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Automating Profit With Trailing Stop Ea
The popularity of the growth of forex trading has been influenced not only by the
big gains but also because of the various developers creating systems that the traders could use easily. These robotic systems are commonly called robots or expert adviser (EA) used on the most popular trading software called Metatrader Trading Platform.The MetaTrader Expert Advisor is a tool amongst many, to help novice and experienced investors reap benefits whilst dabbling in foreign exchange trading. An expert advisor is an interesting and exciting tool. Also known as forex robot, the expert advisor is an automated tool that will act as a human, but typically more efficiently.
It is great for those who are beginners and for those retail forex traders looking to have the trading edge. The expert advisor will can be programmed easily by the forex trader to automatically make buy and sell trades making it an trades like a human without emotions.
The expert advisor offer the possibility of programming trailing stop strategies and allow this EA to manage the open trades with pre-selected trailing stop strategies. Trailing traders' positions with market becomes so easy with the usage of a trailing stop EA. The trailing stop EA will monitor the position and shift stop loss level according after every close of candle.
Automating profit management through the use of trailing stop orders is just as important as managing risk through the use of initial stop loss order. Unfortunately, many forex traders do not automate the trailing process. Instead they allow their emotions to dictate when their trade should be closed.
This is a poor practice and because once a trade is opened there is money on the line and emotions may run higher than before the trade was opened. Greed often keeps a trader in a trade too long, while fear often compels a trader to close a trade too early.
Automating risk management through the use of a Trailing Stop EA removes the decision-making process from the trader and shifts it to the pre-selected Trailing Stop EA. This allows a trader to go about her trading business knowing that she has planned the trade properly and will be taken out with a profit or a loss automatically, according to the plan.
Since a tool is only as great as its creator, it pays to carry out substantial research on which is the best trailing stop strategy to suit your trading needs. Ensure you have performed sufficient research on the various trailing stop strategies, how they work before you start using them in a live trading account.
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by: Warren Seah