You must check the TimeZone of your Broker's Server and the number of decimals Gold (XAUUSD) has on your Broker's Platform (MT5)
If your Broker offers Gold (XAUUSD) with 2 decimals => leave the default settings for TradingSettings and AdaptiveSwing fields from inputs
If your Broker offers Gold (XAUUSD) with 3 decimals => add one 0 for all TradingSettings and AdaptiveSwing fields from inputs
These 2 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 2
These are the values for second time period. These values will only be activated if you set the true input for Use second time interval
Noise, points
We need to know how much a price must move up or down in order to consider the movement 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.
Higher values will result in safer strategies and fewer trades.
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.
Initial lot
Trade volume for the first trade in a Trading Cycle must have been at least 1.
Multiplier
Multiplication factors are used to calculate the volume of each 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.
Executing trades with large slippage
Spreads and Swaps with large amounts of profit can be a problem.
How to avoid:
choose a broker with high leverage, low spread (< 3 pips), no commission
Trading funds Risks:
Insufficient money to pay the set input values (the strategy will need to open new trades and won't have enough funds available)
How to avoid:
start with the recommended amount of money
Strategies are at risk
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 recommends input values which are based upon the historical price movement of gold. Your StopLoss will become large if the gold price moves are extended in a way that is unprecedented (in recent historical history).
How can you 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)
Respect input values
Human error risks
Change the timeframe while the EA runs
Input values set that result in loss
How to avoid:
Pay great attention to all aspects when setting up and laughing
Check the bot a few times a day
If your Broker offers Gold (XAUUSD) with 2 decimals => leave the default settings for TradingSettings and AdaptiveSwing fields from inputs
If your Broker offers Gold (XAUUSD) with 3 decimals => add one 0 for all TradingSettings and AdaptiveSwing fields from inputs
INPUTS:
Time finishThese 2 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 2
These are the values for second time period. These values will only be activated if you set the true input for Use second time interval
Noise, points
We need to know how much a price must move up or down in order to consider the movement 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.
Higher values will result in safer strategies and fewer trades.
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.
Initial lot
Trade volume for the first trade in a Trading Cycle must have been at least 1.
Multiplier
Multiplication factors are used to calculate the volume of each 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 RisksExecuting trades with large slippage
Spreads and Swaps with large amounts of profit can be a problem.
How to avoid:
choose a broker with high leverage, low spread (< 3 pips), no commission
Trading funds Risks:
Insufficient money to pay the set input values (the strategy will need to open new trades and won't have enough funds available)
How to avoid:
start with the recommended amount of money
Strategies are at risk
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 recommends input values which are based upon the historical price movement of gold. Your StopLoss will become large if the gold price moves are extended in a way that is unprecedented (in recent historical history).
How can you 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)
Respect input values
Human error risks
Change the timeframe while the EA runs
Input values set that result in loss
How to avoid:
Pay great attention to all aspects when setting up and laughing
Check the bot a few times a day
