Trading PMTW Forex Signals With The Forex Trading Troll
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. Plus, I’m also providing an Expert Advisor you can use to manage the trade on Autopilot.
IMPORTANT: Make sure you have your MT4 trading platform set up for Auto Trading. If you do not, the scripts and expert advisor 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 scripts to place the trade and the Forex Trading Troll to manage the trade, this is how you do it.
Remember, we are planning on taking profit at Take Profit 1 and leaving the rest of the trade active. Using this method, we can place 1 trade and use the Trading Troll to move the stop loss and take partial profits at specific pip levels.
IMPORTANT: In order for the expert advisor to work, your trading platform needs to be functioning and connected to the Internet. You can accomplish this by simply keeping your computer running, or using a Virtual Private Server (VPS).
Placing The Trade With The Scripts
- For a BUY trade just drag and drop the BUY 5% script onto the chart, fill in the Stop Loss and Take Profit 2 numbers and confirm by pushing a button and the trade is placed perfectly.
- For a SELL trade just drag and drop the SELL 5% script onto the chart, fill in the Stop Loss and Take Profit 2 numbers and confirm by pushing a button and the trade is placed 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.
Managing The Trade With The Troll
Once you have placed the trade, it is now time to set up the Forex Trading Troll to manage the trade.
- In the Navigator window on the left side of the platform, find the Expert Advisors section. Hit the + sign if the expert advisors are not visible. Now Left Click on the Forex Trading Troll and while holding the button down… drag to the chart and release the button.
- On the Inputs Tab, click Load:
- Choose the Preset based on the Stop Loss value of the signal. These are the exact Presets I am personally using to trade the signals. Using the Presets, the correct Partial Close and SL Loss Trail settings will automatically be populated into the Troll.
- Now the only thing left to do is fill in the Partial Close Lot 1 and Partial Close Lot 2 fields.
Double click on the number in the Partial_Close_Lot_1 field and change the number… then double click the number in the Partial_Close_Lot_2 field and change the number.
To figure out what numbers to use, divide the lot size of the trade by 2 to get the numbers you should use.
IMPORTANT: Both numbers must equal the full lot size of the trade. If you have a number that is not perfectly divisible by 2, adjust the numbers so they equal the full lot size of the trade.
- For example, if the lot size is 0.26… use 0.13 for both the Partial Close Lot 1 and Partial Close Lot 2 fields
- However, if the lot size is 0.27… use 0.14 for Partial Close Lot 1 and 0.13 for Partial Close Lot 2 fields
Once you’ve changed the numbers, click the Accept button to activate the Troll.
- In the upper left hand corner of your chart you will see a pip counter
The numbers will change as the market moves and represent the pip distance away from action being taken.
- TP_1 shows you how many pips away from Take Profit 1 where the first portion of the trade will be closed.
- TP_2 shows you how many pips away from Take Profit 2 where the remaining portion of the trade will be closed.
- SL_1 shows you how many pips away from the level where the stop loss will be moved to breakeven +2.
- SL_2 shows you how many pips away from the level where the stop loss will be moved to lock in some profits.
Don’t worry about the TP_3 and SL_3 levels, as we are not using these.
Now you are free to go about your business with the peace of mind of knowing that the Troll will perform any trading activities for you.
Keep in mind, the Forex Trading Troll will move your stop loss and take partial profits at the designated pip levels. But if you are instructed to Manually Close the trade, you’ll have to do that yourself. In this case, simply go to your trading platform and remove the Forex Trading Troll and close the trade.
Once you get used to using the Forex Trading Troll, I think you are going to love it. It really is the most accurate way of trading the signals. And if you’ve haven’t gotten a Virtual Private Server yet to simplify your trading, this might be a good time.
To Your Wealth, Edward Lomax