Phoenix Plus

This Expert Advisor will support automatic close order if the direction is correct and perform recovery if the direction is wrong.

If you enter an order:

1. The price goes in the right direction and hits the Min Profit Point, trailing stop 20% of the current profit.

2. The price goes in the opposite direction, the Expert Advisor will place the order with the volume is Recovery Volume Percent at the input,

the distance to enter the next order will be Step Point

3. The recovery volume will be 1 1 2 3 5 8... For example: 0.01, 0.01, 0.02, 0.03... All orders has same stop loss of first order.

The recovery algorithm using Dragon Ultra Expert Advisor.

Now you don't need much time to look at the chart, I have added an alarm when the price fluctuates or the price hits the horizontal line you draw on the chart.

[2,30]: 2 candles, each candle 30 points.

Many Forex traders seem to think that by trading more frequently they are opening themselves up to more opportunity

and that this will cause them to make more money.  This is wrong; in fact, the main thing that high-frequency trading

does is cause you to become stressed, frustrated, and take low-probability trades.

The truth is that if you know what you’re trading edge is and you are 100% certain of how and when to trade it,

you will find that you don’t really need or want to trade that much.

  The quickest way to improve your trading is to…

…Stop trading so much! It is just a fact of human nature that the more we stare at a price chart the more we get tempted to click our

mouse button and enter a trade. The fact that we worked extremely hard for the money in our trading account seems to go right out

the window after staring at a 5 minute chart for a while. We also tend to over-estimate our own capabilities of predicting the market’s

movement as well as ignore the real potential of losing the money we are about to risk.

More trades equal more time and more stress. We all know most traders lose money…most traders also trade a lot, so commonsense

dictates that simply trading less often (doing the opposite of most traders) will improve our returns over the long-run.

By knowing what your trading edge is and being 100% confident of how and when to trade it, you will find that it’s a lot easier to ignore the

market when your edge is not present. Not to mention that the higher-frequency trader is going to spend much more of his precious time in front

of the computer, probably stressed out and frustrated. I prefer to spend less time in the markets and I also prefer to have low levels of stress.

The point is this: rather than fighting against the market you are simply being patient and acting only when the market shows your edge.

This will work to accelerate your profits whilst spending less time in the markets. It’s sort of counter-intuitive , because in most professions

more time = more money,  that’s not so in trading, in fact most traders do a lot better by spending less time in the markets.

The science of why people trade too much

Whilst the reasons why people trade too much can be many and varied, the primary reason is over-confidence. This is especially true

after a winning trade or a series of winning trades. Traders tend to become over-confident after they hit a nice winner or winners

and especially if they aren’t following a trading plan and are just trading off the ‘seat of their pants’. There is considerable scientific

research that backs up the claim that most traders trade too often due to over-confidence. 

Final thoughts…

Perhaps the core idea to take away from this lesson is that you should not assign too much significance to any one trade.

Meaning, don’t start over-trading just because you become overly-confident after hitting a few good winners.

You can do this by focusing on quality of trades rather than quantity of trades.