Forex Megabot V1.1

Table of Contents Installing the Forex Megabot .................................................................................................... 2

Authenticating ........................................................................................................................... 9

NFA Compliance ...................................................................................................................... 11

Forex Megabot Inputs ............................................................................................................. 12

Backtesting .............................................................................................................................. 15

Switching to a different account ............................................................................................. 18

Recommended VPS ................................................................................................................. 19

Please note: we have designed this manual to be detailed and user friendly, while keeping it as short as possible

We recommend one of the following three brokers for trading the Forex Megabot:

1. FxPro Broker ($500 min deposit, USDCAD spreads as low as 1.3 pips, leverage up to 1:500, lots of deposit & withdraw options, NDD STP)

2. Iamfx Broker ($500 min deposit, leverage up to 1:500, free VPS included, EA trader support, NDD STP)

3. FXOpen Broker (three different types of accounts: micro – min deposit $1, standard – min deposit $25, ECN – min deposit $1000; leverage up to 1:500, $100 bonus, NDD/ECN STP)

Download the Meta Trader 4 Terminal from any of these brokers to get started (or use the MT4 Terminal of your current broker if you already have one).

Note: Although the EA can work profitably on brokers with 4 pip spreads on USDCAD, using the EA on a broker with lower spreads will greatly benefit the scalping strategy. All the brokers mentioned above have average USDCAD spreads below 3 pips during the EA trading session.

Installing the Forex Megabot You can download the Forex Megabot EA at https://www.forex-megabot.com/thankyou.php. Enter your Clickbank receipt code and hit proceed to access the download page. WARNING: A couple of antivirus engines (Avira AntiVir, Rising Antivirus) might raise a false alert on the installer file and potentially the installed DLL. These alerts are false positives. Please check your antivirus documentation on how to mark the files as safe to proceed with the installation. If you wish to verify the files further, you could try using an online antivirus or an online engine that checks using multiple antivirus software packages such as http://www.virustotal.com/. Once you download the Forex Megabot, click "I Agree" to get the installer started.

The following window will show up. At this point, the installer detects and displays the location of you MetaTrader4 Terminal installation. If you have installed the MetaTrader 4 Terminal in more than one location or from more than one broker, the additional installation locations should be detected and displayed. If for some reason the MT4 Terminal you are looking for is not displayed in the list, you simply have to click the Add button and browse to the folder you would like to install to.

Choose the desired installation paths by clicking and selecting each. Note that you can select as many installation locations as you want, but the previously mentioned account restriction still applies. Once you are satisfied with your selection, click Install to proceed

A few seconds later, your Forex Megabot installation will be complete. You can now close the installation window.

Now open your MT4 Terminal and choose the account number you want to work with by logging in:

Right click on the USDCAD pair in the Market Watch window of your MT4 Terminal and then select the "Chart Window" menu entry. If you can't find the USDCAD pair, just right click on your Market Watch window and choose the "Symbols" menu entry to find and add it.

Choose the 15 minutes frame as highlighted in the screenshot below.

Now make sure you enable Expert Advisors as shown in the next screenshot. The "Expert Advisors" button must be marked with a small green "play" sign.

Open the Tools menu, select Options, navigate to the Expert Advisors tab and ensure that all the settings are configured exactly as in the screenshot below.

Drag the Forex Megabot EA (on the left side, highlighted with a red ellipse in the screenshot) and drop it onto the USDCAD M15 chart you previously opened. Another window will show up, as in the screenshot. Within the "Common" tab (next to the "Inputs" tab) you will have to enable "Allow live trading", "Allow DLL imports" and make sure that "Confirm DLL function calls" is disabled. Do not worry about the EA having a gray icon next to it. That is perfectly normal and means that the source code for it is not available.

Once you are done with the configuration, it should look exactly like this:

Authenticating Next, click on the "Inputs" tab and enter your Clickbank receipt code to authenticate your License. Note: the Clickbank receipt code is the 8 character string displayed in your Clickbank secure order form next to "Your ClickBank order number".

Once your license is verified, the "Authenticated" message should appear on your chart.

If you encounter an authentication error:

1) Check the date configured on your computer by hovering over the clock display in the system tray. To protect the customer key (Clickbank receipt), the EA uses a secure communication channel (SSL) for authentication. This means that your computer must have a correct date configured, otherwise the secure connection might not be established, in which case the EA will report a connection error.

