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FAQ
What is an "EA" ?
EA is short for "Expert Advisor". It is the "plug in" you use to input your trading parameters. Power Trader and Trend Trader are EA's
What is a "script" ?
Cash Grabber was written as a script and is similar to an EA because it is also a type of plug in for your trading station. We use it to manage the number of open orders and profitability. When was Power Trader created?
The original program was written in Jan of 2007.
Can I add or withdraw funds from my account while I have open orders?
You can, but if you are running Cash Grabber you will affect the amount shown in the "snap profit". This will cause a serious problem if it closes a bunch of negative orders or prevents you from getting a cash grab when you should have. It may be best to wait until you have no open orders to make changes to your account balance.
How long can I demo trade?
Any software from Power Trade Live may be used on a practice account for as long as you wish. Some practice trading accounts are limited in duration by the broker.
How does the software manage the money in my account?
It doesn't. Money management is a function of the strategy you use. You must adopt your own rules of money management in case of run away profit or draw down on your account.
Some of our members remove the profit from their accounts at fixed intervals in order to protect it from abnormal market conditions.
There is a calculator at the bottom of one of the strategy pages. Should I use it?
You do not have to use it. It was originally built to show people how to balance a currency ring.
How do I use the software to make a consistent profit in my account.
Thats up to you. We are here to help you use the tool as you see fit. Please don't ask us for trading advice.
Is it up to me to think of everything that could go wrong with my account?
Yes, and usually its just a lack of common sense. Even seasoned professional traders make mistakes. Take as much time as you can to make sure that your actions will not adversely effect your account.
When I find a strategy that seems to be working, is it okay to increase the amount of lots I am trading in order to make more money?
NO, NO, NO. If a little is good, more is probably not better. If its not broke don't fix it. Please learn to be happy with your current success. If you add profit to your account, then you are also creating a larger zone of safety in the event of an unexpected market movement that may not be in your favor.
If I trade on a demo account for a few months can I assume its now safe to trade the same strategy in a live account?
There is no way to experience everything the market can throw at you no matter how long you demo trade. You should only be trading with funds you can afford to lose and not have it affect you in any way. This includes your mental and emotional state not being adversely effected.
How does the software know when to place a trade and when to close it at a profit?
You will set these parameters up yourself, based on the strategy you are using.
What do I need to know to get started?
At a minimum you should have very good computer skills and have a stable computer and internet connection. You should have more than a basic knowledge of the currency or forex market and how it works. You will also need to know all of the policies and procedures of your broker.
Whats the best way to learn how to trade with the software?
Its a little like surfing, you cant read a manual and know everything. You have to get wet at some point and you need to be patient because it wont happen on the first day in the water.
Even if there were a manual, you will still experience things no one thought to tell you about. Some of it you just have to figure out on your own. The best part is, now you have something to share with the rest of us.
If I am using the average daily range for my grid size how often should I update my settings?
Some people do it daily for accuracy and others only do it once a month. Its up to you.
Send your questions to us and we will add them to this list.
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