WPRslow Indicator for Meta Trader 4



Table Of Contents:

  1. WPRslow Indicator for Meta Trader 4
  2. Some Advantages and Disadvantages of using the WPRslow Indicator for Meta Trader 4

The WPRslow Indicator for Meta Trader 4 is an indicator that is built on raw price action for the sole purposes of helping traders to identify when a market is trending and spot entry opportunities into the trend. It only works on the Meta Trader 4 charting platform and has a lot of benefits it can offer to traders who will be willing to add it to their trading system or as a part of their trading tools. Some of these advantages are outlined and discussed below.  

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Some Advantages and Disadvantages of using the WPRslow Indicator for Meta Trader 4

One of the major advantages of using the WPRslow Indicator for Meta Trader 4 is that it is very useful for helping to keep traders in a trade especially when a market trend hasn't finished. This means that the indicator can show a trader exactly when a trend is still on and the Trader can stay put in the trade he or she is currently in until the indicator signals that the trend has changed or that there is no more steam in the trend.

This is very good since it can help traders stay for prolonged trends and can be very useful and beneficial to a trader since most times, a long trend usually equals big money for a trader especially if the trader knows and understands how to enter correctly, the right places to enter a trade and how to add positions to an already existing trade when the opportunities arise to do so.

Another advantage that traders who use the WPRslow Indicator for Meta Trader 4 can derive from using it is that it is very good for spotting trend entries. This is very true as the Trader can use it to spot excellent entry opportunities into the market whenever it is trending as it provides buy or sell signals very early in the period when the trend is still getting started and this can easily help the Trader to capitalize on the trend and follow it all the way up or all the way down.

This means that the trader has to make sure that he or she keeps paying attention to the signals produced by the trend both when they are in a current trade and when they are not in a current trade as these signals can both tell a trader when to either enter a new trend start or when to close up some or all of his current positions in the markets since a new trend start might be imminent.

Traders will do themselves a while works of favor by watching the signals produced by this indicator together with the raw price action since both of them work hand in hand in helping a trader get an accurate and updated picture of what is really going on j. The markets. Hence a trader has to watch the indicator and plan ahead for a trader that might develop so that once the indicator gives out a signal, the Trader can just take the buy signal or sell signal instead of beginning to think of what position size or stop-loss size he or she will use in the trade.

Another added advantage to using the WPRslow Indicator for Meta Trader 4 is that it is great to know when the trend has changed. This means that a trader who has been in a trade for a prolonged period of time and has already gotten a lot of profits will know exactly when the trend has changed so that they can easily close up all their positions.

For instance, I once had a friend who had been in a trade for close to one trading month consisting of about twenty trading days. This friend was up about $64,000 at the time we met and started talking. After a couple of weeks, I got a call from him requesting to borrow about $15,000 from me and I became naturally inquisitive as to why he needed that amount of money.

As it turned out, my friend's account was almost going to be terminated by the brokerage and he needed some extra money to add to the losing trade in the hopes that it would turn back in his favor. This was because he simply wasn't aware of when the trend had changed and stayed stuck in the trade until he had lost almost all of the profits that he had made on the trade and was now in debt since the brokerage had been charging him swaps on the trade for the length of time it was open. I needed not convincing but my friend at the time was really impatient and needed the money as quickly as possible.

Eventually, someone else gave him only for him to call me about 4 days later and say that he was quitting forex. When I asked him why he just said that I should imagine how much he was up and how he lost all that money that he could have saved or used for something useful. He didn't even have a money management plan in place. I told this short story to illustrate exactly how important having an indicator that can tell a trader in very simple signals that a trend has completely changed against the trader's favor could be very beneficial to the Trader in the long run.

It is also important to emphasize that a trader should not just use this indicator with any arbitrary lot sizes they like. The Trader must be willing to use a very strict money management plan that guarantees the Trader of success in the long run and not just gamble in the markets by taking huge bets that can easily wipe away their accounts in a moment's notice. This is important because trading is more of a marathon than a sprint race and a trader must fully understand this before they decide to invest money into trading the markets. 

 

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I'm Mike Semlitsch the owner of PerfectTrendSystem.com. My trading career started in 2007. Since 2013 I have helped thousands of traders to take their trading to the next level. Many of them are now constantly profitable traders. 

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