MT4 EA Course: ATR Stops And Position Sizing

This article is part of a series. Here are the other parts:

 

Welcome to the fifth part of our MetaTrader4 Expert Advisor course! If you haven’t done so, please have a look at the previous instalments.

Forex Wall-E

 

Note: Do you have a trading strategy you want to automate using expert advisors? I can help with the development! Have a look at my MetaTrader 4 Expert Advisor development services and get in touch today to make your project a success!

 

We’ve been doing pretty well with our expert advisor. We created a fully functioning EA that can make buy and sell orders, and also can trail our stops. However, up until now, we’ve always used a fixed stop loss of 50 pips.

 

That might often be ok but what if you want a dynamic stop loss? In order to better reflect the market dynamics, we could use a volatility indicator such as ATR (Average True Range) to determine our stop-loss.

 

When we use dynamic stop loss distances, we still want to keep our risk per trade the same. We do this using dynamic position sizing. In other words, we will change the lot size per trade to reflect our desire to use a 1% stop loss. Let’s see how we can add this to our Wall-E expert advisor!

 

 

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MT4 EA Course: Buy And Sell

This article is part of a series. Here are the other parts:

 

Welcome to the fourth part of our MetaTrader4 Expert Advisor course! If you haven’t done so, please have a look at first three instalments.

Forex Wall-E

 

Note: Do you have a trading strategy you want to automate using expert advisors? I can help with the development! Have a look at my MetaTrader 4 Expert Advisor development services and get in touch today to make your project a success!

 

Up until now, we’ve just been working with buy orders. But we’re traders, not investors! So rather than a buy-only system, it would be nice if our expert advisor could also short the market. In other words, we want to support going both long and short; buy and sell. We’re still working on our Forex Wall-E expert advisor, so let’s continue where we left off!

 

 

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Expert advisor trailing stops code

MT4 EA Course: Trailing Stops

This article is part of a series. Here are the other parts:

 

Welcome to the third part of our MetaTrader4 Expert Advisor course! If you haven’t done so, please have a look at first two instalments.

 

Note: Do you have a trading strategy you want to automate using expert advisors? I can help with the development! Have a look at my MetaTrader 4 Expert Advisor development services and get in touch today to make your project a success!

 

Forex Wall-E

In this part, I want to discuss stops. We’ve seen how to create an order with a simple pip-based stop in the previous article. What I want to look at this time, is how to implement dynamic, trailing stops. We’re still working on our Forex Wall-E expert advisor, so let’s continue where we left off!

 

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Turtle traders rules

A free turtle traders forex expert advisor

Ah, the turtle traders. The legendary experiment.

 

The stuff that makes the hearts of all traders tingle with excitement. No? Well, it makes me excited at least, don’t judge 🙂

 

The Turtle Traders Experiment

 

“We’re going to raise traders just like they raise turtles in Singapore.”

 

Set in the 1980s, Richard Dennis (one of the most successful traders back then) strongly believed that trading could be taught. When he started out his plans to teach a group of 23 people to become great traders, many were sceptical though. This is how it worked: he gathered a small group of traders – the Turtles – and gave them a 2-week training course on a simple trend following system. With these clear instructions, the turtles were given a trading account and had to trade the rules they were taught for one month. After the month, the ones that were successful were given a larger trading account from Richard’s own money to trade.

 

Money

 

Fast-forward 5 years and his turtles had earned an aggregate profit of $175 million. The experiment was an enormous success and showed that given a simple set of rules, anyone could be made a successful trader. Some of the original turtles went on to keep trading under their own accounts and were incredibly successful at it.

 

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