Any expert (adviser) is a tool for working in the market, and not an artificial intelligence that completely replaces the trader, and even more so not the Grail that solves all your financial issues. The adviser should show a constant profit and not allow a drawdown above 30%. This is the work that is provided by the BuySellProf adviser, when properly configured. I will devote a separate article to setting up and testing it (watch here).
To begin with, let us agree that there are 5 digits after the decimal point, and if the broker has 4 decimal places, then in the input parameters it is necessary to enter a numerical value for TP - take profit and SL - stop loss by one zero less. Example: SL - stop loss = 5000 pips at five-figure price after the decimal point and 500 pips at 4-digit price after the decimal point. The same applies to TP - take profit.
The first variant of the adviser's work (the simplest one) is intended for long-term trading
In the input parameters of the Expert Advisor, an SL- stop loss is set, which is several times higher than TP - take profit. SL - stop loss should be of such size that the adviser closes orders only on take profit, that is, wherever the price goes, to Buy or Sell, it will be in a closed space between the two take profit. On the one hand, TP - take profit orders balancer, on the other - combined (averaged by a special algorithm) take profit of previous orders. Thanks to this, the adviser closes only profitable trades.
For example, the value of SL - stop loss is 5000 pips, and TP - take profit 1000. In this case, the adviser will work constantly, both in mono and multicurrency, closing sooner or later the combined orders or orders of the balance. When you reach the profit necessary for you (View by Equity), you turn off the Expert Advisor in the terminal and manually close all remaining orders or reduce the SL-stop loss and go to the second option.
The second variant of the adviser's work is designed to more accurately look for a market turn or complete the peak of volatility
In the input parameters of the Expert Advisor, an SL-stop loss is established, which is smaller in size than TP-take profit. Therefore, it is between two take profit: on the one hand, TP - take profit of the balance, and on the other - a combined (averaged by a special algorithm) take profit of previous orders. When the price reaches SL - stop loss, the expert closes the balance order. If suddenly the price turns around, the adviser will open a new balance order at the opening price of the previous closed balance beam order.
For example, SL - stop loss = 500 pips, the price dropped by 500 pips and closed the balance order on Buy SL - stop loss. If the price starts to rise again, the adviser will wait for 500 pips, and as soon as the price exceeds the 500 pips for fluctuations, the adviser will open the Buy order again, thereby restoring the previous trend. The same principle works on Sell.
If the uptrend ends and the price goes down, then upon reaching the second combined take profit, the adviser will close all previously collected warrants. After that, the adviser will start work again, that is, he will set two orders for Buy and for Sell with the initial lot - Lots, the initial TP - take profit and the initial SL - stop loss
With multicurrency trading, in this case, the adviser will not open new orders for the currency pair under which the trade was conducted until you give him permission. Continue trading on this currency pair by changing the magic number or reinstalling the Expert Advisor. This is done in order to be able to remove a particular currency pair or change it to another without stopping the work of the advisor.
The third variant of the adviser's work is intended for professionals of trading
This is the same second option, but instead of SL - stop loss, Use Trailing Stop is turned on. Trailing Stop makes trading more sensitive to market reversals. But the close location of the Trailing Stop to the price (too small, for example, 50 to 200 pips, with 5 decimal places) can lead to frequent opening and closing of orders (see the picture in crimson ovals, small losses are indicated for small SL - stop loss), as the price often fluctuates between 50 and 200 pips before going up or Down, especially with a lateral trend (flat). Such a frequency of order changes can lead to some loss of profit, therefore it is necessary to include Use Trailing Stop only when you expect the market to turn based on your trading strategy.