Last week, we discussed what automated trading is and how can it help you become a better, more profitable trader in the long term. Today, we discuss two systems that use some of the most exclusive trading algorithms & trading strategies you can find!
The software was created by a fintech software company with over 150 years of combined knowledge in coding and trading. In the last couple of months, they have released some of the most advanced trading software on a retail level. These are EGCX Vici Pro (Currency Pairs) and EGCX Gold Bot Pro(Gold/USD).
Both EGCX Vici Pro & EGCX Gold Bot Pro follow a scalping strategy that looks to open positions when the price has sudden spikes in the oversold and overbought conditions on the M5 timeframe. These Expert Advisors use three indicators to find entries on the pairs opened. These are RSI - Stochastic - Bollinger Bands. The good news is that if you already use these indicators with your manual trading, you can easily adjust them with EGCX Vici Pro for each currency pair you want to trade. On the other hand, EGCX Gold Bot Pro comes with optimised values for XAU/USD only.
What are the main features you can expect?
Both, EGCX Vici Pro and EGCX Gold Bot Pro come with several features that enable you to personalise them to find a set-up that works best for you. These include:
The daily target of your choice - as standard, the software will aim for 1% daily profit. You can adjust this to the level of your choice. Please always remember that this is a target only and not a guarantee. The final results will always depend on the current market conditions.
Account Protection - a feature that protects your account from sudden price spikes. All open trades will be closed and no new trades will take place on that day. A useful feature that allows traders to protect their accounts if there are any sudden price spikes caused by news releases.
Drawdown Management (Hamilton Closing) - this feature will close ‘first and last order only’ when in profit set by you. For example, if you have 3 orders open on a currency pair and this feature is enabled, the software will look at the first and last position for profit rather than the whole 3 orders. This allows the EA to close trades with a smaller retracement, which usually occurs more often!
Set Trading Days & Trading Hours - with this feature, you are in full control over trading times! You can select trading days and hours to avoid certain news releases or entire trading sessions! The software will continue to manage any open positions but will not open new trades if the trading time/day is disabled.
Auto Lot Size - with this feature, the software will automatically change the starting lot size on your trades based on the current account balance! This means it will increase lot size as your account balance grows and decrease lot size as you withdraw your profit! Please always remember to follow strict risk management suitable for the asset and account size you trade!
Higher Timeframe Trend Identifier - this feature enables you to choose a higher timeframe to confirm EAs entries with a higher timeframe trend! This enables the EA to find better quality entries and protects your account from trading against the stronger trend!
Single Position Take Profit/Stop Loss - you can enable the software to trade a single position with a Take Profit/Stop Loss level of your choice! This feature allows you to have even bigger control over your risk to reward ratio. It’s also a great feature to use on funded accounts, as you know your max loss should the trade hit SL!
Trailing Stop Loss - another feature that allows you to increase profits on your winning trades! With trailing stop loss, you can now benefit from a strong momentum of your winning trades!
Minimum Margin - this feature protects your account if your margin level falls too low! You can select this value yourself and once the margin is below this level the software will not execute any new trades until the Minimum Margin Level has been achieved again.
The above are just a handful of features that we believe differentiate this software from most EAs out there. You can (& are encouraged to) personalise the settings to suit your risk appetite! However, if you’re not 100% sure if this level of personalisation is for you, the creators of this EA have released User Input Manual with over 30 different settings to help you start your journey!
If you’d like to learn more, feel free to check their website where you can find all the options available!
As with any trading strategy (manual or automated) it is always recommended to test it on a demo account first. It allows you to fully understand how the software works and what impact different settings will have on your trading results. It is recommended to demo it for at least 2 months. It gives you a better overview of the performance over a longer period. Trading (both manual and automated) should always be considered as a long-term investment and not a ‘get rich quick’ solution.
Thanks for joining us this week! Please remember that today's lesson is not trading advice and was shared with you for educational purposes only. As with any strategy, past results cannot guarantee future results, so always make sure you’re 100% confident and comfortable with the strategy you pick!
Join us next week as we start a new chapter of our trading education! We will focus on various Trading Top Ten that can help you improve your results!