Why Trading Set & Forget Style Forex Signals Or Using A Trade Management Expert Advisor Is Essential For Successful Signal Trading
I trade End Of Day, which means I only have to look at my charts once a day, and all trading activities happen at the same time every day. This makes it very easy for subscribers following my signals to place the trades at similar price levels.
But it is just as important to be able to manage the trade properly after it is placed.
During the course of a trade, we sometimes move our stop loss to breakeven to eliminate risk. Or, we move our stop loss into positive territory to lock in profits. Or sometimes, we manually close the trade when our strategy indicates the possibility of the move being over.
But these trade management activities cannot be left up to the signal follower to do at any time after the trade is placed.
For example, if the signals said: Move the stop loss to breakeven if price goes 50 pips in your favor. Is it really possible for the signal follower to monitor the market every second of the day to see if they have to take action? I dare say, no.
The point is, if the signals service you are following expects you to monitor and manage the trade every second of the day after it is placed, it will become impossible to trade the signals properly.
Plus, if the signal follower is responsible for making trading decisions after the trade is placed… that defeats the purpose of following a seasoned trader who is supposed to make the trading decisions for you.
The solution is to trade signals that are set and forget.
Set and Forget style trading means you set the trade up, then forget about it until the next trading day. Basically, ALL trading actions (entering a trade, moving the stop loss to breakeven, locking in profits, manually closing a trade, etc.) are done only once a day, at the same time.
So, it is important to get your signals only once a day at the same trading time. But it is just as important that the trade management instructions for the signals also are only once a day. Only in this way will you be able to trade the signals properly and get similar results to the service you are following.
And that really is the point, isn’t it?
All PMTW Trade Signals can be traded set and forget style and ALL trading activity is done at the same time every day.
That being said, I provide a Trade Management Expert Advisor that can be used to automate a lot of the trade management activities.
How The Forex Trading Troll Assists In Trade Management
It is very important for me to trade in a way that is simple and doesn’t require a lot of time. Trading off the Daily time frame suits me perfectly. Plus, there is the added benefit of never missing a trade or mismanaging a trade.
You see, I trade a RULES based trading strategy. I have developed rules over the years that lead to profitable trading over the long term. All I need to do is stick to the rules.
For the most part, I can stick to the trading rules by trading at the same time every day. But there is the slight chance I might miss a trading activity (moving stop loss, etc.) in a fast moving market.
Therefore, an even better option is to use a Trade Management Expert Advisor to perform some of the trade management activities on autopilot.
I have provided a Trade Management Expert Advisor I call the Forex Trading Troll to my subscribers.
The Forex Trading Troll can be programmed with the trading rules for Forex pairs. For example, when price goes in our favor a certain amount of pips, the stop loss is automatically moved to Breakeven +2 pips. If price hits another level, partial profits can be taken automatically. And if price continues to go in our favor, the Troll can move the stop loss to lock in profits.
I personally use the Troll for trading the Forex pairs I provide signals for.
I find there are two big benefits for using the Troll:
- A lot of the trade management activities can be automated
- Using the Troll ensures I stick to the trading rules 100%
I provide the Troll and Presets to my subscribers so they can enjoy these benefits as well.
In Conclusion
I place a great deal of importance in being able to fit trading into my life. I want to be able to trade my strategies as perfectly as possible. And trading off the Daily time frame at the same time every day helps me accomplish this.
My approach to trading also lends itself perfectly to running a Forex signals service. Basically, people should be able to follow what I am doing closely. This means there shouldn’t be missed trades or mismanaged trades.
To help subscribers even more, I provide them with the Forex Trading Troll so they can automate a lot of the trade management activities. This simplifies the trading even more and ensures their trades are managed according to the rules.
I believe the combination of a set trading time, using a set and forget trading style and providing a trade management expert advisor helps my subscribers follow the service as close to perfect as possible.
This way my subscribers can get very similar results as I do… which really is the point of following a signals service, right?
