Disclaimer: Ultra Mode is a high risk/high reward system that should NEVER be run with more capital then you can afford to lose. We only recommend running Ultra Mode if you have some experience using Forex Envy and have a basic feel for the Forex market. Ultra Mode is not a “set and forget” system and will on occasion require you to actively manage trades.
Step 1: Capital ManagementDeciding what percentage of capital to allocate for your Ultra account is critical to your success. Ultra Mode is geared to generate a very high rate of return, however you must plan for the possibility of multiple account failures.
We recommend using the following formula to calculate the maximum drawdown to your investment capital.
We recommend using no more than 15% of your entire investment capital when using Ultra Mode.
It is absolutely essential that you make withdrawals from your Ultra account frequently. The most convenient way to accomplish this is to open an account designated for your Ultra Mode profits and make internal transfers on a regular bases in order to protect your profits.
Step 2: Selecting a BrokerBelow is a chart of recommended brokers for different levels of capital and various brokers.
$40-$3,160 (assuming a maximum trade size of 100 lots)
TradeFort (Cent), InstaForex (Cent) and ProfiForex (Cent)
$400-$31,600 (assuming a maximum trade size of 100 lots)
IBFX AU (Mini), InstaForex (Standard) and Lite Forex (Mini account)
$4,000-$316,000 (assuming a maximum trade size of 100 lots)
IC Markets, Pepperstone, FX Primus and Synergy FX
Step 3: Account SetupOnce your account is funded and you have added your account to the Forex Envy license manager you may proceed in setting up the following charts using the 30 minute time chart: EURUSD, GBPUSD , USDCAD, EURJPY, USDJPY, AUDNZD, EURGBP, EURCHF.
-Attach Forex Envy to each chart
-Select Ultra mode
-Assign each pair a unique magic number
-Set the Freeze Before News Minutes to a value of 720 (12 hours).
Your Forex Envy Ultra account should begin to trade.
Step 4: Managing open positionsNow that your account is up and running you will need to know how to keep your Ultra account generating profits. Ultra mode is designed for ranging market conditions. If the market is jittery and over reactive it is best to shut down Ultra mode until conditions normalize. The Sever News Filter is also a very important tool to utilize in order to avoid major news releases that could potentially stress your Ultra account and cause an account failure. The server news filter is set to TRUE by default so you will not need to make any changes to your account for this function to work.
If an event transpires that has not been programmed into our News Filter you can choose to activate the Freeze After TP function manually. Once the FATP is set to TRUE Forex Envy will attempt to close all trades for take profit. Once the news event passes you can reactivate Forex Envy by placing the FATP to FALSE.
The second option is the chicken out function. The Chicken Out function will close all trades for that particular chart immediately. Your positions will most likely close for a loss, however once the Chicken Out function has been activated your account will no longer be in jeopardy. The Chicken out function is also a good option if unexpected breaking news is released and you need to close all trades immediately. You can also use the Chicken Out function to close your trades if the News Filter was unable to close your trades before a news event. You may lose a small percentage of your account doing so, but you may safe your account from crashing.
Ultra Mode is designed to open a maximum of 10 levels, max baskets will occur even if you avoid all major news so learning how to manage them is critical.
When you have a max basket there are three options we recommend.
Option 1: Do Nothing
This is usually the best course of action, unless the market is in a strong trend and a retrace is not expected. Once the trade closes you will make a handsome profit so keeping your nerves in check and allowing Ultra to continue to trade normally is usually a wise decision.
Option 2: Chicken Out
If the market is trending strongly against your positions and you feel the likelihood of a retrace is remote then you should activate the Chicken Out function and save whatever equity you have left in your account, which is better than losing the entire account.
Option 3: Double Down
If you feel there is a good chance of a large retrace occurring, you may change the TP manually to match the Execution Point of the first trade in your basket. This will result in a massive profit if the BTP is achieved.
Running Ultra mode is an art and will take time before you learn how to properly manage your Ultra account(s). This is why it probably best to start by practicing on Demo accounts until you get used to trading with Ultra Mode.
If you have any question regarding Ultra Mode feel free to contact our support or visit the Members Forum for the latest Ultra Discussion.
Happy trading everyone!