TrailinRobot is an indispensable trader's assistant!
Sometimes a constant routine takes a lot of time. Setting trailing stops and trying
to move the stop order as far behind the trend as possible is one of them.
Previously, I had never thought about trailing, its importance in trading, and even more so, I rarely used it. However, I had to face a situation where I had about ten orders open; at that time it was a clearly constructed pyramid.
In order to squeeze the maximum out of the market, I needed to move the stop order behind the price of each order, and this must be done clearly at a given distance so that the outermost orders of the grid would be one hundred percent withdrawn without a loss.
Naturally, in this bustle and a bunch of orders, I made a huge mistake, forgetting to move some stops, which ultimately played a cruel joke on me after the price reversal.
All the open and unspoken rules of trading and money management tell us that after the price has moved an acceptable distance from the opening price, it is necessary to transfer the position to breakeven.
This feature is implemented in the MT4 trading terminal by using a trailing stop. By the way, have you ever wondered what the first and main function of trailing is? We need it, first of all, in order to move our stop order according to the price movement and in the event of a sharp reversal, the trader manages to fix a profit, albeit a small one, and not be left with nothing. In fact, this is your fuse, which will always help you save part of your earned profit.
TrailinRobot is a universal expert assistant whose main task is to set a trailing stop and track its price. The developer of the expert is Rita Lasker, a world-famous seller of various new products in the world of trading. To be honest, almost all of its experts are designed for sales, but not for successful trading, but TrailinRobot is probably the only product that is worth attention.
The Expert Advisor tracks all positions and at the same time moves your stop order in the way that you specify in the settings. To start considering the settings of the expert, you need to install it in the MT4 trading terminal. To do this, at the end of the article, download the archive with the expert inside. In the file tab of your trading terminal, open the data directory and place the advisor in the expert folder.
The next step is to restart the terminal so that the expert appears in the list. Next, go to the advisors section and drag TrailinRobot onto the chart of the currency pair you made a trade on. A settings window will appear in front of you, which I will briefly discuss below:
The author of the advisor offers us only four lines of settings, but believe me, this is quite enough for an effective assistant. In the ProfitTrailing line, you can enable the function so that the expert sets a trailing stop and tracks it when your position has at least one point of profit. If you disable this function, the expert will simply move your trailing stop by the specified distance in points.
In the TrailingStop line, you can specify in points the distance in points through which your stop order will be moved. In the TrailingStep line you can change the trailing step. The essence of this setting is that when the price moves the specified distance in the TrailingStop settings, the expert will begin to move your stop order by the number of points that you set in the TrailingStep line.
Simply put, if you set a step of 2 points, then every two points the expert will move the stop order following the price.
The MagicNumber line is responsible for a special number so that the expert does not confuse orders. If you leave the default -1, then the adviser will trawl all open positions without exception.
In conclusion, I would like to note that using TrailinRobot will help you forget forever about such a problem as setting a trailing stop. Thank you for your attention and take care of your profit!