FREQUENTLY ASKED QUESTIONS
What is the monthly gain on dragon?
We are targeting 20+% a month on our live accounts. You can set up your own risk to lower or higher levels. It is user decision.
What about bank holidays and gap weekends etc?
If market not open then EA won't trade.
Will it run on my broker?
It will run on ANY MT4 broker that offers the DAX30 & GBPJPY instrument. (sometimes identified as FDAX, GER30, DE30, DAX, FDAXm, GDAXi on MT4). However you will need to ensure your broker offer good ECN execution with low dealing spreads.
VTMARKETS offer a 0.5 spread with no commission on DAX, more or less untouchable in our opinion. There are over 2000 brokers with MT4 so we cant comment on how good or bad your broker is. We make a few recommendations, outside of that we are not in strong position to make a broker judgement.
Will the performance be the same in every broker?
Typically no. There are many variables that can explain why trades differ in brokers, liquidity, feed quality, spread fixed or dynamic, differences in spread width and whether the market is spot or futures. Over a long period the difference will be negligible as it will balance over time. More critical is your broker performance in terms of execution, fills and minimal slippage. Even if you check our live account vantagefx and admiral they are not identical.
Will it work on any currencies?
Yes, it will run but as Dragon is not designed for other pairs other than GBJPY, run on other pairs at your own risk.
Will DAXBOT work on Dow30, Nasdaq, etc?
Primarily, the EA was designed for the Dax30. With that said, it will work in other aggressive, fast moving markets with rapid opens. We are currently developing a version for the Nasdaq that we will release in early 2021.
How to trust and select a good EA?
In order to trust an EA you need to check its live results, trading statements. One of the most trustworthy platform to analyse performance is MYFXBOOK.com, where you can see all these info. ExplodeTrader has live accounts in myfxbook where you can check its live daily results.
Who is the best broker?
You can use any broker, we can guide you on brokers.
Do I need a VPS?
Not really, you can run on home PC as long as it remains untouched. But a VPS is the ultimate solution. EA will run quietly away on the VPS and you can monitor on your phone during the day. We use www.vpsenry.com Advanced VPS.
What is the minimum account size to run the DAXBOT?
You can run it from €200 in Admiral with 0.1 lot size, only requires €2.5 margin per €1k position. Other brokers may have less leverage or larger base lot size. (i.e 1.0 lot in Thinkmarkets = €1 a point move)
Do you provide support and installation help?
Yes, we can provide you email support and guide you through the install process.
Do I need to check it every time and change setting??
Once you setup it up at first time, it will be full on autopilot and you don't need to change or check anything. EA will open and close trades in profit automatically.
How often does it trade, or different time frames?
Each system is different, please check each systems individual page.
I'm from the USA, can i use it?
Yes, if your broker has DAX30 instrument, no problem. FxChoice have it, they take US clients.