A Complete Beginner’s Guide To Galileo FX

Introduction

Welcome! We’re excited that you’re trying out Galileo FX! In this guide we’ll walk you through how to make your first automated trades with Galileo FX and use key features. We provide a thorough overview, but feel free to just skim and follow the pictures if you only want the instructions.

Every effort has been made to accurately represent this product and its potential. Information presented on this website are not to be interpreted as a promise or guarantee. Results may vary based on multiple factors, including what settings you use, how long you run the bot for, your broker, internet speed and more.

Let’s get started! Here’s what you’ll need:

  • PC with Windows (or Mac using Parallels/VMWare)
  • A browser (for example Google Chrome)
  • 15 minutes

1. Download MetaTrader 4 (or MT5)

MetaTrader is a platform for trading Forex, analyzing financial markets and using Expert Advisors. Millions of traders with a wide range of needs choose MetaTrader to trade in the market.

The platform offers ample of opportunities to traders of all skill levels: advanced technical analysis, flexible trading system, algorithmic trading and Expert Advisors, as well as mobile trading applications.

While you can download MetaTrader from the official developer website, Galileo FX requires a trading account, so you need to download MetaTrader directly from your broker website.

You can simply search on Google for brokers that support MetaTrader, then compare them and make your choice. For example, if you are located in Germany, you can search on Google for “metatrader brokers germany”.

Please see some example links by popular brokers below:

U.S. Brokers that support MetaTrader 4 or MT5

IF YOU USE XM BROKER: Please note that certain accounts registered with XM don’t work with Galileo FX. This is because XM uses a different order type code than all the other brokers. There are solutions to this issue, so please contact XM’s support and they will guide you.

Here are some additional lists to help you find the right broker:

2. Install MetaTrader

Right-click/double-click on the EXE file downloaded from your broker site to open the install wizard.

Follow the instructions to complete the install.

3. Download Galileo FX

Go to the Galileo FX official website to purchase a Galileo FX license. You will receive the following email after payment.

Check Junk/Spam folder, in case you don’t see the email in your inbox.

Click the link to download the Zip file and save it to your Desktop.

4. Install Galileo FX

Follow this video to install Galileo FX on MetaTrader 5.

The video uses MetaTrader 5 as an example – if you are using MT4, it’s the same process but you need to use these files:

  • Galileo FX for MT4 (folder) instead of Galileo FX MT5 (folder)
  • Select the folder MQL4 instead of MQL5 that is shown in the video

5. Load Galileo FX

Restart MetaTrader 4 (or MT5) by closing the application and starting it again.

If you have installed Galileo FX correctly, you will see the Galileo FX Expert Advisor in the Navigator window on the left.

If you don’t see the Navigator window, press  of Ctrl+N or click “View – Navigator” in MT4/MT5.

Follow the video to see how to load Galileo FX into a chart (Skip to 1:20)

Drag and drop Galileo FX from the Navigator window to a chart on the right. You need to repeat this step for each chart.

6. Make the first autotrade with Galileo FX

We’ll now try some aggressive trading settings (make sure you are in Demo) to quickly test Galileo FX. We’ll use these settings only to quickly check that Galileo FX has been installed properly.

How to Change TimeFrame

1. Open MetaTrader
2. Click View > Toolbars > Timeframes
3. A bar with Timeframes will appear (M1, M5, M15…)
4. Select a chart on the right
5. Click the new TimeFrame on the bar
6. You will see that the name of the chart will change with the new TimeFrame (eg. USDEUR, M1)

Set the time frame for the chart to M1.

What’s the role of TimeFrame? For example, if you choose M30, Galileo FX will look for patterns every 30 minutes. If there are no 30M patterns (consecutive signals), it will not buy or sell but will wait until the pattern happens.

M1 will instruct Galileo FX to trade every 1 minute. You can change it later to M5 (5 minutes), M15 (15 minutes) or even D1 (one trade a day). As we are just starting, we’ll use M1 as an example.

How to Open Galileo FX and Change Settings

Open Galileo FX by double clicking on the Galileo FX label on the top right of the chart.

In the Common tab, click:

In the Inputs tab start with the suggested settings:

  • Consecutive Bullish / Bearish Signal = 1 (this will tell Galileo FX to open many trades quickly. We use “1” only to quickly test the robot. With high values (up to 10), expect fewer trades during the day but with generally higher accuracy.
  • TakeProfit (TP) = 80 (example)
  • StopLoss (SL) = 80 (example)
  • LotSize = 0.01 (You can do different tests by using 0.1 or 0.5 (or even 1) and see what works best for you)
  • Magic Number = 786 . Change this only if you are using 2 robots at the same time.

Click OK to save the settings for this chart. You need to repeat this step for each chart.

Click “AutoTrade” on MetaTrader 4 (or “AlgoTrading” on MT5) as shown in the screenshot:

We strongly suggest to try different settings, timeframes and pairs to find the best settings that work for you.

7. Loading Presets

Open Galileo FX by double clicking on it (after it is loaded on a chart). Click Load in the inputs tab and load one of the .set files.

On MT4, due to a bug, you’ll need to open the .set file with Notepad to see the settings values, then input the settings manually in Galileo FX.

