Quote:
Originally Posted by willhuang  hehe i do like the way you think! 
well yesterday, after i was literally on your journal for hours, i became an elite member of trading system forex and went ahead and got channel scrapper 1.11 using your set. hehhee. my risk is set to 12 and i set up a demo account with ibfx and well... just a few questions
1. summer and winter sets. ibfx has their headquarters in salt late city, UTAH with has a GMT of -5... what exactically do i set the summer and winter setting to? im totally confused haha..
2. how often does channel scrapper trade? i've had it running for all day yesterday and nothing is happening. it does have a smily face tho im assuming that its running. when does it do its trades?
3. the spread  on ibfx for eur/gbp is 2.86. is that too high for Channel Scrapper?
4. how come only eur/gbp and not the others. can this EA run another pair too?
5. how does a us resident go about getting an uk account? what are the steps involved?
thanks in advance! |
In answer to your questions:
1. It's not the timezone of the
broker 's office but the time zone of their feed/server (which usually is very different). You can find out the time zone of the feed/server by looking at the MetaTrader
market watch window. Right at the top of the window is the
broker server time. If memory serves me right, IBFX uses GMT for their server time so your settings are:
Quote:
summergmtshift = 1
wintergmtshift = 0
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2. If you are using the settings from the
set file I posted here, The Channel Scalper trades in a two hour window between 20-22:00GMT. According to tradingsystemforex.com, this is the most accurate window for this EA. Keep in mind that this EA is not setup to trade often but for accuracy. It does not trade that often and since it's a scalper, the
spread is very important (see my comments at the end of this post regading IBFX).
3. Like most brokers, IBFX's
spread is variable. The ideal is 2.86 but you almost never get this in real trading. Also
liquidity is an issue. Bottom line, under three is excellent, three is ok, greater than three will impact on your profit.
4. The Channel Scalper was designed for the EURGBP pair. Some people have claimed to trade it on other pairs but I have not investigated this.
5. First the
broker has to allow US residents. Alpari UK does not. Each
broker has their own requirements mostly dictated by their licensing. Usually, you have to supply a photocopy of a photo ID along with the a photocopy of the photo page of your passport and a photocopy of a utility bill.
Ok, lets talk about IBFX. Not a good
broker . I had a live account with them for over a year and a half when I started trading using EA's right around when FAP Turbo hit the fan in December of 2008. Tons of traders switched when they started playing their
increase the spread during the trading window game. EA's like FAP Turbo, MegaDroid and The Channel Scalper (not so much) trade a defined window every trading day (with the possible exception of Friday). IBFX is king of knocking out your EA or causing you to loose the trade by increasing the
spread so much that the EA does not trade or you cannot make the total pips so you loose.
Check mt4spreads.com for the best
spread . Read
broker reviews at forexpeacearmy.com
Final comments...I promise.
The Channel Scalper is a great EA but it does not trade that often and (to keep it winning) you have to have a better than average EURGBP
spread during an illiquid time (when the market is calm and there is not that much trading going on). For me, it is a wonderful supplementary EA. Use it with something else. I use it with MegaDroid for the one, two punch since they both do not trade that often.
I hope that this
book has helped you,
Rick
Be smart! Read the 
Linear Mode
