Forex Trade Manager, a dynamic assistant designed for the seasoned forex trader. Unlike typical automatic trading robots or Expert Advisors (EAs), Forex Trade Manager doesn’t autonomously open positions or make trading decisions. Instead, it is an invaluable aid in manual trading, streamlining operations, and improving decision-making efficiency.
Features of the Forex Trade Manager
Position Management and Risk Control
- Quick Position Management: One-click operations to open, close, or reverse positions.
- Risk-based Lot Calculation: Automatic calculation of trade volumes based on the set risk parameters.
- Quick Pending Order Placement: Speedy setup of pending orders with adjustable parameters.
- Breakeven, Trailing Stop, and StopLoss/TakeProfit Setting: Easy setup and adjustment of SL/TP, breakeven, and various trailing stop strategies (including ATR, EMA, PSAR, HighLow) both before and after opening a position.
Advanced Order Management
- 3-Level Partial Close & 4 Types of Equity Auto Close: Manages partial or total position closure based on market performance or set criteria.
- Grid Support and Lot Increasing Modes: Advanced grid trading features with multiple lot size strategies and position management.
- Hedge Function: Enables the opening of hedge positions to mitigate risks.
- Closing Positions at a Predetermined Time: Schedule the closure of positions at a specific time.
Trading Strategy Assistance
- Trend Line and Channel Trading: Supports position opening based on trend line breakthroughs and uses equidistant channels.
- Dashboard Window & Detailed Position Information: Provides current market info and detailed analytics on open positions.
Enhanced Security and Stealth Features
- Stealth Mode: Conceals SL and TP levels from brokers.
- Spread Maximization: Sets a maximum spread value to prevent opening positions under unfavorable conditions.
User Experience and Customization
- Customizable Interface & Toolbar: Users can tailor the layout and quickly access key features.
- Alarms & Notifications: Set alerts for various trading events and position changes.
- Daily Profit Information & Making Screenshots: Tracks trading performance and allows for screenshot capture of trades for record-keeping.
This Forex Trade Manager can be used on any Forex currency pair and other assets such as commodities, Cryptos, Binary Options, Stock markets, Indices, etc. You can also use it on any time frame that suits you best, from the 1-minute to the monthly charts.
Main Chart and Functions of Trade Manager MT4
The Trade Manager MT4 main window offers various critical functions such as:
1. Main Control Panel Features
- Buy/Sell Options: For opening long or short positions.
- Partial Close: To part-close the last position.
- Close All: Instantly closes all open positions.
- Breakeven, Reverse, and more: For advanced position management.
Dashboard and Additional Windows
- Dashboard: Shows bid/ask prices, indicators like MA, CCI, RSI, and currency strengths.
- Profit Info Window: Displays profits in pips and currency.
- Account Info Window: Current balance, margin, drawdown, and more.
- Order List Window: Review and manage open positions.
- Order Properties Window: Detailed management options for selected positions.
Additional Features
- Guide Lines: For SL, TP, and other adjustments.
- Remaining Time to Next Candle: Helps in timing decisions.
- Pivot Lines: Display of pivot levels.
- Toolbar: Quick access to settings and features.
Toolbar Functions for MT4 Order Manager
The MT4 Order Manager toolbar is streamlined for efficient trading with combined functionalities. Here’s a more concise overview:
Display Controls
- Windows Show/Hide: Toggle visibility of the manager’s windows.
- Guide Lines Show/Hide: Control the display of trade management lines (StopLoss, TakeProfit) on the chart.
Trade Initiation Tools
- UseTrendLines & UseChannels: Open trades based on trend line and “Equidistant Channel” line breakouts, essential for trend-following strategies.
- OppositeTrendLineOrder: This complements the above by offering counter-trend trading options, opening opposite positions on trend line breakouts.
Position Opening Criteria
- OpenAfterCandleClose: Choose to open positions based on the candle’s closing position in relation to the trend line, adding a layer of confirmation to trades.
- OCO mode: Manage multiple trading setups by automatically canceling other orders or trend lines once one is activated, avoiding conflicting positions.
Post-Trade Management & Analysis
- DeleteTrendLineAfterOpen: Decide whether to retain or delete trend lines post-position opening for ongoing trade management.
- UsePreDefinedStopLoss: Set StopLoss and TakeProfit before trade execution for calculated risk management.
- MakeScreenShots: Automatically capture screenshots for record-keeping and performance analysis.
Conclusion
Forex Trade Manager is a sophisticated, feature-rich tool designed to ease the complexities of forex trading. It’s not just a trade execution tool; it’s a comprehensive system for managing, analyzing, and executing trades more effectively. Whether through streamlined trade management, advanced risk calculation, or customizable interfaces and alerts, Trade Manager MT4 caters to professional forex traders seeking efficiency and precision in their trading activities.