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.
(Literally) Hundreds of people have asked me to release the Ultimate Trade Manager as a separate tool from our standard package. This is largely because they tend to have their own strategies which they want to continue using. So I’ve finally decided to let others get access to this system. Simply click the button below to get your lifetime licensed copy.
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 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.
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.
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.
(Literally) Hundreds of people have asked me to release the Ultimate Trade Manager as a separate tool from our standard package. This is largely because they tend to have their own strategies which they want to continue using. So I’ve finally decided to let others get access to this system.
Simply click the button below to get your lifetime licensed copy. Because you have read the whole article, I will now give you a discount coupon. Please use this coupon code on checkout to get your discount : IREADTHEWHOLETHING
Cheers buddies, and happy trading!