Transfer to lossless trading transactions with the help of ShowMeBe

One of the ways to reduce losses in Forex trading is transfer into breakeven open trade orders. If after entering the market the price has passed some distance in the direction of the transaction, the trader can move the set stop-loss to the order opening level. This means that in any event, the deal will not be unprofitable anymore. However, the disadvantage of this method is the fact that the trader may lose profit. If rolled back, the price may catch the SL and then go back in the direction of the closed order. Nevertheless, this method of risk reduction is used in many trading strategies. Loss transfer can be done manually. But if there are a lot of open orders, it can be difficult to perform this work in time. In such a situation a trader will be helped by ShowMeBe Expert Advisor, which I would like to tell you about today.

Installation and parameters of the EA

Installation of ShowMeBe in MT4 is performed according to the same scheme as the indicator installation. The only difference is that the file of the Expert Advisor should be placed in the folder “Experts”.

And now for parameters. There are a lot of them in the settings. But I will note only the most important ones.

In order to specify which orders (buy or sell) to work with, you should use the Direction parameter. The value “0” means that the Expert Advisor will work only with buy orders, “1” – with sell orders. If it is necessary for ShowMeBe to work with all orders, we will have to open two charts of the traded instrument. Set the parameter “0” on one of them, and “1”. on the other

CustomSL allows you to set the stop loss size. Activation of the ChangeSL parameter will allow the Expert Advisor to modify SL.

Parameter SL_BE_Distance defines the distance after which the order will be translated into a lossless position.

It is also possible to add a few points to the breakeven level. This can be done with SL_BE_plus_PIPs.

Enabling ChangeTP allows ShowMeBe to set TakeProfit.

Concrete value should be specified in CustomTP. If the SL_BE_plus_PIPs parameter is used, the CustomTP value must be zero.

If you wish, you can allow the EA to modify orders. To do this, activate the AllowModify. function

After installing ShowMeBe in MT4, an information window will appear in the upper left corner of the chart. It shows the breakeven levels for a particular currency pair, as well as take profit and stop loss.

If you want to make loss transfer using the ShowMeBe Expert Advisor, you can download it by clicking:show_me_beFyodorov’s Inga19.12.2018