Pure Alpha Expert Advisor Manual [How to use and set up the EA]

Pure Alpha Expert Advisor Manual [How to use and set up the EA]

5 February 2018, 17:25
Alexander Gerlach
1
2 603

User Guide:


Dear User, dear potential user of Pure Alpha,


Signals: (here you can see our live performance with Pure Alpha on our big private account)

Live Performance of Pure Alpha:  https://www.myf *xbook.com/members/Wulfie/pure-alpha/2136690   In the link:  remove the

Live Performance of Pure Alpha (with high risk) on IC Markets: https://www.myf*xbook.com/members/Wulfie/alpha-icmarkets/2521285         please remove the * in the link

  

We want to share more knowledge with you and want to keep you updated in case there are important news concerning the usage of Pure Alpha.

 

  ->    Subscribe to Pure Alpha news and valuable insights  (it's free)

   

One tip to everyone who is searching for a great automated trading system:  The market here is full of scams. Many authors fake backtests by putting in too low spreads. So pay especially attention to the spread in the backtest that it is realistic. If you see a value of 2, which means 0,2 pip, this is undoubtfully too low for real trading conditions.

2) Always test the system one month before you purchase it and then compare your results to the live results of the authors signal. They must not be the trades of the same time period, but just compare your trades to the trades of the signals average. If you see that they match and you find similar trades, then it is a good way to start!


How to purchase the EA:

purchase

Its very easy- simply follow the mql procedure.


How to set up the EA: 


After you purchased it, log in to the terminal in which you want to use Pure Alpha and connect your mql5 community account. After this you will find Pure Alpha in the navigation window of your terminal.

navigation

now, make sure that you have AutoTrading enabled:


autotrading



Important

If you want to use the built-in News Filter, please add URL: http://ec.forexprostools.com to the allowed URLs in the MT4 terminal settings (Tools -> Options -> Expert Advisors) and check "allow webrequest" for listed URL.

live


Next, simply attach the EA to the chart in which you want to trade it. 

Currently we recommend to use Pure Alpha for EURUSD and USDCHF. It can work for other pairs too, but you need to test it and maybe optimize it, the current settings are optimized to EURUSD and USDCHF only.

Use Pure Alpha on the M15 chart .


After you attached the EA to for example EURUSD M15 chart, you need to make sure that Live Trading is enabled in the settings.


ü

It should be, but if not, please enable it.


Now head over to the inputs where you can choose the settings for your EA.


After this is done simply click okay, and you should see the EA with a smiley in the upper right corner like this:


p


This means the Expert Advisor has initialized successfully and will seek for trading entries now. Please be patient and let it trade.

It operates in the night session and therefore you need to have it running on a VPS Server, if you do not run your terminal during night. But, nonetheless, always use a VPS Server because this will reduce slippage and you will achieve much better results compared to using it on your own computer.


Please note: For the beginning we recommend to use Pure Alpha with default setting for EURUSD M15 and with Filter Fast for USDCHF M15. All the rest you should leave default, unless you have experience and know what you do.

The parameters are described in the product description. If you want to increase lot size (make it trade higher position sizes, please adjust the value Lot Size fix to a higher value. 0.01 means it will always trade 0.01 Lot for each trade.

Please note: Use a position size according to your account balance. For an account balance of $10.000 we recommend to trade 1 lot. For an account balance of $1.000 0.10 lot for each pair you trade ... and so on. You can of course trade 0.2 or 0.3 lot for an account of $1.000, then you will achieve higher returns, but also higher drawdowns. Each user must find the best way for himself and adjust the value to his goals and risk appetite.

Last but not least: Most traders failing using Expert Advisors are the ones who want to go for the fast money and quick, high, overleveraged profits. If the Expert Advisor is in loss for one month, they abandon it and try another one. From my 10 years of trading experience I can assure you that this is why 97% fail. If you have a system, then you need to stick to it, as long as it does not occur more than for example 2 times the maximum historical drawdown. No trading system will take home profits every month. I can guarantee you that there is no holy grail. I wasted 7 years of my life searching for it.

Systems that do look like a holy grail are mostly martingales that are constructed to fail, some earlier, some later. Whoever tells you that a martingale is a safe system has no clue about trading and risk management. You have to think long term and trade in accordance to your account balance and you can achieve realistic results ranging from stable 10% to 120% a year. Of course more is possible, but results in higher risks and drawdowns.


