Forex Cantata User Manual
Contents
1. your Metatrader platforms If you wish to install the EA manually then you will need to copy and paste the ForexCantata ex4 file into the experts folder of your Metatrader 4 platform You will also need to copy and paste the Forex Goldmine dll file into the libraries folder that is in the experts folder of your Metatrader 4 platform All of the settings files would go into the presets folder that is in the experts folder of the platform 3 Restart your Metatrader platform s From the Market Watch Control M select a currency pair Copyright 2010 2013 Forex Goldmine Inc to open the first chart It will display with a 1 hour H1 time frame 4 Display the Navigator Control N or View Navigator Drag the Forex Cantata from the Expert Advisors branch of the Navigator tree onto the open chart 5 In the open Forex Cantata dialogue box under the Common tab place a check beside Allow Live Trading This will allow the Forex Cantata Expert Advisor to work on the chart 6 To turn on Expert Advisors ensure that the Expert Advisors button on the Metatrader toolbar is green If it is red click on it so that it turns green In the upper right corner of the chart the word Forex Cantata should appear followed by a happy face 7 If an x appears in place of the happy face double check that the Expert Advisors button on the Metatrader toolbar shows a green hat and arrow Click on it if it does not 8 If a frowny face appears2. Forex Cantata User Manual CFTC RULE 4 41 HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS UNLIKE AN ACTUAL PERFORMANCE RECORD SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING ALSO SINCE THE TRADES HAVE NOT BEEN EXECUTED THE RESULTS MAY HAVE UNDER OR OVER COMPENSATED FOR THE IMPACT IF ANY OF CERTAIN MARKET FACTORS SUCH AS LACK OF LIQUIDITY SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN No representation is being made that any account will or is likely to achieve profits or losses similar to those shown In fact there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program Hypothetical trading does not involve financial risk and no hypothetical trading record can completely account for the impact of financial risk in actual trading All information provided is for educational purposes only and is not intended to provide financial advice Any statements about profits or income either expressed or implied do not represent a guarantee Your actual trading may result in losses as no trading system is guaranteed By using the Forex Cantata EA you agree that you accept full responsibilities for your actions trades and profit or loss an
3. d agree to hold the developers and authorized distributors of the Forex Cantata EA and this information harmless in any and all ways Please familiarize yourself with the method by which lot sizes are calculated It is vitally important that you do not exceed the recommended lot size in relationship to your balance There is no system of Forex trading that is guaranteed to be 100 safe but following these lot size rules will help increase your chances of success over the long term Copyright 2010 2013 Forex Goldmine Inc What is Forex Cantata Welcome to Forex Cantata an automated foreign exchange trading system or Expert Advisor that runs on the Metatrader 4 platform It can trade on either the AUDCAD or AUDNZD currency pair If only using one pair the AUDCAD is the preferred pair The Forex Cantata features a greatly simplified group of settings making it easier to get started without being overwhelmed by too many potential settings Before you can use Forex Cantata you must download Metatrader 4 from a broker and open an account A demo account is recommended for those learning foreign exchange or getting started with Forex Cantata Getting Started Metatrader 4 can be downloaded from any broker that uses the platform to manage its customers foreign exchange trading We recommend a broker that allows you to trade micro lots ie 0 01 lots This is very critical We also recommend that you use a broker that is not a dealing d
4. e you should make certain that you are able to trade 0 01 lots as your minimum lot size On Chart Display Forex Cantata displays information on the currency pair chart in order to keep you informed of its status and trading The on chart information is summarized in the following table PipStrider I x xx EA name and release number Current Server Time The current time according to your broker s server Account Leverage The leverage on your account Spread Shows the current spread for the currency pair Account Authorized True or False Shows whether EA is authorized for this account True if your account authorized for trading Demo accounts are always authorized but live accounts must have a license purchased in order to be authorized Copyright 2010 2013 Forex Goldmine Inc Monitor And Close Displays the current setting for the MontorAndClose setting If true the EA will monitor the current trade sequence for each side and will even open additional trades if needed to carry the existing sequence to its DoTrades Displays the current setting of the DoTrades setting If true the robot will trade when the price is hit and the expert button is green allowing the order to be sent Balance Factor Displays what you have in your BalanceFactor setting Current Equity Drawdown Percent Shows the current percentage of drawdown on your account equity Trade Lots This shows what you have in your TradeLots setting The starting n
5. ect your account balance The growth in lot sizes is significantly less than with a martingale system for example This allows you to trade with much less danger than with a martingale system While no grid trading system is absolutely 100 safe it is our belief that the methods we use to mitigate the dangers will go a long way to help avoid the usual problems associated with the the typical martingale system To our knowledge the Forex Cantata is the very first and only EA to use this new technology in association with the grid method of trading Important Note Even though the Forex Cantata EA uses the various tools to help the lot size expansion to be less dangerous than normal this type of system should still be respected as being potentially dangerous if it is used too aggressively The developer and distributors of this EA cannot give you trading advice but we can tell you that we would not use aggressive settings if we were not thoroughly experienced with this EA and did not understand the principles behind it There is a place for the more aggressive settings but not when you first use the EA For Moderate Risk Settings Minimum balance in a standard account with 100K lot sizes would be 4000 with 5000 preferred when trading only the AUDCAD pair TradeLots 0 01 If you are trading in an IBFX mini account with a base lot size of 10K then your minimum balances would be 400 with 500 preferred to trade the AUDCAD pair only In either cas
