Studies suggests that more the Traders spend time on Tracking & observing open trades more they are prone to take emotional decisions . Looking at each candle close & tick data after entry is not wise ,
We want traders to spend more of their precious time in Analysing market and finding new trading opportunities rather than looking at performance of Older trades ,
Now question comes that if trader doesn't track active trades ,how can they protect themselves from ever changing market conditions , all trades don't hit Take profit , Trailing Stop Loss is not a perfect solution and fundamentals are unpredictable ??
For Above questions there is only 1 answer : Trend is Your Friend , Follow trend using our EA's and do not let market noise affect your trading . Most common way of following trend is by using Trendlines & Moving Averages.
We have developed Semi -Auto EA's specifically for purpose of trend following and staying in Trend as long as possible without having to look at chart at every candle close or at every fundamental news. EA will keep your trade active as long as trend is valid.
The No Emotion Fx trading method :
1. Find Trading Opportunity ,
2. Analyse trade setup technically & fundamentally .
3. If setup matches your strategy and set rules enter the trade .
4. Use Trendline or Moving Average EA to manage active trade and start looking for other opportunities .
Examples of using Trendline EA :
Trendline EA is a very good tool for using trend at your advantage & can be used for managing both take profit & stop loss .
Can be used in all time frames and uses close price of Candle as stop loss therefore it will close the trade only if candle closes above or below trendline , this function saves traders from wicks and market noise .
Where as Take profit is by simple touch of trendline.
Let's understand better its uses through example below :
Download EA
Instructions to use
Using Trendline EA with our trade ideas or in your trend trading:
Trendline EA uses trendlines or horizontal lines for following functions ,
1. As stop loss - name the trendline SL ( exit trade if candle closes below trendline/hl )
2. As first take profit - name the trendline TP1 ( tp1 partially closes 60 % of open trade at touch)
3. As 2nd take profit - name the trendline TP2 ( tp2 partially closes 50% of open trade at touch )
4. Full take profit - name trendline TP ( tp closes full trade )
Case 1 : - Setup from trade ideas.
a) Draw supporting trendline to be used for Stop Loss per our trade idea in similar time frame
b) Add horizontal/trend lines at Take profit levels
c) Run the Expert advisor on chart and let EA manage the trade without emotions. It will automatically take you out of trade if trend changes , otherwise let trade run towards tp targets
Refer to Image Below :
Case 2 : - Trendline Trading with EA
a) Find a trade setup as per your trading strategy .
b) Draw support line ( horizontal/trend) name it SL
b) Add various take profit levels as per support /resistance zones and name them TP1 , TP2,TP
c) Run the Expert advisor on chart and let EA manage the trade without emotions. It will automatically take you out of trade if trend changes , otherwise let trade run towards tp targets
Refer to Image Below : As you can see Trendline EA provides you much more flexibility and better tools to manage your trades-
