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Forex Robot Review - Forex Real Profit EA

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Writing forex robot review is one of the hardest tasks since it requires a lot of experience and knowledge about the robot it is written. I have been studied Forex Real Profit EA and I decided to write a review for it.

Forex Robot Review - Forex Real Profit EA

Forex Real Profit EA(expert advisor) is a forex robot that uses 6 different strategies and they are two for scalping on ASIAN Session, two for scalping on trend all day long and 2 breakout strategies.

This forex robot is a software which operates on the forex makret automatically without the need of human intervention. It is required MetaTrader 4 trading platform. You can find such trading platform for free in almost every forex brokers. If you don't have MetaTrader 4 installed on your PC you can download from this page by creating demo or live account www.icmarkets.com. For this EA is strongly recommended to be used ECN brokers because they offer tight spreads.

Forex Real Profit EA is compatible with all the brokers and account types who offers MetaTrader 4. Do not estimate choosing good forex broker here because it is important!

Updating Forex Real Profit EA

In order to install an updated version of this EA, you have to visit there website and download the latest version then delete all the previously installed files and copy the latest version to the folders explained in the user guide. IMPORTANT: We want to make a note here that if you have any opened trades it is strongly recommended not to update the forex robot. Wait until they are closed or close them manually then perform the update.

Forex Real Profit EA Settings

It works on timeframe M15. The currencies that the robot supports are: EURAUD, EURUSD, GBPUSD, USDCJF, and USDJPY.

  • GMT_Offset_OnlyForBacktest - It is used only in backtesting. Official Broker GMT offset (difference between Broker time and GMT). Ask your Broker if you are not sure.
  • Use_DST_InBacktesting - It is used only in backtesting. Adjust time by adding one hour on Summer Time (DST) Note: No need to use it on (Dukascopy) tick data backtest or if you are using Metaquotes historical data (MT4 History Center).
  • Use_Manual_GMT_Offset_ForLiveTrading - Normally the broker GMT offset is calculated automatically by the robot, directly from the internet, when MT4 platform starts. This option allows you to manually set the broker GMT offset and skip the automatic calculation.
  • Manual_Broker_GMT_Offset - Set the broker GMT offset value, if Use_Manual_GMT_Offset_ForLiveTrading is set to “true”. If Use_Manual_GMT_Offset_ForLiveTrading is set to “false”, than Manual_Broker_GMT_Offset has no effect. For ex.: if broker GMT offset is - 2, Manual_Broker_GMT_Offset should be set to “-2”; if broker GMT offset is 3, Manual_Broker_GMT_Offset should be set to “3”. Note: DST is not automatically added to this value. Manual_Broker_GMT_Offset should be manually changed every time when broker GMT offset changes according to DST periods of the year.
  • Trade - You can stop the robot to open trades on each particular pair, directly from the chart, by using this option. If “Trade” = False, no trades will be opened for that pair. Note: You can do more than that, you can open a different MT4 platform with FRPEA installed on it on your home PC and set “Trade” on “false”. This way you can open and close trades on your VPS and (only) close trades from your home PC. If the VPS loses its internet connection, the robot will not open new trades and the already opened trades will be closed by your home PC. In very rare occasions some brokers don’t allow multiple closing attempts from different IP’s in the same time, so it’s better to test it on demo first.
  • Magic Number - Version 6 uses 6 Magic Numbers, one for each strategy. The Magic Numbers can be manually changed. There is no need to change the default Magic Number.
  • Use_Strategy(1,2,3,4,5,6) - FRPEA v6.57 is a complex robot that uses 6 different strategies, 2 for scalping on Asian session, 2 for scalping on trend all day and 2 breakout strategies, which works on 5 currencies. FRPEA v6.57:

- MagicNumber1 (74963711) = Asian scalping strategy 1 (FRPEA old version 5 modified)
- MagicNumber2 (74963722) = Asian scalping strategy 2 (new)
- MagicNumber3 (74963733) = Trend scalping strategy 1 (all day)
- MagicNumber4 (74963744) = Trend scalping strategy 2 (all day)
- MagicNumber5 (74963777) = Breakout strategy 1 (all day)
- MagicNumber5 (74963788) = Breakout strategy 2 (all day)

By setting "true/false" you can choose which strategy to use. Not all trading strategies are used for all currencies and the robot automatically chooses the strategies used depeding on the currency used even if you seet all strategies to "true". This option only allow you to choose which strategies to use or not (from the strategies allowed for each currency), depending on your preference.

