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Galileo FX Forex Issues

Simonade

New member
Hi guys, I'm brand new to trading in general, I set up the bot myself and am trying to get the first auto trade started to make sure the bot is working. All looks well, but the "experts" tab at the bottom gives me an error for every trade the bot is trying to make, as shown in the image below. Any help will be appreciated!capture5.JPG
 
Usually when that error line is encountered, atleast based on previous posts it essentially means Forex.com might have disabled Demo accounts or changed how they work.
It would be best to contact them as well and provide the screenshot you provided here as well, see what they say and contact us at support@galileofx.com :)
 
Hi guys, I'm brand new to trading in general, I set up the bot myself and am trying to get the first auto trade started to make sure the bot is working. All looks well, but the "experts" tab at the bottom gives me an error for every trade the bot is trying to make, as shown in the image below. Any help will be appreciated!View attachment 3754
I just recently deactivated my FOREX.com account because of those errors. I am currently waiting for them to refund my capital. Those errors look like First-In-First-Out (aka FIFO) position errors enforced on the broker end. The EA is trying to make a sell position when you already have a buy position made or vice versa - a buy when you already have sell position. The reason is because forex.com is a FIFO and No hedging brokerage. All American brokerages are required to be that way in order to be compliant by local US governing trade bodies. So when your original first position you entered was a buy, then all concurrent positions opened after must be a buy position, no sell allowed. That is the no hedging rule. If you wanted a sell position right after the buys have been made, you have to close all prior buy positions first in the order they were originally made. That is the FIFO rule.I see in your screencap that you have buy and sell errors which are the ssame errors I had when I started at FOREX.com. I used demo accounts made by installing MT5 and was successful in a hedging and non-FIFO environment but super suprised when American brokerages don't allow any of that. I had these errors myself before I got fed up with the FIFO and hedging rules American brokerages enforce. But to confirm, I would check with support to diagnose. They are pretty good.
 
It sounds like you have a solid understanding of the FIFO and no hedging rules that American brokerages must follow, and it's clear these restrictions have impacted your trading experience significantly. I can imagine how surprising and disappointing it must have been to realize that the strategies that worked for you on a demo account in a more flexible environment are not allowed by these regulations.
 
It doesn't look like this ever got resolved as I am still having this issue. Anyone have any recommendations on alternatives?
 
It doesn't look like this ever got resolved as I am still having this issue. Anyone have any recommendations on alternatives?
Hello Martoq, have you contacted your broker's support? It would be best to contact them because there's one here saying that algo trading needs to be enable on their end.
 
Yes, that was ultimately the solution. So anyone who finds this later, forex.com you need to contact the broker and have them enable algo trading on your demo accounts.
 
Yes, that was ultimately the solution. So anyone who finds this later, forex.com you need to contact the broker and have them enable algo trading on your demo accounts.
Sometimes the brokers have some issues/justification with the demo accounts that need handle.
 
Here is the respective YouTube video for how to install our software into MetaTrader. Choose the appropriate link for your broker:

Galileo FX Install MT5

Galileo FX Install MT4
If you have any additional questions feel free to reach out to support@galileofx.com or contact the agent you purchased through for a link to purchase your installation package!
How do I setup the bot to buy only or sell only on a forex pair? I don't want it to decide when to buy or sell on it's own as it usually takes an opposite trade of what I would do.
 
As of now, only MT4 has the option to trade Long only or short only, this feature is not yet available on MT5
 
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