The Steinitz Equity Trail Robot was designed to work with Metatrader 4 charting software. The purpose of this software is to monitor the equity of your account 24 hours a day for the specific reason to perform specialized functions (to be discussed later) automatically without your need to be anywhere near your computer.
This is an “EA” Expert Advisor aka a robot. It attaches to your Metatrader 4 chart just like any other robot you have used in the past. This EA has the ability to control all open positions simultaneously regardless how the trade was originated i.e. robotic or manually.
How often have you wished you were able to close out certain trades when they became profitable but missed the opportunity because you weren’t available? Likewise, how many times have you wished you could have prevented a large loss but once again missed the opportunity because you were just not around? Lastly, how many times have you wished you didn't take your profits so early because the position went many pips further in your favor?
If the answer is yes to the above you'll now be able to let the Steinitz Equity Trail robot eliminate all those “should have”, “could have” scenarios.
How it Works:
The Steinitz Equity Monitoring robot has the ability to perform the following tasks:
Any of these functions can be used individually or in combination with each other. Let's discuss each function and use examples to make these operations clear. All examples will start with $10,000 as your balance in your account.
- Close out all open positions at a certain profit target percentage
- Close out all open positions at a certain loss target percentage
- Lock-in a certain percentage of profit and trail from there
Let's say you wanted to close all your open positions when the equity in your account grows by 10%. In this case you are looking to make $1000 profit. Set your percentage equity take profit setting to 10%. As soon as your equity reaches a 10% profit ($11,000 equity) all positions will close automatically locking in your profits.
Let's say you wanted to close all your open positions when the equity drops by 10%. In this case you are looking to limit your losses to $1000. Set your percentage equity stop loss setting to 10%. As soon as your equity drops by 10% ($9000 equity) all positions will close automatically allowing no more losses.
Let's say you want to add another function whereby you are willing to lock in a certain profit percentage with the possibility of making more money if things go your way. This function is called percentage equity trigger and percentage equity trail.
Let's say for example you would like to set a profit target of 8% and a trailing stop loss of 1%. You would set the percentage equity trigger to 8% and set the percentage equity trail to 1%. As soon as your equity grows to $800 the robot automatically lock in $700 (1% trail). At this point you cannot make less than $700 profit.
As your position continues to move in your favor so does your trailing stop loss which is always locking in and trailing by 1%. If your trade advances to $900 profit your trail will move to $800 profit. Now this point you cannot make less than $800 profit.
As long as the position continues to move in your favor so does your trailing stoploss. As soon as your position goes against you by 1% the robot will close out all your open positions resulting in a profit equal to what ever has been locked in.
Keep in mind that you can use all the settings at the same time. Let's take one final example. We have our take profit set at 10%. We have our stop loss at 10%. We have our percentage equity trigger set to 8%. And the percentage equity trail set to 1%.
At this point the Steinitz Equity Trail robot will close out when any of the above conditions exists. This becomes the ultimate solution for closing out your open trades based on your personal settings and style of trading.