A Trailing Stop Loss is an advanced Forex risk and trade management option for orders to allow the them to proceed and lock the already achieved profits while the market movement is in a favorable direction and more profit chances are generated while the trade is still opened.
This is done via MT4 by setting multiple Stop Loss points with a fixed points gap in-between, as long as the market price moves in a profitable direction it passes the Stop Loss levels,ÃÂ that last passed Stop Loss level becomes the new dominant one locking in the profits gained by that trade preventing The loss ofÃÂ them if the market movement was changed to the opposite unfavorable direction.
MT4 by default allows the trader to enable Trailing Stop Loss andÃÂ determine the points gap between each two levels, this might not be satisfying for many traders.
Trailing Stop Forex Robots are a favored choice for those traders as they provide more simple and effective trade and risk management control options than those in the default MT4 Trailing Stop.
Here are 8 Downloadable Free MT4ÃÂ Trailing Stop Forex RobotsÃÂ that can beÃÂ used to manage the trades and lock in profits too!
It works on one currency chart at a time, so if otherÃÂ charts have open trades, it needs to be attached to each of them.
It generates automatic trailing stop for all of the openÃÂ trades or those that would be opened in the future.
It can apply breakevens andÃÂ trailing stops with setting and removing take profits and Stop Losses in addition to aÃÂ variety of conditions for closing trades.
It prints to the screen allowed doable options, which helps to figure out what it does.
It needs some more timeÃÂ on a demo account to wellÃÂ understand how it really works.
For the first time users,ÃÂ Download Swiss Army EAÃÂ v1.51 Guidelines
It sets a really tight Stop Loss order and trailing stops and it might be incompatible with some Forex brokers
This is a pretty good expert advisor. ItÃÂ sets the StopLoss to Breakeven when "x" a preset amount of pips in profit is has been gained.
In the figure above, "Breakeven=30" which simply means that the robot will move the StopLoss to Breakeven once its profits reaches 30 pips.
It modifies Trailing Stop Loss on all the profitable open trades.
It also closes all the trades and can take specific profits when the trading account is in profit as a whole.
I has an instructions manualÃÂ Trailing Stop ManualÃÂ with parameters explanation.
It uses a trailing stop based on exponential moving average (EMA).
It closes partial positions when each target is achieved with 6 different types of trailing stops. It's better to download and play around with on a demo account to figure it out as it has so many parameters.
This is a bit different trailing stop Forex robot as it's based on the so called principle;ÃÂ Proportional Trailing Stop, by which it determines a % ratio ÃÂ of pips to be protected by a trailing stop according to the trend move direction.
WhenÃÂ the % ration is set to "x", the robotÃÂ will move the Stop Loss to "x %" of the difference between the current market price and the price by which the order was primarily activated / executed.
The formula for Proportional Stop Loss = | Current Price - Order Open Price | x Ratio - Spread
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