Set Auto TP and SL:
The “Set Auto TP and SL” feature is an absolute game-changer for anyone serious about trading. This handy tool automates your risk and reward management by allowing you to set fixed price levels where your trades will automatically close—either locking in profits (Take Profit) or limiting losses (Stop Loss). Say goodbye to the constant stress of manual monitoring!
When you enable this feature, every position you open comes with pre-set Take Profit and Stop Loss levels based on your chosen parameters. Whether it's a specific number of pips, a percentage of your balance, or technical analysis levels, you can tailor it to fit your trading style. This not only saves you time but also shields your trades from unexpected market swings and emotional decision-making.
Key Benefits:
Risk Management: Automatically cuts your losses by closing trades at your defined Stop Loss level, helping you avoid those heart-stopping drawdowns.
Profit Locking: Secures your profits by closing positions once your Take Profit target is hit, so you don’t miss out during those rapid market shifts.
Emotional Discipline: Keeps your trading strategy on track by reducing the impact of fear and greed, particularly vital in those rollercoaster markets.
Time Efficiency: Saves you valuable time by eliminating the need to manually set SL and TP for every single trade, making it a lifesaver for scalpers or high-frequency traders.
Consistency: Ensures that the same logic is applied to every trade, fostering a more systematic and disciplined trading approach.
Whether you're just starting out and looking to protect your capital or you're a seasoned pro aiming for precision and automation, the “Set Auto TP and SL” function is a must-have in your trading toolkit. It allows you to trade smarter, not harder, giving your strategy the freedom to operate with minimal manual intervention while maintaining tight control over your risk-reward ratio.
You can also use it for XAUUSD! Just make sure to set your parameters correctly. If you’re looking for the MQL4 version, check it out here - Auto TP.