Every Forex trader knows that exit strategy is the key to success in Forex. But does everyone follows that knowledge?
95% of traders do not follow it due to such emotions as fear and greed involved in trading.
Without a proper exit plan, like where to take profit, when to exit,
when to hang on, no one can make proper money and most market entries
are loss-making.
Considering the importance of money management and trade management, we have three options to take care of that:
- Manage all trades and risk manually by fighting fear and greed. That is where 95% of traders fail.
- Get an automated EA (Expert Adviser), which may bring you thousands of dollars for creating strategy and software.
- Create an exit strategy from scratch and program yourself but the
problem is that you should be a highly skilled programmer and a good
Forex trader to know how it should work.
You can select one of the options above if you have enough money and time to spend on research, development and testing.
But if you are looking for better, faster and advanced solution, then we have done all that for you.
- Preservation of capital should be top priority.
- Lets you trail your profit even though you are not in the system.
- Automatic trailing stops for all open trades.
- Set default stop loss as soon as trades are opened.
All features are listed below.
Manage Trades
- Manage By Magic Number - the EA manages trades
with the same magic number. Using different magic numbers on different charts
allows you to use the EA to manage trades placed by different trade-setting EAs
and scripts. The default value is mine, so change it to suit yourself.
- Manage By Trade Comment - the EA manages trades
with the same comment as the EA's one.
- Manage By Ticket Number - the EA manages the
single trade identified by the value in the Order column of the trade terminal.
- Manage This Pair Only - the EA manages all
trades on the chart it is installed at. You can use it with one of the previous
three to achieve accurate monitoring of an associated group of trades. Do not try
to use it with more than one, or the EA will not function.
- Manage All Trades - take care with this setting. If
enabled, it will monitor all open trades overriding anything you entered in the previous
settings. Only set it to true if none of your open trades require individual care and
attention.
- Manage Specified Pairs - the EA manages only
those pairs specified in PairsToManage input. You can edit the pairs list; it
should be obvious how to add/delete pairs.
Advanced Capital Prevention Option
- Set initial Take Profit and Stop Loss - Stop Loss and Take
Profit are set as soon as a trade is opened. Thus, even if you forgot to
set SL, it is set by default to prevent more losses.
- Last Bar Stop Loss - your Stop Loss is set to Low or High of the last bar.
- Last Swing Stop Loss - Stop Loss is set on the last low or high swing as soon as a buy or sell trade is opened.
- Stop Loss To Break Even - your Stop Loss is moved to
Break Even once price moves X number of pips in your favor.
- RSI Based Stop Loss - this can be used in many ways. For
example, you can set it, so that when the price moves below or above
50, it will close a buy or sell trade. RSI is used in many ways, and
you can customize
all the parameters to use for closing trades. It can be used with
combination of
other Stop Loss and Trailing Stop Loss features.
- MACD Based Stop Loss - MACD is used by many traders. You can use MACD to close your trade
when it goes below or above ZERO. All
setting parameters are available in our EA.
- Time based Stop Loss - enter minutes or hours from opening to closing a trade and it will be closed at that time.
- Partial Close - you can set unlimited partial close
options. For example, close 10% of lot size once price reaches 10 pips, then close
40% of lot size when it reaches 40 pips and so on.
- Time Based Stop Loss - a trade is closed after the specified time.
Trailing Stop Loss Options
- Simple
trailing
- Parabolic
trailing
- ATRStop
trailing
- X Bars Back
trailing
- Fractal
based trailing
- Bollinger
Bands trailing
- Moving
Average trailing
- Donchian
Channel trailing
Other Settings
- Account level Drawdown (in Percentages) - all orders are closed, whenever the cumulative profit or loss reaches the
specified drawdown or maximum profit percentages (or any other base currency
of your broker).
- Account level Take Profit (in Percentages) - all orders are closed, whenever the cumulative profit or loss reaches the
specified profit percentage (or any other base currency of your broker).
- Basket level Stop loss (in Dollar terms) - all
orders that match your selection criteria are monitored. All orders are
closed, whenever the cumulative loss reaches the specified dollar
amount (or any other base currency of your broker).
- Basket level
Take Profit (in Dollar terms) - all orders that match your
selection criteria are monitored. All orders are closed, whenever the
cumulative profit reaches the specified dollar
amount.
- UseTimeFilter - set the time from when the EA should
work and when it should not.
- Reverse
Trade - open a reverse trade as soon as SL is hit. It will also open the opposite
trade with the same settings and lot size.
- Alert -
message informing that the positions are going to be closed.
- Mail - sending an email after all positions are successfully closed.
- Mobile -
sending push notifications to the mobile terminals having MetaQuotes IDs specified in Notifications tab.
Note: We will keep adding new options and you will get updates for lifetime for free.
