In this post I will be reviewing the Forex Profit Defender trading tool. Forex Profit Defender has been designed to run in the MetaTrader 4 trading platform and is a complete trailing stop money management tool that will allow you to manage orders that you have placed manually or with other forex trading robots. This trailing stop tool would be beneficial to any forex trader whatever your level of trading experience. It makes managing orders a lot easier and can also give you new ideas for ways to improve your money management by implementing one of the many different trailing stop options available.
Forex Profit Defender Features
As mentioned previously, Forex Profit Defender is not a fully automated forex trading robot that places order, it will however manage orders that you have placed manually or orders that have been placed with another forex robot that does not already have a trailing stop money management feature built in.
When attached to a chart, Forex Profit Defender prints two buttons for BUY and SELL. By clicking any of these two buttons you can open manual trades. These manual trades will then be fully managed by Forex Profit Defender using one of its trailing stop algorithms that you can choose from.
Forex Profit Defender has 3 integrated trailing stop algorithms:
- Simple trailing
- Bollinger bands trailing
- Parabolic SAR trailing
Forex Profit Defender is very flexible and can be used on any currency pair or instrument and any time frame. Using a trailing stop with your trading can lock in profit so winners do not turn into losers and help to ride trades. In the same way abs are made in the kitchen, an experienced trader can be made through sound money management – and discipline/controlled emotions of course!
Forex Profit Defender being an automated money management tool also ensures that your money management is consistent and that your emotions such as fear, greed and anger do not get in the way. It also includes high spread and slippage filters to ensure that you avoid trading in unfavorable trading conditions.
For the best possible trading conditions (low spreads and slippage) then I would use an ECN forex broker.
Forex Profit Defender Summary
Overall, this is a useful forex trading tool that is flexible and can be useful to every single forex trader whatever the manual or automated forex trading system that you are using is. The developers have a vast array of other forex tools and forex robots worth checking out on the Forex Profit Defender website. This particular forex trailing stop tool is very easy to use and also comes with full support, updates and a money back guarantee.