Trading PMTW Forex Signals By Placing 2 Trades
I wanted to make trading PMTW Forex Signals extremely simple. Therefore, I am providing a way to place trades that are fast, accurate and stress free.
IMPORTANT: Make sure you have your MT4 trading platform set up for Auto Trading. If you do not, the scripts will not work.
You were taught how to do this in the How To Install The Metatrader4 Platform lesson.
Normally, when you get a trade signal you need to perform a lot of calculations.
- You need to take your account balance and multiply it by percent risk to get the proper risk per trade.
- Then you need to figure out the lot size by using the amount to be risked and your stop loss level to get the proper lot size.
- Finally, you need to place the trade with the proper lot size and make sure your stop loss and take profit levels are at the correct price levels.
If you use the regular function of the Metatrader4 platform to place your trades, this process is not simple. It actually is quite confusing and can create stress at exactly the time where you need to be calm (when placing a trade).
So, I am providing scripts to make placing trades super simple.
If you are planning on trading the signals using the 2 Trade Method, this is how you place the trades with the scripts.
Remember, we are planning on taking profit of HALF our position size at Take Profit 1 and leaving the rest of the trade active. Therefore, you need to place 2 trades with HALF the risk you intend to use for each trade.
- For a BUY trade just drag and drop the BUY 2.5% script onto the chart, fill in the Stop Loss and Take Profit 1 numbers and confirm by pushing a button and the trade is placed perfectly.
- Then, to place the second trade, drag and drop the BUY 2.5% script onto the chart AGAIN, fill in the stop loss and Take Profit 2 numbers and confirm by pushing the button and place the second trade perfectly.
- For a SELL trade just drag and drop the SELL 2.5% script onto the chart, fill in the Stop Loss and Take Profit 1 numbers and confirm by pushing a button and the trade is placed perfectly.
- Then, to place the second trade, drag and drop the SELL 2.5% script onto the chart AGAIN, fill in the stop loss and Take Profit 2 numbers and confirm by pushing the button and place the second trade perfectly.
This process literally takes only a few seconds and eliminates the possibility of costly mistakes. I’m sure you’ll enjoy how simple it is to place trades correctly.
IMPORTANT: Most Forex Brokers use 5 decimal places. Therefore, the proper setting for the scripts needs to take this into consideration.
- 75 pips = 750 setting in the Script
- 100 pips = 1000 setting in the Script
- 500 pips = 5000 setting in the Script
DO NOT forget to add the extra number when setting up the Script, or your trade WILL NOT be placed correctly.
I HIGHLY recommend setting things up on a DEMO account and practicing using the scripts before using the scripts to place trades on a live account with real money.
To Your Wealth, Edward Lomax