Dangerous of Set files

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Introduction

Set files are very convenient ways of saving successful Expert Advisor settings on your MT4 platform. In spite of this they are however dangerous when used to try to copy settings from one trader to another trader. Therefore there are many reasons for this.


Problems

Traders all use different brokers who have different spreads, trading times, ways of charging (  Commission /spreads ). Especially relevant  are minimum lot sizing conditions. These can severely impact results when trading based on a % of account calculation. Consequently 2 traders using different brokers can experience totally different results.

Time zone differences. When using a set file created using a specific time zone traders need to make adjustments it their broker is using a different time zone.

Daylight savings: Some countries make day light savings adjustments which creates all kinds of misalignment of time of day based trading. Even countries in the same time zone can have different times. Northern and Southern hemisphere countries daylight time adjustments can vary by 2 hours twice a year. Hence daylight saving may require timely and complicated adjustments.

Ownership. If one trader gives another trader a set file, the trader receiving the set file often does not assume responsibility or ownership of those settings. As result of this, in their mind the settings were provided by another trader so they are that traders settings.  Hence, if things go wrong the first trader will always be blamed.


Solution

So what is the solution?

The best solution is to never rely on the set files created by some-one else. Always create your own set files. Always keep those set files up to date and make daylight savings compensations if required yourself. Be the master of your own destiny. In order to do this, you need to be competent at Forex trading and EA optimisation and use your trading common sense.

If you are forced to use provided set files provided

  • review all the settings provided very carefully to make sure they make sense
  • Understand how the set files were created. What account size was used. Which broker was used and which time zone is applicable. The period used to create the set files. The currencies used. Understand how you will be impacted by daylight savings etc.
  • Run these setting on the MT4 Strategy Tester to make sure you get more or less the same results.
  • Make a plan of how you are going to update these set files in the future
  • If you are going to use the set files take full responsibility for the settings and results
  • Learn to create your own set files as quickly as possible so that you don’t need to rely on others in the future

For the reasons above many suppliers are not supplying set files with their Expert Advisors.


Finally, I wish everybody get more profit and trading with safe way .. Good Luck ! 

 

After optimization, I use excel to select best outcome.

The result of the same set is not consistence. Weather I do it immediately or later.

It makes the optimizer worthless because the result does not stand time.


I am doing something wrong?

Please advise.

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