The parameter settings that you use with your trading robot are as important as the robot itself, bad data = bad results, good data = good results.
Default Stock Parameters Included
The default parameters that are supplied with the trading robot should already be optimized, but you should be able to adjust them to obtain much better results. The download contains the default example parameters so that you can start trading, you will need to load them into your trading robot, follow the link below for instructions.
This is the list of general settings for the cBot and the most important.
This will just display text on the chart showing who is selling the robot.
This will allow you to run multiple cBot instances of the same symbol, but with different parameter settings and they will all work independently.
If a different symbol is used other than the one stated in the cBot name a warning message appears, this setting disables the warning message.
Same Symbol Filter
If set to yes then if you have another currency pair open and trading that is the same symbol as the trade you wish to open, it will stop the trade from opening.
Example: a currency pair is open EURUSD, the trading system attempts to open a pair GBPUSD, it will fail as the pair already open contains USD.
Buy & Sell Lots
This is the volume in units for each trade. A common question is what account sized a trader should start to use, the following article below may help you decide.
TRICK - Favouring Bullish or Bearish Trades
If you feel that the future trend of a symbol is bullish you may want to have a larger position size for the buy positions, an example would be 0.02 lots for buy positions and 0.01 lots for the sell positions.
Stop Loss Buy & Sell
This is the stop loss for both buy and sell positions so each direction can have independent values.
Take Profit Buy & Sell
This is the take profit for both buy and sell positions so each direction can have independent values.
ATR Trailing Stop Loss & Take Profit
This feature uses the Average True Range indicator built into cTrader and with these values, a calculation is performed to find the perfect stop loss or take profit levels, these values are updated when the candle closes to provide a dynamic trailing stop loss or take profit based on the ATR calculations.
Option to turn on or off this feature, if activated the fixed stop loss or take profit is not used.
The number of candles (bars) back that is used for the ATR calculation.
The value that is used for the SL or TP calculation based on the ATR value.
Example: The stop loss is calculated by getting the ATR value in pips (40 pips) and multiplied by the value you set (2), 40 x 2 = 80 pips.
If you select "Yes" the trading system will boost the net profit and the number of trades, this can provide a much higher return of profits, but at the same time it may also increase your risk, we advise that you experiment using different timeframes with this option turned on and off. With turbo boost turned on more than 1 position can open at the same time so you can end up with multiple open positions, with turbo boost turned off, the robot will only ever have 1 position open at any time.
Sometimes the turbo mode can go a bit crazy and open many positions at the same time if it feels there is a strong trend signal, this setting will limit the number of positions that the robot will open.
News Event Management
The cTrader Grid-Hedge News Event Manager has logic to pause trading before, during and after a major high-impact news event, this helps reduce massive draw-down spikes or from your account being wiped out.
Included in your download you will have the cTrader News Release Manager which is sold at £9.99, this is provided free and is easily plugged into this trading robot.
If you choose 'Yes' it will pause trading during a high impact news event.
Close on News?
If you choose 'Yes' it will also close all open positions for this symbol only before a high impact news event.
All of the remaining settings are the black-box values, you can modify them using the cTrader optimization module to achieve better results when your backtests start to produce results that are not the best.
The image below shows just a few of the optimisable settings, all the 9-trading robots have up to 60 optimizers for the perfect data fitting.
The Truth About Trading Forex