Introduction to Loss Recovery Trader MT5
Loss Recovery Trader MT5 is a trading bot that intriguingly has garnered a commendable amount of attention within the trading community. But don't get your hopes up just yet. The EA is claimed to be a 'loss recovery system' that magically turns losing trades into profitable ones, an alluring promise, to say the least. You'll find it amusing how a mere bot can turn the tables on the unpredictable Forex market. Let's cut to the chase and get to the crux of the matter.Installation and Configuration of Loss Recovery Trader MT5
Installing Loss Recovery Trader MT5 is a straightforward process, much like any other EA. Once you've purchased the software on MQL5, you can download it and install it onto your MT5 platform.The configuration part is where things might seem a tad complex, particularly to novice traders. But it's not as daunting as it appears.
1. Setting Stop-Loss and Take-Profit: As our friend Quincy Baraka pointed out, setting TP and SL for the first trade could be a bit tricky (qlbaraka-gmail). In this EA, the concept of SL and TP is slightly different. The bot uses a strategy that capitalizes on the market volatility to 'recover losses.' Hence, a conventional SL or TP may not be applicable here.
2. Trading Sessions: CryptorT, another user, suggested setting specific trading sessions (cryptort). While this feature might not exist currently, it could serve as a potential upgrade to enhance the performance of the bot.
Experience Using Loss Recovery Trader MT5
Loss Recovery Trader MT5 can indeed provide an interesting trading experience. Its unique approach in dealing with losses is certainly something that piques curiosity. As Duminda Athapaththu mentioned, it might be one of the few working EAs in the market (dumindapa). However, it is always wise to be skeptical and exercise caution when trading with bots.Tips to Improve the Loss Recovery Trader MT5
The strategy implemented by the EA might be effective in certain market conditions. Nevertheless, there is always room for improvement.1. Traders can use specific trading sessions to avoid trading during unfavorable hours.
2. Instead of having a fixed TP and SL for the first trade, a dynamic system, influenced by current market conditions, might prove to be more beneficial.
Source Code of Loss Recovery Trader MT5
Unfortunately, we don't have access to the actual source code of the original bot sold on MQL5. But, based on the description provided on MQL5, we can draft a code. You can check the draft on easytradingforum.com. Feel free to ask any question related to the code.It's important to note that EASY Trading Team has not partaken in selling the Loss Recovery Trader MT5 bot. We've only created a code based on its description.
Code:
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Should you be inquisitive enough to give Loss Recovery Trader MT5 a try, you can download it from the MQL5 marketplace. Moreover, remember to go over its performance statistics on forexroboteasy.com.But bear in mind, no trading bot is a surefire ticket to guaranteed profits. Handle them with care and skepticism. Happy trading!