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take profits in steps - lock in the pips

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pgtips
39
pgtips  

Hi,

Anyone can open an order, anyone can close an order and how you enter is possibly one of the biggest discussion threads overall in any forum.

Doesn't matter how good the system is it's only an indicator and if the market moves quickly against me any profits can get wiped out in no time (the last 3 days I've had 3 profitable + 15 pip positions all reverse). I didn't, and actually couldn't on 2 of them, get out quick enough..

Which leads me to re think and post this question as my entry is usually ok but I need to lock in the pips.

Is there a 'manage pips EA' to accomodate 3 stepping stops rather than a trailing stop.

I'm looking for something that starts with smaller risk, with bigger risk the more in profit (pips) I am.

i.e When a profit of 8 pips is reached I'd like breakeven + 1 to be set as stoploss

then

at + 20 do breakeven + 5 (so that is a 15 pip pad)

and at + 30 do BE + 15 as well

trail by 15 thereon.

I looked at a few EAs but not found anything that fits although I won't stop looking and if I find it I'll post here. If there is a programmer who can produce this I would gladly make a contribution towards development, I'm quite desperate for this, I keep getting caught out and I'd rather a tiny profit than none at all, or worse when it swings big losses.

All input or help really appreciated.

cheers

nicesurf
208
nicesurf  

You just set your trailing stop to save your profit..

pgtips
39
pgtips  

if I do that it won't be a step though

I'm looking for an EA to manage all open positions with step movements behind.

cheers

Nadeem
1867
Nadeem  
pgtips:
if I do that it won't be a step though I'm looking for an EA to manage all open positions with step movements behind.cheers

There is an EA which can do this, its called 'Manage Take Profit' or 'ManageTP'... you will find it on forex factory. There is also another one which can do these similar actions and its called 'Swiss Army EA'

pgtips
39
pgtips  

Hi Bossxero,

nice to hear from you, been reading a few of your posts on the Kolachi posts which i am looking into.

It was stockwets MTP that started me down this route but it's approach is different as it partially closes positions en route which is slightly different to what i want this to achieve. My trading strategy at the moment doesn't work on different partial closing levels unless I put more on the table to start which I my approach doesn't accomodate - as I could have 4 positions open at one time so need more cash up front.

Had a look at the swiss army knife too, that one is also very good but doesn't do what i need.

I've been using e-trailing which is quite good but I keep getting stopped out too early so I miss out on the bigger runs and also end up taking less profit so i am looking at stepping stops instead at certain levels, the more pips on the table the bigger the SL I can afford to apply.

The annoying thing is I've got the *.mqh code (an include file) to do what i want but it doesn't work when i put it into an EA.

Thanks anyway,

Kevin

sensei
3
sensei  

Hello, How to make money in Forex? , what time frame shud i use?

wg736
8
wg736  
pgtips:
if I do that it won't be a step though I'm looking for an EA to manage all open positions with step movements behind. cheers

Artemis_Sitter is a good money management EA if set prudently. It monitors any open trades that it is placed on. Does a very good job.

reddy
59
reddy  

Trailing stop. Most EA's have this feature build in.

kevinator
1750
kevinator  
gangsta1:
Trailing stop. Most EA's have this feature build in.

Here are the EA's you are looking for regarding order management.Some have breakeven and lock profit function,multiple orders management,trail stop and take profit.

The reason traders want a EA to handle these situations is because your broker has trail start at 15 pips and tp an stop loss at 10 pip intervals...this is not a favorable situation if you are a scalp trader looking for a few pips so what is the solution?Use order management stop loss tp EA and you now have the power to set take profit as low as 1 pip if that is what you desire.

I have included a stealth or hidden tp and stop loss EA so you can set your levels and not worry about execution in fast moving markets or broker stop hunting you as they will never know your settings.enjoy

BMFX
40
BMFX  

Hi Kevinator

It look like you are the pro programmer when it comes to coding EA. Thats great man. We need somebody in our midst to assist our newbies. If you have time can you please code me an EA using Dr Elders Force Index. It looks promising manually. I would be greatfull if you can.

Thanks for helping us on this wonderful forum.

innobest
4
innobest  

Can Take profit and Trailing Stop be used together in a single trade?

12
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