Forex trading, a lucrative but complicated field, has seen significant advancements in recent years, thanks to automated trading software. Among the various Forex trading bots available in the market, Otter Scalper has gained notable attention for its impressive breakout strategy and automatic money management. This article provides an in-depth Otter Scalper review, covering its strategy, performance, and key features.
Automated Forex Trading: The Breakout Strategy
Otter Scalper operates on a fully automated breakout strategy. It identifies and takes a position when a high or low is reached in the market. Due to the small average profit, this trading bot thrives best with a small spread, making it suitable for traders who prefer a more conservative approach.
One crucial aspect of this strategy is the security of positions. The Otter Scalper secures a position as soon as possible and employs a trailing stop loss to protect the investment. This strategy ensures the position’s safety, even when the market is volatile.
Forex Market Analysis: Trading Pairs and Timeframe
For optimal results, the Otter Scalper recommends trading pairs EURUSD and USDJPY. It operates on an H1 timeframe, making it a suitable choice for traders who prefer to analyze market trends on an hourly basis. However, the performance of the robot can vary depending on the broker, hence it is advised to choose a broker that offers a small spread.
Trading Bot Review: Money Management and Settings
One of the notable features of the Otter Scalper is its automatic money management. It has a minimum deposit requirement of $500. The settings associated with order management are extensively customizable. Traders can define the take profit points above the entry price, stop loss points below the entry price, and the maximum number of stop loss points below the price once triggered.
Moreover, traders can also adjust the trailing stop loss according to their risk appetite. They can set the number of points above or below the price to trigger the trailing stop loss, and even increase the trailing stop loss in points if the price gains momentum.
Forex Trading Strategies: Time Filter and Other Settings
The Otter Scalper also provides a time filter option, enabling traders to activate the robot for specific hours. The start and end hours of the robot can be set, providing a level of flexibility and control over the trading activities. Furthermore, traders can also decide the number of candles before the expiration of the orders, and the range for higher/lower.
FAQ
What is the recommended trading pair for Otter Scalper?
Otter Scalper recommends trading pairs EURUSD and USDJPY for optimal performance.
What is the minimum deposit for Otter Scalper?
The minimum deposit requirement for using Otter Scalper is $500.
Can I customize the trading settings in Otter Scalper?
Yes, Otter Scalper allows extensive customization in trading settings, including order management and time filter.
For further information, independent testing of this product is available on the forexroboteasy.com website. Interested users can also subscribe to updates on the results of testing this product. If you have used Otter Scalper, please share your experience to help others make an informed decision.
Note: This is an independent product review. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency of Otter Scalper.
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