It is important that every forex trader is a master of his emotions, and while that would ideally be fantastic, we at The Forex Army go one step further by creating what is simply the best MT4 Trade Manager EA for you. It is built directly as an Expert Advisor (EA) that you place on your MT4 chart. How awesome is it? Well read on and find out.
We have many strategies here at The Forex Army and let me warn you, having a strategy is one thing, executing it is a whole other story. One part where many traders fail at is the ‘trade management’ part of trading. They miscalculate their lot sizes, they do not set stop losses, do not have proper risk to reward ratios for their trades, place stops at wrong levels and do not know when to take partial profits and move their stops to breakeven in order to protect their profits.
I have personally suffered from many of these problems and hence my decision to develop the best MT4 trade manager that will solve all these once and for all. Below is an explanation of the uses and settings that we have for the Ultimate Trade Manager we have develop to help traders manage their positions with unbelievable ease.
This MT4 Trade Manager EA works purely based off the charts you attach it on. It was designed to help traders easily define your risk amount (in terms of equity %, lots or absolute dollars), pick your entry, your stop loss and your take profit. It also has these additional features :
- Breakeven feature allows you to set the price level where your stop loss would be moved to breakeven
- Partial profits feature allows you to set the price level where you would close partial profits (adjustable % of open position)
- Trailing stop loss feature provides you 4 different trailing stop options to choose from (parabolic SAR, chandelier exit, normal trailing stop, step trailing stop)
- Stealth stop loss feature allows you to hide your stop loss and take profit in case you feel that your broker is hunting your stops (there are brokers who do this)
- Decoy stop loss feature allows you to set a decoy to your stop loss and take profit such that you the MT4 Trade Manger EA would close off your position before TP/SL is hit. This is particularly useful for profit targets as there are many times you notice price reversing right before it hits your profit target – fishy right? This feature allows you to take your profit before that ever happens.
- News filter feature is built because many traders do not want their open/pending positions to be around when high impact news events come around. Example : if you have an pending EURUSD trade, you can choose to delete it 15 minutes before NFP news arrives and open it 15 minutes after NFP news is done. This allows you not to be caught out by the wild volatility of that news event.
- Spread filter feature allows you to get into positions only when spread is in your favour. Brokers like to spike spreads when your entry price is reached, causing you to be slipped negatively (and hence they profiting). What this feature does is that it prevents a pending order from being triggered if the spread is too high and only actives the pending trade when spread tightens to an acceptable level.
- Calculate your stop loss distance
- Calculate the required lot size based on risk % of account
- Place your pending order
- Edit your order to the desired levels
- Adjust your stop loss accordingly and usually inaccurately
- Adjust your take profit level accordingly
- Manually adjust stop loss to breakeven
- Manually close % of position when price has moved % towards TP target
- Define trade helps you easily select how much you want to risk on each trade
- Use the state-of-the-art bars to easily select your entry, stop loss, take profit, breakeven, partial profit, trailing stop loss levels. If you don’t want to use any of them, just press the “X” at the top of the bar.
- Choose whether you want any advanced features such as stealth/decoy stop loss. When done, click ‘place trade’.
Done. It can be that simple. You essentially squeezed a 10 minute process into less than 30 seconds.
It’s because you trade off the charts and it’s easier to see which levels you want these important levels to be at. Sure, it shows you the number of pips that your stop loss/take profit has, but what is more important is how these levels look on the entire chart, right? Not sure what I mean? Well imagine this : You have a strategy that tells you to set a take profit of 100 pips. If you use a standard approach of just placing 100 pips, you turn a blind eye to what the charts are telling you and that is very very dangerous. What if your 100 pips take profit is 5 pips higher than a major swing high that has not been successfully passed for the last 3 weeks? Wouldn’t it make more sense to simply have a 95 pips take profit in this case? Why risk the entire profitability of a trade for 5 pips? Because of this, it’s always better to reference the chart when placing your key stop loss/take profit levels. Below is a picture example of what I mean :
Please watch the video below to get an idea on just how intuitive it is to use our trade manager.
Upon completing the entire course (until stage 8), you will have an option to get this Ultimate Trade Manager.
