can be hard to find and correct later on.

It is also important to follow the recommendations of the robot programmer and start out trading in demo mode. That way over a few days you will see how the robot goes about his business and hopefully think of ways to step up performance. You will also be able to insure that all is working properly before putting real money at risk.

For example, I made a mistake in setting the robot profit taking level. The PDF instruction had it set at 20 pips in one example and 200 pips in another. The 20 pips places the robot in a scalping position. Since I can see already that the robot is a trend following fellow to set your profit level at twenty pips in a strongly trending market will leave a lot of money on the table. For the USD/Euro I probably should have set it at 100 pips or so.

Since the Euro had a strong overnight upward move the robot made three trades, each for a 20 pip gain, or 3 x $100 = $300 total. Not a bad start but it would have been more with a better profit taking level set.

The figures below are taken from the Meta4 platform log. I had to cut off a few items showing time of trade to fit the table to this page.

Account: 25464 Name: Taipan Greene – Currency: USD – 2008 March 31, 21:16
Closed Transactions:

82888 2008.03.30 18:16 balance Deposit 800.00
83729 2008.03.31 00:20 buy 0.50 eurusd 1.58060 1.58260 100.00
84682 2008.03.31 05:09 buy 0.50 eurusd 1.58210 1.58410 100.00
85986 2008.03.31 10:09 buy 0.50 eurusd 1.58370 1.58570 100.00

Closed P/L: 300.00

So three cheers for the robot. He is off to a good start. Note that I set up a small initial play money deposit of only $800 to trade in the demo mode. I wanted to trade with small capital to see how it would go. However, I set the trade amount really too high for the capital at 5 x $10,000 mini contracts. Only one or two mini contracts should be used at that low capital level.
So I was lucky that the first trade was a winner.

This should really be an interesting week in the forex markets as the NFP report is Friday and the high volatility in markets continues. We will see how the killer robot takes care of business. Will he be the killer or the one killed?

Stay tuned.

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