To open a new position in the trading terminal, a trader must manually select the direction of the transaction, the volume, if necessary, Take Profit and Stop Loss levels. This takes time, which may be limited. For example, when scalping. It is more convenient to do this in one click and, if necessary, change the values on the chart to suit the market situation. This is how automated trading orders from xSignals work.
Select a broker in the xSignals program, and register by E-mail/Password:
Select a demo account to test the automated forex trading software.
We will not consider in detail the process of connecting xSignals automatic orders to the SimpleFX platform. The process is not difficult, watch the video.
Here we go straight to the parameters:
There is a lot of data, but getting started using automated trading xSignals is not very difficult. We do this:
How to set stop loss and take profit? Everything is simple. If you see an “expansion” of the market, choose options with values greater than 5. If volatility is decreasing, take shorter options.
When there is a strong trend, open orders with a large Take Profit. For medium and long-term strategies, take more Stop Loss, so you can wait out pullbacks and corrections
Important. After the levels appear on the chart, look at how they are located relative to technical and chart patterns, local max/min, trend and channel lines. If necessary, move the line to the desired value. Read more about what is stop loss and take profit in our blog.
Let's move on to the usage example. The video shows three preferences for automated Forex trading from xSignals:
2. Hedging: the loss is compensated by opening the second author order on the active one with the opposite trend.
3. The transaction is not followed and is closed automatically by Stop Loss and Take Profit.
In the examples of trading with automatic orders from xSignals, we will use standard technical tools that all brokers have.
All strategy characteristics
Timeframe: Any in the range M5-D1. In our case, M5 is used, but with an increasing period of analysis, the accuracy of automatic stop loss and take profit an increasing.
Trading asset: Any crypto and active. The main requirement is a fixed (2-3 points) spread and no hidden fees.
Trading time: All sessions (Forex), 24 hours / 7 days a week (cryptocurrency).
Install on the chart:
After installing the tools, the terminal's working window looks like this:
The strategy uses two technical indicators.
Important. Before you start using hedging, make sure you have a clear understanding of how to use stop loss and take profit in forex trading. For the hedging second trade, this matters more than for the first main trade.
The euro yen cross pair which often has strong impulses with good profits. Sideway channel between the upper border and the middle line of Doncian. Stochastic is overbought. The signal can also be used for automated cryptocurrency trading.
Important. Auto orders xSignals are not PENDING orders, which are available in any trading terminal. They are opened at the CURRENT price, and PENDING ones start working only when the price REACHES the specified level.
Strategy on one indicator:
Automatic forex trading with xSignals orders allows you to quickly open a position in any market situation: from high intraday volatility or after the news to “calm” medium and intraday trading. It is also very convenient to immediately see the approximate levels of Taking Profit and Stop Loss: how they are located relative to the trend lines, max/min, and other "strong points" of the market.
Once again, we remind you that auto orders are only an additional tool for convenient trading. The basis will always be strategy and money management.