Welcome to The Gold Reaper MT4 and MT5 EA, one of the most powerful trading platforms available to beginners in forex trading. In this beginner’s guide, we will walk you through the basics of using The Gold Reaper MT4 and MT5 EA and help you unleash its full potential in your trading journey.
Before you begin using The Gold Reaper MT4 and MT5 EA, you must download and install the platform on your computer or mobile device. Once you have installed the platform, you can create an account and log in to start trading.
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One of the key features of The Gold Reaper EA is its user-friendly interface, which allows beginners to easily navigate the platform and access all the tools and resources they need to succeed in forex trading. The platform also offers various technical indicators and trading tools to help you make informed trading decisions.
Once you have logged in to The Gold Reaper MT4 and MT5 EA, you can start trading by selecting a currency pair to trade and opening a new trade. You can use the platform’s charting tools to analyze price movements and trends and use technical indicators to help you predict future price movements.
The Gold Reaper MT4 and MT5 EA also offers a range of order types, including market orders, pending orders, and stop orders, to help you execute your trades with precision and accuracy. You can also set up alerts and notifications to keep track of your trades and stay informed about market news and events that could impact your trading decisions.
As a beginner trader, it is important to manage your trades carefully to minimize risks and maximize profits. The Gold Reaper EA offers a range of risk management tools, including stop-loss and take-profit orders, to help you manage your trades effectively.
You can also use the platform’s trade history feature to review your past trades and analyze your performance over time. This can help you identify areas where you can improve and develop a more effective trading strategy.
This EA is based on the successful Goldtrade Pro and runs on multiple timeframes. It uses multiple confirmation algorithms to find the best entry price and spreads risk by running multiple strategies internally. The system trades breakouts of important support and resistance levels, making it ideal for volatile pairs like gold.
The EA automatically adapts the trade frequency and lot size based on your account size and maximum allowed drawdown. Backtests show stable growth with controlled drawdowns and fast recoveries.
Running both Gold Trade Pro and this EA together results in a stronger growth and the maximum drawdown stays about the same or even goes down in some setups.
Key Features:
- Easy to use.
- No grid, no Martingale, no risky risk management.
- Good results over the full historical data for XAUUSD.
- Minimum account balance: $300.
Parameters:
- ShowInfoPanel.
- Trade Frequency.
- Maximum allowed spread.
- Friday Stop Hour.
- Randomization.
- Lot size Calculation Method.
- Max Allowed Drawdown.
- Set Max Daily Drawdown.
- Use Equity instead of Balance.
- OnlyUp.
The Gold Reaper MT4 and MT5 EA
- ShowInfoPanel -> Show the knowledge panel on the chart.
- Adjustment for Info panel dimension -> in case of 4K show, set worth to “2”.
- replace info panel throughout testing -> disabled for quicker backtesting.
- Trade Frequency: lets you use different setups from the EA, going from very conservative buying and selling frequency to excessive buying and selling frequency. By default, it’s set to “auto”, which implies it’ll use the account stability, and the Max Allowed Drawdown to find out the commerce frequency. When utilizing “StartLots”, you MUST set the commerce frequency additionally manually!
- Maximum allowed unfold: most unfold for pending orders to be allowed.
- Friday Stop Hour -> if you do not need trades to be maintain over the weekend, set a price between zero and 23. (25 means “disabled).
- SetSL_TP_After_Entry -> allow provided that your dealer would not permit pending orders with SL and TP.
- Use Virtual Expiration -> allow provided that your dealer would not permit pending order with an expiration date.
- Randomization -> This may randomize the entries, exits, and TrailingSL values a bit, in order that a number of customers on the identical dealer, may have a bit totally different trades. Also good for prop companies. Good worth is “50”.
- BaseMagicNumber -> the bottom magicnumber that shall be used for all methods
- Comment for trades -> the remark for use for the trades.
- Lot size Calculation Method -> right here you establish how the lotsize needs to be calculated: Fixed lot size (Use StartLots), Or use the “Max Allowed Total Drawdown.
- Startlots -> set the worth for fastened lotsize, when that choice is chosen. This parameter shall be used as “minimum lotsize” when utilizing any of the opposite 2 choices for lotsize calculation.
- Max Allowed Drawdown -> The prefered most allowed whole drawdown (in %). The EA will then decide lotsize primarily based on the historic max DD of the EA.
- Set Max Daily Drawdown -> Here you may set a most allowed every day drawdown (in%) If it’s reached, the EA would shut all trades and pending orders, and look forward to the subsequent day. This is usefull for prop companies.
- Use Equity as an alternative of Balance -> use Equity of the account to calculate all lotsize values.
- OnlyUp -> this may stop lotsize to lower after losses (extra aggressive however quicker restoration after losses).
Conclusion
In conclusion, The Gold Reaper MT4 and MT5 EA is a powerful trading platform that offers beginners a user-friendly interface, a wide range of technical indicators and trading tools, and robust risk management features to help them succeed in forex trading. By following this beginner’s guide and mastering the basics of using The Gold Reaper MT4 and MT5, you can unleash its full potential and take your trading to the next level.
FAQs
Q: Is The Gold Reaper MT4 and MT5 EA free to use?
A: Yes, The Gold Reaper MT4 and MT5 EA is free to download and use. However, there may be fees associated with trading on the platform, such as spreads and commissions.
Q: Can I trade on The Gold Reaper MT4 and MT5 EA using a mobile device?
A: Yes, The Gold Reaper MT4 and MT5 EA is available on both desktop and mobile devices, allowing you to trade on the go.
Q: Are there any educational resources available to help me learn how to use The Gold Reaper MT4 and MT5 EA?
A: Yes, The Gold Reaper MT4 and MT5 EA offers a range of educational resources, including tutorials, webinars, and demo accounts, to help beginners learn how to use the platform effectively.
Recommended Broker
Trade with a Trusted Global Broker ⫸ XM
- Platform: Metatrader4, Metatrader5, C Trader
- Currency pairs: NZDUSD, USDCAD, AUDNZD, AUDCAD, NZDCAD, GBPCHF, XAUUSD (GOLD), BTCUSD (BITCOIN)
- Trading Time: Around the clock
- Timeframe: M5, M10, M15, M30, 1H, 4H, 1D, 1W
- Minimum deposit: $100
- Recommended dealer: XM
