Trading robots are universal helpers. They are used not only for automated trading. They are able to perform a number of useful functions even for manual traders.
Of course, it would be much more convenient to have one Expert Advisor that would carry out all the necessary actions for you. But as a rule, robots are programmed to perform one or two functions clearly and without errors. If you need a universal program then you probably have to develop it yourself.
However, this only works for experienced programmers. For others, I advise choosing a few reliable trading robots that will meet your requirements. In the next two articles, I will give you a list of Expert Advisors that can improve your trading experience.
Today I will tell you about several robots that will help you automatically close your transactions in your absence, as well as control your risks by managing your exit points. Let's dive in.
Trailing of the Take Profit and Stop Loss Levels
We will start by controlling losses and profits thanks to the automatic trailing of your SL and TP levels.
e-MovingInWL
This robot will transfer the SL level on your open positions to the breakeven point when the market brings you a certain level of profit. In other words, your Advisor will reduce your potential risks. This is the perfect way to stop constantly monitoring your charts.
The newer version of this robot, e-MovingInWL2, also has two additional functions that will simplify your work with the choice of monitored positions:
- Magic
- AllSymbols
e-MoveSLTPbyMouse
In general, the Advisor makes it much easier to manage your Take Profit and Stop Loss. You should manually open positions and set the exit points. Once the order is executed, the robot will draw on your chart the lines attached to the Take Profit and/or Stop Loss levels you’ve set.
If you want to move one of the levels higher or lower, you don’t have to go into the order settings. You can manually drag the line on the chart using your mouse. In this case, the parameters of your open position will be automatically changed. After closing your transaction, all lines will be immediately removed from the chart.
Closure of Orders
Let's continue with trading robots that will automatically close your trades under certain conditions.
e-CloseOnTime
This Advisor will automatically close all your open positions at the specified time. An irreplaceable assistant for intraday traders:
- Your positions will be closed on time at the end of the day even if you’re asleep or you don’t have access to your account
- You can configure the program to close orders before the release of major economic news
e-CloseByProfitPosInCurrency
The robot is used to protect your income. Once the profit on your position reaches a certain level, these trades will be closed. This is a kind of Take Profit that automatically works for a few orders simultaneously. It’s perfect for traders that open transactions with a fixed volume and a risk-to-reward ratio.
e-CloseByLossOrProfit
When the total profit or loss in your account reaches the specified level in the account currency, the Advisor will automatically close all your positions. This will help control losses and protect profits. In addition, the robot is able to close your pending orders.
e-CloseByProfit
It is somewhat similar to the previous Expert Advisor. However, this program focuses on pips completed, and not on the Profit/Loss amount in currency. Please note that the lot size of your transactions doesn’t affect the actions of the robot. Profit or loss will be calculated based on the distance passed since the entry point.
e-CloseByPercentProfit
This Advisor will close all your orders when the profit or loss of your account reaches a certain percentage of your total balance. If your account has $1,000 and you don’t want to lose more than 20% of your investment, then the robot will close all transactions when the loss reaches $200.
In addition, the Advisor can delete all your orders and close the trading platform so that other EAs don’t open new positions. This way you can fixate your profit or loss.
e-OCO
The name stands for “One Cancels Others”. When a pending order is triggered or a position is resumed after the market is opened on Monday, you might need to delete other transactions that contradict each other.
To do this, you will need to specify in the settings of the Expert Advisor the type of order that will trigger the closure of other positions. The robot only responds to specific characteristics, such as OP_BUYLIMIT or OP_SELLSTOP.
To Summarize
We should be realistic - we can’t always make it in time to log into our account and close a losing position or protect our profit. Sometimes we need more than just access to the Internet. In this case, Expert Advisors become the perfect solution. Yes, robots, as a rule, cannot earn a lot but this should not stop you from using other handy functions.
If among the list of programs in this article you find useful to you make sure to try them. The listed Expert Advisors perform their functions perfectly and work without failures.
Expert Advisors FAQ
How to Choose Expert Advisor that Fits Your Trading Needs?
Choosing the right Forex advisor is challenging because the competition in this market is relatively high. You should start from your goals and purposes to find the best solution.
What is the Best EA to use?
The performance of your trading bot depends on your final purpose, as each of them is developed to do different things. EA is also divided into free-to-use and paid bots. Usually, paid ones are more profitable, but you can also find free and very helpful Forex Advisors available from MT4 community.
Are Expert Advisors Risk-Free?
Unfortunately, no. Forex Eas use technical indicators to make decisions but can not consider economic indicators or geopolitical news. In any case, trading is a risk, so the right advisor can reduce human factor errors.