Hey fellow traders! If you're looking to stay ahead in the game, managing your risk is crucial. That's where a risk manager comes in handy!
This nifty tool helps control and limit your overall losses, both for your account and individual trades. One of its standout features is the Trailing Stop, which kicks in once your losses exceed a set percentage. When that happens, your open positions are automatically closed with market orders, and all pending orders are wiped out. Talk about peace of mind!
The risk manager conducts a balance check daily, right when the date flips over. It operates based on the trade server's time—so you’ll always know where you stand.
What's great is that this EA has been tested on a real account in the FORTS derivatives market, as well as on the MetaQuotes-Demo for FOREX. So, you know it’s up to the task!
Here are the key parameters for the Expert Advisor:
- Day Risk %: This sets the maximum percentage of loss you're willing to take in a day.
- Deal Risk %: This limits the maximum percentage of loss for each deal. Set it to zero to disable this function.
- Trailing Stop %: This percentage helps you lock in profits by trailing your stop loss based on daily gains.
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