Important:

- Always use the correct start and endtime !This is essential! Some users who have left a bad review sadly did not set the correct start and end time. 

 If you use my recommended Broker IC Markets you do not need to change the start or end time, because the default settings are already adjusted to this broker.


- Check your latency to your broker. If it is >20 ms you should use a VPS fair Trading VPS with 1ms to most Brokers,othwerwise you will have too much slippage which is bad for all scalpers and which will result in worse results!! . In any case if you use the EA your PC must run in the night session (after the New York Session), or your vps! so of course the EA will not trade if the terminal is not running ! In any case we recommend to use Pure Alpha always on a VPS Server !


- If you are new, please use a fix lotsize of 0.01 lot on your real account for some time, until you know how much lot you want to trade, or test it on a demo account. There are some users who did set risk =50  or 15 (for what reason ever) and now complain and left a bad review. For some users like this AHDROUD1 ... he can not have a $800 loss if he trades on a $1000 account with the correct lot size settings within one month. But if he trades 20 or 40 times the recommended lot size of course your risk (but also your reward) is 20 or 40 times higher !!! 

As I said, I recommend 0.1 lot  for each $1000 deposit. Meaning if you start with $100 then 0.01 lot  are suitable. If you trade $10.000 then 1 lot or even 2 lot.


We recommend to use Pure Alpha EA with this True ECN Broker to achieve the best results. We have optimised our system for this broker and the default settings are best to use for this one. You can use Pure Alpha on a different Broker, but you will most likely achieve worse results because almost every other broker has worse trading conditions compared to IC Markets.

Furthermore you need a VPS Server. I recommend to use: fair Trading VPS with 1ms to most Brokers


SELECT A BROKER AND LOW LATENCY VPS FOR PROFESSIONAL TRADING (FOR BEGINNERS AND PROFESSIONALS)

https://www.mql5.com/en/blogs/post/707602


The EA has been tested with 99,9% using high quality Tick Data. If you want to backtest the EA yourself, I recommend to follow this guide:


[GUIDE] HOW TO BACKTEST THE BEST WAY, CORRECTLY WITH 99% REAL TICK DATA

https://www.mql5.com/en/blogs/post/704853


* New*

Save 21% of commission for IC Markets, the best broker for Scalping ! 

I want to help others as much as I can. I noticed there are some good ways to save commissions via an Introducing Broker status like paybackfx. But for these services there is one disadvantage: They will keep all Introducing Broker commissions themselves and pay you via PayPal a part of this (but with several limitations and a fee). So why not directly getting a direct discount applied to your commission in your own account ?! ... the problem is a) not everybody will receive an Introducing Broker Agency Status and b) you can not link your own trading account through your own Introducing Broker ID. 

Here is how I can help : 

http://icmarkets.com/?camp=18352 

if you open under this link an ICMarkets True ECN Account you will receive a 21% direct live commissions discount. 

If you are already registered with IC Markets and you do not receive a discount commission (means if you still pay $7/ lot), a commission discount will be available in future for this account by simply sending an email (from the email address you used when registering IC Markets) to: partners@icmarkets.com 

with the following content: 

" Please move my accounts to the discount program under Partner#18352 and kindly send me a confirmation email once this is done." 

Within a few hours, you will have the discount applied and should receive a confirmation email. 

For all trading symbols you will save 21% discount in commission from now on! 

One example: for an USD account you normally pay $7/lot commission. With the discount you will pay only $5.50/lot commission. For an EUR account instead of €5.50/lot you will pay €4.30/lot. 

This will really add up if you trade much and with high lot! 

Lets say if you trade 10 times a day with 0.2 lot for each trade, in one year you will save (10* 0.2 lot * $1.50/lot * 250 (days you might trade a year) ) = $750. 

If you trade more volume like 1 lot/trade, you will already save incredible $3.750 ! Yes, commission really sums up! 

21% discount is the highest discount you can get with IC Markets. The Introducing Broker (me) will then receive $0.50/lot and you will receive directly applied to your account the discount of $1.50/lot for each trade. !

http://icmarkets.com/?camp=18352 

If you have any further question or problems concerning this, do not hesitate and ask me.



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