02. Getting started - Buying Process
03. Downloading, Installing and Activating Burning London
04. Testing Burning London EA with Strategy Tester
05. Setting up Burning London on a Demo or Live Account
Thank you for choosing this (Burning) EA (Expert Advisor).
If you have any questions, suggestions or comments, you can easily contact us via MQL5. You can also find all our products here: https://www.mql5.com/en/users/MagmaSoftwareSolutions/seller
This manual will guide you through all processes such as installation, configuration, and usage of the EA so that you can unlock its full potential. Please study this manual carefully in order to achieve a successful and smooth start with this product.
Should you still have questions or need help, simply join our MQL5 chat: https://www.mql5.com/en/messages/0151274c579fdb01
Congratulations on your decision to explore the world of Expert Advisors and indicators on the MQL5 marketplace! In this chapter, we will guide you through the most important steps to get started with these powerful tools and enhance your trading experience.
The MQL5 marketplace is a real treasure trove of trading tools and offers a wide range of Expert Advisors and indicators developed by experienced traders and programmers. Here you can find a list of all our products on the MQL5 market:
https://www.mql5.com/en/users/MagmaSoftwareSolutions/seller
Click the Buy button to proceed with your purchase.
Select your payment method and then click the green Next button to proceed with your payment.
After your purchase is completed, you need to open your MT5 terminal to download and install the Burning London EA.
When you open the MT5 client, please make sure you are logged in with your MQL5 account. Use your MQL5 login (not your email) for this.
Open the MT5 terminal and go to “Tools -> Options -> Community” and make sure you are logged in there with your MQL5 account.
Then go to “View -> Navigator” and click on the Market folder and then on “My Purchases”.
The Purchases window with all your purchases will open on the right. Now click on the Install button for Burning London.
Please test your new Expert Advisor very thoroughly. Especially some settings depend on your broker (e.g., spread) and must be determined by you using the Strategy Tester!
To use the Strategy Tester, click on “View -> Strategy Tester”.
Now click on “Expert” and select Burning London here. You will find it under Market.
To test Burning London effectively, you should select a timeframe starting from 01.01.2020. Since most brokers do not offer test data for such a long period, we recommend selecting “1 Minute OHLC” for modeling. Also set the leverage offered by your broker. We recommend ICTrading, which in our opinion offers the best conditions on the market.
Then you can choose “Inputs” to configure Burning London for the first test.
For the first test, we recommend setting the Calculation Method to fixed, disabling graphics for a faster test, and using a 0.6 Lot size.
Please check that you selected "Multichart by manual selection" cause otherwise the EA will only get the pair selected in the settings tab.
A more detailed explanation of what each setting does follows below.
Then click on “Start” to begin the test.
After testing Burning London and finding the perfect settings for your broker or capital provider, we can burn down the market.
You can use the following steps for both demo and live account setups:
4. Click on Inputs. Here you can adopt the parameters from the tests (or use the default settings for a good broker)
After one last click on “Ok”, Burning London will start and display the following dashboard:
At the top, the profits and losses achieved so far are displayed. These are roughly totaled and shown for the last 24 hours, the current month, the previous month, and overall.
The section below shows the current floating value and DrawDown (Balance).
Burning London has a built-in risk management system based on the following factors:
Here you can choose between the "Close floating positions via profit" and "Grid-based recovery". When choosing the first option, floating open positions will be reduced with parts of the incoming profits. This reduces the risks and drawdowns. In the second mode, when the new London session starts, a new Grid position with 50% of the Breakout Lotsize will be placed for recovery. Please backtest which mode fits best for yourself! DON'T SWITCH THE MODE WITH OPEN POSITIONS! The EA will not act properly when switching with open positions, cause each mode has its own settings!
If set to “true”, all graphics (like the dashboard) are disabled, resulting in significantly faster test results.
If “true”, existing open positions are processed (including rebuy), but no new strategies are triggered or opened.
