User Guide

Envy Basics:

Magic Number:

The magic number is the unique number you add to each pair you’re trading. It is very important that you type a different magic number for each pair you are trading with.

Hide Display:

In every chart Forex Envy 4.0 displays an information window showing the trading configuration of Forex Envy 4.0, balance status, and upcoming economic events that could potentially affect your trades. Some traders prefer this information window to be hidden, this is why the “Hide Display” option allows Envy users to hide it by setting it to “True”.

Slippage:

The amount of pips the price is allowed to slip when Forex Envy 4.0 opens a new trade.
Envy Functions:

FreezeAfterTP:

When set to “True” Forex Envy 4.0 will continue trading normally, but when Take profit is reached Forex Envy 4.0 will not open any new trades.

FreezeAll:

When set to “True” this option tells Forex Envy 4.0 to not open any new trades when the market moves. FreezeAll will allow the trader to execute the “Stretching” trading strategy.

ChickenOut:

This function is always set as “False” by default. If set to “True” all trades controlled by that chart will close when you press “OK”.

NegativeBasketCorrection:

Sometimes as a result of market volatility Forex Envy 4.0 places Take Profits in places where potential profit is negative, this can be fixed by setting this function to “True”. Have in mind that negative baskets function as protection mechanism for closing potentially dangerous baskets for a small loss.

Bail Out Percent:

Forex Envy 4.0 comes with a functioning Bail Out control, in this function you insert the maximum floating drawdown you are willing to sustain, when your account reaches this percentage Forex Envy 4.0 will close all your positions.

Bail Out Lock:

When set to true Forex Envy 4.0 will close all the positions in the specific chart you are working at when this reaches the Bail Out Percentage for this specific chart.

Bail Out Freeze:

When set to true Forex Envy 4.0 won’t restart trading immediately after reaching the Bail Out Percent.
Envy News Settings:

UserNewsFilter:

If potentially dangerous breaking news is scheduled for release Forex Envy 4.0 will automatically activate the FreezeAfterTP function in order to avoid the specified event. Typically this News Filter is used for the Short Cycle pairs.

Minutes to act before news:

The number of minutes the Server News will activate the FreezeAfterTP function before the breaking news event occurs.

Minutes to resume after news:

The number of minutes Forex Envy 4.0 will wait before it resumes trading after the breaking news event occurs.
Envy Mode & Risk:

Manual Mode:

Manual mode should only be used by experienced Forex Envy users because it requires a very in-depth understanding of how Forex Envy trades and manages risk. Manual mode requires you to input all parameters Forex Envy uses to trade. When running Forex Envy in Manual mode, you can set the “Use Short Cycle Filter” function to TRUE if you want the News Filter to automatically enable FATP for Short Cycle events, or set the “Use Long Cycle Filter” to TRUE if you only want to avoid Long Cycle events. Once again, please do not use manual mode unless you are very experienced using Forex Envy.

Super High Volatility Long Cycle:

Is the most conservative strategy Forex Envy has, is a new strategy develop for Forex Envy 4.0, is built for the trader who is highly averse to risk and is thinking to invest the necessary amount of capital to run this strategy successfully. This strategy can reach a maximum of 17 levels making it ideal to resist the strongest market movements. The expected return for this mode is between 4 – 5%.

High Volatility Long Cycle:

HV stands for “High Volatility”, which is the kind of conditions this mode has been programmed to withstand. The returns using HV Long Cycle will vary month to month; on average you can expect returns of 7 – 20% when using HV Mode. We highly recommend starting with HV Long Cycle if you are new to Forex Envy or would like a true set and forget trading system.

High Volatility Short Cycle:

Our HV Short Cycle pairs are designed to take advantage of smaller market movements. The result is trades being placed more often in order to target intraday market activity. In general the Short Cycle pairs will produce 10 – 20% returns per month with the Server News function set to TRUE. For more information regarding our Short Cycle pairs please visit the Advanced User section.

Normal Volatility Long Cycle:

NV stands for “Normal Volatility” which means in most market conditions the NV settings will function very well. Some of the currency pairs using NV mode can withstand a 13 year backtest without failing, however if market conditions become highly volatile the NV settings may struggle to handle very large market movements without a retrace. Overall NV Long Cycle is fairly safe and profitable. You can expect returns to be around 13 – 25% each month without having to actively manage Forex Envy.

