REVIEW OF NEW FEATURES FOR ROBINHOOD v4.9 LIVE & DEMO EXPERT ADVISER
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An additional feature has been added, comments to orders are now visible.  A buy order now has a comment of “RobinHood Buy Order” and a sell order has a comment of "RobinHood Sell Order”.  The comments are visible when you place the cursor over the arrow of a buy/sell order on a chart.

Includes more protection from internet disconnects and a small enhancement.  The enhancement is a audio wav file that can be played when a live RH EA order is opened or closed. RobinHood can play any wav file by simply copying the wav file(s) to c:\Program Files\Interbank FX Trader 4\sounds.  Then type in the name of the new sound file under RobinHood's user inputs, for example change alert.wav to mysound.wav. 

Another new enhancement is RobinHood can run on either a live account or a demo account and you don't need two separate EAs to do that as before. That does not mean the RH is free, it just means you don't have to hassle with two separate installations on your computer. The same file can be copied to another expert folder of your choice if you plan to run more then one version of the the RH on different demo accounts to testing reasons.

To run RobinHood on a demo account simply leave the Key_Code value at zero which is the default.  To run RobinHood on a live account simply enter your Key_Code which of course you recieve when you first purchased this expert adviser starting with version RH v4.5.  

You should join in our contest. If you have not seen the Demo-It contest, please do sign up or visit us at:
http://www.4xwins.com/index.php. It is a fun way to learn how to use your expert adviser and perhaps win some prizes. Also, your feedback is appreciated. Before I get started, I will provide a link on my website with a picture of the new user input for RH Demo.

FEATURES AND DEFAULT SETTINGS
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PercentRisk :2 - From a low 2% risk of your entire protfolio in the worse case and the stop loss is triggered. You would be out of 2% of your entire portfolio equity. Needless to say, the higher the risk% the more you would be out if that stop loss is reached. You can leave this alone and you the EA would use all of the default settings to follow in the trade.

Inverse_Trades :false - Many of my WINs subscribers had commented on the fact that based on their observations the Robinhood v4.5B EA seems to always have draw down of some kind before the take profit target was reached. Therefore, subscribers jokingly said they should trade in the opposite direction in a demo account to see what would happen. I wrote Glenn B. about this observation and requested a reverse switch. Well, you have it now. There is a good chance that the RobinHood v4.5B will grab 6 to 10-pips sooner in the reverse mode than the previous versions. But, there is another combination.

You see, there is now a magic number feature which would make it possible to place two EUR/USD 4-Hrs Charts and intentionally change the magic number from the default 111111 to say 222222 for the second RH EUR/USD chart so that one RH live order fires in reverse live order and the other fires in the normal live order mode. Therefore, you have both a buy or sell combination and one of them has to reach the take profit point first. During that time span, you have just about a hedged position until the take profit is completed on the one of the live RH placed orders. It may also be possible to raise the risk% up or down if you have a gut feeling or technical chart trend bias. Neat little trick don't you think?

Stop_Friday :false - I don't think trading on Fridays make too much of a difference except on the 1st Friday of each month at 8:30 am when the most watched Forex news event takes place. That is the Non-Farm Payroll report which causes the entire market to swing in extremes only to return to the norm a day to two afterwards. Many stop loss triggers have been observed during that Friday. Therefore, turning that on the night before the 1st Thursday of the month might be wise.

ScreenShots :false - If you wish to see a snapshot picture of your chart when an RH live order is place, you can set this to True. That will allow you to go back in the files folder to see your trades and adjust the EA.

EmailAlerts :false - If you wish to receive an email alert from your software, this would be the way to do it. Perhaps, even send an email to your PDA, text messager cell phone, etc.

Hedge :false - I did not hear any particulars on this setting. So, let us assume it is either a fix number of pips of 100-pips until we hear some more.

MaxLots :100 - A very dangerous setting. The number one reason people blow up live Forex accounts is being over leveraged by placing lot sizes that are larger than their Forex working risk capital. But, it is now possible to trade 100 lots per order if you have the kahunas to watch those kinds of draw downs. Don't say I did not warn you.

TakeProfits :6 - The default 6-pips means that 8-pips price movement actually needs to occur before your take profit is triggered because you have usually a 2-pips spread in the EUR/USD and higher during news
events. Sometimes late at night I have seen it at 3-pips.

Stoploss :140 - One of the biggest complainst about previous versions of the RH EA has been, "I just don't understand the logic of risking 140-pips to only make 6-pips of profit. All it takes is just one loss to wipe out all of your gains which takes a long time to build up." The inverse switch now changes the playing field because if RH is able to place two orders in opposite order directions, you are twice as likely to make a profit on one of those legs and be in a hedge position as it does that. In other words, you are in a hedge and you can elect to release one side of that hedge when you are certain about the trend bias. You are bound to make more pips that way. It changes the dynamics and I look forward to see what happens in the Demo-It contest.

Slippage :2 - One individual had the wrong slippage setting of more than 2 and RH placed some strange live orders. Not sure what the impact is.

Magic :111111 - This is a critical feature because without it, the RH v4.4B would not know which EUR/USD order to control and it would do the unexpected at the wrong time. Simple fact. Different magic number for each chart and EA you are running at the same time. Think of car on the highway driving in each of four lanes. They can speed up or down and not impact the other cars in the other lanes. One car exits, the other cars keep moving along to their own exits. You have four RH EA charts with four live orders each with a different magic number, your EAs will not create havoc and close or open up different orders. Note! if you do use the same magic number for more than one EA at the same time, you are asking for double trouble and will most likely lose money.

