WANT AN AWESOME EXPERT ADVISOR TO HELP YOU CUT YOUR RISK........for FREE?
The break-even expert advisor (EA) will is designed to help you with your trade/risk management techniques.
While it will not set an initial stop for you (that's something you need to do) It's simple and effective. Allowing you to manage overall risk by setting a move to "break-even" point. The download link is at the bottom of the page.
This great tool has been developed by us to do the following
Limit losses by moving your stop loss to your break-even point (or any other point you like). For example, say you would like to move your stop to "break-even" or (1 pip positive in my case below) when your position is 5 pips profitable, you would enter "5" in the row "LockInPipsAt" and 1 in the row "LockInPips". (See below)
Locking in profits (pips) when the position is moving in your favor. For example, if you would like to lock in 1 pips when you are 10 pips profitable, you would place "10" in the section "LockInPipsAt" and "1" in the section "LockInPips". (See below).
Decreasing the risk your existing stop loss. For example, say you would like your 10 pip stop loss set up in MT4 to move to 5 pips when you are up 5 pips, simply enter a negative amount in the "LockInPips" row (-5 in this case) and 10 pips in the "LockInPipsAt" row.
Scaling out of a trade. For example, if you type 2 next to the "Trades" row, your position will close off 1/2rd of your trade when it hits the "LockInPipsAt" amount of 10 pips. 1/2rd will be closed at 20 pips (max three scale out exit points at this stage).
Installation: Simply unzip the files after downloading the EA (link below), then just drag it into the "Expert Advisors" folder of your MT4.
In addition, in your MT4 platform, go to >tools, >options and click the "expert advisors" tab and make sure your settings match below.
Lastly, make sure that you turned on your expert advisors in MT4. When your ready to go live you will have a happy face in the top right hand corner
Test this first on a demo system, make sure your happy with how it works.
We do not make any warranties of any kind. You must leave your MT4 platform running or use a VPS for the EA to function.
We are not responsible for any errors or losses caused by the use of this EA with our suggested settings.