Trading in the forex market involves buying and selling currency pairs. A common approach is to optimize regular trading strategies, including bullish (buy) and bearish (sell) trades. However, FxMagnetic allows you to optimize separately for bullish (buy only) and bearish (sell only) trades. This tutorial will guide you on how to do this.
Here is how to optimize and trade for Buy and Sell strategies separately with FxMagnetic.
1. Open Two Chart Windows on MT4.
Open two chart windows on your MT4 platform, one for the bullish (buy only) strategy and the other for the bearish (sell only) strategy. Make sure to use different strategies and settings for each window.
2. Set Up Two Sets of FxMagnetic Indicators.
Set up two sets of FxMagnetic indicators, one for bullish (buy only) and one for bearish (sell only) trading strategy, for each currency pair you are trading. It can be different currency pairs or the same currency pair. We will use XAUUSD (Gold) for both Buy and Sell strategies in this example.
3. Use FxMagnetic AutoTrader EA.
Use the FxMagnetic AutoTrader Expert Advisor (EA) on both sets of indicators. This EA will automate your trading strategies.
4. Use Different Magic Numbers.
Assign different magic numbers to each Autotrader (EA). Magic numbers are unique identifiers that help MT4 differentiate between different EAs running on the same account.
5. Measure Performance Individually.
It is essential to measure the performance of each strategy individually to know which one is performing well and which one might need re-optimization or replacement. Use MyMT4Book, an MT4 plugin, to measure the performance of each strategy individually because manually calculating the performance from the Account History can be complicated.
MT4 works in such a way that even if a BUY trade is opened on the first chart, you will still see it on both charts because it is the same pair. Do not get confused about that. Because they have different magic numbers, each EA will know how to manage these trades correctly.
By following these steps, you can optimize and manage your buy and sell strategies separately with FxMagnetic. This approach allows you to have a clearer picture of the performance of each strategy and make necessary adjustments to maximize profits.