The Watukushay For Everyone expert advisor is meant to be used only on the EUR/USD one hour chart as this is the timeframe and currency in which the EA was designed, studied and optimized. The WFE gives moderately profitable results on other currencies, such as the GBP/USD, but only the EUR/USD yield highly profitable and consistent enough results to consider it a good alternative for long term profitable trading. This is due to the high liquidity of the EUR/USD against any other currency pair which makes its trending and market moves much cleaner and more technical than any other in forex trading.
The only thing you need to do when you use the WFE expert advisor is to set the variables according to your particular trading conditions. Please refer to the Profit/Risk section to set the Risk variable, set the five_broker_variable to true if your broker uses five digits, set the backtesting variable to true if your backtesting (false when forward testing). The initialbalance variable should be set to the balance amount of the account when Watukushay FE is first loaded and the Magic Number should be set to a random value different from that of all other experts loaded within the account (this is the expert's ID).
The backtesting true/false variable only allows or disallows the use of two decimals in trading. The mt4 backtester (on some versions) only accepts orders down to 0.1 lots while live trading accepts orders down to 0.01 lots. If you are demo trading in an account that does not allow trading 0.01 lots, please set the backtesting variable to true. In order for backtesting to use money management correctly you need to use a large enough account size. Please use an account size of at least 10,000 USD, preferably 100K if you are going to use Risk values lower than 3.
In order to trade this on a live account you need an account balance of at least 1000 USD and being able to trade down to a 0.01 lot size, any lower balance will not allow the correct trading of the EA on a standard account due to the lot size calculation which may require trading less than 0.01 lots on smaller accounts . If you want to trade with a lower amount you can start with 100 USD on a micro account such as those offered by fxclearing or IBFX. Please make sure that your account has a 10,000 USD contract size if you intend to trade such a small amount.
When loaded into the chart correctly, the EA will display data on the top left corner such as in the picture shown below. The EA trades in average once every one or two weeks so be patient since it won't be opening many positions. The EA will also only have ONE position open at a time.
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I do hope that the WFE expert advisor is the start of a profitable venture in realistic long term profitable trading in the forex market for many people out there. I made this EA with the idea to help my fellow traders make money in automated trading so I hope I will be able to achieve this goal. Please leave your comments if there is anything else you would like to know about using WFE !
The only thing you need to do when you use the WFE expert advisor is to set the variables according to your particular trading conditions. Please refer to the Profit/Risk section to set the Risk variable, set the five_broker_variable to true if your broker uses five digits, set the backtesting variable to true if your backtesting (false when forward testing). The initialbalance variable should be set to the balance amount of the account when Watukushay FE is first loaded and the Magic Number should be set to a random value different from that of all other experts loaded within the account (this is the expert's ID).
The backtesting true/false variable only allows or disallows the use of two decimals in trading. The mt4 backtester (on some versions) only accepts orders down to 0.1 lots while live trading accepts orders down to 0.01 lots. If you are demo trading in an account that does not allow trading 0.01 lots, please set the backtesting variable to true. In order for backtesting to use money management correctly you need to use a large enough account size. Please use an account size of at least 10,000 USD, preferably 100K if you are going to use Risk values lower than 3.
In order to trade this on a live account you need an account balance of at least 1000 USD and being able to trade down to a 0.01 lot size, any lower balance will not allow the correct trading of the EA on a standard account due to the lot size calculation which may require trading less than 0.01 lots on smaller accounts . If you want to trade with a lower amount you can start with 100 USD on a micro account such as those offered by fxclearing or IBFX. Please make sure that your account has a 10,000 USD contract size if you intend to trade such a small amount.
When loaded into the chart correctly, the EA will display data on the top left corner such as in the picture shown below. The EA trades in average once every one or two weeks so be patient since it won't be opening many positions. The EA will also only have ONE position open at a time.
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-I do hope that the WFE expert advisor is the start of a profitable venture in realistic long term profitable trading in the forex market for many people out there. I made this EA with the idea to help my fellow traders make money in automated trading so I hope I will be able to achieve this goal. Please leave your comments if there is anything else you would like to know about using WFE !
