Question: What time frame should be used with Forexbody EA?
Answer: 1M is preferred for few reasons, though you can use anytime frame. The reason 1M is
preferred is because getting 1M data is extremely hard unless you usually keep your chart on this time frame or at least switch to it in daily basis, The other longer time frames’ data are relatively easier to get on demand. It is better than other time frames if the settings include trade restrictions like WaitforCandlsticPatterns, with this kind of settings it would make the EA trade a lot less on the longer time frames since those patterns take longer to appear. So if you want to accumulate accurate dependable data for back testing in the future and researching the market it is a good idea to keep your chart on 1M time frame on most of the time. Switching to other time frames momentarily wont affect your trading, just make sure you switch back to 1M.
Question: Which currency can I use this EA on?
Answer: You can use the Forexbody on any currency or metal as long as you have done the
research and have decided on the settings. There are hundreds of parameters for the EA and we have the settings are provided for EURUSD in the template that comes with EA. we have chosen this pair due to the high liquidity and popularity. But you can check out other currencies on your own by doing extensive back testing. Best candidates are GBPUSD or USDJPY, Gold and Silver. but each one needs research before you can hope to be successful on. In the templates section of this site soon you will find information on how to research the market and provide templates for any instrument, and how to sell your successful templates to other trades for 100% of profit if you can come up with a very good settings template for any instrument.
Question: How do I know if the EA is installed correctly?
Answer: When the market is open and you install the EA you should see the EA logo as well as Bid and Ask price on the bottom left of your chart as shown on the image to left here.
Also to make sure the EA is setup correctly the EA should display the correct GMT time on the top right of your chart as shown in the second image on the left here. If the market is closed none of this will
happen. So you must wait until the market is open in order to tell. To insure the EA is setup properly you need to know your broker true gmt offset. In Forexbody EA parameters you can find time shift settings. You must provide the HourShift value which is your broker’s gmt offset.
It could 1, 2, 3, or – 4, or any other value. you can tell if you have the correct value provided by the EA time that will be displayed, When the market is open the EA time should be the exact gmt time. Our live Mt4 on this site displays the correct time that you can use as a reference when the market is open and the stream is live.
Question: Why there are always losing trades?
Answer: Because profitable trades are usually closed at the best possible time !.
That leaves you with trades that are floating in loss, most of the time you will have both Buy and Sell losing trades. This is how this EA works. You have to be patient and remember that the larger the account the lower the risks will be. There will always be losing trades that are not closed and some will be closed after a month or so in loss, and in the beginning those losing trades will be eating up from your equity, after a while your equity will return or increase and the DD will be in the balance alone. You have to be patient but in Forex there are no guarantees.
In essence, you can have as many floating trades in each direction of the market as allowed by the Max trade settings, but the a huge number of closed profitable trades and very small number of closed losing trades.