The GtPro EA opens a trade and puts in a Take Profit $6.30 (gold price) away. If it hits the TP, it opens another trade and if it goes the wrong way by $6.30, it adds another trade and moves the TP closer. This is repeated until there is a retrace which does hit the TP. The mathematics have been worked out so that no more than 7 trades in a sequence will be needed to achieve this and usually less than four or five. Because this is a no loss EA, quite large capital is required to cover all the trades and that's why we need $1,500 minimum capital to trade just 0.01 Lots.
Because the EA needs to run 24/5 without interruption, you really need a VPS (Virtual Private Server) to ensure 100% connectivity - see the VPS guide page.
I will email you the EA which will only run on the account number you gave. Copy the GTPro.ex4 (the actual EA) and click on File top left of your MetaTrader, 'Open Data Folder' - MLQ4 - Experts and paste it into the experts folder. Copy the Spread.ex4 and paste them into the MLQ4 - Indicators folder. Restart MetaTrader.
We trade XAUUSD in Forex Time and XAUUSDi in Trader's Way. Click on the Market Watch button to open up the Market Watch window, RIGHT click within that window and click Show all to make sure you have all available instruments. Tip - to increase speed and decrease bandwidth, click 'Hide all' once you have selected your instruments.
Find XAU, RIGHT click on it and click Chart Window to open up the chart. Close the Market Watch Window. You should always have the Terminal window open, to monitor your trades and the button for this can be seen depressed above underneath Charts and Tools. Next, RIGHT click on the Oil chart, templates and click OilBiz to set the chart up complete with the Spread being shown - set the chart to H1 - the one hour chart.
Now to load the EA itself. Make sure that Expert Advisor trading is allowed in your Options by pressing Ctrl+O and setting it as below.
Next, open up the Terminal window as shown below, open up the Expert Advisors folder and find the GTPro EA and drag it onto the chart. You should have AutoTrading turned off (at the top) when installing or the EA will open a trade immediately.
This will open up the EA settings, which are very simple.
Change the Magic Number to anything you like - it is simply for the EA to keep track of which trades it has made and 2 digits is enough. Take Profit of 630 is 63 pips or a change of $6.30 in the price of gold. The Take Profit Increase of 70 means that the gap between trades increases by 70 each time a trade is added to the sequence. Lots is the trading contract size and should be 0.01 per $1,500 to be safe.
Slippage allows for a small price change in the time the EA sends the trade signal and the broker receives it. 2 (0.2 pips) should be with a fast VPS (under 3ms) otherwise change it to 5 with no VPS. However, you really should be using a VPS - see the VPS page!
Max spread is very important and stops the EA placing a trade when exceeded. 80 is more than enough for gold which is usually 35 but can have a large spread before the Asian open and Sunday night which could be a disaster for trading if we allowed trades to be placed then.
Open up the Common tab and make sure Allow live trading is ticked.
Lastly, it should be obvious but your MetaTrader and EA needs to be running 24/5 - markets close about 22:00 Friday night (21:00 for Trader's Way), UK time and reopen about 23:00 (an hour later than Forex) Sunday night, UK time. If it is convenient, it is good to close trading on Friday but you can happily just leave it running over the weekend and it will pick up where it left off on Sunday night. To close down trading, you must turn AutoTrading off just before you hit the TP or then close the trades manually by clicking on the x bottom right next to the profit/loss in the Terminal window. Obviously, only shut down trading when you are in profit!
Licence for 6 months and can only be used on the account number given. I will email you the EA ASAP.
Note that Yahoo mail loses 25% of all mail so I cannot guarantee replies - get a better email!
Gold has a very large capital requirement and needs $1,500 per 0.01 Lots to be completely safe.
Minimum capital is $1,500 per 0.01 Lots which allows for the full sequence plus stop loss. Better to have a minimum $3,000 and trade 0.02 lots as the EA works more efficiently. Recommended minimum is $5,000 and 0.03 Lots but serious money can be made with $15k trading 0.1 Lots. Minimum $2,000 for Forex Choice because of their lower 1:200 leverage but you can use their bonus as capital.
Gold has become very dangerous to trade with the future of the dollar in question plus the Brexit. It may be better to suspend trading until the end of June when hopefully, things will have settled down (gold may go up and up)!
Note that you can manually drag the first (and second) TP closer to speed up trades.
If you have a problem with the EA, first check what it says in the Experts and Journal tabs of the Terminal window.