I like to keep my trading as simple as possible. And I don’t want to spend hours sitting in front of the charts. This is why I trade the Daily time frame in only minutes a day. It is also why I use a trade management tool called The Forex Trading Troll.
The Forex Trading Troll is a trade management tool I had created for Metatrader4. The Troll can perform trade management activities like taking partial profits and moving the stop loss on autopilot.
Being a profitable Forex trader involves a lot more than finding good entries. How you manage your trades AFTER they are placed is just as important. Let’s go over some ways using the Forex Trading Troll can simplify and improve your trading.
Using The Forex Trading Troll To Move The Stop Loss To Breakeven +2 Pips
When price goes in your favor, it is a good idea to remove the risk on the trade by moving your stop loss to breakeven. This eliminates the possibility of losing money on the trade if the market goes against you.
I prefer to move the stop loss to Breakeven +2 pips, so if your stop is hit you at least get something and can cover spread costs.
I use the Forex Trading Troll to do this.
If price goes a certain distance in my favor, I have the Troll automatically move my stop loss to breakeven +2 pips. (Once this happens, the stress of trading and having real money at risk is greatly reduced).
Using The Forex Trading Troll To Take Partial Profits
There are two popular trade management strategies traders like to use when talking about targets and when you want to take profit.
Partial Profits: At some point in the trade, you close a portion of your position and collect profit. Then you let the second portion of your trade continue.
Single Target: This method does not take profits along the way and uses the full position for the entirety of the trade.
At Forex Signals Blast Off I provide signals for BOTH the Partial Profits method and the Single Target method. Subscribers can choose which method they want to trade… or do both like I do.
You can learn more about Partial Profits or Single Target here: Is Partial Profits Or Single Target Forex Trade Management Right For Your Trading Personality And Goals?
The Forex Trading Troll can be set up to take partial profits, or you can use it with a single target.
Using the Troll is very helpful because you only need to place one trade and set up the Troll. Then, when price reaches the desired level, the Troll automatically takes the partial profits you want on autopilot.
Using The Forex Trading Troll To Lock In Profits
Just like moving your stop loss to breakeven to eliminate risk on the trade, it is also a good idea to lock in profits if price continues to go in your favor.
I can set up the Troll to move the stop loss when price reaches certain pip distances, and determine where I want the stop loss moved. Again, all this happens on autopilot.
How Signals Followers Can Use The Forex Trading Troll
I provide signals to my subscribers. These are the same trades I am taking on my live, real money trading accounts. And I use the Forex Trading Troll to manage the trades after they are placed.
Since I want my subscribers to be able to follow the signals as closely as possible, I’ve provided them free access to The Forex Trading Troll.
Plus, I’ve provided PRESETS for each of the potential stop loss values we use.
Therefore, signal followers can place the trades manually on their accounts, then set up the Troll using the presets to manage the trade (just like is happening on my accounts).
The presets have all the information preprogrammed… so they only have to input the Lot Size of their trade. Once the Troll is set up… they can rest easy knowing the Troll will perform any trading activities necessary without them having to monitor the charts.
How Independent Traders Can Use The Forex Trading Troll
PMTW Full Access Pass subscribers also get access to the Forex Trading Lab, where I share trading strategies and teach them to be independent traders.
Since most of my trading strategies share the same trade management rules after the trade is placed… I’ve come up with PRESETS for the Forex Trading Troll for all the possible trading scenarios.
For example, I recommend using risk to reward ratios of 1:2, 1:3, 1:4 or 1:5. I also recommend using stop loss values (for the daily charts), of 75, 80, 85, 90, 95, 100, 105, 110, 115, 120, 125, 130, 135, 140, 145 or 150 pips.
Yes, this is a lot.
I have come up with trade management PRESETS for the Troll for EACH of these trading scenarios.
Therefore, independent traders can make entry decisions on their own, then use the presets to set up the Troll to manage the trade according to my trade management rules on autopilot.
This can be done for both partial profit or single target trading styles.
In Conclusion
As you can see, I take trade management very seriously. But I didn’t want to have to monitor my charts or set up alerts and be bothered 24 hours a day. Luckily, by using the Forex Trading Troll I can automate many of the trade management activities.
The Forex Trading Troll is my favorite trading tool because it helps me keep my trading time down to minutes a day, ensures I stick to my trading rules and makes my trading more accurate.
I highly recommend all signal followers or independent traders use this tool.
Keep this in mind: In order for the Forex Trading Troll to work, your trading platform needs to be open and connected to the Internet. You can do this by leaving your platform on and your computer connected to the Web. Or, you can do what I do and use a Virtual Private Server (VPS).
See everything I’m doing to accumulate wealth faster and secure my financial future here: Put Money To Work
To Your Wealth,
Edward Lomax
Disclaimer: Ever since you got your first coin and could decide what to do with it, you became your own money manager. I am not your financial advisor, but you can learn from my example and do your own research. Some posts may contain affiliate links, where at no cost to you, I may receive a small compensation.
