Introduction for Beginners

Leprechaun School - training on installing and configuring forex robots Leprechaun

This course will provide a general understanding of the processes involved in robot trading in the Forex market.

What is Forex?

This is an abbreviation for the English Foreign Exchange which means currency exchange. Forex is the international currency market where banks buy and sell currencies of interest to them at free rates.

Individuals, you and I can also trade on it.

How to enter Forex?

We can’t just enter the Forex market. To do this, we need a company that will provide us with the opportunity to trade on the Forex market. Such companies are called brokers. They provide this opportunity and their trading terminals.

The broker through which we trade is RoboForex. We trade robots through the MetaTrader 4 trading terminal, which was provided to us by the broker.

Trading robots open trading orders - transactions to buy or sell trading instruments.

Trading instruments are currency pairs such as Euro/US Dollar (EURUSD) and others, or can be metals such as gold (XAUUSD) or silver (XAGUSD).

Do I need to pay the broker?

You do not pay anything to use trading accounts with a broker. The broker takes payment only when you open your trades on the Forex market and is called a commission.

The broker's earnings are based on charging commissions for opening trading positions on the market (SPRED and commission for opening orders on some types of accounts) and transferring them to the next trading day (SWAP).

Broker affiliate program?

This is a reward for trading the clients (your partners) you brought to the broker.

Your partners trade on broker accounts, the broker earns from commissions for opening orders on the market and shares part of this profit with you.

In this day and age of the Internet and social networks, attracting partners is not such a difficult task; you just need to make interesting posts and people will follow along. This is a good opportunity to earn decent money from trading with partners you have attracted.

You can register with the RoboForex broker using my affiliate link and indicate my affiliate code mstk when registering. By doing so, you will become my partner.

By becoming my partner, you will be able to offer Leprechaun robots to your partners.

Your partners, by registering and opening an account using your personal affiliate link, which you will receive in the broker’s account, will receive automatic activation of Leprechaun robots for their accounts and for the accounts of their partners in depth within the framework of my 5-level affiliate network.

You will receive daily income in dollars from trading them five days a week.

If I become an affiliate, will my account be charged for this?

No, your trading account will not be charged anything for being an affiliate.

The broker takes a commission for your transactions on the Forex market (the broker's earnings) and its size does not depend on whether you are someone's partner or not.

If you are someone’s partner, the broker will share with your higher partner part of his earnings on commissions from your open transactions on the market.

So, no fee will be taken from you personally and your accounts, or to your higher partner.

What is a trading robot?

A trading robot is a program written in the MetaQuotes Language 4 (MQL4) programming language.

MQL4 is a built-in programming language for the MetaTrader 4 trading terminal.

Essentially, a trading robot is a file with the “ex4” extension, inside of which there is a programmed trading strategy that the robot will use to trade.

A trading robot has several names on the Internet: robot, bot, advisor, owl, expert. In the English-speaking part of the Internet, Expert Advisor or EA for short.

Why do you need a trading robot?

Forex trading robots are used to make profits from forex trading.

A trading robot makes transactions on the Forex market in a fully automatic mode without human intervention.

You just need to install and configure the trading robot and it will automatically trade 24 hours a day, 5 days a week.

How much can you earn by trading a robot?

It all depends on the strategy of the trading robot, its settings and the Forex market itself.

In the Leprechaun robot line you will find versions with different trading strategies. Some of them are the most aggressive and risky (versions 2.X, 3.X, 777), others are less aggressive or even conservative and therefore less risky (versions 5.X, 4.X).

The robot’s settings can be adjusted and the output will be either more conservative trading, this is when the profit will be small, but the risks for the deposit will also be small. Or, you can set up for more aggressive trading, this is when the profit will be significant, but the risks of losing money on the deposit will be great.

It is also important what the Forex market itself will provide in terms of profit. If we take profit per month for the reporting period, then with the same robot strategy and the same settings, the robot’s profit will be different in different months.

This is explained by the fact that the Forex market behaved differently in these months: in one month it was more volatile (made large price movements), in another month it was flat (did not make large price movements).

Therefore, there is no need to talk about any constant profit per month. Profit will always be floating, and you can operate with average profit values. On average, you can have an income from robot trading of 10% of the deposit or more per month.

If the robot earns 10% of your deposit in a month, that’s already good!

Is it possible to lose money on the Forex market?

On Forex you can both make money and lose it, just like on any financial market or exchange. If you are not prepared for this risk, please do not start trading on the Forex market.

The Forex market has two main stages of price movement: trend and flat. A trend is when the price moves purposefully up or down, without any significant pullbacks. A flat is when the price moves up and down in a narrow range.

80% of the time the market is in a flat and most trading robot strategies are written specifically for this market condition. Robots written to suit the trend practically do not bring profit and are unprofitable.

It is impossible to make a trading robot that would trade differently for each stage of the market, taking into account the flat stage and the trend stage, because It is impossible to determine the transition from one stage to another in advance; this will become clear only after the fact.

This is why robots designed for trading in the flat stage, when the market stage changes to a non-recoil trend, cause the account to go into drawdown and can lead to the loss of the deposit.

Drawdown is an unclosed loss. By analogy with shares, a drawdown is a loss only on paper; until the shares are sold, this loss is not recorded, i.e. is not real, because the stock price may change and become positive. It’s the same in the Forex market, there will be a loss on open orders, this is a drawdown. When the price enters the positive zone for open orders, all orders will close in total plus.

The reason for the drain (loss of deposit) is usually that the robot does not have enough funds on the account deposit in order to once again average the position and the account goes into drawdown.

