Discovery Plus

This signal is geared towards starting with a smaller balance but with increased risk, please note the following

• Currently 6 pairs are going to be traded - therefore there may be times when there is little activity
• The risk is increased as the balance is less to cover the market swings and drawdown might be higher than the other signals
• Very important to have a money management plan - please see money management section below to help formulate yours
• There will be a maximum of 5 trades for each currency pair
• All trades will start at 0.01 and will continue to increase in size in a grid format 
• There is a safety measure that when cumulative loss on the trades for 1 currency pair reaches 17% (approx) then these will be closed by the EA for a loss 
• Approx at the end/start of each month the profit will be withdrawn from the account bringing the balance back to 500

Discovery EA

The EA that powers this and some of my other signals is available to purchase at https://www.mql5.com/en/market/product/102583 

All the set files are available for each of the signals and the EA is fully customisable if you so wish to try your own settings.

Money Management 

The reason for a money plan is that any trading / signal has risk and this signal is no different. So to protect yourself from the risk you need a balanced approach (more on that later), but you need to protect your investment as best as possible.

Please review these options and select one in advance, write it down to remind yourself of your plan in the future. Or create your own plan and stick to it. The record how much you withdraw and when to make sure you realise when you have withdrawn your initial investment.

I will be following Option 1 for my money management plan and I will be letting everyone know when I plan to withdraw.  

Option 1 -

• withdraw the profit on a regular basis - monthly at a similar time that I do it
• until you have withdrawn all your initial investment 
• this could take a few months more than waiting but each month you withdraw profit there is less of your initial investment at risk
• once initial investment completely withdrawn, you have options

Option 2 - 

• wait until the account doubles and then remove all of your initial investment at once
• this will be quicker than option 1 but the risk remains during this period for your whole investment 
• once initial investment completely withdrawn, you have options

Balanced Approach

In my opinion the overall aim is to recycle your original investment (excluding running costs - i.e. VPS and Signal Fee).

Therefore say you invest 500 in this account and withdraw your original investment out over a period of time, then I would look for another signal to invest into and repeat the process with the aim to build up a portfolio of say 5 live accounts. Then worst case should 1 go into difficulties then all your eggs (so to speak) are not in the same basket. This will take time, discipline and luck but I believe this is a sound approach along with a robust money management plan that every trade should have.