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I am currently demo testing Waka Waka. On the chart it shows Waka Waka with a leverage of 1:200. My broker in the U.S. has a limit of 1:50 which is where I have my account set. I do not see an input on Waka to change the leverage. Will Waka go with my broker settings? Will everything run OK like this? I want to make sure everything is set correctly. I have it running with the news enabled and on a vps. Thanks
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Waka Waka is a scalping strategy. In the US the spreads are too wide for this strategy to provide good results. With the difference in leverage you just need to use a smaller lot size to keep the risk the same. So, using a smaller lot size and wide spreads will most likely result in small profits which will result in taking a long period of time to recover the cost of purchasing the EA. Using some of Petko’s other EAs will most likely provide more profits over the same time frame at a much lower cost. I create my own EA’s using EA Studio and my portfolio outperforms Waka Waka. I would demo some of Petko’s other EAs before spending $2000 to purchase Waka Waka!
I recommend you read about trading Waka Waka in the US by clicking on this link:
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Thanks for the reply Alan. I was a manual technical trader for 5 years several years ago and want to make a go of it again using bots. Running a company and trading all night got a little tiring. I am definitely testing Petko’s bots and am making my own now also. I have had issues with some of the bots I have tried because of FIFO regulations in the U.S. and am still figuring out how to deal with that. Some of the strategies apparently aren’t applicable under U.S. rules. Anyway, congrats on your success…I will keep working on it!
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Normally the “Forex Algo Course + 12 EAs I Trade Live” cannot be used in the US because of the FIFO rule. Here is how I solve this problem:
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