Today I want to tell you about the CrownPrinceFx advisor , which a couple of years ago was awarded the title of the best robot for making money on the market. At the end of the year, it showed a high income with a minimal drawdown.
The details of the algorithm of this Expert Advisor are unknown. It can be used to trade any currency pair. As for the timeframe, there are specific recommendations. CrownPrinceFx is designed to make money on two TFs: hourly and 4-hour.
In MT4, it is installed in the usual way. That is, the copied files of this robot are placed in the corresponding folder of the trading platform directory. We are talking about the Experts folder. And do not forget to restart the terminal after that, as well as activate the auto-trading function. The efficiency of the robot’s work will largely depend on its correct setup.
In principle, you can leave the default settings unchanged. Or you can try to optimize them to improve the trading result, taking into account the peculiarities of a particular currency pair.
The first three parameters relate to the trailing stop settings: Profit-Trailing, Trailing-Stop and Trailing-Step.
Using the Start-Hour parameter, you can tell the robot the start time on Monday. And using the End-Hour parameter, we specify the time to stop trading on Friday.
Market-Orders, Stop-Orders and Limit-Orders – these variables allow you to configure the EA’s operation with market and pending orders.
A very important parameter in the settings is Auto-MM-Risk-Percent. Here you need to specify the maximum acceptable level of risk.
The size of the take profit must be specified in the Take-Profit-Percent line.
The volume of the first trade is specified in the Lot parameter.
Well, the last important parameter is Max-Orders. Here we tell the robot the maximum number of simultaneously open trades.
As you can see, there is nothing complicated in the CrownPrinceFx settings. The meaning of each parameter is available for understanding even for those traders who have only basic knowledge of the market and little trading experience.
Despite the fact that this robot at one time won the competition, I would not recommend taking this fact as a guarantee of its reliability. You need to check the effectiveness of any advisor yourself. And you can do it on a demo account. Pre-testing CrownPrinceFx to avoid any unpleasant surprises in real money trading.