Picking Your Recovery Settings
This guide will cover the topic of recovery order settings.
We will cover the following:
What are recovery orders?
Recovery order settings inputs
What settings should I use for recovery trades
Pre-Defined settings
Manual settings
Forex Recovery Bot uses a grid style trading system to generate profit. The bot then uses a smart algorithm to close smaller parts of your total losing order volume using the profit, thus offsetting the loss. The bot repeats the process by closing smaller chunks of the total losing trade until it has been completely recovered.
Behind the recovery order settings are these inputs:
Grid Step: The predetermined price movement increment at which additional orders are placed. For example, if we set grid step to 20 pips then each time price moves 20 pips against the previous order, the bot will add a new trade to the grid.
Grid Step Multiplier: A multiplier which can be added to the grid step, to add extra distance between orders. For example, if we set grid step to 20 pips and grid step multiplier to 1.5, then the distance of the first order will be 20 pips. Second order distance 30 pips. Third order distance 45 pips, etc.
One Trade Per Candle: When enabled the bot will only be allowed to open one trade per candle, even if our grid step settings above would allow the bot to open multiple orders on the same candle.
Starting Lot Size Multiplier: This is a multiplier which is added to the recovery order starting lot size. For example: If we have the starting lot size at 0.01, and a lot size multiplier of 1.5 then the lot sizes of trades added to the grid would be: 0.01, 0.01, 0.02, 0.03, 0.04, etc. This will help reduce the average price needed to close the grid in profit.
Because each trader will find themselves in a different recovery situation (ie - different drawdown, symbols to recover, account balance, etc) - there is not a one sized fits all approach for the settings to use. We have built several "pre-defined" settings into the bot which we have used ourselves in our recoveries. Additionally, we have also given users the option to manually enter their own settings which they deem fit to use for their recovery situation.
We suggest reading this guide in full, and also testing the recovery order settings on a demo account or backtesting so that they are fully understood before using them in a live scenario.
Inside of the Forex Recovery Bot input settings, you will find a section called "use our predefined settings or manual". In this section you will be able to select which settings to use for your recovery orders.
Instead of providing .SET files manually, we have built this feature into the bot with our pre-defined settings. When selecting to use pre-defined settings the bot will automatically fill in the required recovery order settings using the settings below:
Low Risk - Grid
Grid Step = 250
Grid Step Multiplier = 1.1
One Trade Per Candle = true
Trend Filter = true
Starting Lot Size Multiplier = 1.4
Medium Risk - Grid
Grid Step = 200
Grid Step Multiplier = 1.1
One Trade Per Candle = false
Trend Filter = false
Starting Lot Size Multiplier = 1.55
High Risk - Grid
Grid Step = 150
Grid Step Multiplier = 1.0
One Trade Per Candle = false
Trend Filter = false
Starting Lot Size Multiplier = 1.65
XAU / Gold Medium Risk - Grid
Grid Step = 200
Grid Step Multiplier = 1.15
One Trade Per Candle = true
Trend Filter = true
Starting Lot Size Multiplier = 1.5
XAU / Gold High Risk - Grid
Grid Step = 200
Grid Step Multiplier = 1.15
One Trade Per Candle = false
Trend Filter = false
Starting Lot Size Multiplier = 1.5
Zone - Medium Risk
Zone Points = 150
These are settings which we have used ourselves and with our YouTube video series and find helpful. It is suggested to test these settings yourself to ensure that they fit your recovery situation and account conditions.
We have also given traders the ability to enter their own customized recovery order settings. To do this simply follow the steps below:
1) In the drop down menu select "manual settings"
2) Scroll down to the bottom of the bot settings to find this section.
3) Enter your customized settings for all fields which have the asterisk in them.
We will cover the following:
What are recovery orders?
Recovery order settings inputs
What settings should I use for recovery trades
Pre-Defined settings
Manual settings
What Are Recovery Orders?
Forex Recovery Bot uses a grid style trading system to generate profit. The bot then uses a smart algorithm to close smaller parts of your total losing order volume using the profit, thus offsetting the loss. The bot repeats the process by closing smaller chunks of the total losing trade until it has been completely recovered.
Recovery Order Settings Inputs
Behind the recovery order settings are these inputs:
Grid Step: The predetermined price movement increment at which additional orders are placed. For example, if we set grid step to 20 pips then each time price moves 20 pips against the previous order, the bot will add a new trade to the grid.
Grid Step Multiplier: A multiplier which can be added to the grid step, to add extra distance between orders. For example, if we set grid step to 20 pips and grid step multiplier to 1.5, then the distance of the first order will be 20 pips. Second order distance 30 pips. Third order distance 45 pips, etc.
One Trade Per Candle: When enabled the bot will only be allowed to open one trade per candle, even if our grid step settings above would allow the bot to open multiple orders on the same candle.
Starting Lot Size Multiplier: This is a multiplier which is added to the recovery order starting lot size. For example: If we have the starting lot size at 0.01, and a lot size multiplier of 1.5 then the lot sizes of trades added to the grid would be: 0.01, 0.01, 0.02, 0.03, 0.04, etc. This will help reduce the average price needed to close the grid in profit.
So, What Settings Should I Use For Recovery Trades?
Because each trader will find themselves in a different recovery situation (ie - different drawdown, symbols to recover, account balance, etc) - there is not a one sized fits all approach for the settings to use. We have built several "pre-defined" settings into the bot which we have used ourselves in our recoveries. Additionally, we have also given users the option to manually enter their own settings which they deem fit to use for their recovery situation.
We suggest reading this guide in full, and also testing the recovery order settings on a demo account or backtesting so that they are fully understood before using them in a live scenario.
Pre-Defined Settings
Inside of the Forex Recovery Bot input settings, you will find a section called "use our predefined settings or manual". In this section you will be able to select which settings to use for your recovery orders.
Instead of providing .SET files manually, we have built this feature into the bot with our pre-defined settings. When selecting to use pre-defined settings the bot will automatically fill in the required recovery order settings using the settings below:
Low Risk - Grid
Grid Step = 250
Grid Step Multiplier = 1.1
One Trade Per Candle = true
Trend Filter = true
Starting Lot Size Multiplier = 1.4
Medium Risk - Grid
Grid Step = 200
Grid Step Multiplier = 1.1
One Trade Per Candle = false
Trend Filter = false
Starting Lot Size Multiplier = 1.55
High Risk - Grid
Grid Step = 150
Grid Step Multiplier = 1.0
One Trade Per Candle = false
Trend Filter = false
Starting Lot Size Multiplier = 1.65
XAU / Gold Medium Risk - Grid
Grid Step = 200
Grid Step Multiplier = 1.15
One Trade Per Candle = true
Trend Filter = true
Starting Lot Size Multiplier = 1.5
XAU / Gold High Risk - Grid
Grid Step = 200
Grid Step Multiplier = 1.15
One Trade Per Candle = false
Trend Filter = false
Starting Lot Size Multiplier = 1.5
Zone - Medium Risk
Zone Points = 150
These are settings which we have used ourselves and with our YouTube video series and find helpful. It is suggested to test these settings yourself to ensure that they fit your recovery situation and account conditions.
Manual Settings
We have also given traders the ability to enter their own customized recovery order settings. To do this simply follow the steps below:
1) In the drop down menu select "manual settings"
2) Scroll down to the bottom of the bot settings to find this section.
3) Enter your customized settings for all fields which have the asterisk in them.
Updated on: 24/12/2024
Thank you!