You must check the TimeZone of your Broker’s Server and the number of decimals Gold (XAUUSD) has on your Broker’s Platform (MT4)
If your Broker offers Gold (XAUUSD) with 2 decimals => leave the default settings for TradingSettings fields from inputs
If your Broker offers Gold (XAUUSD) with 3 decimals => add one 0 for all TradingSettings fields from inputs
INPUTS:
Time start hour 1 | Time start minute 1 | Time end hour 1 | Time end minute 1
All these 4 inputs are used for creating a time interval (hour and minute) in which the EA will work
Important! If a trading cycle starts before the ending time then the EA will keep working (placing trades) until it reaches the TakeProfit level or the Stop Loss level (even if this means it will trade after the ending time)
Use second time period
Set on true if you want to add a second time interval of the day in which to trade
Time start hour 2 | Time start minute 2 | Time end hour 2 | Time end minute 2
The values for the second time interval. They will be active ONLY IF you will set the Use second time period input on true
Noise, points
The points a price has to move (up or down) so we can consider the move as a valid swing. We do not take into consideration price moves smaller than this when opening a new Trading Cycle.
Start price, points
The points that are calculated from a price Local Low or Local High where the 1st trade of a Trading Cycle will be placed.
The higher the value, the safer the strategy will be and the fewer trades you will get.
This should always be greater than Noise
Step, points
The distance (in points) that has to pass from the previous trade within the current Trading Cycle.
TakeProfit, points
The distance (in points) that a current swing will have to reverse in order to close all trades of that Trading Cycle.
StopLoss, points
The distance (in points) that a current swing has to develop in order to close all trades of that Trading Cycle.
The trading volume of the 1st trade of a Trading Cycle should have
The multiplication factor is taken into consideration for calculating the volume of the next trade. If trade nr 1 of a Trading Cycle will have the volume of 0.01 lots and the Lot multiplier is set on 2, then the 2nd trade of that trading cycle will have a volume of 0.02 lots.
RISKS
Broker Risks
Executing trades with large slippage
Having large spreads and swaps that can eat up a good chunk of your profits
How to avoid:
choose a broker with high leverage, low spread (< 3 pips), no commission
Trading funds Risks:
Not having enough money for the input values that are set ( the strategy will want to open a new trade and will have no available funds)
How to avoid:
start with the recommended amount of money
The main risk that is 100% coming from the strategy itself (if inputs values are set correctly) is that something that has not been seen before in gold price action will happen.
GoldFirst has some recommended input values that are based on the historic price action of gold. If a gold price move will be extended like never before (in recent history) then will hit your StopLoss value and will create a large loss in your account.
How to avoid:
Don’t trade during important news days (there is an economic calendar you can follow)
Choose to trade/not to trade when unexpected news happen (covid burst, financial crisis, war, wheather dissasters etc)
Human error risks
Changing the time frame while the EA is running
Setting input values that will result in losses
How to avoid:
Pay great attention to all aspects when setting up and laughing
Check the bot a few times a day