For example:

If you set all strategies to "true" on euraud, the robot will trade only strategy 1, 2, 5 and 6 because strategy 3 and 4 don't work with this currency and the robot is programed not to trade those strategies on that currency. But, if you set only strategy 1 to "true" for euraud, the robot will use only strategy 1 and the rest of the strategies will be ignored. Strategies 3 and 4 will not be used, no matter what the settings are. The strategies used for each currency are as follows:

Euraud – Strategy 1, 2, 5 and 6
Eurusd – Strategy 1, 2, 3, 5 and 6
Gbpusd – Strategy 1, 2, 3, 5 and 6
Usdchf – Strategy 1, 2, 5 and 6
Usdjpy – Strategy 1, 2, 4, 5 and 6

You can see more details how each strategy works on Backtests Details PDF.

  • MaxSpread (in pips) - This input prevents trades to be open if the spread offered by the broker is higher then this value. The lower the spreads are, the larger the profit is. When MaxSpread is set to “0”, MaxSpread is automatically set by default with our optimized settings (they don’t need to be adjusted anymore):

- EURAUD - MaxSpread = 8
- EURUSD - MaxSpread = 3
- GBPUSD - MaxSpread = 3
- USDCHF - MaxSpread = 4
- USDJPY - MaxSpread = 3

  • InvisibleMode - When using the InvisibleMode, the true Take Profit and Stop Loss values are not displayed to your broker. Our recommendation is to use the InvisibleMode only for non ECN brokers.

Characteristics of the ECN broker: A type of Forex brokerage firm that provides its clients direct access to other Forex market participants. ECN brokers don't discourage scalping, don't trade against the client, don't charge spread (low spread is defined by current market prices) but charge commissions for every order.

Characteristics of the retail or commercial broker: Retail Forex Company acts as the market maker for all your trades. They shade prices, widen spreads arbitrarily, and trade against you. The advantages retail brokers provide are that you can open an account with very little money, they give you crazy leverage, and usually you can demo trade on their platforms until you learn what you're doing. Most of them also have micro and mini lots so you can trade very small sizes.

  • NFA - If the broker doesn’t allow hedging, then when NFA is set to “true”, ForexRealProfitEA doesn’t open positions that are in hedging situation even though it has a trading signal. When NFA is set to “false”, ForexRealProfitEA can come in a hedging situation.
  • FIFO - First in first out compliance: When FIFO is set to “true” ForexRealProfitEA doesn’t open new positions if there are already opened positions on that specific currency even if it has a trading signal, no matter if the opened position were done by ForexRealProfitEA, other robots or manual.
  • AFMP (account free margin protection - %) Default value for AFMP is 75%. This parameter prevents new positions to be open if, by doing so, more than 75% of the free margin is being used.

Example given:
Account balance = 1000 USD
Free margin = 410 USD

If AFMP = 60%, next trading signal uses 50 USD margin, resulting into a 410-50=360 USD free margin remaining, which is less than 40% free margin so this position will not be open.

