Useful money management expert - page 2

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This is perfect, exactly what I've been searching for.

Thanks much.

 

EA to open 2 trades, close 1st trade on TP, move 2nd trade to break event

I have been trading forex for some time but the challenge I have at the moment is money/trade management. I need to improve my exits so that I keep some pips when the trades are in profit. I have searched the forum and believe the following money/trade management strategy is useful - open 2 trades, close 1st trade on TP, move 2nd trade to break event.

I have looked at the forum and there are couple of EAs that can achieve similar results but I want to implement it with a slight variation. I was wondering if someone can code an EA based on the following money/trade management requirements:

1. EA should open two trades with the following inputs from the user:

* Lot size (should be able to handle micro, mini or standard lots)

* Direction (Buy or Sell)

* TakeProfit1 & TakeProfit2 (TakeProfit1 applies to the first trade and TakeProfit2 applies to the second trade)

* Stop Loss is the same for both orders

* Lock In Profit for 2nd Order (this is my variation and an optional input. It is used if the user wants to preserve some profit for 2nd order rather than allowing the 2nd trade to go to break even. more details below)

2. Using the inputs above, the EA should open trades at the start of next candle (could be Daily, H4 or H1 or any other timeframe).

3. If TakeProfit1 level is hit, the EA should move the second trade to Break Even with "Lock In Profit for 2nd Order" adjustment. For example, if "Lock In Profit for 2nd Order" set to 0, it would mean the stop loss for 2nd trade will be set at break even. If set to say 25 pips, it would set the stop loss for 2nd order at break even plus 25 pips for long trades and break even minus 25 pips for short trades. This way the user has a guaranteed 25 pips for their 2nd trade

I am sure such an EA can be used by many traders

Thanks in anticipation and Happy Trading to all.

 

Great idea !

Thanks for sharing this Great Idea.

I will try it to improve my manual trading.

 

Any Money Management Based Strategy?

A lot of indicators based EA.

But have you some MM based EA ?

 

what sort of and idea's do you have

 

Yes, this is very helpful. Thank you for sharing this illustration along with the explanations.

 

Looking for script to calculate total lots

hello

looking for script to calculate total lots traded on an account

per period

Kr

J

 

Thanks - you saved me ALOT of time

Thanks you saved me alot of time as I have been working on the identical idea. I do this manually for each trade (cumbersome to to say the least)!!

 

Glad it has been of use - I still use it to this day.... money management really is a very important and often over looked part of trading.

 

Great Tool!

Leeb, is there a way to have it keep the stopLoss TakeProfit and EntryPrice values when I change time frames?

thanks!

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