- Explanation : You can see that there are a total of 6 grey bars. Each grey bar stands for a different setting. From left to right, they stand for : entry, stop loss, take profit, breakeven, partial profits, trailing stop loss. You would click on a bar to active it. Clicking on the extreme left bar would active your ‘entry’ price selection. You then need to move the mouse up and down to select where you would want your entry to be. If you want to have a market order (instant execution at current market price), then you do not need to click the first bar on the left and can straight away move to picking your stop loss, take profit, other levels.
- Risk : Risk setting allows you to define how much risk you want to allocate onto this trade. Adjusting one value would automatically update all the other values. Example, if your account is $100,000 and you adjust the value under “% of equity” to be 1%, then the fixed lot value and money value will be adjusted automatically. This is done by how the trade manager EA automatically detects your stop loss and as you continuously adjust the stop loss, the trade manager EA will continuously adjust and update your lot size.
- Trade : This is basically what your current trade details are. The only thing you should need to pay attention to is the last part that says TP1 which has a field that is 50. This means that 50% of your position would be closed when your partial profit is reached. You can adjust this accordingly to however much you would prefer. If you want to turn if off, you can set it to 0 or simply ‘hover’ over the ‘partial profit’ grey bar and a “X” will appear right at the top of the bar which you can click on to disable the particular bar.
- Advanced : These are advanced settings that allows you to customise your trade even further.
- Stealth SL/TP hides your stop loss and take profit from the broker. But to use this, please ensure your EA is always running and do not close your MT4. The reason for this is if you close your MT4, the EA is unable to active your stop loss/take profit when price reaches it.
- Decoy SL/TP adds a small decoy in terms of pips to your stop loss and take profit. Example if you have a buy entry and your stop loss is at 1.0005. If you add a decoy of 5 pips, then your stop loss is artificially set at 1.0000 but the trade manager EA remembers that your stop loss is really at 1.0005. Again, please ensure your MT4 remains open if you wish to use this feature.
- Max spread allows you to determine what is the maximum spread you would allow for all your pending trades to be activated. If the spread is too wide, it will wait until spread goes down before activating the trade.
- News (pending) means how many minutes before/after news events you want to turn off all pending orders.
- News (active) means how many minutes before news events you would want to close all your opened active otders.
- Trailing allows you to set the different trailing stop losses. In the left example, you can see “Simple” trailing stop is activated. You can simply click on the word “Simple” and it will auto rotate between the different ones you can select.
Having a proper MT4 Trade Manager is very important. It not only helps you manage your trades better, but it also helps you stick to your strategy. You’re able to clearly define your strategy at the start of every trade you place and let it work itself out. There are countless number of times I would meddle with my stop loss and take profits previously before I built this trade manager – this led to me second guessing my trades and causing me to make changes that would ultimately come to haunt me.
- The Ultimate Trade Manager.ex4 should be placed in your “expert advisor” folder. To do this, open MT4 > File > Open Data Folder
- With the new folder opened, you have to navigate to MQL4 > Experts > paste the Ultimate Trade Manager.ex4 into here.
- The next thing you have to do is to enable your MT4 to allow expert advisors. On the top of your MT4, there is a button called “AutoTrading”. Ensure that it is green and not red by clicking on it.
- After that, you would need to go to tools > options > Expert Advisors and ensure that the 2 boxes shown in the picture are “checked”
- Once you’re done with all that, you have to enable “chart shift” so that the Ultimate Trade Manager has space to operate.
- To do that, press F8 > Common > ensure “chart shift” is checked as seen in the picture below.
- Once you enable “chart shift”, this nudges your chart to the left giving you some space on the right for the trade manager to be at.
- You can adjust how much space you want on the right by sliding the little arrow left/right as seen in the picture below.
Once you’re done with this step, you have successfully installed your Ultimate Trade Manager!
Before you begin, it is always important to “define your trade”. This step is to help you determine how much you would like to risk on a certain trade. You can choose to risk (only pick one) :
- X dollars
- Fixed number of lots
- Risk % of your account
The Ultimate Trade Manager will remember this value as you set your trade. After you have defined your trade, you can choose whether you want to “Buy” or “Sell”. Clicking either of this would open up 7 bars for you to use. To use the bars, all you have to do is click on the specific bar and drag the line up/down to your desired level. Now, we will go through what each bar stands for :
- The Blue Bar = Open Price
- The blue bar is adjusted to where you want your order to be triggered.
- If you don’t click and move the blue bar, it will open a market order the moment you click “place trade”.
