In the latest Remote Trade Copier v1.8 and Local Trade Copier v2.1 software version, we have integrated special stop loss features to protect your trades even better. Now you can set an emergency stop loss in pips which the Client EA can use, in case the trades do not have it. It means that even when a signal provider sends a trade without a stop loss (zero), the Client EA still sets a stop loss on your trade using the Emergency Stop Loss Pips value, which is a special Client EA input.
As soon as the signal provider sets a stop loss on the master trade, the Client EA follows it and replaces your emergency stop loss with the original stop loss sent by the signal provider. In other words, the emergency stop loss, if set, will always be used on all trades until they have no stop loss set on the master MT4 account.
The emergency stop loss feature helps greatly as far as the security of your trades and money are concerned.
There are signal providers that do not use stop loss for many reasons. In some cases, their automated Forex robots fail to set a stop loss.
Some signal provider use special Forex trading software such as the Stealth EA to hide stop loss from trades, which makes the whole process stress-free. However, in case of occurrence of some fault in your computer or if the MT4 crashes, while there is no stop loss set on a trade, it may end up in loss. That same trade on the master account will be closed either manually or by a Forex trade manager and avoid the loss.
Important thing to note here is that you should avoid setting an emergency stop loss value smaller than the original stop loss on a master trade. The trade on your account may hit the smaller stop loss while its master trade is running and it can even close in profit later. This will result in a financial loss for you.
Another great stop loss security feature is called the Zero Stop Loss Order Close In Seconds. This EA setting allows you to set time in seconds after which the Client EA closes a trade that has no stop loss. For example, if you set 60 seconds as the time limit, your Client EA will close the trade (running on a slave account) that has no stop loss after the 60 seconds time period.
To some, this feature might not seem to make any sense with the emergency stop loss; however, it can prove to be useful even with that. Imagine a scenario where something goes wrong and you are unable to set the emergency stop loss. In such a case, if you do not wish to have a trade with zero stop loss, you can rest assured that it will surely be closed by Zero Stop Loss Order Close In Seconds feature.
Both the above discussed features are disabled and not used by the Client EA if you set them to zero (default value).