2) In case you add the EA to the chart during the weekend and you’re offline or experiencing internet problems, the EA will not reattempt authentication until the market reopens on Monday. While it is perfectly safe to wait, if you want it to authenticate you can simply re-attach the EA to the chart once your internet connection is working.

3) If you have any firewall software installed, make sure that it is not blocking the HTTPS connection attempted by the EA (port 443).

4) If none of the above applies, please verify that the Clickbank receipt code you entered is correct and that the account you are trying to run the EA on is the same one you previously configured in the account change page. If they are, please take a screenshot of the chart and send it to our technical support address.

IMPORTANT: While most of the time the EA will take the same trades regardless of the broker used, sometimes there can be differences from one broker to another, or even from the demo server of a broker to the live server. This is typically due to spread differences and due to the brokers filtering their price feed, which, combined with the Market Adapt Technology that the EA incorporates will sometimes lead to trades being skipped on some brokers. This behaviour is visible mostly when using 4 digit brokers because their feeds are more heavily filtered. In conclusion, there might be occasional trade differences between your demo account and your live account and our real forward test. Similarly, there might be differences in backtests, depending on the broker.

Yes, there is an actual Market Adapt Technology (not just hype on our sales page) which we have added to weed out the loosing trades and even reverse them which leads into weeding out the winning trades demonstrated on the backtest results during the process.

For the above reasons, the EA trades on live trading environment less than it does on the backtests, but with much better results.

Most beta testers so far could match our live trades posted on our sales page. Some could get even better results, which proves that our method in filtering out trades has paid off and has given birth to an EA which trades better than it does on backtests for the first time in the history of the automated trading systems!

NFA Compliance Forex Megabot is fully NFA compliant and you can run it on any broker, regardless of whether it is NFA regulated or not.

Forex Megabot Inputs Completely ignore the following if you find it difficult to understand. (The software is set-up to trade profitably on default settings with a reasonable risk) After authenticating successfully, right click on the M15 USDCAD chart to which you attached Forex Megabot, select Expert Advisors, select Properties and the Inputs tab should appear, with your ClickBank receipt code:

AutoGMTCalculation: This feature has been added to automatically identify the GMT offset used by your broker, so you don't have to worry about figuring it out. If you wish to run a backtest, you must turn this feature off and manually configure the GMT offset. Typically, the GMT offset automatically detected by the EA is also good for backtesting, but if you have any doubts you should contact your broker and ask for the GMT offset you should use (in case you don't already know it). UseMoneyManagement: If you wish to allow the EA to increase lot size depending on the Risk level you choose, then this feature must be set to "true". If you wish to disable it, the EA will trade using the fixed lot size you choose and won't change it unless you come back and adjust it.

RiskLevel: there are 10 risk levels to choose from, 1 being the lowest and 10 being the highest risk. The higher the risk, the more profits you'll make and the more drawdown exposure you'll get. Configure this wisely. FixedLots: This feature can be used in conjunction with turning off the UseMoneyManagement setting mentioned above to specify the constant lot size you would like the EA to keep using. UseRecovery: This option increases the lot size after a loss, similar in a distant way to the Martingale money management system, although not at all alike. We recommend to keep it switched off (we never use it). This feature was only added because Forex Megabot does not experience losses very often when used with the default settings. By switching this feature to "true", you will allow the EA to increase the lot size once a FULL stoploss is hit to recover faster.

RecoveryRiskLevel: This has been added for you to modify your recovery setup in case you enable the "UseRecovery" option. The EA will switch to that risk level for the next number of trades you specify RecoveryTrades: This is where you can specify the number of trades during which the recovery mode will be enabled, before it automatically turns off at the end of the recovery cycle. If, for example, you choose 7 trades, the EA will enable recovery mode for the next 7 trades after a loss is printed. TakeProfitPips: The EA will close the trades when they reach this profit level. The default setting is 8 and we recommend not changing it. StopLossPips: Similarly to how the TakeProfitPips parameter above controls the profit target, this parameter helps contain the losses. It will stop any trade that is this many pips in the negative. We recommend keeping it at the default setting of 50.