- If you click and move it, then it will execute a pending order the moment you click “place trade”.
- The Red Bar = Stop Loss
- The red bar helps you adjust your stop loss.
- The lot size is auto calculated no matter where you move your red bar to.
- The Green Bar = Take Profit
- The green bar helps you adjust where you want to close your position fully.
- The Yellow Bar = Breakeven
- The yellow bar is your breakeven point.
- What happens when price reaches this level is your stop loss would be moved to your entry.
- This essentially means if price goes back up to your entry and stops you out, you will exit at breakeven (no win no loss).
- Your breakeven level can only exist between your entry to your take profit.
- The Purple Line = Idea Invalidation
- Now, the concept of idea invalidation is not common in the market place yet. But it’s a crucially important tool when it comes to trading.
- Think of it as the “opposite of breakeven”.
- When price reaches this idea invalidation level, your take profit would be moved to your entry.
- The logic behind this is simple : When your original idea is not working, it is best to get out as soon as possible.
- The Light Green Bar = Partial Profit
- You know sometimes you want to close off part of your position but not the whole position?
- That is where our partial profit bar comes.
- You can adjust the % of your position you want to close (by default it is 50%) as seen in the picture above.
- The Pink Bar = Trailing Stop
- The pink bar selects the level at which your trailing stop loss would be activated.
- Currently we have a few popular trailing stop loss methods such as : Simple, Steps, ATR, Chandelier and Parabolic Sar.
- You’ll be able to adjust the settings of each trailing stop loss method once you select them under “advanced”.
- The first feature you should be aware of is when you have placed a trade.
- If you have placed a pending order, you can click on any of the many different coloured lines and it will “reactivate” the trade.
- From here, you can adjust any of the levels you wish and the Ultimate Trade Manager will ensure everything is properly placed.
- If you wish to adjust your stop loss of a pending order, all you have to do is : click on the red line (to reactivate the trade) > click on “Define Trade” and ensure the parameters are correct > adjust your stop loss with the red bar > “Apply Changes” > “Done” This will ensure that your lot size is also auto-calculated to suit the risk you have assigned for that trade.
- If you wish to adjust your stop loss of an opened order, you will do the same thing above. The only difference is that the loss size will not be adjusted to protect yourself from randomly closing off large amounts of your position. Now the next thing we want to focus on are the “Advanced” settings :
- Stealth SL/TP means to hide your stop loss and take profit from the broker. When you enable this feature, your trades won’t have any stop loss/take profit. It’s important to ensure your MT4 is always running when you use this feature because if you turn it off, the Ultimate Trade Manager would not work and you would be having a trade with no stop loss/take profit.
- Decoy SL/TP means you are able to add X pips to your stop loss/take profit to decoy the broker. Example : your buy order stop loss is at 1.0010. If you add 5 pips decoy to it, your stop loss would be at 1.0005 as seen by the broker, but it is actually at 1.0010 (the Ultimate Trade Manager will recognize this).
- Max Spread feature protects you from being filled on a trade when the spread is too big. For example, you have a pending order on EURUSD. But when price reaches your entry through a volatile news event, the spread is 20 pips. If your Max Spread setting is at 3 pips, the Ultimate Trade Manager protects you by preventing you from entering into a trade until the spread drops to 3 pips.
- News (Pending) feature removes your pending order X minutes before a news event and places it back X minutes after a news event. This is useful especially when you don’t want your trades to be affected by high volatile news events.
- News (Active) feature removes your opened active orders X minutes before a news event so that you don’t get affected by the high volatility news events.
- In both the news features mentioned above, you can adjust whether you want to be affected by high/medium/low impact news and also whether you want the news events to be displayed on the chart (via a vertical dotted line).
- The concept of idea invalidation was actually created by me through my years of trading experience.
- When you get into a trade, you think that it will work a certain way. But when it doesn’t work out, it means you should get out as soon as possible.
- Here are some examples below on how idea invalidation would work :
Example 1 :
Example 2 :
Example 3 :
Example 4 :
Example 5 :
Now that you better understand how the Ultimate Trade Manager helps you manage your trades and risks properly, it’s finally time for you to learn about the high probability trading strategies we have. You can get a copy of this Ultimate Trade Manager for free at the end of the 8 stages of bootcamp. For now, congratulations on making it this far! Please proceed to the next course, soldier!