There are various methods for getting out of a drawdown, but they do not provide a 100% guarantee. The most popular and easiest way is to replenish the deposit when the drawdown increases, so much so that the drawdown on the account is insignificant (less than 20-30%). You can also prevent the bot from opening new orders so as not to increase the drawdown if the market continues to move against your orders for some time. When the market reverses, you can manually open additional positions (orders) to increase the overall take profit (profit level) for the entire order grid.

The Forex market, like any other financial market or exchange, is a place where there is risk. You can win, you can lose. A robot with a trading strategy written into it only gives you an advantage in the market 80% of the time the market moves, but cannot give you this for 100% of the market movements. If you are not ready to take risks, then you are not ready to trade the Forex market.

Don't want to risk trading robots? You can earn money with me and Leprechaun bots, 5 days a week, without trading bots and without risk. Become my partner on RoboForex and develop your affiliate network. I'm giving you for free what you can offer to your partners - Leprechaun bots, a site with all the information and training!

What does a robot need to trade?

In order for a trading robot to trade, it needs a broker's trading terminal.

The robot file must be placed in the “Experts” service folder, which is located in the “MQL4” root folder of the MetaTrader 4 trading terminal.

When should a robot trade?

The trading robot monitors the situation on the Forex market 24 hours a day, 5 days a week, which is how the Forex market operates. The Forex market is closed on Saturday and Sunday.

The robot monitors entry signals, tracks open positions, updates take profits, etc.

In order to ensure uninterrupted trading of the terminal in which the robot trades, it is customary to use a VPS server. It is not rational to run your home PC 24 hours a day, and it will cost more.

In addition, the possibility of an emergency power outage in the house cannot be excluded, which cannot be allowed when trading with a robot, since in this case open positions in the market will remain unattended, and this threatens the loss of money on the deposit.

A VPS server is simply a remote computer that, for a small fee, you can use remotely with data to access its desktop. The MetaTrader 4 trading terminal is installed on this remote computer, and the Leprechaun trading robot is installed and configured on it.

All this starts and works 24 hours a day, and there is no need to turn off anything on weekends; the robot will only trade on market trading days.

What will the robot trade for?

In order for the trading robot to have something to trade with, it is necessary to open a trading account with a broker and top it up with funds.

When opening a trading account, enter my wins affiliate code in the “Affiliate code” field to receive automatic free activation of Leprechaun trading robots.

After opening an account with my affiliate code, Leprechaun robots will be activated for your account automatically.

To trade with robots, you need cent accounts (MT4 ProCent), since robots, depending on the version and strategy, usually need at least 10,000, in other cases 30,000 or even 50,000 balance units. Not everyone has such amounts in dollars, so the way out of this situation is to open cent accounts, where 10,000 balance units are only $100 dollars.

In order for us to make money on the Forex market with only $100, we will need leverage from a broker. To put it simply, the broker will allow us to open trading positions X times more than we could afford with our $100. More precisely, with such a small deposit amount, if there were no leverage from the broker, we would not be able to open even the most minimal position on the market. Only due to the fact that the broker provides us with leverage can we enter the market with small deposits.

Leverage for robot trading can be selected from 1:500 and higher. The higher the leverage, the larger the size of the position the robot can open, and this is not always good if the robot is already in a drawdown. Therefore, a more acceptable leverage value is 1:500.

After opening an account, you will receive an account number, password and server name. This is the data for connecting to a trading account in the trading terminal. Write down and keep this information for yourself.

The broker has several ways to fund your trading account. The amount with which you replenished your trading account is called a deposit.

Do not neglect the instructions to the robot about its minimum and recommended deposit sizes for trading. The larger the deposit, the greater the margin of safety for the trading strategy, the less the chance of losing the deposit.

You must understand that no one except you has access to your money in your trading account. Broker RoboForex has been in business for more than 10 years, and I have been his client for several years now and I can say that in terms of financial security, the broker is at the highest level. There are also no problems with depositing and withdrawing funds at any time of the day.

After you have opened and replenished your trading account, in the MetaTrader 4 trading terminal you need to connect to your trading account using the access data provided when opening the account.

After this, the robot will be able to perform trading operations in the terminal.

What are sets?

Sets are files with settings for the robot. The robot settings window can be called up in the trading terminal. In this window, you can change the robot’s settings manually or, what happens more often, download the settings for the robot from other people from a file with the *.set extension by clicking the “Load” button.

You can create your own robot settings file and transfer it to others in the same settings window, manually setting the required settings, and then saving them to a file using the “Save” button.

When changing the robot settings yourself, you must understand what you have changed and what this settings parameter is responsible for. If you change the settings or use the set files of other people, I recommend that you run the robot with these settings in the “strategy tester” of the terminal to see how the robot will trade on history and only after that decide whether to launch the robot with these settings on a real account .

Let's sum it up

We learned that in the Forex market you can trade robots in a fully automatic mode and make a profit per month on average of 10% of the deposit or more.

The broker provides us with access to the Forex market; we open a trading account with the broker, fund it and connect to it from the broker’s trading terminal.

For uninterrupted operation of the bot, we will need a remote computer – a VPS server. On it we will install a broker terminal, connect to a trading account, install a trading robot file in the terminal, and load a set of settings file into the robot if necessary. All! Trading has started!

The robot will work in the terminal on the VPS 24 hours a day, 5 days a week.

Your task is to periodically (once a day) log into the VPS to make sure that the terminal is running and the robot is trading.

We learned that you can make money on the broker's affiliate program by becoming my partner even if you are not going to trade with robots. Develop your affiliate network, offer your partners the entire line of Leprechaun bots. The site already has all the information on bots, and at the Leprechaun school your partners will be able to learn.

For more information about installing and configuring Leprechaun robots, read the course “Launch the Leprechaun bot in 5 steps.”

Return to home page