Category Archives: Josep Settings

Growthbot is Riding the Wave! Josep Settings vs Default Settings… +30 Pips Closed Profit with Floating +61 & … [EDIT 5/16/2012] +154 pips!

Posted on by
2
Forex_Growthbot_ForexPipMaker.com

Forex Growthbot - ForexPipMaker.com Reviews

Forex Growth Bot is making nice work of Greece woes. Trading the breakout and mounting positions while the belying volatility index is higher than a certain value, Forex Growth Bot running on the more profitable “Josep” Optimization Settings has closed the first trade for a 30 pip lock-in of profit.

2 trades are left running, currently floating at 61 pips profit.

Forex Growth Bot uses similar concept to the famed Turtle Traders. Well, it could be that creator, Eugene Lipinsky is a Richard Dennis-fan. For all those who may not be in the know, Richard Dennis is the founder of Turtles, a project on a dare with partner William Eckhart, that trading success can be taught to complete beginners.

Instead of the higher TFs used by Turtles, Forex Growth Bot works on M15 timeframe. This has been a subject of long-debate, because there are obviously more frequent transaction costs, i.e. broker spread and commissions associated with shorter TFs, and also smaller market moves too.

Despite this, Forex Growth Bot has still achieved very phenomenal growth since the starting of it’s live trading log.

Forex Growth Bot - MyFxBook.com Performance Stats - ForexPipMaker.com Reviews

Forex Growth Bot - MyFxBook.com Performance Stats - ForexPipMaker.com Reviews

Note: This is a screen capture of the vendor’s live account, current as 15 May 2012. Unfortunately I’m unable to show a comparative account with Josep Optimization Settings – as I’m trading several strategies on my own accounts so I can’t display an accurate result.

What are Josep Optimization Settings for Forex GrowthBot?

  • FIFO=false;
  • ClosePreviousSessionOrders=2;
  • Assign_PT_and_ST=false;
  • InternalControl=true;
  • ManualTradeControl=false;
  • MaxTradesPerSideAllowed=99;
  • BotComment=”Forex Growth Bot M15″;
  • FastVolatilityBase=3; SlowVolatilityBase=60;
  • VolatilityFactor=3;
  • ProfitTarget=0.36;
  • StopLoss=0.17;
  • ProfitLossVolatilityBase=50;
  • SmartExit=false;
  • TrailTargetPips=0;
  • TrailPips=0;

Depending on the edition of Forex Growth Bot you purchase, you may not be able to utilize  all of the above settings. If you own a Forex Growth Bot – Basic Edition, the key variables you are still able to apply would be the “Fast Volatility Base”, “Slow Volatility Base”, and “Volatility Factor” – these affect trade filtering, and you will find over time that Josep Optimization Settings lead to higher profits due to less low-percentage, higher drawdown trades – thereby making larger-than-default lot sizes possible.

[Edit] Updates!

I dozed off while typing this post.. Now all trades are closed with total profit of 32 + 41 + 81 = 154 pips! Last trade exited at 1.2723… Just before a critical S/R level. Brilliant work Forex Growth Bot!

Here’s a screen shot:

Forex_Growthbot_ForexPipMaker2

Forex Growthbot - ForexPipMaker.com Reviews

And the trade details:

Forex_Growthbot_ForexPipMaker3

Forex Growthbot - ForexPipMaker.com Reviews

Disregard the 0.01 trades – those belong to Tom’s EA. 32 + 41+ 81 = 154 pips.

Josep vs Default Settings 

Forex Growth Bot : Josep Vs Default Settings

Forex Growth Bot : Josep Vs Default Settings

Lot size is up to your preference – I ran my lower in view of the total number of EAs I’m running live. Default profits: 41 + 48 + 53 = 142 pips.

My longterm observation of Josep’s Optimized settings is that they:

  • Trade less frequently
  • Open less trades
  • Fewer loss trades
  • Capture larger moves
  • Safer to use larger lots in case you are comfortable with Default risk exposure

Settings File Requests:

Forex Trading has become so convenient and available to nearly everyone these days. With some brokers out there, you can even start trading in the same hour!

Unfortunately, not everyone is keeping up as well with the improvements in technology. Not everyone is MT4-platform-savvy, let alone computer-savvy.

