Forex Trailer Review
Review Of Forex Trailer
Forex Trailer is a new forex trade management tool specially designed for forex trading. All forex system developers advocates some forms of exit strategies but leave most of the trade automation or support to the traders.
The importance of exit strategies must be taught to retail traders. This is because the fact that how traders managed their trade exits will ultimately results in how much profits they made. That is where Forex Trailer comes into the picture.
The Forex Trailer software includes 11 trade management strategies so that the trader can choose from the 11 exit strategies and know exactly what to do from the start, how he should exit his trades even before he enter any position.
Purpose of Forex Trailer software is to provide an executable plan for trader to exit their trades in a systematic approach prior to making any trades. They are composed of 2 mechanism that protect and secure profits for the trader.
1). Partial Close
2). Breakeven Stop
3). Time Stop
These strategies automate the process of shifting stop loss to break even point when conditions are met. This protects pips and at the same time lower the trader’s risk of sustaining a losing trade.
This mechanism will lower the trader’s risk by securing pips after every closed of candle/bar by management of stop loss level while at the same time still providing the opportunity for trader to participate in longer term market behaviours.
Management of stop loss level guarantee a certain amount of profit maximising profit while at the same time lowering the risk. Included in this system is 8 exit strategies and divided into 3 categories:
1. Price Driven Trailing Stops
This category of trailing stops uses price to manage take profit and stop loss levels.
2. Indicator Based Trailing Stops
This category of trailing stops uses commonly used indicators like moving average to manage take profit and stop loss levels.
3. Special Trailing Stops
This category of trailing stops may use user’s money management plan to manage his take profit and stop loss levels. One example is equity stop.
Example of How You Can Use Forex Trailer
Besides using these strategies in a standalone manner, every of these strategies can be used in conjunction with another strategy. I will provide with a detailed example below:
(1)I want a trade to close regardless of whether in profit or loss before a specified date and time (NFP), I will set a time stop.
(2)During this time before the time stop activates, I want the open position to shift stop loss to breakeven after it is in 50 pip profit zone. This is breakeven stop.
(3)When the breakeven stop is activated, i will like the stop loss trailed by 2 times of a 14 period ATR (volatility stop) such that i can secure and protect pips along the way when market move in my favour.
This is a small snapshot of how you can use Forex Trailer to manage your forex trades the way you want it. There are many ways of using these 11 exit strategies together. It provides a simple and complete forex exits customization for any forex traders.
Forex Trailer is a software used by its creators in their own trading account every day. It is due time to take control of your trading results and gained back the pip you lost. And all of their strategies are made having this one idea in mind:
“Let Price Determine When You Exit 100% Emotion-Free Forex Trading”
You will appreciate Forex Trailer if you are using semi-automated or manual trading system. Forex Trailer is not another black-box trading software you could get easily elsewhere. Rather, it is made so that users can customized and personalized the way you want your trades to exit.
Incorporating market dynamics with unorthodox use of common indicators, your forex positions will be trailed and exited with maximum profit. Exiting trades no longer is an emotional subject with Forex Trailer. Trade with these set of advanced exit strategies for optimal trading performance!
Preview Forex Trailer Software site: