As I did my algo bot checkin this morning, I noticed all of the trades with my Pro FX bot had closed down. Not only that, I noticed a loss of over $500 for the day. Last night, I realized this bot was going pretty deep with EURGBP. Nothing I saw made me think I would be greeted by this loss this morning.
This bot has had a pretty good month. Yet, I want to know what is happening before I trust it with more money. The only thing I knew to do was check the settings.
The Pro FX bot monitors 6 different Forex pairs. I did compare the settings between another pair (like USDCAD) and EURGBP. I have reached out to University of Options with images of both settings to see what the issue may have been. The “Stop Loss” seems like a candidate. The USDCAD pair had its bot set up with “0.0”. This means one of two things:
- The backtesting done on the bot recommends that there be a different setting for both EURGBP and USDCAD on “Stop Loss”.
- When the “white-glove” [University of Options will set up your bot for you if you provide your VPS login info] setup was completed, the settings were not set up correctly.
Regardless of the outcome, I need to know. The last thing I want is the tractor to have a major maintenance issue when it is busy harvesting a big crop!
