Learn How to Adjust Trading Parameters for PipXpert's Signal Copier
Why Risk Management Matters?
Risk management is a crucial part of successful trading. This guide will help you understand how to adjust parameters like lot size, message expiration time, and close percentages for each take-profit (TP) level to better manage your risk and trading strategies. These settings can be easily customized to fit your risk tolerance and account size.
Trade Opened With No SL (Stop Loss)
Enabling this option opens trades without a predefined Stop Loss, which removes the protection against major market movements. This increases the risk as the trade will remain open without any boundaries.
Trade Opened With No TP (Take Profit)
This setting opens trades without a predefined Take Profit, meaning the trade will remain open until manually closed or stopped out. Disabling the Take Profit removes an automatic exit point, increasing the potential for missed profits or extended exposure.
Lot Size
Set the desired lot size for each trade. This will define the number of units of the asset you’re trading.
Lot Size Calculator
This feature allows you to toggle between two options:
Fixed Lot Size: The copier will use the exact lot size you’ve set in the Lot Size field for every trade.
Risk Percentage: When selected, the Lot Size field is ignored, and the copier will risk a percentage of your account balance per trade based on the Risk in Percentage % field.
Message Expires after time (in Minutes)
The message expiry time dictates how long a signal remains valid. In this example, the signal expires after 3 minutes. After this time, the market conditions may have changed, and it may not be wise to enter the trade.
Adjustments:
- Shorter expiry times work well in volatile markets where quick action is needed.
- Longer expiry times (e.g., 5-10 minutes) can give traders more time to react, especially in less volatile markets.
Close Percentage Tp1/Tp2/Tp3:
Take Profit (TP) levels are set points where a portion of your trade automatically closes, locking in profits.
TP1: Close 50% – At this first target, 50% of your position closes, securing a portion of your profit while leaving the remaining position to potentially earn more.
TP2: Close 40% – When the second target is reached, another 40% of the remaining position is closed, locking in more profit.
TP3: Close 10% – The final 10% of the trade remains to capture any extended movements, maximizing your potential profit while already having secured a significant portion.
How to Adjust These Percentages:
- If you want to be more conservative, you can increase the percentage at earlier take profit levels (e.g., 60% at TP1 and 30% at TP2).
- If you’re more aggressive and want to leave more room for larger gains, decrease the initial take profit percentages (e.g., 30% at TP1, 50% at TP2).
Suffix
Some brokers add extra characters to the asset name (e.g., EURUSD.x, EURUSD.stp). Use the Suffix field to append any additional characters that come after the asset name.
For example, if your broker presents EURUSD as EURUSD.x, enter .x in the Suffix field.
Prefix
Similarly, some brokers add a prefix to the asset name (e.g., x.EURUSD). Use the Prefix field to add any characters that appear before the asset name.
For example, if your broker presents EURUSD as x.EURUSD, enter x. in the Prefix field.
Enable White List Pairs
This setting lets you control which pairs the copier will open trades for. When set to True, the copier will only open trades for the pairs listed in the Comma-Separated List of Allowed Pairs. This is useful for traders who wish to ignore specific pairs.
When set to False, the copier will open trades for all available pairs.
Comma-Separated List of Allowed Pairs
If Enable White List Pairs is set to True, enter your preferred pairs in this field, separated by commas.
List of assets:
EURUSD,GBPUSD,AUDUSD,NZDUSD,USDJPY,USDCAD,USDCHF,EURJPY,GBPJPY,XAUUSD
Note: We recommend setting Enable White List Pairs to True and using our full list of assets for easy future modification if you decide to remove a pair.
BreakEven Trades on TP1 Hit
When set to True, the Stop Loss (SL) will automatically move to the original entry point of the trade once TP1 is hit. This locks in a no-loss position for the trade after reaching the first target.
BreakEven Trades on TP1 Hit Above Open
This setting allows you to define how many pips above the original entry point the SL will be moved once TP1 is hit. For example, if you set this to 5 pips, the SL will be placed 5 pips above the entry after TP1 is reached.
Trailing Stoploss
When set to True, a trailing stop loss will be applied to the trade. This means that the stop loss will automatically adjust to follow the price movement, locking in profits as the market moves in your favor.
Fix Trail Start In Points
This field determines when the trailing stop will be activated, in terms of points (pips) from the entry point. For example, if set to 20 points, the trailing stop will only start adjusting after the market moves 20 points in your favor.
Fix Trail Stop In Points
This setting defines the initial distance between the trailing stop and the market price once the trailing stop is activated. For example, if set to 10 points, the stop will be placed 10 points away from the current market price once the trailing stop is triggered.
Fix Trail Step In Points
This defines the incremental adjustment for the trailing stop as the market moves. If set to 5 points, each time the market moves by 5 points, the trailing stop will move accordingly to lock in more profits.
Enable Time Filter
When set to True, the copier will only open trades during the specified time sessions. If set to False, trades can be opened at any time without restriction.
Start Time Session 1 / End Time Session 1
Define the start and end times for Session 1. This will set the first time window during which the copier is allowed to copy trades.
Start Time Session 2 / End Time Session 2
Define the start and end times for Session 2. This will set the second time window for copying trades, allowing flexibility for two different trading sessions.
Trade on [Day of the Week]
These settings allow you to toggle trading for specific days of the week. Each of the 7 days (Monday through Sunday) has its own toggle:
True: Trades will be allowed on that day.
False: Trades will not be allowed on that day.
How to Apply This in Risk Management:
Using these settings, you can effectively manage your risk. For example:
Lot Size: A smaller lot size helps minimize potential loss per trade, making it more manageable for traders with lower risk tolerance.
Take Profit and Stop Loss Adjustments: Setting appropriate take profit and stop loss levels ensures that you lock in profits at favorable points and limit losses in case of unfavorable market movements.
Trailing Stop Loss: This feature helps to secure profits as the market moves in your favor, reducing the risk of a complete reversal and preserving gains.
Conclusion
By customizing these parameters, you can control your risk exposure and ensure that you’re trading within your means. Always remember that proper risk management is essential for long-term trading success, and adjusting these settings can help you achieve consistent profitability.
Disclaimer:
The information provided here is for educational purposes only. Nothing in this guide should be considered as trading advice. Trading involves significant risk, and it is essential to understand your risk tolerance and conduct thorough research before making any trading decisions.