MaxSpreadPips: This parameter configures the maximum spread that the EA will trade with. If the current spread exceeds it, the EA will not open any new positions. We strongly advise not increasing it. UseTimeExit: Enabling this will ensure that the EA will close its trades when the market fails to go in its favour and the risk of hitting the stoploss increases. EarlyExit (new in version 1.1): This option controls whether the EA exits the position sooner or later when the market isn’t going its way. Setting it to true will result in trades typically closing earlier. Setting it to false will result in trades waiting some more before closing, potentially realizing some pips in the process. It is set to true by default and we recommend keeping it that way. HighFrequency (new in version 1.1): This controls the aggressiveness of the EA. When this setting is enabled, the EA will trade more often. Disabling it will make the EA trade less often, but on a stronger signal. We recommend keeping it set to true, which is also the default setting. Stealthmode: If enabled, this setting will make the EA hide the trade comments and will also hide the StopLoss/TakeProfit targets, making it impossible for brokers to figure out what EA you are using. If you choose to enable this setting, the EA depends entirely on the connection between your terminal and your broker’s server to close the orders, so we recommend running it from a VPS for extra stability. Scroll down for our recommended VPS companies. MagicNumber: This setting is there to prevent the EA from interfering with any trades entered manually by you or through other EAs. The default of -1 makes it automatically generate a magic number unique to your account, further hindering any broker attempts at finding out the EA. Please note: you should backtest the settings you configure to see how the EA would perform before going live with them.

Backtesting You will first need to download the USDCAD data from the Metaquotes History Center. Just press "F2" on your keyboard, pick the USDCAD pair and hit the Download button.

On top of your MetaTrader Terminal, find the "strategy tester" button we highlighted for you:

The Backtest window will show up on the bottom of your terminal:

You will need to pick the Forex Megabot on the "Expert Advisor" tab, pick the USDCAD pair on the "symbol" tab, enable "Use date" and adjust the backtest period you wish to get, finally changing the "Period" on the right side to M15.

Important: Before starting the backtest, you must have an USDCAD chart with the EA attached to it and authenticated. The backtest will simply not take any trades otherwise.

In this screenshot we have selected 01 August 2010 to 31 August 2010 for the test period:

If you wish to backtest the Forex Megabot with different settings, before hitting the "Start" button, find the "Expert Properties" on the top right of the strategy tester Window and click it. The following window will show-up, hit the "inputs" tab and modify the inputs you want to.

But one important thing here is to switch the "AutoGMTCalculation" to false when backtesting, to manually enter your broker GMT offset.

When you're done, just hit the "OK" button. You can hit the "start" button on the bottom right corner.

Please note: due to the elaborate protection method we are using to lock-up this software against piracy, the backtests will not be very fast. We recommend that you choose smaller time intervals to run the backtests. Although there is no limitation, depending on the length of time configured, it could take several days for the backtest to finish.

Also note: Backtesting while the MT4 Terminal is offline and during weekends will generate misleading results.

Switching to a different account

To switch from one account to another or from one broker to another, please navigate to https://www.forex-megabot.com/account.php

In the middle of the account page, you'll find the Forex Megabot box, where all the account change parameters have to be typed in.

The account change process does not take more than two minutes: just type your Clickbank receipt number, the account number you want to switch to and specify whether it is a Demo or Live account.

Please note: You do not need to go through this step when you first apply the EA on each type of account. The EA will lock automatically to the first account numbers you use it with (a Demo and a Live account) and will be enabled to work on these accounts until you choose to change them from the account page. You must follow this step only if you wish to switch to a different account number or to a different broker. Please allow 1 hour time between each and every account numbers switch you perform. For example, if you switch to a new account at say 1:00 PM, wait until 2:00 PM of the same day if you wish to switch to a different account.

Once you switch to a different account, your previous account will no longer be authorized for use with the EA. If you wish to switch back to the previous account, just follow the same procedure.

Recommended VPS

You can subscribe to a virtual computer were you can set-up your Forex Megabot copy on your account and let it run. You can then turn off your own computer and check on your VPS every month or two to see how much profits the Forex Megabot has made for you.

Here are a couple of VPS companies which we have tested and liked:

ForexVPS – has both US and UK based servers and is geared toward Forex users, offering even free support and installation assistance.

Commercial Network – cost effective VPS provider with a very good quality, increased security and running 64 bit Windows. The price for the most basic service is slightly lower than at ForexVPS. Also has both UK and US based servers.

Make sure that you contact the VPS company and ask them to place your virtual computer at a good server location to keep your latency to the broker at a minimum.

If you have any questions, you can contact me personally at:

support@forex-megabot.com

For technical queries please contact our Tech department at:

technical@forex-megabot.com

Thank you