Set And Forget Forex Trading Requires Trailing Sl - Atrstop Ea

The constantly growing popularity of online Forex trading is not influenced only

by the mirage of big gains an individual can get in a short time, but it is also due to the easiness that was brought into trading by trading tools and systems created by developers from all over the world. These automated systems are commonly referred to as Forex robots or expert advisers. Mainly used on Metatrader, the most popular trading platform, these tools are helping both novice and experienced traders in reaping benefits while dabbling in the stock or foreign exchange market.

If you also want to have the Forex trading edge, you are strongly advised to try out an expert advisor that moves your stop loss level automatically for you. Trailing stop robots monitor your positions and shift your stop loss orders according to your preferences. Automated profit management via trailing stop orders is as essential as managing the risk via an initial stop loss order. However, a lot of traders are not aware that they can completely automate the trailing process. Unfortunately, because of this they will let their emotions dictate when a position should be closed. This is not a good practice, as emotions normally run much higher as compared to before a trade was opened. And since money is on the line, greed also comes into play and tricks the trader into keeping the trades too long when the market is going against him. Alternatively, fear will trick the trader into closing a trade too early in profit.

The best thing about using a Trailing Stop EA is that it removes most of the decision-making part from the trader and shifts it to a well-implemented algorithm that professionals are using. This allows the trader to sit aside relaxed, knowing that he has planned the trade properly, and once he opened a position, it will be taken out at the very best moment, be it profit or loss. While MetaTrader has a simple Trailing Stop feature, it may not suit your trading needs. There are several trailing stop strategies, yet only one Expert Advisor that uses them all. This EA is called LOCTrailing and uses as many as 8 different trailing algorithms, from Simple Trailing and Parabolic Trailing to Bollinger Bands and Approaching Stop Trailing.

ATRStop Trailing is one of the 8 trailing methods provided by this great EA, which uses a custom indicator included in the EA package for free. The method is using a complex algorithm to determine the right level for your Stop, so that your positions will stay opened as long as the market moves in your favor, but close them as soon as the market goes against you and does not seem to turn back. The other 7 Trailing methods that comes with the LOCTrailing EA are just as much useful as the ATRStop Trailing, and the parameters can be customized at any time to match your particular trading style for optimum results.

by: Mikhail A.

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