Normal Volatility Short Cycle:

Our NV Short Cycle pairs are designed to take advantage of smaller market movements such as the Short HV´s. In general the Short Cycle pairs will produce 15 – 25% returns per month with the Server News function set to TRUE. Discretion and even manual intervention may be required when running the Short Cycle pairs, which is why we only recommend using the Short Cycle pairs once you have a few months experience trading with Forex Envy.

Low Volatility Long Cycle:

LV stands for “Low Volatility” and should be used when the forex market is calm. Most of the currency pairs will not be able to withstand a 13 year backtest when using LV Mode due to the fact that LV Mode will not open as many trade levels as the NV or HV Modes. LV mode produces a higher return for Long Cycle pairs than any other mode. Users can expect returns of 15 – 30% per month depending on market conditions.

Power Long Cycle:

Our Power Long Cycle Mode runs with tighter tolerances which intern produce higher returns. Users can expect anywhere from 15 – 30% returns when using Power Long Cycle. Power Mode uses a slightly higher take profit and requires less capital in order to run; the downside is higher drawdowns and less margin if a large basket forms. Power Long Cycle is still relatively safe despite the added risk and should not require manual intervention on a regular basis. Keep in mind Power Mode was developed with performance in mind, so higher risk is to be expected.

Power Short Cycle:

Power Short Cycle pairs can be very profitable as long as you avoid high impact news and have the ability to manually intervene from time to time. Using the Server News filter will help safeguard you when using Power Short Cycle but it will not help if an event occurs that is not planned for (breaking news) in which case intervening may be required in order to safely maneuver your account out of harm’s way. Power Short Cycle also uses tighter tolerances and higher take profits when compared to HV Short Cycle. You can expect returns of 15 – 30% when using Power Short Cycle with the Server News function set to TRUE.

Ultra Mode:

Ultra Mode is a brand new trading mode included in Forex Envy version 3.3 that generates amazing profits during ranging market conditions. We use Ultra like the military would use a Special Forces unit. We get in when the market is relatively calm and rack up big profits, then we get out before major news has a chance to change the market conditions. This “hit and run” tactic is very effective if used properly. It is important to note that this is a high risk/high reward strategy so proper money management is a must when using Ultra Mode. We recommend using 3 – 15% of your investment capital with an Ultra account, withdraw profits as soon as they are generated and keep doing so as long as the account is alive. Pulling profits out is absolutely essential for long term success using Ultra Mode. You can expect a 100% weekly return using Ultra mode with risk factor 1.

Risk Factor:

This setting controls your level of risk. A risk factor of 1.0 is set by default. If you select a risk factor of 2.0 for example, you will be trading with twice the risk level. Your profits will be double what you can expect using a risk factor of 1.0. You can also adjust the risk factor to reduce your overall risk by selecting a risk factor of less than 1.0 (Risk Factor of 0.85 would reduce your trading risk by approximately 15%).
Envy Manuel Parameters, News Filter and Lot Size Progression:
Forex Envy 4.0 manual parameters are built for Forex Envy 4.0 advance users. Some users may want Forex Envy 4.0 to trade differently from the modes it already offers, here the user will be able to configure Forex Envy 4.0 for it. Please remember that manual changes require experience and a good understanding of Forex Envy 4.0
Forex Envy 4.0 Scheduler:
A good trader not only relies on technical analysis but also on fundamental analysis. Market movements are mostly caused by economic events that affect the currencies been traded. Sometimes this events cause volatility that could potentially have a negative impact on your trading. The Forex Envy 4.0 Scheduler will allow the user to set up the FreezeAfterTP function automatically by telling Forex Envy when to start closing positions and when to restart trading again, this function will allow traders to make decisions on a weekly basis.

We have done our best to make the setup and usage of Forex Envy as straightforward and trouble-free as possible. However, if we have overlooked anything and you would like clarification, please Contact Us at any time, and we will be happy to assist you!

Peace and Profits, Team Envy

Comments are closed.