  • AvoidNews - When set to “true”, AvoidNews stops the trading if high impact news are detected one hour before or one hour after a trading signal occurs. For example, if at a given day high impact news occurs at 20:15 GMT and ForexRealProfitEA has a trading signal at 21:14 GMT that trade will not be opened. On the contrary, if it has a trading signal at 21:16 GMT the trade will be opened because it has been one hour and one minute since the high impact news. We recommend turning AvoidNews to “true”. Note: FFCal6 is a free indicator that ForexFactory Team developed, that monitors their calendar of the news. We modified the indicator to take into consideration only high impact news for all currencies used by our robot. FFCal6 is not working on backtest, even if it’s set to “true”. You don’t have to do anything with this indicator, there is no need to install it on charts, just make sure that you copied the FFCal6 indicator to Broker \ MQL4 \ Indicators, so the robots can find it and use it.
  • Use Market Sentiment - When set to “true” FRPEA uses the Myfxbook “Community Outlook” market sentiment as a trend filter and open trades only in the direction of the trend. It works only for the Asian scalping strategies 1 and 2; this option has no effect for the rest of the strategies used by the robot (S3, S4, S5 and S6).
  • Set_Lots - This setting defines the dimension of the open position when money management is not used. This parameter has no effect if MoneyManagement is set to “true”. The lot size is adjusted to the market conditions and can be (max) 3 times higher than the initial setting, even if manual lot sizing is used. Breakout strategy 5 and 6 splits the risk into half, if both strategies are used together in the same time, even if manual lot sizing is used. Note: If the lot size you intend to use is not permitted by the broker (it is lower then the minimum permitted lot size or exceeds the maximum permitted lot size), the lot size will be adjusted automatically to the assessed limits. For example, if you want to set the lot size to 1 micro lot (0.01 lots), check if your account allows micro lot trading. Recommended SetLots is 0.01 (1 microlot) for each $500 of your account balance.
  • MoneyManagement - Money management is a system that automatically calculates the size of the open positions according to the account’s balance. Our recommendation is to set MoneyManagement on “true” because it produces more consistent profits on long term. Note: Breakout strategy 5 and 6 splits the risk into half, if both strategies are used together in the same time, if money management is used. Note: The lot size is adjusted to the market conditions and can be (max) 3 times higher than the initial setting, even if manual lot sizing is used.
  • MM_Option - This option calculates the risk according to Account Balance, Account Equity or Account Free Margin. Its settings are as follows:

1 – Account Balance
2 – Account Equity
3 – Account Free Margin

Default MM_Option is 1 (risk calculated based on the account’s balance). This option is very useful in choosing between conservatory and aggressive risk strategy or when using multiple expert advisors on the same account.

  • Risk percent - It calculates the size of the next open position according to the highest stop loss value of the robot (150 pips). This value defines the maximum amount of money (in percentage) of your current Account Balance, Account Equity or Account Free Margin (depending on MM_Option) that you can loose on a single trade for a certain pair when the stop loss is hit. Example given:

- Risk percent=5, ForexRealProfitEA will lose 5% of the money if 150 pips stop loss is hit;
- Risk percent=3.5, ForexRealProfitEA will lose 3.5% of the money if 150 pips stop loss is hit.

Stop loss value is optimized for each currency and strategy in part and 150 pips stop loss is valid only for very few currencies and strategies. Note: The risk is automatically calculated and rounded to the minimum lot permitted by the broker. The chart will not always show the risk setting, but will show the real risk, after rounding with the minimum lot or lot step permitted by the broker. The risk from chart will show the real risk even if the money management is set to false and manual lot sizing is used. You should use the robot (FRPEAv6.57) on a:

- Minimum 400 usd account (with Minlot = 0.01 and Lotstep = 0.01) to be able to use the default setting.
- Minimum 4000 usd account (with Minlot = 0.1 and Lotstep = 0.01) to be able to use the default setting.

  • Activation_Key - In order to get an Activation Key, you need to send the following details to support: * (Broker) Live or / and Demo Account Number: xxxxxxxxx


Additioanl Information

Forex Real Profit EA will manage its trades even if you decide to restart your mt4 terminal. It is good to mark here that you have not to change the magic numbers. All the trades can be closed manually if you decide to do so, this will not damange the robot at all. GMT Offset will be calculated automatically when the mt4 terminal starts. For that reason, you have to restart your trading platform when the broker DST changes on March and October/November. Brokers do inform their clients about it mostly but you should keep in mind this factor.

SUMMERY - Forex Robot Review - Forex Real Profit EA

In the end, I would say that this expert advisor is good one and it is recommended to be tested. It shows good backtests, which were provided to by the developer. What is not okay is that it is very hard to do backtest with this system beucase it has some protection in the EA. As I know DLL file is encrypted the PC takes a lot of time until reading it.

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