PBGrid_Users_Guide.pdf

PBGrid V1.0.3

¨ 2007 www.investatech.com

UserÔs Guide

Table of Contents

Introduction .......................................................................................... 3

Attaching an EA to a Chart .................................................................. 5

The Location of EAs on Your Computer .......................................................................5

EA Formats...........................................................................................................................5

Compiling an EA .................................................................................................................6

Attaching the EA .................................................................................................................7

Changing the Properties of an Attached EA.................................................................10

The PBGrid Strategy ............................................................................ 11

Placing Pending Orders.....................................................................................................11

Position Sizing ....................................................................................................................12

Managing Open Orders ....................................................................................................13

Trading with PBGrid ........................................................................... 14

Beware of Risks ................................................................................... 16

The Internet Connection ..................................................................................................16

The Server Connection .....................................................................................................16

The Broker ..........................................................................................................................16

The Trader...........................................................................................................................17

The EAs...............................................................................................................................17

Terms, Conditions, and Disclaimer .................................................... 18

Index .................................................................................................... 19

P B G R I D V 1 . 0 . 2

A L P A R S A I

1. Introduction

orex is the largest and the most liquid market in the world. With an average

daily trade volume of over $3 trillion no other market can beat it. Forex market

which is an Over-The-Counter (OTC) market is open 24 hours a day for 5

days a week.

Entering the forex market is very easy. You can open an account with less than $300

and enjoy the high leverage of 100:1 or even more. For many people this means

making big money in a short period of time. The temptation is high but unfortunately

the reality is different. The majority of inexperienced traders lose in this market. Many

of them even blow out their accounts completely in a very short period of time. It is

not easy to constantly make money in forex.

To be a successful trader you need to be a disciplined, knowledgeable person. You

need to learn several skills including fundamental and technical analysis methods, and

risk and money management techniques. The psychology of trade also plays a key role

in your success as a trader.

Traders can be categorized as mechanical and discretional . A mechanical trader sets

up some strict rules for his/her trading and sticks with them all the time. A discretional

trader considers his/her power of judgment at the time of trading. I am not a fan of

discretional trading. In a mechanical approach you can estimate the likelihood of your

success and based on that likelihood you can make correct decisions. A discretional

trader has no clear way to evaluate his/her likelihood of success. A discretional trader

could be more successful than a mechanical trader in short term trading but in the long

run it is the mechanical trader who wins the most. There might be some exceptions

but in general mechanical trading is the right way to go.

The ultimate mechanical trader is the computer. Even a highly-disciplined manual

mechanical trader is not 100% free from discretion. If you leave your trades to your

computer it never breeches the rules you have set for it.

¨ 2007 www.pipboxer.com Page 3

Disclaimer : Forex is a risky market. There is no system or person who can guarantee your success. You

implement the methods introduced in this manual and/or use PipBoxer at your own discretion. The author/owner of

this manual and/or PipBoxer shall not be held responsible for your losses of any kind included but not limited to

the program’s malfunction.

P B G R I D V 1 . 0 . 2

A L P A R S A I

A computer is a machine and it cannot setup trading rules. It is you Ñthe traderÒ who

needs to define these rules for the computer to make your computerized trading

experience a successful one. I believe that PipBoxer is one of those successful set of

rules. I will explain this in more detail throughout this guideline.

There are several tools available to trade forex. Probably one of the most successful

ones is MetaTrader. This software application enables the trader to analyze and enter

the market at the same time. Unlike traditional trading platforms you do not need a

chart provider to analyze the market. MetaTrader provides you with the chart and

almost every necessary tool to analyze the chart.

Another nice feature of MetaTrader is the ability to install and run customized tools.

These tools are in the form of indicators, scripts, and Expert Advisors. Since PBGrid

is an Expert Advisor (EA) I will explain the use of EAs and how to attach them to a

chart in the next section.

¨ 2007 www.pipboxer.com Page 4

Disclaimer : Forex is a risky market. There is no system or person who can guarantee your success. You

implement the methods introduced in this manual and/or use PipBoxer at your own discretion. The author/owner of

this manual and/or PipBoxer shall not be held responsible for your losses of any kind included but not limited to

the program’s malfunction.

P B G R I D V 1 . 0 . 2

A L P A R S A I

2. Attaching an EA to a Chart

ne of the reasons that MetaTrader 4 (MT4) is a highly regarded trading

platform is its capability to automatically run trading orders. The tool that

traders use to conduct such automated trades is called an EA (Expert

Advisor).

An EA is a software program that a trader can use within the MT4 terminal. A trader

may use an EA for different reasons, including but not limited to analyzing the market

and creating trading signals, conducting fully automated trades, defining complex

criteria for running a trade, and so on.

In order to be able to use an EA you must attach it to a chart. If you attach an EA to a

chart it uses the chart tick movements to analyze the market and do its job. For

example if you attach an EA to the USDJPY chart the EA will run every time the price

of USDJPY moves. LetÔs see how to attach, compile, and use EAs.

The Location of EAs on Your Computer

You need to place your EAs in the ÑexpertsÒ folder. If for example you have installed

MetaTrader in a folder called ÑMy Trading StationÒ under drive C: the address to this

folder could be ÑC:\Program Files\My Trading Station\experts\Ò.

EA Formats

EAs are available in two different formats: the raw format (or source code) and the

compiled format (or executable version). The file extension for EA source codes is

*.mq4 (e.g. PBGrid.mq4) and the file extension of EA compiled programs is *.ex4 (e.g.

PBGrid.ex4). The default location for both formats is the ÑexpertsÒ folder.

You cannot use the source code to run the EA. You must compile the source code

first to make it an executable file. On the other hand the compiled (*.ex4) format is

ready to use. You donÔt need the source code to run the compiled format. So

eventually all you need is the compiled file.

¨ 2007 www.pipboxer.com Page 5

Disclaimer : Forex is a risky market. There is no system or person who can guarantee your success. You

implement the methods introduced in this manual and/or use PipBoxer at your own discretion. The author/owner of

this manual and/or PipBoxer shall not be held responsible for your losses of any kind included but not limited to

the program’s malfunction.

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