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EA Move StopLoss to BreakEven
This EA will not place any order. It will modify the order if profit is equal to or greater than minimum requirement and move SL to BreakEven.
There are two files. First file for pairs having digits 4 or 5 and second file is for digits 2 or 3 i.e JPY pairs.
SL2BE.mq4 2.31 kb, 28 downloads since 2014-09-28
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SL2BE_Jpy.mq4
SL2BE_Jpy.mq4 2.5 kb, 14 downloads since 2014-09-28
Let's dive a bit deeper into this EA Move StopLoss to BreakEven. It's all about making our trading lives easier. This EA doesn't place new orders, but it's great at managing the ones you've already got.
So, the EA Move StopLoss to BreakEven is designed to do something cool. When you're in a trade and it starts making a profit, there's a point where you want to protect that profit, right? That point is the "BreakEven."
Here's how it works:
Imagine you're in a trade, and it's going well. You've made some money, and you don't want to lose it if the market changes its mind. The EA watches your trade, and when your profit reaches a certain level (your BreakEven point), it steps in.
What it does is, it moves your stop loss (the level at which you'd say, "I don't want to lose any more money on this trade") to the point where you've at least covered your initial investment. This new stop loss level is the BreakEven.
This means that even if the trade goes south from there, you won't lose money. You're playing with house money, so to speak. It's a safety net for your gains.
Now, those pairs with digits 4 or 5 are usually ones like EURUSD, where the prices are in the form of 1.23456. Pairs with digits 2 or 3 are typically JPY pairs, like USDJPY, where the prices are 123.45. The EA provides separate files for these different types of pairs.
To make the most out of this tool, we need to know the best settings and the right time frame for using it.
When it comes to setting up the EA Move StopLoss to BreakEven, there isn't a one-size-fits-all answer. It depends on how you like to trade and how much risk you're comfortable with.
Here's the deal:
Minimum Profit: You choose when the EA should jump in. Is it when you've made 1% profit or 5%? It's up to you.
Securing Profit: Decide how much profit you want to lock in before the EA moves your stop loss. Is it a certain amount or a percentage of your profit?
Trailing Stop: Some EAs can make your stop loss follow the price. You decide if you want to use this and how close or far it should trail.
Pairs and Time Frames: Keep in mind that different currency pairs and time frames might need different settings.
Practice Run: Try the EA on a demo account with different settings before using real money. It's like a test drive.
Keep an Eye: Even with an EA, it's good to check how it's doing and make changes as needed. The markets can change, so your settings might need a tweak.
Choosing the best time frame really depends on how you like to trade.
Scalping and Day Trading: If you want to make quick trades and catch small price moves, you might like the 1-minute, 5-minute, or 15-minute time frames.
Swing Trading: If you're more into holding onto trades for a few days or even weeks, then 1-hour or 4-hour time frames could be your thing.
Position Trading: And if you're in it for the long haul, like weeks or months, you'd be looking at the daily or weekly time frames.
Remember, there's no one right way to do this. It's all about what fits your style of trading. So, experiment a bit, and find what works best for you.
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