With the sophistication of technology and the fast pace of trading, traders always demand quick and precise execution of their trades. Any delay in this execution could result in a loss opportunity to enter the market at the right time. Hence, they try to seek automation whenever they can. In retail investors’ case, the power of the expert advisor (EA) in Metatrader platform comes in handy.
For retail investors who trade manually but do not want to monitor their trade all the time to seek out the proper exit timing, they can always opt to make use of Metatrader’s own trailing stop to manage their trade. Often in my case I do not see that Metatrader trailing stop function is good enough for more flexibility in devising an exit strategy.
In fact, it doesn’t work as well as I thought it to be. If you are like me, thinking that there should be better trading management tool, look no further than using Metatrader’s own mql4 programming language to develop your own EA.
Developing your own Metatrader trailing stop EA is the way to go to automate your trade with proper exit strategies. The trailing stops that you can create are customized to your own needs and that it can be as simple or sophisticated you want it to be.
As managing trade is time and energy consuming, you will be tied up to just 1-2 trades at a time and that the room for error in executing the trailing method to manage your trade will be higher. That is what every trader will not want to happen. Automation of the trade you are having now minimize human factors in the execution process and thus removing delay along the way.
You have full control of what kind of management strategy you want to employ for different market conditions and trading strategies. In addition, you free up your time to further research on other potential trades or just doing other stuff without the worry of not having babysitting your trades.
Although, automation itself have many of its benefits in assisting you in your trade management, you do need to have a strong foundation in mql4 programming to create a good EA which requires lots of time or you could spend thousands of dollars looking for a professional programmer to do it for you. You have to remember that only a properly created EA can help to execute your instructions accurately.
Feel free to use this article on your website or ezine as long as the following information about author/website is included.
Source by Charlie Ng