White Rose EA
!Please note! - The White Rose EA should be looked at more like a trading tool than a fully automated advisor, The EA has been designed to reduce the workload associated with high frequency trading. We recommend that you find the most suitable market conditions & then let the EA run during these times. Here are a few tips to help you get the most out of the software;
Quick Guide // How I Use The Software;
- Identify ranging markets or weak trends with regular pullback
- Check there are no upcoming high impact news events or potentially volatile situations (The Forex Factory Calendar is highly recommended for this)
- Initiate the software with your chosen parameters & supervise. EURUSD M1 is a good place to start for new users.
- Some users like to set profit targets & then de-initialize after they have been reached but this depends on your trading style.
Back Testing Note - The EA was not designed to run at all times - Backtesting will show balance drops during unsuitable conditions, the best way to test the software is by using a demo account.
Full Guide & Tips
- The best way to use this EA is to look for ranging markets or weak trends with pullbacks and then to let the EA run during these times.
- If you suspect a strong breakout is occurring & you have open trades then you may want to consider cutting your losses, a small loss can be recovered, full balances can not. The goal of trading is to make long term profits, sometimes that means accepting short term losses. On Monday the 21st of September 2020 EU stocks opened much lower than the Friday close (amidst fears of a second coronavirus wave). This caused a strong downtrend on the EURUSD pair and is a prime example of when to cut losses and to switch the software off.
- The software should be run on a VPS server with a fast connection, the software has been designed to take small profits from minor market deviations. A fast connection is essential to capitalise from these positions.
- Please run the software on demo accounts before going live - The EA trades in a way that may not suit all traders so please understand and familiarise yourself with the trading style and expected drawdown levels. Please determine an acceptable drawdown limit for yourself and adjust your stop loss accordingly.
- The software can trade any pair under the correct conditions however we recommend that new users only trade EURUSD M1 until they are comfortable using the software.
- The EA strategy is to take small profits per trade from minor market deviations.
Free Version Features
-Two built in safety features (stop loss in both currency £150 & pip value 100)
- Easy to use
- Spread & slippage protection (Both 2)
- Optimized for sell orders only
No martingale system is used but the EA can open multiple positions in the same direction when a new signal appears, they will all be the same lot size. It works with basket profit. Please backtest on EURUSD M1 with 100% data and a low spread of 0-3.
This version trades 0.01 lot size and has been optimized only for sell orders
The data used is 100% Tick data from Tickstory - Less accurate data will show less accurate results.
This version has no adjustable parameters. Visit whiterosefx.com to ask any questions.
- A zero spread / razor / raw spread account
- It runs on the EURUSD M1 chart
- Minimum balance of £500 with 1:500 leverage
- Fast reliable VPS, <20ms connection. The MQL5 one works well.
Back test results are with 100% Tickstory data.