MT4 Trailing Stop - Perfecting Your Forex Exits to Reap Maximum Profits
Trailing Stop EA consists of a portfolio of most commonly used trailing strategies for the Metatrader 4 trading platform. The software is designed to manage trade positions and thereby freeing up the trader’s time having to baby-sit on the trade.
Singapore, June 11th, 2013 – Most forex traders either have a fixed take profit or they let profits run. Letting profits run is a true test of ability of the forex trader as it requires a very strong psychological mindset in order to let profits run.
Emotions will certainly be in the way during the process as traders find the next best stop loss level to shift their stops to. Shifting stop loss too early may cause the trade to exit prematurely resulting in falling short of taking more profits from the table.
In the other case, inaction may cause opportunity missed when he should have taken profits. This is a serious mistake and a very real problem that most beginning traders will face. Failure to have a mt4 trailing stop loss in place can cause devastating effect on a trader’s psyche.
Most beginning traders do sometimes imitate the accurate trading entry points that some others had discovered, but fail to take cognizance of all other aspects like the exit plan. In the end, though such traders initially made huge profits, they only have losses to show for their trade balance sheet. This is because they are rather oblivious of, or cared less about, closing their trades to take profits out of the market.
Here are some general guidelines when is the right timing to shift their stops:
1. Trades is X amount of pips in profit
2. X amount of bars or candles have closed
3. Shifting stop loss before a major news event like US retail sales etc
Note: Usage of a combination of both in most cases will work best.
The solution is ForexTrailer software. It is a mt4 trailing stop ea developed by Flagforex for the Metatrader 4 trading platform. Shifting of stop loss has to be automated in such a way that whenever a price movement occurs, the stop loss is shifted automatically so that a trader can lessen the load of spending time monitoring a trade.
Users of the program will have less to worry as the software will determine the best timing to shift the trade’s stops to the next best level as determined by the above discussed factors. In addition, users of the mt4 trailing stop will also have 8 trailing stop strategies to choose from to complement their trading strategies.
Flagforex is a leader in providing forex trading tools for manual forex traders and investors. Since the business launch in 2009, demands for more advanced trading tools has skyrocketed. Flagforex has developed 3 trading packages which help to automate various trading processes for MT4 forex traders.
For more information on automating trailing stop strategies, visit the url below:
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