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. There are 2 versions, one is built directly into the TFA Sniper to help you manage your trades while one more is built into your charts which works alongside your trading.
The TFA Sniper gives you all the information you need to be profitable and many soldiers have realized a happy 1-2% daily with it, all you have to do is to be careful and picky with your entries. It’s not easy, but I never said it would be. It’s a lot to absorb as you go on this path to be a truly profitable forex trader, so as much as often, refer back to our definitive guide to forex scalping to recap and master the art of trading through scalping.
Below is an explanation of the uses and settings that we have for the TFA Trade Manager (chart version) and the TFA Enforcer (trade manager built into the TFA Sniper).
This MT4 Trade Manager EA (different from the TFA Enforcer) works purely based off the charts you attach it on. It was designed to help traders easily place stop losses and take profit levels based on risk % after putting a pending order or market order. It also has additional features unique and exclusive to the TFA system by auto detecting whether price had entered into the DZ zone in the past x minutes (useful for the Pontus trading system)
Conventional method on MT4 is very tedious and brain draining every time you want to place an order :
1) Calculate your stop loss distance
2) Calculate the required lot size based on risk % of account
3) Place your pending order
4) Edit your order to the desired levels
5) Adjust your stop loss accordingly and usually inaccurately
6) Adjust your take profit level accordingly
7) Manually adjust stop loss to breakeven
8) Manually close % of position when price has moved % towards TP target
New TFA Trade Manager method :
1) Place your pending or market order at your desired level
– Default stop loss and take profit level is automatically set
– Lot size is adjusted based on your stop loss level and risk % of account
– Any adjustment to stop loss is automatically transferred to your take profit level based on pre-determined risk to reward ratio
– Lot size is automatically adjusted based on new stop loss levels
– Breakeven adjustment + offset when price is % towards TP target
– % partial close when price is % towards TP target
– Optional DZ Filter (to check if price had entered DZ zone X minutes ago and if it hadn’t, trade is not executed)
– Autoadjust market orders too (can’t adjust lot size of course)
– Optional trailing stop loss activation when price reaches X% of profit target (allows you to ride large moves all the way)
So you can see that the TFA Trade Manager has been designed to help you trade with complete ease from the charts. It frees up a lot of your mind and takes away the tediousness of checking, adjusting, readjusting and monitoring your orders.
To emphasize just how efficient this is, below is a video showing how the TFA Trade Manager works perfectly with any trading strategy you have.
How to use this TFA Manager : Make all changes before turning the TFA Manager into “Working” mode. If you want to make any changes to the settings, you have to turn if “OFF” first, make your changes, then turn it into “Working” mode again.
Risk to Reward Ratio : this is the ratio at which the Trade Manager EA will adjust all stop loss and take profit levels. So if this value is 1.0, it means when you set a stop loss of 10 pips, the take profit is automatically adjusted to 10 pips. If you adjust the take profit first, then the stop loss will be adjusted after.
Partial close : this is the % of your position you would want to close when price has moved in your favour and is “Percent from” your entry. Example would be if you have a lot size of 1.00 and your partial close is 50%. If your “Percent from” value is 40%, this means that when price has achieved 40% of your TP (hence it is “40 percent from” your entry) it will close off 50% of your open position which in this case is 0.50 lots.
SL Partial : This is the % of your position you would want to close when price has moved against you towards your SL.
Percent to SL is the distance it would have traveled towards your Stop Loss before you would close this amount of your position. Example would be if you have a lot size of 1.00 and your SL Partial is 40% and your Percent to SL is 40%. The Trade Manager would close off 0.40 lots when price has moved 40% towards your stop loss.
BE percent : this is the percent of your TP price would have reached before adjusting your stop loss to breakeven. If your TP is 10 pips away and this value if 60%, it means when price has moved 6 pips towards your TP before stop loss is moved to breakeven.
BE % lock : this is the number of pips of your current profit target you would want to lock in when price has been moved to breakeven. This is usually used to cover some commission cost. Example would be when BE pips is 20%, and your TP target 10 pips. So when price moves to the BE percent level (assuming 60% would mean 6 pips in profit), your stop loss would be adjusted to 0 + 2 pips (20% x 10 pips = 2 pips).
% Trail On : this is the % of your TP price would have reached before removing TP and replacing it with a trailing stop loss at current price offset by “Pips offset” number of pips. This feature is meant to help you catch those moves that breakout in your favour. An example would be if you had your TP at 10 pips, % Trail On at 90% and pips offset at 2.0 pips – once price has reached 9 pips in profit (hence 90%), your SL would be moved to 9 pips – 2 pips = 7 pips and start trailing price.
DZ Filter is used if you do not want to enter a trade because price had not entered into the DZ zone in the past X minutes. This is part of Pontus’ criteria where if price doesn’t go close to DZ zone in the past 15 minutes before entry, he would not enter a trade.
DZ Sensitivity 1 & 2 should remain as 10 for audusd, eurusd, usdjpy, usdchf, nzdusd although for currency pairs that are more volatile I would shift this to 20. You do not need to adjust this setting.
Distance to DZ is how far away from the DZ zone would you allow price to be to allow a trade to still occur. This is useful for cases where price nearly touches the DZ zone but doesn’t.
Number Minutes Back : this is how many minutes back before price touches your pending entry will you look back for.
Autoadjust is used if you want the TFA Manager to adjust your pending orders and your market orders. These orders do not factor in the auto risk % and is instead just used when you want to be able to adjust your market or pending order’s SL and TP quickly and accurately (based on risk to reward ratio). You can see how it works in the video above.
