Alan Solarsh explains how to pick the right Expert Advisor for forex trading. The focus is on money management and lot sizes, the two things that actually matter when choosing an EA that won't blow your account.
Right.
This is part two of that video.
Of how to choose the correct EA for you.
So if you didn't see part one of the series, click on this link in the top right hand corner of the video, go and watch the first part and then come back to this.
Video and I'll see you on this video now.
So what we're going to look for in the input section is this wording over here, money management. So if there's no money management there, or if there is money management there.
Without the lot sizes and you can't.
Control the lot size, then this is a bad move.
I assure you, you're going to run into problems.
Don't let any EA tell you what.
Lot size to use. You need to use the lot size that works for you. Okay, so if there is a money.
Management tool, make sure that there is a percentage. So this is the percentage over here. So if it does have money management start at the lowest percentage. So this is 2%, make it 0.01%.
Then start the robot. Then the robot will open a trade.
So we'll set the money management to true.
And now it will start using this lot size here.
If this is set to false, then.
It'Ll use a one lot. Okay, so now we're going to click.
On the OK button and we'll see.
What type of damage happens.
Can see here.
Now the lot size is the lowest, lowest lot size that it can possibly use, which is 0.01. So possibly the 0.01 percentage was not a percentage of the capital. It could only place the lowest lot size possible, which is 0.01. So now what you can do is you can close out these trades in a little bit of a loss. Okay, we can then change this percentage over here to let's say 0.10. Click on the OK button and there you go. There's the lot size, 0.10.
So what's the capital of this account?
You can see there that it is a thousand dollars. So it is placing, okay, point 1% of, of your total capital, which is a hundred percent correct.
So the money management tool is a.
Fantastic tool which when used correctly, okay, if you use it incorrectly, you're going.
To have a problem and it's going to be a what an account killer.
So use the correct lot size.
So I'm going to come out with another video.
This will be the last video of this series. Stay tuned.
And if you didn't see the first.
Video of, of the series, watch this video now.
Double bottom forming - Gold ready for $4000 #trading #technicalanalysis #xauusd
