Trailing stop loss is an important part of forex risk trading management as well as trade management.
Sometimes the default trailing stop feature of the MT4 trading platform does not really satisfy a forex trader the way he wants to apply trailing stop to his trades.
Who knows, you might be in a toilet, or on the phone with a friend you haven’t talked for a very long time and you have a profitable trade running and whilst you are away from the screen, the market can make a drastic move against your trade and the worse thing is, you have not locked any profit.
What Is A Trailing Stop?
A trailing stop is simply a stop loss order that moves in response to price fluctuations.
The main use of trailing stop orders is to lock-in profits as price moves in the direction of the trade and should price reverse and move against you, you will be stopped out of your trade, at least with profits.
In a long position, a trailing stop is activated below the price and moves up as price continues to move up.
In a short position, trailing stop is activated above the price and moves down as price continues moving down.
So without a trailing stop order, if price reverses direction, all your profits that you’ve made will be wiped out.
Here’s an example:
- If you sell EURUSD at 1.2550 and you placed a 50 pips stop loss.
- That means your INITIAL stop loss order is at 1.2600.
- You also set a 50 pips trailing stop loss order.
- Price fell to 1.2500, your stop loss order will now move from 1.2600 to 1.2550 (breakeven, Zero profit locked).
- If price fell to 1.2450, then your stop loss order will move from 1.2550 to 1.2500 (locking in 50 pips of profit).
Ok Forex Trailing System
Ok Forex Markets solved all your problems developing Ok Forex Trailing System. An Expert Advisor that manages the Stop Loss according to the inputs set for all trades in MT4 or for only some trades. If the market came back, the profits won’t be lost.
Below the guide about the inputs of Ok Forex Trailing System.
Trailing on: Input to choose between all trades in MT4 or only the ones with a specific comment written in the following input.
Comment: Input to filter the trades to work with Ok Forex Trailing System.
Trailing1_Target: First pips level of profit from which the EA must insert the Stop Loss in profit of number of pips written in the following input Trailing1_Stop. The input must be written in tick, we remember that 1 pip is equal to 10 tick in MT4.
Trailing1_Stop: Number of pips in profit to insert the first Stop Loss level, when the price is in profit of the pips written in Trailing1_Target. The input must be written in tick, we remember that 1 pip is equal to 10 tick in MT4.
Trailing2_Target: Second pips level of profit from which the EA must insert the Stop Loss in profit of number of pips written in the following input Trailing2_Stop. The input must be written in tick, we remember that 1 pip is equal to 10 tick in MT4.
Trailing2_Stop: Number of pips in profit to insert the second Stop Loss level, when the price is in profit of the pips written in Trailing2_Target. The input must be written in tick, we remember that 1 pip is equal to 10 tick in MT4.
The same is for the levels 3, 4 and 5 of Target and Stop.
How to Install Ok Forex Trailing System
To install it is sufficient to copy the file Ok Forex Trailing System.ex4 in the folder of the Expert Advisor (click on File in MT4 —> Open Data Folder —> MQL4 —> Experts).
At the end activate the automated trading and the DLL import (click on Metatrader 4 Tools —> Options —> Expert Advisors) like in the following image:
How to download Ok Forex Trailing System
Ok Forex Trailing System is free for all clients of the broker partner of Ok Forex Markets that open an account through this link and make at least one trade with a live account.
After opening the account and making the first trade you can ask Ok Forex Trailing System filling the form below.
This let us activate the Expert Advisor and to link it to your account number with which you made the first trade with Key To Markets. The Expert Advisor will be active only on that account number and you could use it for free lifetime.
Request Ok Forex Trailing System
Open an account on the broker partner Key To Markets, do a trade and request Ok Forex Trailing System.