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
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User Guide:


Signals:

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


Verifizierte Performance: 

 https://www.myf *xbook.com/portfolio/pure-alpha/2136690    * im Link entfernen



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 30% to 150% a year.


We recommend to use Pure Alpha EA with this True ECN Broker to achievethe best results. We compared many brokers and the results of the EA are different for each broker.


If you want to achieve more professional trading conditions regarding Brokers and VPS, I can recommend this :


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


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