An Unvarnished Guide to Mastering the Art of Trading with Lot by Risk
The forex marketplace is a tumultuous ocean packed to the brim with formidable sharks and unpredictable currents. Amidst this chaos, we introduce you to the dependable lifeboat of Lot by Risk. A piece of trading software as pragmatic as they come, Lot by Risk maneuvers through the merciless waves of the foreign exchange market with calculated precision. This guide will dissect every aspect of its functionality, from installation to optimization, all through the disinterested eyes of a seasoned trader cum programmer. Brace yourself for an unembellished exploration of Lot by Risk.
Installation and Configuration
Installing Lot by Risk might appear deceptively simple. Downloading the trading robot from the official website (https://forexroboteasy.com/trading-robot/lot-by-risk/) and pasting it onto the MQL5's experts folder can be accomplished by any layman. However, the real game begins when the robot is launched in MetaTrader5.
A multitude of parameters awaits your customization, each capable of transforming your trading experience. The 'commission' parameter raised by our friend ricardo7307 is just the tip of the iceberg. Set at default 7, it accounts for the broker's commission for every trade. Adjust it to match your broker's rates to maintain the accuracy of your risk management.
Experience of Use
Despite the accolades and the 4.85 rating, one should approach Lot by Risk with measured skepticism. It's a device of convenience, not a magic bullet. As tradepositive rightly pointed out, Lot by Risk efficiently manages risk, optimizing your trades whether you're operating with tight 2 pip stop losses or more expansive ones, but it is not a strategy in itself. It is a tool, and how effectively you use it will ultimately determine your success.
Tips for Improvement
The robot’s operational strength lies in its simplicity. But remember, even the sharpest blade dulls without proper maintenance. Regular updates to your commission rates, stop-loss points, and other user-inputted variables are crucial to ensure Lot by Risk performs at its best.
The Source Code of Lot by Risk
Although the actual source code of the original robot that is sold on MQL5 is unknown, it doesn't prevent us from devising our own version of the code, drawing inspiration from the robot's description. Keep in mind that any queries concerning the code should be directed towards us.
Code:
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Consider this as an invitation. Dive into the volatile waters of Forex with Lot by Risk available for download and witness the wave of change it brings to your trades. Questions, doubts, criticisms? Bring them on. The EASY Trading Team, creators of the illustrative code based on Lot by Risk, is ready to indulge your curiosity.
And remember, despite the high praise and positive reviews here , it's only sensible to approach this tool with caution. There's no shortcut to success in forex, but a device like Lot by Risk can make the journey a little less treacherous.