take profits in steps - lock in the pips

[pgtips]

Hi,

Anyone can open an order, anyone can close an order and how you enter is possibly one of the biggest discussion threads overall in any forum.

Doesn't matter how good the system is it's only an indicator and if the market moves quickly against me any profits can get wiped out in no time (the last 3 days I've had 3 profitable + 15 pip positions all reverse). I didn't, and actually couldn't on 2 of them, get out quick enough..

Which leads me to re think and post this question as my entry is usually ok but I need to lock in the pips.

Is there a 'manage pips EA' to accomodate 3 stepping stops rather than a trailing stop.

I'm looking for something that starts with smaller risk, with bigger risk the more in profit (pips) I am.

i.e When a profit of 8 pips is reached I'd like breakeven + 1 to be set as stoploss

then

at + 20 do breakeven + 5 (so that is a 15 pip pad)

and at + 30 do BE + 15 as well

trail by 15 thereon.

I looked at a few EAs but not found anything that fits although I won't stop looking and if I find it I'll post here. If there is a programmer who can produce this I would gladly make a contribution towards development, I'm quite desperate for this, I keep getting caught out and I'd rather a tiny profit than none at all, or worse when it swings big losses.

All input or help really appreciated.

cheers

[nicesurf]

You just set your trailing stop to save your profit..

[pgtips]

if I do that it won't be a step though

I'm looking for an EA to manage all open positions with step movements behind.

cheers

[bossxero]

Originally Posted by pgtips

if I do that it won't be a step though

I'm looking for an EA to manage all open positions with step movements behind.

cheers

There is an EA which can do this, its called 'Manage Take Profit' or 'ManageTP'... you will find it on forex factory. There is also another one which can do these similar actions and its called 'Swiss Army EA'

[pgtips]

Hi Bossxero,

nice to hear from you, been reading a few of your posts on the Kolachi posts which i am looking into.

It was stockwets MTP that started me down this route but it's approach is different as it partially closes positions en route which is slightly different to what i want this to achieve. My trading strategy at the moment doesn't work on different partial closing levels unless I put more on the table to start which I my approach doesn't accomodate - as I could have 4 positions open at one time so need more cash up front.

Had a look at the swiss army knife too, that one is also very good but doesn't do what i need.

I've been using e-trailing which is quite good but I keep getting stopped out too early so I miss out on the bigger runs and also end up taking less profit so i am looking at stepping stops instead at certain levels, the more pips on the table the bigger the SL I can afford to apply.

The annoying thing is I've got the *.mqh code (an include file) to do what i want but it doesn't work when i put it into an EA.

Thanks anyway,
Kevin

[sensei]

Hello, How to make money in Forex? , what time frame shud i use?