WOLF EXPERT ADVISOR FOR SCALPING
STORY OF MY EXPERT ADVISOR
I have been using a scalping strategy for a while now, on several pairs on the forex market. I have decided to dedicate my EA to just one pair, as it gave me the most profit, which was XAU/USD (GOLD). For this scalping strategy, I used to sit on my laptop for hours a day and scalp the forex market to take small profits here and there. Scalping is a trading style that is only meant to hold trades for a very short period of time and take many trades throughout the day. I did just that but therefore I was forced to be glued on my computer as I did not want to miss any opportunity for a trade.
I then decided to make an expert advisor (EA) robot that would automatically initiate, execute, and modify my actual trades according to the pre-programmed instructions of my strategy. My scalping EA is based on the 1-minute Timeframe where it takes several trades in a short period of time and usually closes most or all of the trades at the same time, which leads to a profit once all of the trades are officially closed. Some trades do come out in a loss as you cannot always win in the forex market but most of them close in profit, which leads to an overall profit.
The pair, XAU/USD, is very volatile due to many different economic and political factors. This means that the pair moves very fast, changing the price every second and as my EA runs 24/7, it takes every single trading opportunity and executes the trades as intended.
HOW TO SETUP THE EA
First of all, you will need to have a MetaTrader 4 trading account and a minimum balance of €500 and a minimum leverage of 1:500 is very recommended to be able to use this EA and gain profit.
(If you do not have a proper broker yet to trade on the MT4 platform, then please do not hesitate to contact me and I will send you a link to register for one of the top brokers that I use, that help maximize your profits).
Open MT4, then go to Tools and Options.
Tick the boxes which are marked below and press OK!
Next, go to File and Open Data Folder.
Now, open the folder MQL4 and you should see the Experts and Presets folder.
Copy the file FXWOLF GOLD EA.ex4 and paste it to the Experts folder.
Then go back and copy the Setfile M1 GOLD SET.set and paste it to the Presets folder.
Afterwards, right-click on Expert Advisors and Refresh, then FXWOLF GOLD EA will appear.
Open the chart with the pair XAUUSD (GOLD) and select the Timeframe (TF) M1!
Make sure it is the exact symbol (XAU/USD or GOLD) that you should be trading as this EA is only applied to GOLD and on the 1-minute (M1) Timeframe.
Double click on FXWOLF GOLD EA which is under the option Expert Advisors.
Next, go on Inputs, press Load on the bottom right. Then the setfile M1 GOLD SET.set should appear. You then select the file and press open and the Inputs should change.
Final Step- Congratulations Your EA is Setup
Then click OK and you will see FXWOLF GOLD EA with a smiley face on the top right of the chart, which means everything went well and it will start auto trading soon!
- It is recommended to leave your MT4 terminal running all the time and not to close it, if you do then no trades will take place.
- If you want to shutdown your computer and the MT4 terminal, then it is best to do so when all the trades have closed and there are currently no active trades open.
- From experience, it is recommended to turn off the EA robot on Fridays due to high impact of news that can affect the EA negatively. It is best to turn off Auto Trading on Thursday night.
- It is also recommended to check the economic calendar daily and if you see any news event that could affect the USD negatively, then turn off the EA
- If you have any questions before purchasing the EA, please do not hesitate to contact me.