6. esk so that they are not trading against you You may wish to consider Interbank FX out of Utah They offer a mini account that allows you to trade 0 01 lots that are 1 10 the size of the standard micro lots that are offered by other brokers This will give you more granularity in your lot sizes for the purposes of compounding Other possibilities would be Forex com GoMarkets FXDD or other similar brokers These are mentioned because of their reputation as established regulated brokers and not as to whether or not they function as a dealing desk With these last mentioned brokers you would not want a mini account but would want a standard account that trades micro lots As long as you can trade micro lots feel free to use any broker that you feel comfortable with and where you feel your money is safe What We Need From You If you have not already specified a live account number we need one live account number that you would like to have the Forex Cantata activated for We also need up to 3 demo account numbers that you wish to use Please send an email to the support address where you purchased the Forex Cantata requesting that the EA be allowed to trade on those accounts Installing Forex Cantata 1 Close all open Metatrader platforms 2 If installing the Forex Cantata from an installer application simply run the Forex Cantata installer application The EA and associated files will all be installed to their proper locations in each of
7. igh and low price to set the current center for purposes of determining if it should buy or sell CenterPrice default 1 0 If 0 0 then the EA determines the center price using its old method of looking back X days If there is a number in here such as 1 03500 then that number overrides what the EA calculates and it is used as the center price in determining whether to buy or sell Money Management and Safety Forex Cantata is designed to be as safe as possible although no forex trading system can be 100 safe Consequently it is highly recommended that users consider withdrawing 12 of any profits generated at the end of each month from their accounts and set this money aside This should be done until an amount equivalent to the original investment has been withdrawn At this point only profits are being traded and the original principal can no longer be lost Copyright 2010 2013 Forex Goldmine Inc How Forex Cantata Works The objective in designing Forex Cantata was to achieve a reasonable risk level in forex trading while generating significant profits comparable to other forms of investment The Forex Cantata uses a dynamic grid method of trading coupled with a gradually expanding lot size for each trade level in the grid Normally increasing your lot size for each trade would be considered quite dangerous However we have invented a new technology that throttles down the growth of your lot sizes which helps prot
8. in place of the happy face open the dialogue box by pressing F7 click on the Common tab and make sure that there is a check next to Allow Live Trading Press OK to close the dialogue box Using Forex Cantata Forex Cantata user settings are made in the dialogue box To open the dialogue box select the chart on which you want to adjust Forex Cantata settings and press F7 Once you have made changes to the settings save the new settings by pressing OK User Settings DoTrades default true The default value of true will allow Forex Cantata to open trades If this is set to false Forex Cantata will not open any new trades but it will it continue to manage any open trades MonitorAndClose default false If true monitors and continues an existing trade sequence as needed and closes trades when appropriate but does not allow any new trade sequences to be opened TradeBothDirections default False Should be set to false if the user is a U S trader If from outside the U S so you can trade both directions at once this can be set to true but false is still recommended for lower drawdown ModifyMartingale default true If true then the martingale sequence is modified to repeat the lot size of the first trade for the second trade Thus the sequence would be 1 1 2 4 8 16 If false the regular martingale sequence of 1 2 4 8 16 32 would be used as in previous versions of the EA The advantage of using this is tha
9. t a much lower overall total number of lots will be opened and thus the BalanceFactor can optionally be lower due to the decreased risk However if you do reduce your BalanceFactor be sure to set ModifyMartingale to true Copyright 2010 2013 Forex Goldmine Inc MaxMartingaleLevel default 14 This sets the maximum martingale level that is allowed to be opened on a trade sequence MaxDrawDownPct default 100 0 The maximum drawdown that can occur between the account balance and account equity before the EA will close all of its trades It is a protection measure to avoid too large a loss to your account TradeLots default 0 00 This should be left at 0 01 or 0 02 unless you have an unusually large account This sets the size of the first trade in the Martingale series If this is left at 0 0 then the BalanceFactor is used to calculate lot sizes BalanceFactor default 3000 Not used if you specify an amount in TradeLots Calculates the TradeLots for you as 0 01 lots per BalanceFactor worth of account balance MagicNumber default 734775 The number series assigned to trades opened so that Forex Cantata can control exits If Forex Cantata is attached to more than one currency pair the MagicNumber must be changed so that each instance of Forex Cantata will control its own trades Use this feature when trading any currency pair LookBackDays default 60 This sets the number of days the EA looks back to find the h
10. umber of lots for each Martingale series MagicNumber Used to associate the trades of this EA to this EA Trade Direction default 3 Either Buy and Sell Buy only or Sell only This is determined by the TradeDirection setting 0 1 1 or 3 enter Price Where Trade Direction The price where the trade direction is calculated to change from sells to Changes buys or from buys to sells Trade Range The Trade Range in Pips for each trading grid level that is actually set in the TradeRange setting Next Buy Price The price at which the next buy trade will be taken Current Buy Level The current Martingale level on the buy side Maximum Buy Level Reached The Maximum buy martingale level reached historically in trading since the last time this value was reset Next Sell Price The price at which the next sell trade will be taken Current Sell Level The current Martingale level on the sell side Maximum Sell Level Reached The Maximum sell martingale level reached historically in trading since the last time this value was reset Copyright 2010 2013 Forex Goldmine Inc
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