Simple RSI trader

In the realm of forex trading, the Simple RSI Trader emerges as a user-friendly forex software solution. Designed with the aim of making forex trading more manageable, it utilizes the Relative Strength Index (RSI) indicator and several trading patterns to enter trades.

1. Trading Strategy

The Simple RSI Trader employs a distinctive strategy. It initiates one deal at a time, each of which is safeguarded by a stop loss and take profit, set within the software settings. This approach ensures that in case a trade doesn’t go as expected and hits the stop loss, the software has the capability to increase the lot size for the subsequent deal, thereby potentially recouping losses.

2. Key Features and Settings

Understanding the various features and settings of the Simple RSI Trader software is crucial for optimal utilization. It provides a range of adjustable parameters to tailor the software to the user’s specific trading strategy and risk tolerance.

One of the key features of the software includes the ‘Start_trade’ and ‘End_trade’ settings that allow users to specify the trading time. The ‘Lot’ parameter helps determine the size of the lot for opening the initial order. This is a fixed lot size that is used when the ‘Autolot’ function is disabled. The ‘minraznica’ parameter denotes the minimum difference in the closing price of the previous bar and the current bar.

Furthermore, the software offers an ‘Autolot’ feature which can be enabled or disabled according to the trader’s preference. When enabled, the lot size is automatically adjusted based on the ‘KAutolot’ coefficient. The ‘K_Martin’ serves as the multiplier for the next order in case the previous one hits the stop loss.

3. Risk Management Tools

The Simple RSI Trader software is equipped with ‘Stoploss’ and ‘Takeprofit’ parameters to help manage trading risks. The ‘Stoploss’ feature limits the potential losses on a trade, while the ‘Takeprofit’ feature secures profits when a certain price level is reached.

4. The RSI Indicator

The RSI indicator plays a pivotal role in the software’s operation. The ‘RsiTimeFrame’ setting determines the timeframe for tracking the trend using the RSI indicator. The ‘PeriodRSI’ parameter sets the RSI period, and the ‘RSILevelsell’ and ‘RSILevelbuy’ parameters indicate the RSI values for the initial sell and buy orders respectively.

5. Unique Identifier

Finally, the ‘Magic’ parameter serves as a unique identifier for trades initiated by the Simple RSI Trader. This is particularly useful for traders running multiple Expert Advisors simultaneously on the same account.

FAQ Section

Where can I find independent testing results for the Simple RSI Trader?

Users can view independent testing results of the Simple RSI Trader on the forexroboteasy.com website. They also have the option to subscribe to updates on the testing results of the software.

Can I share my experience of using the Simple RSI Trader?

Absolutely. Users are encouraged to share their experiences with the software, providing valuable insights for others considering its use.

Is this an independent product review?

Yes, this is an independent review of the Simple RSI Trader software, and it doesn’t represent the views of the product developer.

As with any trading software, users are advised to thoroughly understand all the features and settings of the Simple RSI Trader before utilizing it for trading in the forex market. The software’s user-friendly interface and comprehensive features make it a potentially valuable tool for currency trading.