Instructions for using and testing Scalp Trader

Instructions for using and testing Scalp Trader

17 March 2020, 14:20
Stefan Petkov
0
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This is a step-by-step instruction for using and testing The Scalp Trader.

Scalp Trader : https://www.mql5.com/en/market/product/47210

Scalp Trader MT5 : https://www.mql5.com/en/market/product/47315

Live account monitoring : https://www.mql5.com/en/signals/716596

Requirements:

  • Minimum investment: $1000
  • VPS is a must.
  • Broker with low spread (STP/DMA preferable).
  • ESMA Suitable with leverage as low as 1:25.



I. Setting up the EA using the Multi Pair Mode.

1.Make sure that all currency pairs that are being used are in the window Market Watch :

Press Ctrl+U and open the traded FX pairs : CADCHF, EURUSD, USDJPY, GBPCAD



2. Installing the EA on the chart

Open CADCHF and attach Scalp Trader ONLY to CADCHF H1 using the default settings 


Make sure you have checked "Allow live trading" and enabled Automated Trading


II. Back testing the EA

1. Since the MetaTrader 5 has better strategy testing platform, which allows you to test multiple time frames and currencies at the same time, I suggest you to test the MT5 version of the EA, so you can get more complexed understanding of how the EA works.

Scalp Trader MT5 : https://www.mql5.com/en/market/product/47315




2. If you want to test the MT4 version all you need to do is simply to set the Single Pair Mode option to true.







Input parameters:

  • TradePanel - Enable/Disable the trading panel
  • SinglePairMode - By default it would be set to false, which allows you to simply attach the EA on CADCHF and trade all pairs at the same time. If you want to backtest the EA in the MT4, or have the EA attached on every pair separately, you should set this function to true
  • SpreadLimit - Set the maximum allowed spread. By default it will be set to 30 (3.0 pips)
  • VolumeSize - Choose the desired lot sizes for the orders, by default it would be set to 0.01
  • MoneyManagement - By default it will be set to automatically increase your lot size per every $1000 in your account by the VolumeSize value.
  • ShortTerm_CADCHF - Enables/Disables the Short Term trading on the specific instrument.
  • MidTerm_CADCHF - Enables/Disables the Mid Term trading on the specific instrument.
  • LongTerm_CADCHF - Enables/Disables the Long Term trading on the specific instrument.
  • ShortTerm_EURUSD - Enables/Disables the Short Term trading on the specific instrument.
  • MidTerm_EURUSD - Enables/Disables the Mid Term trading on the specific instrument.
  • LongTerm_EURUSD - Enables/Disables the Long Term trading on the specific instrument.
  • ShortTerm_USDJPY - Enables/Disables the Short Term trading on the specific instrument.
  • MidTerm_USDJPY - Enables/Disables the Mid Term trading on the specific instrument.
  • LongTerm_USDJPY - Enables/Disables the Long Term trading on the specific instrument.
  • ShortTerm_GBPCAD - Enables/Disables the Short Term trading on the specific instrument.
  • MidTerm_GBPCAD - Enables/Disables the Mid Term trading on the specific instrument.
  • LongTerm_GBPCAD - Enables/Disables the Long Term trading on the specific instrument.
  • comment - Change the comment of the expert advisor
  • AutomaticCurrencyConverter - By default it will be set to true and it will recalculate your money management if you are not using the main EA currency USD. It is optimized to recalculate : EUR, AUD, CAD, CHF, JPY, GBP, NZD.
  • PartialInvestment - If you would like to invest only part of your funds you will need to set this function on true
  • PartialInvestedFunds - If you set PartialInvestment to true you shall type how much you are willing to invest into the system. 
  • AllowTrading_Monday   - If don't you want the EA to trade on Monday, set it to false.
  • AllowTrading_Tuesday  - If don't you want the EA to trade on Tuesday, set it to false
  • AllowTrading_Wednesday  - If don't you want the EA to trade on Wednesday, set it to false
  • AllowTrading_Thursday  - If don't you want the EA to trade on Thursday, set it to false
  • AllowTrading_Friday  - If don't you want the EA to trade on Friday, set it to false
  • StopLoss_CADCHF_ShortTerm - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like. 
  • StopLoss_CADCHF_MidTerm - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like.
  • StopLoss_CADCHF_LongTerm - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like.
  • StopLoss_GBPCAD_ShortTerm - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like.
  • StopLoss_GBPCAD_MidTerm= - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like.
  • StopLoss_GBPCAD_LongTerm - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like.
  • StopLoss_EURUSD_ShortTerm - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like.
  • StopLoss_EURUSD_MidTerm - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like.
  • StopLoss_EURUSD_LongTerm - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like.
  • StopLoss_USDJPY_ShortTerm - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like.
  • StopLoss_USDJPY_MidTerm - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like.
  • StopLoss_USDJPY_LongTerm - By default the Stop Loss for the specific time frame is 6%, however, if you would like to increase/decrease it you can change it to whatever value you would like.
  • StopLoss_Max  - By default the Stop Loss of all open positions of the EA is 14%, however, if you would like to increase/decrease it you can change it to whatever value you would like.

Frequently Asked Questions 

Why should I trust Scalp Trader ? –We are showing real results, with real trades not only back tests. 

Why am I selling Scalp Trader if it's working? – Rephrasing the question – Why successful mutual funds, invest funds, pension funds are still accepting new investors?  It is very simple – We are benefiting from the performance of the Scalp Trader and on top, we are also generating additional incomes from selling our knowledge and experience build in the trading interface.

I have heard a working trading system would stop working if many traders start to using it. Is it true? – Absolutely not and the explanation is very simple – There are many electronic trading hubs/exchanges, liquidity pools and dark pools where banks, investment firms, pension and investment funds brokerage companies as well as commercials are buying and selling currencies accepting the orders: LMAX, Currenex, Integral, Broadway and many others. When a retail client sends an order, his brokerage company if it ECN/STP broker receives and transmit the order for execution in one or more Liquidity pools where many banks , investment companies, mutual funds trades for them and also for their customers, so there are huge liquidity to accept the orders. That said, from the execution side it might influence with some positive/negative slippage, but that is all – the orders always will be filed and the system will keeps working.  

Just to open a brackets if the order is executed with Market Maker broker, this is not a scalping system and even the Market Maker broker could cover the trades and to benefit from spreads difference and still to achieve “win-win” case.


For more details about the performance of the EA or any questions don't hesitate to contact me.


Best regards,

Stefan


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