8. Settings Explanation

Take Profit & Stop Loss

Take Profit and Stop Loss are there to protect your trades. You can decide not to use them if this is what you really want. In case that you set values for them, Galileo FX will use them.

Without a Stop Loss, you have no control over the losses. No matter what trading strategy you have decided to use, money management is key to your trading success. It will help you stay longer in the markets.

The right way to set a Stop Loss is to always put it at the low of a buy position and to have it at the high of a short position.

If you open a position that turns out to be unsuccessful and the price goes against you, the Stop Loss will protect your capital. You will not lose more than what you have set as a maximum.

When you are in a winning trade, and the price is moving in your direction, it is very important to always set a Take Profit. This will secure your gains. Otherwise, the price might pullback (in this case your profit will decrease) or even reverse (this can cause you a loss instead of a profit). The take profit will also be set as a number of pips (or “points”).

Lot Size

In the forex market, lot is the unit in which a trader buys or sells currency. There are different lot sizes and each lot size has a certain value assigned to it.

For example, if you have to buy 10000 units of any currency, you use the lot size of 0.10 And based on this you have profit and losses.

Types of lot sizes

There are 4 types of size.

1. Standard lot (1.0)

One standard lot size is equal to 100,000 (hundred thousand) units of any currency you are buying or selling.

This means that if you are opening a trade with a lot size of 1.0, you are buying 100,000 units of that currency.

For example, If you open a buy trade on USDJPY with 1 standard lot size. This means that you bought 100,000 units of USD.

In 1 standard lot, every pip gives you $10.

Let’s assume that you bought USD-JPY at 111.000 with 1 standard lot size and the price moved to 111.500.

So, this means that the price moved 50 pips and so you had a profit of $500.

2. Mini lot (0.10)

One mini lot size is equal to 10,000 (ten thousand) units of the currency you are buying or selling.

This means that if you are opening a trade with a lot size of 0.10, you are buying 10,000 units of that currency.

For example, If you open a buy trade on USDJPY with 1 mini lot size (0.10). This means that you bought 10,000 units of USD.

Basically, every pip with 1 mini lot size is equal to $1.

Let us assume that you sold USDJPY with a lot size of 0.10(mini lot). At the time you entered a sell trade the price was at 111.000 and then it went to 110.000.

This means that the price moved 100 pips in your favor and hence with one mini lot, you will get a profit of $100.

3. Micro lot size (0.01)

One micro-lot size is equal to 1000 (one thousand) units of the currency you are buying or selling.

This means that if you are opening a trade with a lot size of 0.01, you are buying 1000 units of that currency.

For example, If you open a buy trade on GBPJPY with 1 micro lot size (0.01). This means that you bought 1000 units of GBP.

Basically, every pip with 1 micro lot size is equal to $0.10.

Let us assume that you sold GBPJPY with a lot size of 0.01(micro lot). At the time you entered a sell trade the price was at 143.000 and then it went to 143.500.

This means that the price moved 50 pips in the opposite direction and hence with one micro lot, you will get a loss of $5

Trailing Step

Example:

Trailing start 50
Trailing step 20

Every 50 points it will place a stop loss at 20 points from those 50. So at 50 points the stop loss will be at 20 points.At 100 points . Stop Loss is at 70 and so on.

Risk %

Risk % is the percentage of your balance that it will use for the Lot Size. “Lot size” should be set at “0” for the risk % to work properly. So “lot size” =0 (Lot size 0 is referred to as “dynamic”). Risk= the percent of your balance your willing to “risk” per trade.This setting will limit risk and help avoid a blow out. And also will automatically increase Lot size as the balance grows.

9. AutoTrading Crypto, Metals, Stocks, Indexes & more with Galileo FX

First of all, check what asset classes your broker offers.

We’ll use Crypto as example but the process is the same for all asset classes.

Open an MT4/MT5 account with your broker.

Using your credentials, log in to your MT4/MT5 platform.

After opening the platform and logging in, right-click on the Market Watch window and select the ‘Symbols’ tab.

Select ‘Crypto’ from the list of assets in the ‘Symbols’ window.

10. Support & Troubleshooting

We know that learning new software can be intimidating.

If you see an error or need help with something, do not panic, we are here.

The quickest way to receive help is to visit our HelpDesk where you’ll find answers to most questions.

If the issue is not solved, please do not hesitate to contact someone from our team on at support@galileofx.com

We’ll be as quick as we can to help and will work hard to iterate based on user feedback to make your experience using Galileo FX as awesome as possible!

We also have a dedicated Facebook group to provide help:
Galileo FX Help Center ? Support for Galileo FX Users

Conclusion

Congratulations! You’ve now made your first trade with Galileo FX, the autotrading software for MetaTrader.

Visit the Galileo FX product page to start trading automatically!

news

Galileo FX launches Settings Store

October 1st, 2021 – Automated trading software designer, Galileo FX, has announced the launch of a settings store for its trading robot. The PCI DSS

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Which version is right for you?

Personal - Limit $1,000/month
Plus - Limit $5,000/month
Pro - Unlimited Profits

If you purchase the Personal or the Plus version, the profits made using Galileo FX in LIVE Mode will be limited by the software to $1,000 per month for the Personal version and $5,000 for the Plus version. The Pro version has no limitation.