TRADE FOREX PROFITABLY
Discipline Trader
What is it?
Discipline Trader EA is a simple Equity Protection Tool that will monitor your trading activity and intervene if you are not following your trading plan.
What does it do?
Discipline Trader will automatically close your open positions if your stray from your strict trading criteria. (EngageStopOut = True)
How can I benefit from using it?
Since MetaTrader 4 does not have built risk management or money management features, it only makes sense for day traders to use an Expert Advisor to control these functions. Each trader has their own strict trading plan for entry and exit, so why would managing your risk be any different? It shouldn't and this is exactly why most traders fail in a short period of time. You need a strict Trading Plan beyond your entry and exit rules. The most common error that traders make is not closing a bad trade at a predefined level. Well, not anymore. Discipline Trader EA will intervene and close your unwanted loss automatically. Therefore, you can focus on trading and not worry about when to take that inevitable loss. Let Discipline Trader EA give you the discipline to succeed as a Forex Trader.
Is it easy to use?
All features are defined within the Expert Advisor's External Parameters; including Max Open Positions, Max Equity Draw Down, Daily Trading Time Zone Filter, Basket Take Profit and Basket Stoploss functions. Include Discipline Trader EA on one chart ( we prefer Two different Currency charts because MT4 is Tick driven, therefore, having two sequences of Discipline Trader will exit your positions quickly.) and setup the parameters based on your individual needs.
How much does it cost?
Absolutely free.
What else should I know?
Discipline Trader will work on any Metatrader4 Broker. All symbols can be controlled including gold, silver and other futures contracts. Works on ECN STP, NDD, Market-Maker, 4th decimal and 5th decimal brokers. Works great with FIFO and non-hedging brokers.
Do you offer any support?
Please email: will@pipinvestment.com
Reference Guide
- Remember
- Place .EX4 file into metatrader4/experts/
- Place on Any Time Frame or Currency Pair: Monitors All currencies Automatically
- Fixed Stop Loss only overrides a position that does not include a stop loss value (stoploss = 0 )
- EngageStopOut must equal = True before Discipline Trader EA can activate
- Basket Values are in Currency based unit (dollar,euro, etc) and not pips. BasketProfit = 20 = $20.00USD
- Stop Out: A Fixed Stop Loss Value is sent to all open orders. ECN broker 500 = 50 pip sl ( 5th decimal brokers )
- Parameters
- StopOut - # of - pips before trade is automatically closed
- Basket Profit – Once your equity is greater than the account balance by X, All trades are closed
- Basket Loss – Once your equity is less than the account balance by X, All trades are closed
- Time Filter – True: Positions can only be opened during Set Hours. Trades will automatically close before and after Set Hours
- Time Begin – Hours are based on Broker’s Time: I started to trade at 6 AM . Please choose your Trading Time Zone
- Time End – Hours are based on Broker’s Time: I stopped trading at 5pm. Please choose your Trading Time Zone
- Total Orders Max – If open positions are greater than X, ALL Trades will close automatically preventing over leveraging
- DD – Draw Down amount is based on percentages. If Equity is less than X Percentage of account balance, all trades will close automatically preserving your risk Capital. For example, Only Risk 2% of your Account balance
