I believe you all know that risk and money management along with psychology are the keys to success in trading. No matter how strong one’s strategy is, without these 3 criteria they will always face losses in the long run.
I have created an EA to control our human behaviors. This EA will force us to be discipline exactly the way you will set. For examples,
1. If you set the maximum trades in a day= 3. You won’t be able to take any more trades in that day if you have already taken 3 entries,
2. If you set the maximum lot size for a particular instrument like GBPUSD=0.5 lot, you won’t be able to trade with bigger lot than 0.5, (You can set the maximum lot for every single pair/instrument independently since not all forex pair/indices/equities/shares don’t have same pip value), Different broker has different prefix or suffix for currency pair so you need to insert the name matched to your broker which is shown in the screenshot.
3. Maximum trades in 30 minutes and 240 minutes to make sure that you can't enter twice to increase you lot size.
4. Maximum loss for a single trade= any amount which you want to set your SL at. If you want to risk 100$ per trade you can set it here and it will close the trade if it's losses goes to 100$. This will help you to hide your SL from broker and in case if you forget to put your SL.
4. You can set the maximum loss in a day based on account percentage and if it hits the maximum loss in that day, it will close all positions and won’t allow you opening anymore trade on that day.
5. You can set a maximum profit target for a single instrument and it will close that trade once that single trade hits the profit target, it won’t interfere any other opened trades.
6. Allow trading in Saturday/Sunday/Monday etc. to control you trading days. If in a particular day it is false then it won't allow any trading on that day.
I believe if one can control these 5 things below, they can be profitable with almost every strategy:
1. Over lot,
2. Over trading,
3. Letting losses run,
4. Not using SL
4. Not taking profit even after enough RR.
My EA will ensure that you won’t be able to do any of the those above and I can guarantee you that you will make money in the long run as money management is the key to success in this world.
- Because of the nature of the EA, this EA cannot be tested in strategy tester.
- There are some extra inputs which have to be maintained as described in the screenshots.
- It is impossible to disable manual trade. So, the EA will close the trade immediately if it's open against your set rules in the EA.
- You can run the EA in one chart and it will work in all pairs or instrument.