The magic number for Burning London.
Some brokers have suffixes for the pairs (e.g., “.ix”). To ensure the symbol is recognized by Burning London, the suffix must be entered here.
In order for Burning London to place orders, Algo Trading must be enabled in the terminal.
Please make sure your computer is ON 24/7! Since slippage and network issues can affect the performance of Burning London, we recommend using a VPS (Virtual Private Server), e.g., from Commercial Network Services. This way, you don’t need to have your computer on and monitor it constantly, but can run your EAs on a remote machine stress-free.
To update Burning London, follow these steps:
Go to the "Market" menu in MetaTrader and then to "My Purchases":
Then click on “Update” and follow the steps in “Setting up Burning London on a Demo or Live Account”:
If you are using the MQL VPS, you must migrate Burning London to the VPS afterwards!
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. There is a possibility to lose all your initial capital.
ICTrading is a trusted brokerage firm known for its robust suite of services in the Forex and CFD markets. Regulated by the Financial Services Commission (FSC) of Mauritius under license number GB21026834, the company operates with a strong commitment to security, transparency, and client protection.
Exceptional Trading Conditions
ICTrading stands out for offering highly competitive conditions tailored to both novice and experienced traders. With Forex CFDs starting from spreads as low as 0.0 pips, clients benefit from cost-efficient trading. Thanks to strategically placed servers in the NY4 data center, transactions are executed rapidly and without unnecessary delay—essential for capitalizing on market opportunities.
Flexible Account Options
To meet the varying needs of its clients, ICTrading provides three main account types:
Practice Without the Risk
For those looking to explore the platform or fine-tune their strategies, ICTrading also offers a risk-free demo account. This feature enables users to gain practical experience and test various trading approaches using real-time data—without putting any capital on the line.
Ready to get started?
Click this link to open your ICTrading account.
iFunds.io is a modern proprietary trading firm that offers traders a fast and flexible way to access capital. Unlike traditional funding models, iFunds.io removes the need for challenges or evaluations. Traders can begin trading with capital immediately—up to $500,000—allowing them to focus purely on performance from day one.
What Sets iFunds.io Apart
Account Options for Every Trader
iFunds.io offers a range of account sizes, each designed to suit different trading goals:
All accounts come with a 10% maximum loss limit, no daily drawdowns, and no time pressure or trading day minimums.
Extra Perks
iFunds.io empowers traders with capital, freedom, and opportunity—without the traditional roadblocks.
FTMO is one of the most recognized and well-established proprietary trading firms worldwide. It offers talented and disciplined traders the opportunity to trade with up to $200,000 in starting capital – and with consistent performance, even up to $400,000. What sets FTMO apart: there is no instant funding. Instead, the firm relies on a transparent, two-phase evaluation model that fairly assesses performance and risk management.
What Makes FTMO Stand Out
Account Types for Different Trading Styles
FTMO offers a range of account sizes, each designed to suit different trading goals:
Additional Advantages
FTMO offers ambitious traders a structured platform to trade with company capital and take their trading career to the next level.
Why Running a Forex EA on a VPS
For traders relying on Expert Advisors (EAs) in the forex market, operating through a Virtual Private Server (VPS) can make a world of difference. A VPS allows your trading system to function independently of your personal computer—meaning trades continue to be placed around the clock, regardless of local power outages or internet disruptions.
Because VPS hosting is optimized for speed, it significantly reduces latency, enabling quicker trade execution and minimizing slippage. Security is another major plus: by separating your trading environment from your personal device, you protect your strategy from viruses, malware, and system crashes.
In short, a VPS offers a stable, secure, and uninterrupted trading experience that’s essential for serious forex traders.
Why Many Traders Trust Commercial Network Services (CNS)
CNS is a top-tier VPS provider recognized in the forex community for its high-performance infrastructure and commitment to uptime.
Ready to level up your trading setup? Host your EA with CNS.
