For a 5K or 10K USD live account what setting do you think I should set.
Will TOM teach you to set the parameter and highlight the rules of using?

I’ve been running Tom’s EA for about three months. I don’t believe that three months is long enough to get a really reliable opinion. (Can you ever get a really reliable assessment of anything to do with Forex). Newbies be warned. It’s not for nothing that you see the warning about the fact that Forex can be a very, very dangerious game to play if you don’t know what you are doing. Here are the facts of my situation.

I am running Tom’s EA on three live accounts. The first was opened with about $15,000, the second with $10,000 and the third with $8,000. So far, (and I stress that this is after only three months) the EA is doing well. There have been about three scary drawdowns of more than 20%, but after two or three days, the EA sorts itself out in profit.

It’s generating an average monthly profit of between 5% and 10%. I personally am very very happy with that and I have absolutely no interest in upping the risk in an attempt to squeeze more out of it.. In my personal view, the most important and fundamental lesson in Forex – DON’T BE GREEDY. I’m not going to go into the details of the settings – it will take too long – but I will say this. If you ignore Tom’s Best Practices advice, you will be courting disaster. I suspect that that is where many people have come short with this EA.

Something that will put a lot of people off is the price. $2000 is a lot to pay for an EA. And don’t think that you can hijack the source code because you can’t. It is not on your computer. Every time you reboot or log in, you have to be “authenticated”. I personally have no problem with that. If I had developed it, and it keeps working as reliably as it seems to be working after three months, I would not want it stolen. In my case it has already paid for itself.

Re the drawdowns, I do get a bit worried. But I watch it like a hawk. I check my three accounts at least twice or three times a day. If it were to get out of hand, I will manually close what has to be closed

Something else I should mention is that the support is not great. Sure you get a response in less than 48 hours, but whoever responds from the support team does not seem to take the trouble to read and understand the question. I would give them 3 or 4 out of 10 for overall support.

Last point. Don’t get it if you can’t use it on an account with an opening balance of at least $2000 or $3000. In theory you could open an account and use it with $1000 or less, but I don’t think you can expect to get a return of more than 5% absolute maximum with a balance of less than say $3000.

As I said in the beginning, is is a report of my personal experience with Tom’s EA. I don’t know what is going to happen down the line in the future. Only time will tell. If you want to email me with questions, you are welcome.

Robin Knox-Grant