Topic: Hannah's Trade/Portfolio Management Tips
I understand some of us want to have trailing be added to our EA as an additional closing condition to our own closing rules.
Here are some tips for you to consider.
1. Use another EA and install it unto another MT4 Chart (make sure to install different charts if you use multiple symbols)
Here is the link that describe each different types of EA and it's function http://forex-strategies-revealed.com/mt … g-stop-eas (FREE)
I personally use e-trailing and I have 50-99 EA attached on a MT4 terminal and this EA can handle large number of open positions.
This web link is also an excellent place for you to search for a Trading Plan/Strategy. You can read and learn different Trading Strategies and try to create those trading rules in FSB Pro.
2. Forex Tool Shed (FREE) http://www.forextoolshed.com/
a) Trade Manager - Trade Manager, an MT4 Expert Advisor designed to manage your Forex trades for you. TM can set your initial Stop Loss and move the stop from 1 to 5 times to specified targets as your trade moves along in profit. It will also Take Profit at 1 to 5 specified targets, closing a specified lot (or percentage) size at each target. Additionally, TM offers two pip by pip Trailing Stops and a fractal trailing stop. TM will also alert you via popup, sound, email, or cell phone when a stop is moved, when profit is taken, when the trade is stopped out, or when a specified profit level has been achieved.
With this completely customizable Expert Advisor, you can take a trade and walk away from your computer, knowing that the Trade Manager will manage all aspects of the trade for you.
I personally also use this TM (Trade Manager), it allows you to add Trailing, different profit protection steps (I personally like this one and use it with e-trailing (from the 1st link). It allows me to move my SL at certain pips level. Eg Move SL to BE when reach 5 pips (50 pips for 5 digits). Note: the setting is 1 pip (4 dig), so if you are using 5 digit do remember to make the necessary adjustment.
b) EA Monitor - The EA Monitor expert advisor was designed for monitoring the status of trades generated by robots--status information such as number of wins, losses and pips for the day, week and month, historical drawdown stats, and progress and info pertaining to current trades. But it can be used to monitor any types of trades, not just auto-trades, including trades with and/or without Magic Numbers. It can be set to monitor a single currency pair or up to nine pairs. It also does some minor trade management, like moving the stop to Break-Even when a trade gets to a certain profit level, or stopping a trade when its drawdown gets to a certain pip level or percent of account level or taking profit when a specified profit level is achieved. It also provides popup, sound, and email alerts when profits or drawdown achieves a specified level.
This EA Monitor is good to protect your trading account. I have about 50 - 70 EA in each Portfolio. And for different accounts, there are different % risk and different equity level whereby I would like to stop further trading. So instead of going to FSB EA one by one to change the min account balance to stop future trading (which is tedious if I have to keep changing 50+ EA for different portfolio and each time the account begin to grow). Hence this EA Monitor can just allow me to it once.
3) Fx Synergy ($497) http://www.pecuniasystems.com/fxsynergy
FX Synergy is the ultimate trade management solution for MT4. Designed by professional traders looking for a better way to manage their trades using the MetaTrader platform. FX Synergy has all the functionality you need to successfully execute and manage your trades, without all the usual hassles. FX Synergy is packed with powerful and unique features, and is designed from the ground up to be quick and easy to use.
Well, this is indeed the ultimate trade management tool I'm looking forward to get. If anyone is getting, please PM me and I'll try to get group discount for us.
The software have many features, however I'm going to review from a Algo Traders's perspective cos all our trades are placed by our EA and hence a number of the features aren't useful to Algo Traders. However there are some features that I wish FSB would have but unfortunately not implemented as I believe Popov has different priorities. If such features can be added to FSB, then we will all save some money (hint hint).
What I like most about this software:
1) The ability to move SL to different levels for profit protection.
2) Copy Trade - as some of us aspire to be trade signal provider or manage other people's account, this software allows you to copy trade from master account to slaves account without the need for you to keep the slave account open in your computer. Imagine if you need to manage 10 clients, you have to keep 10 clients' MT4 running in your computer and that takes up your computer capacity.
3) Scaling in at targeted pips gains/profit. This is like FSB Pro Winner features. However, there is a significant different.
FSB Winner - this setting allows the adding of lots to an already open position but only if it is making profit at the moment of averaging. In another words, if you happened to have a 100 pips for the 1st position, FSB will keep adding winner lots cos the average is still positive. Hence, if your 2nd position is in negative, it will still add a 3rd position because the average is still in positive floating profit. Such adding method doesn't take into account whether the trend continue to be in your favorable position after your 1st position.
Hence, Fx Synergy's Scaling in method is more effective. It allows you up to 10 scaling steps (when you use auto function).
Why is it more effective?
You are truly adding position when the trend is building up, you only add when the position hit it's targeted profit.
Why is Scaling Important (to me)?
Scaling help you increase your profit exponentially (as long as your EA/strategy has a trading edge)
a) I use Winner as a means to search for "better" winning formula. When you add Winner as part of your EA feature, it either increase your profit exponentially or increase your loss exponentially, as a result this is a good feature to eliminate strategies that do not have a significant trading edge.
b) Most of us are Breakout traders (if you are not, this scaling function, isn't going to be helpful for you). Since I have to wait for a "long time" in between breakouts, I maximise each breakout opportunity. If you open only 1 position in each breakout and I open 4 positions in each breakout, I earn 4x more profit than you can earn in a yr. What I earn in 1yr would take you 4yrs to reach the same target. So maximise each breakout opportunity.
c) Scaling in reduce your potential loss.
Imagine, you open 1 lot position and the trade turned against you and you exit at SL.
Now, if you use Scaling In, you could then open only 0.01 lot and if the trade turned against you, you only lose 10% of the original SL instead of the 100% of the original SL.
If the trade is going in your direction, you can then add either 0.9 for your 2nd position or you can keep adding at the interval of every 10 pips floating profit (thus, eventually reach your 1 lot allocation).
This Scaling In method is good cos you open lesser positions during ranging period (which is the main culprit that destroy lots of Breakout EA) and you open more positions in stronger and bigger trends.
When Price breakout from the ranging channels, you start adding scaling in either 1) more positions and or 2) more lot allocation.
Most of my Strategies are Breakout EA and often it is the ranging period that caused me to "return" back the previous profits I earn (not all of cos). So if I can find a way to plug this "drain" then I would have better trade performance.
In Forex we make money in 2 ways 1) Make profitable Trades, increase your profit and 2) Don't lose your previous profit. Thus by increase the chances of your winning by Scaling in when you are in profitable position, increase your profit exponentially.