Setup Tips & Common Mistakes - Monkey Business EA

You can buy this EA directly from me and get a little discount or from MQL5 Marketplace.

On this page you will find setup tips and learn how to avoid common mistakes.

General tips:

• all pip values like take profit are to be put in as you would do on a 4 digit broker
• if you don't want to use staking plans (increasing/decreasing lot after winning or losing), don't forget to set multiplicator back to 1 and staking_method to reset after win (only necessary if you changed it before)

Money Management:

• Risk can be a very low value. If you set it to 0.0005 and have 10000 in balance, your initial lot will be 0.05. 
• Of course minimum lot will always be 0.01.
• maxLot should either be the limit your broker sets or the maximum lot you want the EA to trade.

Trailing Stop:

• Trailing stop functions similar (with some small changes) to the trailing stop explained in this video: 

Staking Plans:

• Multiplicator can of course also be used to decrease the lot to be traded when you set it below 1

Martingale:

• Martingale Take Profit only kicks in, when a martingale trade is opened. However it is not obligatory to use it if you want to use e.g. Trailing Stop instead - Set to 0 in this case
• PipGap determines the risk you want to take with the dynamic martingale. 1 is the lowest value and also means the greatest risk and presumably greatest profit. I usually optimize this parameter between the values 1 to 10.
• Even though it is not necessary, re-entry level should always be a higher value than PipGap. I usually optimize this parameter from 10 to 100 with steps of 10, or 20 to 200 with steps of 20.

Common mistakes:

• setting up the short moving average with a higher period than the long moving average does not make sense for the trading logic, therefore I coded it to fail initialization in those cases
• a pipGap lower than one is not allowed to set up either (when using martingale)