Risk Management - is KEY
It's all about risk management and personal strategy, you should use these bots as a tool. There are many people using these that have great **Risk Management** for example;
**NEWS**
*By far the MOST IMPORTANT FACTOR, I have a - Live news channel on our discord, the website also has all Live upcoming high level news https://www.gptradingbots.com/live-news please use this information you really **SHOULD NOT** be running your accounts during major news so any NFP news (first week of every month) then there is the CPI to watch out for and FOMC.
I advised all customers to turn off bots around news events that can have a huge impact on the markets.
I can't guarantee I'll be able to stop all the main news. This is why it's your RESPONSIBILITY to turn on and off your bots.
*(This one is a MUST) You could set up the equity protection tool in the dashboard when the drawdown gets to YOUR limit it closes out all trade at that loss level, This allows you to carry on to fight another day.
What does EP protection do? How to turn on?
For peace of mind, you can set an equity value that you would like an event to be actioned on breach of the equity value. You can choose from a range of actions to occur on that event occurring.
For example, if you would like an email alert if your account equity has dropped 10% on a balance of 10,000 USD. Select Email alert only and enter a Equity value of 9,000. If the account equity drops to 9,000 or less an email alert will be sent.
No action
The equity monitor is off.
Email alert
An email alert will be sent.
Email alert and disable copiers
An email alert will be sent. Any trade copiers sending trades to this account will be turned off.
Email alert, disable copiers and close all trades
An email alert will be sent. Any trade copiers sending trades to this account will be turned off. All trades on the account will be closed at market.
Once an event has occurred, the equity monitor will be reset to off. You can setup a new alert if required.
Enable protection on the account you wish to protect, this is most likely a slave (send to) account. When setup, if the equity protection value is met, you will receive an email and if enable each copier that account is setup with will be stopped and trades closed on the account.
*You could stop the bot and manage the trade's manually; You would have to have some kind of game plan in place.
This is found in the copier settings. Click the play button or stop button to turn on or off.
*You could have reserve funds so when your margin level gets too low you add in more funds to protect your account.
(Be careful with this one as you don't want to keep adding funds you can afford to lose, we also don't know how deep or far the markets will turn against us)
If you have unlimited amount of funds you can afford to lose then you may want to try this option, (I'd personally set Equity protection and take the small loss, then rebuild)
*You could have a higher balance and a lower multiplier for example 1x every 10k/20k or more.
With a higher balance and lower multiplier you could go extremely deep without the worry of a margin call - ** Remember the recommend settings are still not set and forget action will be required still if we hit heavy draw down** potentially we could set 1x for 30/40k this will really help reduce risk. (With also a EP set this kind of setting would nearly be set and forget) but as always we never recommend ever leaving a bot as set and forget.
**Always take out profits either 100% every week or 50% maybe create a 2nd LIVE account you don't trade on and transfer money to that account. So if it is ever needed you have it. By doing this eventually you'll be playing with house money.
This option is a must because if you don't secure your profit then you will always be chasing, compounding is great in general but by building up your original investment and then playing with house money a loss is not so painful if it ever happens.
This is Forex and everyone has different ways of looking at it, However **EVERYONE*** should have some kind of Strategy! Risk Management in place and the goal is to stick to it.*
*YOU WILL SUCCEED, IF you have the correct Risk Management** in place. These bots have been proven to work. It's **not set and forget** but if you have a strategy in place that you stick to then **you WILL BE successful.**
***Don't have your multiplier / fixed lots to high greed will kill you.***
Risk Management - Stay Away From NFP
Non-farm payrolls calendar - We DONT recommend trading these weeks ! - go to the dash board and turn off your bots!
The data release is usually on the first Friday of every month at 8:30am New York time, which is 13:30pm UK time.
GMT time below.
January 2023 - 6 January 2023 - 12:30pm
February 2023 - 3 February 2023 - 12:30pm
March 2023- 3 March 2023 - 12:30pm
April 2023 - 7 April 2023 - 12:30pm
May 2023 -5 May 2023 - 12:30pm
June 2023 -2 June 2023 - 12:30pm
July 2023 - 7 July 2023 - 12:30pm
August 2023 - 4 August 2023 - 12:30pm
September 2023 -1 September 2023 -12:30pm
October 2023- 6 October 2023 -12:30pm
November 2023 - 3 November 2023 - 12:30pm
December 2023 -1 December 2023 12:30pm
What is the non-farm payrolls report? The non-farms payroll report (NFP) is the monthly release of data on the 80% of the US workforce employed in manufacturing, construction and goods. As the name suggests, it does not include those who work on farms, and also excludes private households, non-profit workers and government employees.
Why is the non-farm payroll report important? The non-farm payroll release gives an invaluable insight into the state of the world’s biggest economy, showing how US business is performing and offering an indication of where the Federal Reserve might take interest rates in the near future. The overall number of jobs added or subtracted is an indicator of the health of the economy as a whole, and are part of the Federal Reserve’s mandate on employment – so the FOMC will pay attention to NFP figures when deciding whether to raise or lower rates. For example, a high number of jobs can be taken as a sign of inflationary pressures, which may lead to an interest rate hike. A fall in the number, meanwhile, may indicate a declining economy, increasing the chances of a rate cut. Interest rates have a major part to play in the movements of forex, stocks and commodities, so the non-farms report can reverberate across global markets in a big way. Find out more about how to trade NFP.
. Non-farm payrolls components While you’ll usually see the headline NFP number used in reports, there are plenty of other components that can be just as important to follow. Here’s a quick rundown of what else to watch out for:
The unemployment rate as a percentage of the overall workforce. This figure is closely watched, as the unemployment rate can influence the Federal Reserve’s assessment of the US economy
Which sectors the increases and decreases in jobs came from. This gives traders information on which sectors of the economy are up or down, which can be useful in planning future trades
Average hourly earnings. If there are the same number of jobs, but the average earnings have decreased, the effect is the same as if people had been subtracted from the workforce
Revisions to previous non-farm payroll releases. This is an important component that can move markets suddenly as traders re-price their growth expectations based on the revisions to previous announcements