I understand (from reading the lame forex sites) that one reason traders close a trade or a basket is mental exhaustion. Basically they get tired of waiting for the price to hit their TP or SL.
Well, if you’re one of them, stop trading now. Really. If your mind can’t handle it, your body will not be able to execute it and in conclusion you cannot do it. In forex, you will lose money instead of winning, so why playing the game?!
Above is my opened basket on USDCHF. A few trades are opened. I have absolutely no problem leaving this over night. In fact, the basket is 2 days old already. As you can see, I’m hedging using the RobotFX Fluid EA.
I remember a good trader writings on the web, but not his name unfortunately. He was saying that if you cannot sleep (’cause of the opened trades) in the night, you should not trade. He was right. This “mental exhaustion” translates into your inability to do this… so if you cannot do it, don’t try to do it again and again.
RobotFX Auto Recovery is an expert advisor designed to hedge a trade by opening an opposite trade, or more, if it’s the case. If you are familiar with, this is the trade management part of the RobotFX Fluid EA, with less features (HedgeZone). A very simple but effective way to hedge a losing trade so it will close if not in profit, at least at breakeven.
Technically, RobotFX Auto Recovery places an opposite pending order at the StopLoss distance (in pips) from the opening price, using a higher lot size. If the price doesn’t go in your favor – and so TakeProfit is not reached to close the trade – but instead reverses and hits the pending order, that pending order becomes an active order. At the same time, the EA will open another pending order, at the same level with the first one and of the same kind, but with (again) a higher lot size. Some traders like to call this advanced zone recovery (the area between the opposite trades) (shortly ALR EA).
The pending orders’ lot size is calculated so that the profit will always increase (if the price hits them and continues further).
Eventually the price will break in either up or down direction and the basket will close when the profit reaches MinProfit – this is in dollars. You have the option to set the MaxOrders to limit the total number of opened trades and also to instruct the EA to close all of the trades (ForceCloseAtMaxOrders) regardless of the profit (can be negative).
Check the picture below to understand how hedging works in forex trading. Mind that the lot size of the pending orders depends on the recovery zone width (the “StopLoss”) and the TakeProfit distance.
How RobotFX Auto Recovery works
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RobotFX Auto Recovery costs 89$. Buy this product and get advantage of:
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