If you have trouble or need help with producing the correct settings for your copy of Forex Growth Bot, send me an email with the subject “Forex Growth Bot Set File Request”, including your Clickbank Receipt Number and Intended Account Size and Risk % Per Trade, and I will prepare the appropriate setfile for you. Alternatively, leave a comment on my blog (I will not publish the comment) with the same information, and I will prepare the appropriate setfile for you.

Note: To keep my workload within manageable limits, I will only service those who purchased Forex Growth Bot via my product link. Clickbank receipt number is required for me to verify that your copy of Forex Growth Bot was purchased via my links.

VPS Setup Service for the Less Tech-Savvy:

I recently helped a handful of my less tech-savvy readers setup their MT4 and purchased EAs on VPS as a value added service. I don’t mind doing it as it doesn’t take much of my time. If you have purchased a VPS subscription and some EAs via ForexPipMaker.com blog with the receipt numbers to show. Drop me an email or comment.

EURUSD April 2-6 Week’s Outlook : Mixed, Pending ECB Conference

Posted on by
3

Here’s a look at some possibilities this week.

H1 Chart – (Double Top), 1-2-3 Buy, Breakout Triangle

Price currently stands on the upward trendline shown. A reversal bar to stay above this line would mean an upward continuation. A good entry for a long would be above “2″, a few pips higher than the 1.3375 resistance, conforming to a 1-2-3 Buy pattern. A break below this trend line could mean a double-top formation, and a “Sell” entry can be placed below “3″.

Another thing note-worthy is the weekend 19 pip gap-up from 1.3341 to 1.3360 today. Price has since close the gap, but will it go up or down?

1.3375 has been a upper resistance tested for a total of 5 times last week (3 are shown on picture, 2 not shown). Breaking of this resistance would invite bulls supported by the banks and institutions. Profit targets would be the 100% and 161.8% Fibonacci Expansion levels.

  • FE 100% – 1.3429
  • FE 161.8% – 1.3502

Price typically bounces alot between the two levels but given the mere 70-pip gap i think 1.35 is worth holding out for. Perhaps a partial position TP at 100% and full TP at 161.8%. The very long term traders may even watch for 261.8%, which is 1.3631. I prefer not to look that far.

Aside from the technicals, a key factor in this week’s trade would be the ECB Conference coming up at 8.30am on Wednesday, EST. I would not be surprised if nothing much happens today. Next, let’s move on to the D1 chart, that would hopefully filter out some noise.

 

D1 Chart - Possible Upward Continuation

We are still seeing good separation between the lines of the yellow multiple moving average (MMA) in spite of the out going pullback bar, which often indicates a trend continuation. No evident context for short trade, but long entry will be at the same 1.3375 + 5 pips as discussed previously, with a stop loss at 1.3245. If we enter this long trade, trade management will be continually moving stop loss to a previous two bar’s low.

EAs to Watch This Week

Million Dollar Pips

I expect this to be another busy week for Million Dollar Pips as we have a bumper crop of News-tradeable events that will produce many spikes. The first of which will be Wednesday’s US ADP Non-farm Employment Change at 815am EST, followed by ECB Conference at 830am. I think we may have as many as 2-3 baskets of MDP trades then. Thursday we also have several key events which you should refer to my “Trade the News” page for the listing of events in your local time. Be sure to set your “Group Orders=True” so as execute quickly in the volatility. “Num Orders=0″ is recommended, as to filter out non-profitable spikes. I recommend that you use my settings which is I think makes more than defaults in the long run.

Forex Growth Bot

Forex Growth Bot’s default settings opens more trades and may have a profitable basket lasting several days if we have a breakout, and the up-trend, or downtrend (in case of the Double Top taking form) holds clear without large retracements. Be sure to have your “Smart Exit = False” to let Forex Growth Bot exit your trades via it’s wave stops, than to end up being cut out early and profiting less. However, I will not be subjecting myself to the downside risks of default settings. Instead, I will be using the more profitable “Josep” custom settings which made 1.26% last week while default lost 4.54%. If there is a good trend this week, we could be looking at a double-digit % return this week from Forex Growthbot alone.

Good trading,

Julian Wong
www.ForexPipMaker.com

P.S. If you need help in setting up your EAs recommended here, I provide custom “.set” settings files for all those who purchase the EAs using my links. Just drop me a comment with your Clickbank Receipt ID, Date of Purchase, EA name – for verification, plus your email address, Equity and Risk% you want and I’ll do it for you. All comments are moderated by me so your important info will not be published.