AutoSLTP : is used primarily for automatically setting your SL and TP levels when you place an order. It is especially useful for pending orders which usually require you to edit > enter SL > enter TP > drag to correct levels. This feature automatically sets a SL and TP level for you so you can easily drag the levels to your desired price.
Only Magic : this is if you intend to trade more than 1 strategy on your currency pair and do not wish for the TFA trade manager to handle every single trade for that currency pair.
Auto Risk % : this feature automatically adjusts pending orders and market orders to the correct lot sizes based on the stop loss and the risk % you have set. Very useful feature as it handles all the calculations for you even when you adjust your stop loss repeatedly.
Now that you’re done learning about the TFA Manager, it’s important you know that is was designed to complement the Breakout Pullback Strategy we designed here with the help of Pontus so be sure to check it out.
There are some areas that still requires touching up like the DZ sensitivities to auto detect currency volatility along with the trailing stop loss feature which can be further improved to add more flexibility. All these will be added in the next update and will be updated here.
The section below explains how to use the TFA Enforcer which is the built in trade manager for the TFA Sniper. You’ll find a whole host of explanations and while it can seem quite daunting, master it well and you’ll see how truly powerful this trade manager is in ensuring that you do not need to worry about a single thing once it starts managing your trade for you.
All you have to do is pick the correct levels to trade from (via our awesome TFA Sniper) and let the TFA Enforcer handle the rest.
sCurrencyPairs : These are the currency pairs you want active (up to 5 pairs for each window). They should be separated by a “comma” like AUDUSD,EURUSD,USDCHF etc.
sLaneTimeFrames : Fancy having more than 7 time frames? You can add weekly and monthly time frames if you like too. The full range is : 1,5,15,30,60,240,1440,10080,43200
fibWallCountValue : This is the “strength” you wish to give to each fibonacci box (includes both DZ and EZ levels)
fibPivotPointCountValue : This is the “strength” you wish to give each pivot point
DiamondCountValue : This is the “strength” you wish to give each dark red/green diamond
countFibPointsWithinPips : This is how close you require each fibonacci box to be to be considered a valid variable when calculating optimum entries. Eg. if this value is 1 and assuming minimumFibPointsForEntry is 5, then 00,00,00,01,01 is considered a valid entry.
minimumFibPointsForEntry : This is the minimum required “strength” of the variables when added up together to be considered a valid entry
spreadAlert : This is the maximum spread you would tolerate for your trade entries, if spread is above this level, the pending orders would be cancelled when price approaches it
newsFilter : You decide whether you wish to filter out high news events (4), medium (2), high + medium (6)
filterAfterNews : How long do you want to prevent the EA from entering trades after a news event?
filterBeforeNews : How long before a news event do you want to prevent the EA from entering into pending trades and cancelling existing pending trades?
entryMinimumZone : This is the default zone you would set (can be adjusted by clicking on the buttons later) when opening TFA Sniper
stopLossClusterMinimumDistance : What is the minimum distance away an optimum calculated stop loss has to be? (useful when ensuring you don’t set a SL of 1 pip for example)
stopLossClusterMaximumDistance : What is the maximum distance away an optimum calculated stop loss can be? (useful when ensuring you don’t set a SL 100 pips away)
stopLossPriceOffsetInPips : When an optimum calculated stop loss point is picked, how many pips above (for short trades) and below (for long trades) do you want your stop loss to be set? Eg. If my long stop loss is identified at 02, and this value is offset by 2 pips, then my stop loss would be placed at 00 (2 pips below the optimum calculated point).
elasticEntryPipRangeForPending : How “flexible” do you want your pending trades to be? Is it alright if the optimum calculated entry/SL is moved by 1 pips, or 2 pips?
takeProfitRiskRewardMultiplier : The default Risk : Reward multiplier you want attached to your currency pairs
breakEvenRiskRewardMultiplier : The default Breakeven Risk : Reward multiplier you want attached to your currency pairs. Eg. if this if 1.0, and assuming you have a SL of 10 pips, the system will move your SL to breakeven only when profit has rose to 10 pips for that trade.
entryWithinPivotPoint : This gives you the option to only enter trades when all conditions are met + is within X pips of a fibonacci pivot point (the dotted light green/light pink lines). It makes entries much stronger but much fewer too.
entryMaximumPivotPointDistance : This is the maximum number of pips away you’ll allow the fibonacci pivot point to be from your ideal entry level.
flagCalculationZoneWidthInPips : This is how sensitive you want the Flag Formation to be. Default is 100 pips range (50 pips up and 50 pips down).
flagTriggerValue : How strong should the Flag Formation be to trigger a Flag Formation powered trade?
tradeOnlyFlagFormations : If yes, TFA Sniper will only take trades which meet all criteria + meets minimum flagTriggerValue. If no, it will take all trades.
flagRiskRewardMultiplier : Do you wish to increase your Take Profit target when a flag formation is in your favour? Eg. If your normal TP : SL is 10 pips : 10 pips and you have a flagRiskRewardMultiplier of 2, your TP will be adjusted to 20 pips if your flagTriggerValue is met.
fixedLotSizePerTrade : Fancy fixed lots? Not advisable.
riskPerTradeInPercent : It’s always better to risk a certain percentage of your account per trade so you have better control over it.
pipsProfitOnBETrade : Once your trade has moved to breakeven, how many pips of profit would you like to lock in? (Some people use this to cover the cost of commission)