I’m just starting out with trading and I’ve put together an Expert advisor using the EA Generator. So far it has made two trades, both being purchase orders and it would have made a profit both times if the order executed properly. It seems to have bought way above market price, which has cancelled any profit it would have made.
I have no idea what’s happening here and would appreciate any help I can get. Thank you in advance.
During the first couple of hours after the opening of the market, the spreads are very large. As a result the ASK price is much higher than normal causing you to BUY at an inflated price. To keep your EAs from buying during this time go to EA Studio Tools>Settings>Trading_session and set ‘Session open’ to 0200 or greater before creating your EAs. I set mine to 0300.
To keep an existing EA from trading when the spread is high go to the EA Properties after attaching the EA to a price chart and set the Spread to a maximum amount. See the image below. To do this properly first determine the normal spread and then set the spread to something a little higher than normal. This will keep the EA from placing a trade when the spread increases above this level. In the image below I have set the spread to 20 points or 2 pips.