Forex Trading Troll Perfect Trading Tool For Forex Mastery

Recently I purchased the Forex Mastery Home Study Course because it is one of the most complete courses out there. It uses custom indicators, market scanner and important price levels (called Bias and Key levels) to identify low risk, high profit, high probablility trades. And the great thing is, you can use the SAME system regardless of whether you are a scalper, day trader or position trader!

If you want to learn more about Forex Mastery, I’ve started a blog to document my experiences here: Forex Mastery University

OK… so what does this have to do with the Forex Trading Troll?

The Forex Mastery strategies use a scaling out and stop loss movement strategy that is a perfect match for the Trading Troll! To understand this, I am going to explain how many of the Forex Mastery students are executing this strategy… and then why I think the Troll is better (at least in my opinion). But first…

Why Use 3 Take Profit Levels?

The explanation they give for using 3 take profit levels is one of the most straight forward and intelligent ways of showing the power of scaling out of trades. Here is what each Take Profit level means…

Take Profit 1 – Builds Your Stop Loss Account. (This means you are putting money into your account at this level so you can take more trades in the future. At this point you also bring your Stop Loss to Break Even +1, so even if price comes back and takes you out, you’ve already banked enough profit to fund your next trade. Smart, huh?)

Take Profit 2 – Build Your Account Balance. (Since you are using proper money management principles in your trading (RIGHT?), you can only use about 2% of your account per trade. So when you take profit out at level 2, you are building this account balance so you can use bigger lots in the future. This means more profit per trade!)

Take Profit 3 – Builds Your Wealth And Cash Flow. (This is the best part. When TP3 is hit, it can be used to increase your account balance or you can use this money from something in the real world. You can treat yourself with these profits. Isn’t that why you got into Forex trading in the first place?)

IMPORTANT: One of the greatest things about the Forex Mastery system is it teaches you how to turn even a scalping trade into what’s called a GRAVY TRAIN which can run for hundreds or thousands of pips. Imagine getting into a trade with a 18 pips stop loss where your Take Profit 3 target isn’t hit until it reaches into the hundreds. Talk about excellent risk to reward ratio!

OK, now that you know why the Forex Master system uses 3 Take Profit levels, let’s talk about how most of the members are executing these trades.

Most of the students are using a script that they found on the Internet that when activated places 3 separate orders at the same time. Then they go in and modify the Stop Loss and Take Profit levels for each one to reflect the 3 TP levels. Then, once the TP1 level is hit, they manually go in and change the Stop Loss on the remaining 2 positions to Break Even +1, eliminating risk and locking in at least 1 pip of profit on the last 2 positions.

Some problems that I’ve notice by the comments during the live trading sessions are as follows…

Having trouble setting up the scripts.
Orders are executed at different price levels.
Or simply, the scripts don’t work.

And I would like to add…

You have 3 separate orders for each 1 order you place… which can be confusing.
And you have to manually enter the remaining 2 positions and set the Stop to break even +1 when TP1 is hit.

This is why I feel the Forex Trading Troll is better.

When I place a trade I place one order that is divisible by 3. For example, 3 mini lots. Then I set up the Troll to take profit at the appropriate take profit levels. I also set up the Troll to tighten my stop when price goes in my favor a number of pips, move the the stop loss to BE+1 when take profit 1 is hit and lock in profit when price is between take profit 2 and take profit 3.

If the setup looks like it might turn into a Gravy Train, I set TP3 hundreds of pips away. As the trade progresses I can keep going back and modifying the Troll to trail the stop and lock in profits.

For me, Using the Forex Trading Troll to manage my Forex Mastery trades is MUCH easier than trying to do it manually or using scripts. As a matter of fact, it is a perfect fit for the Forex Mastery trading system.

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