Introduction
The forex trading world is a labyrinth, swarming with trading robots claiming to be the 'next big thing'. One among these myriad of choices is The Equity Protector. So, do we jump onto the bandwagon or smirk and move on? Let's find out.Installation and Configuration
Installing The Equity Protector is similar to other MQL5 based applications. Download the EX5 file, copy it to the MQL5/Experts folder in your MetaTrader5 directory, reload the Experts Advisors in your navigator window, and drag it onto your chart. That’s it. So simple that even my granny could do it.Configuring this beast though, is a completely different story. The settings are a conundrum. But don't sweat. Here's a quick low-down. The main parameters to alter are 'EquityStopTotal', which sets your total equity stop loss, and 'TakeProfit', the target equity to achieve before the robot ceases trading. Play around, experiment, and find what suits your risk tolerance best.
Experience of Usage
Using this robot has been a roller coaster ride - with more downs than ups, I must say. A user 'fergogodinez' showered a rating of 1, complaining that the robot doesn't deliver what it promises. I can't say I disagree with him completely. Remember, in the forex world, there's no such thing as a free lunch.Tips for Improvement
For better results, I would suggest keeping an eye on the equity curve and manually stopping the robot if it looks like it's having a bad day. Also, remember that this is a robot, so don't expect it to replace your personal judgement. Your gut feeling should always have the last word.The Source Code of The Equity Protector
Now, for a bit of truth. We don't have the actual source code of the original robot being sold on MQL5. What we do have is a code based on the description from MQL5. Feel free to ask questions if you have any. But remember, this is a sample code from easytradingforum.com based on the description of The Equity Protector sold on MQL5. We, at EASY Trading Team, don't sell The Equity Protector. We just create a code based on its description.
Code:
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If still interested, go ahead and try The Equity Protector. No harm in trying, right? You can download the robot from the official website - HERE.But, please do remember that robots are not a substitute for a sound trading strategy. So, keep those forex basics strong and happy trading.