Manually Setting Up RobinHood v4.6 Demo EA

There are two files you should have on your computer. If you are reading this, this is the first file which is a help user file. The second file is the actual Robinhood v4.6 EA which is the same file for the live version when you obtain your key-code after purchasing the expert adviser. This program should automatically place the RobinHood EA v4.6 file on your computer in the default location without you having to do anything but run our setup program.

DO YOU HAVE A FREE FOREX DEMO ACCOUNT?
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If you already have an IBFX demo account, jump to the next section. If you do NOT yet have an IBFX demo account to use, you can use mine business address at:

http://www.interbankfx.com/ibs/welcome.php?group=www.4xwins.com

to open a demo account. I'm what is referred to as an Introducing Broker (IB) for IBFX and you can open a live account as well with me and I will make it worth your effort. Use the same link above if and when you are ready.

Now, once you have a demo account at IBFX, during the signup process they will email you the link to download their free MT4 software to install on your computer. This is how you will get the free technical charts and currency price quotes to trade in the Forex markets in your practice account to memic the real thing. Note! You can visit my web site and watch the prepared videos if you are now sure what you are doing. On the left hand side panel there are links for the various steps involved. You get an opportunity to see my work and know why you should become one of my subscribers. We are here to teach you how to fish! http://www.4xwins.com/index.php

In the process to install the MT4 software on your computer, you will need to decide if you are going to have one, two, three, etc. duplicate MT4 software installations or not. Why would you want more than one? Simple, you can have a combination of live account(s) or demo account(s) running at the same time to avoid conflicts in the software. Moreover, you SHOULD NEVER run an expert adviser in your live account with real money UNTIL you are fully aware of the trading dynamics, risk to your working capital and the operation of that expert adviser before you go live with it. That would be like flying an airplane and never stopping to take flying lessons. We know what the outcome has to be! Crash and burn!

So, now you have a demo account open with me and you have the software ready to install and you know how many installations you want to setup. Let's go under the hood.

FOR THOSE INDIVIDUALS THAT WISH TO WORK UNDER THE HOOD!
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There are those investors that wish to run at the same time more than one copy of the MT4 Software. By default, the most common installation uses the following path to the experts folder were the robots are stored:

C:\Programs Files\Internet FX Trader 4\experts

Now, I'm moving in the direction of making as easy as possible for my 4Xwins subscribers and the internet lurkers that visit my web site. Here is the path as I have them on my computer. Use the same folder name sequence and you will be able in the near future to obtain the setup files that insert into those folders. Those of you that know how to do this can proceed to name and install your MT4 software in those locations manually. I'm swamped with business and I have no idea when I will be able to provide the auto install files setups.

C:\Program Files\Interbank FX Trader 4 copy 2
C:\Program Files\Interbank FX Trader 4 copy 3
C:\Program Files\Interbank FX Trader 4 copy 4
C:\Program Files\Interbank FX Trader 4 copy 5
C:\Program Files\Interbank FX Trader 4 copy 6

MOVING EXPERT ADVISERS INTO DIFFERENT FOLDERS
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Now, for those that just renamed their program folders as presented above, the self-install program you download off the internet will not normally work the other paths because it is not the default location. Therefore, you will need to read and follow these simple steps if you wish to proceed manaully. One way to locate that location if you are not computer savvy and can't use my install routine beyond the first default installation is to use the Windows search feature and drag the the Robinhood or any other EA into that folder.

1. Go to the start menu in Windows and select SEARCH.
2. Select all files and folders.
3. In the all or part of the file name, type experts. In the look in menu change that to local disk c: and press search.

4. The first location should say experts with a folder icon as the name. It will also say
C:\Programs Files\Internet FX Trader 4.
5. Click on that folder and the window will open. That is the location to click and drag RobinHood into. So, if the EA is on your desktop or email, drag it into that folder and close it. You could use the same process to move all of your EAs into other experts folders as well. Makes sense so you won't have to repeat this whole process over again but once. Once you do it the first time, you will be a pro.
6. Load MT4 and it should show the RobinHood EA in the list of EAs.

STOP-LOSS AND RISK PERCENTAGE UPDATE:
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It is important that you realize the risk involved with using any expert adviser. These
settings were suggested by Glenn B. who is the owner and programmer for the RobinHood EA.
Always start small and keep the risk under control so you don't wipe out your account.

RobinHood EA, if the Stop Loss is less than 140 pips then please use the
following maximum PercentRisk values as a guide.

StopLoss 20, Max PercentRisk 6
StopLoss 30, Max PercentRisk 9
StopLoss 40, Max PercentRisk 12
StopLoss 50, Max PercentRisk 16
StopLoss 60, Max PercentRisk 19
StopLoss 70, Max PercentRisk 22
StopLoss 80, Max PercentRisk 25
StopLoss 90, Max PercentRisk 29
StopLoss 100, Max PercentRisk 32
StopLoss 110, Max PercentRisk 35
StopLoss 120, Max PercentRisk 38
StopLoss 130, Max PercentRisk 42
StopLoss 140, Max PercentRisk 45