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London-based STIG Trader aims to mitigate burden of manual trading with launch of MT4-based trade management software
Innovation is most certainly the key to not only growth but also survival in today’s highly contested FX software business.
The very nature of the FX industry itself dictates that reliance on ever-evolving technology is paramount to engage new and existing traders in the face of advancing competition.
Today, STIG trader has been launched in London, positioning itself as a trade management software program for FX traders, representing a well-timed entry into the market of aids which assist retail traders to trade their own account considering the Financial Conduct Authority’s recent indication that it intends to regulate copy trading systems as investment managers.
Intended for compatibility with MetaTrader 4, STIG Trader’s developers consider it suitable for both novice and experienced traders, with the software’s main purpose being to eradicate the many challenges faced by retail FX traders who would otherwise trade manually Furthermore, it is able to be integrated with fully-automated or semi-automated trading systems.
At a basic level STIG Trader accurately calculates trade sizes and applies stop-loss and take-profit positions, based on volatility. Trades are managed with a trailing stop. This helps the trader focus on the process of trading and spotting opportunities rather than complex calculations.
In doing so, the software can manually or automatically modify settings while a trade is progressing so that stop-losses can be slowed down. This allows the trader to generate more profit if he/she sees the opportunity to do so.
STIG Trader also uses trade size variations to automatically recover losses, provides pyramid and scale-in positions as well as uses MetaTrader 4’s trend lines, CCI indicators or Fibonacci retracements to enter a trade.
In essence, further functionality includes the ability to integrate STIG Trader with signal generators to create bespoke semi-automatic or fully-automatic trading systems, and to be facilitate the management of multiple trades simultaneously.
The functionality is modular so that a trader can choose what works best for a particular strategy and everything is directly accessible from a chart interface for easy and accessible use. It is also compatible with MetaTrader’s Strategy Tester environment, operating as an effective Trade Simulator, allowing the trader to test trading ideas before applying them as well as providing a platform to practice their skills.
Dr. Neale Stark, Developer and Forex Trader says, ‘My idea for STIG Trader came from my desire to simply focus on the trading process and entry points for my trades, without having to spend time on calculations. It has grown into a much more sophisticated programme that is still easy to use, so it suits both beginners and advanced traders – regardless of trading strategy. Having received really positive feedback from the testing phase with traders of varying experience, I am confident that MT4 traders all over the world will benefit hugely from it.”