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It is popular to see that many new traders wanted to place a postion (BUY/SELL) in a second urgently as the price may move rapidly making them lose a good entry point. This may not true for senior traders who consider whether the market met their strategy, then they would place an order in a calm-mind. However, once price definitely meets an entry strategy, place a trade order as soon as possible is needed for every trader.
Before placing an order, it should be planned in advance below main points:
1. Does market meet your tratergy ?
2. How much do you risk for the trade in amount of money (e.g 1,000 USD) or percent of balance (e.g 1% of balance) ? It is quite tough for you to calculate volume for this purpose once trading without auto-calculator tools.
3. Where is for a safe Stoploss that offers a good R:R but not easily to be hit ?
4. How much is expected profit ? Is it fixed R:R (eg. R:R = 2) or trailing for profit ?
5. What kind of order to place: Market Buy/Sell, or Pending Buy/Sell ?
Forex Trade Manager EA will help you to emplement mentioned above requirements in a fast maner once placing a trade with multiple options. Let see how it does !
- Setup risk volume and take profit for your trade
Explanation for the above paramters in the red boxes:
MaxAmountOfTrade: the maximum number of positions are allowed to place in the current chart. Example, the default value is 1, the EA wont make any new order if there is an existing possition on the current pair. You can adjust the value in your need.
Risk Amount (priority) ($): How many dollars that you want to risk in each trade, the EA will calucate an approximate value of volume responding to money amount. It is noted, it may not provide exact volume of trade to the money amount, there is a small difference.
Risk Percent (%): indicates the percent of balance that you want to risk for a trade. For example, your balance is 100,000 USD and Risk Percent (%) is 1, that means the trade amount will be 1,000 USD.
If both fields are setup with non-zero value, the value of Risk Amount (priority) ($) will be processed for the trade while value of Risk Percent (%) is ignored.
Reward_Risk Ratio: this is your expected Take Profit (TP), the default value is 2 which means that the expected profit is double amount of your trade amount. The TP will be automatically calculated based on your setup Stoploss.
Now, you completed plan for risk amount and TP, these parameters will be saved and resued for onward trades, you do not need to redo it for every trade. The next step is setup Stoploss which is ultmost important for any trade, the next part will explain how Trade Manager assist you to this job in a simple way.
2. Setup stoploss for your trade:
The EA will place stoploss per your instruction, no matter the stoploss is narrow or wide that does not impact to the above risk volume and TP. For example, you risk 1,000 USD for a trade, it will calculate respective volume regardless the stoploss is 30 or 50 pips.
There are four options to place Stoploss which help you to define and place a suitable stoploss according to the market conditions and your strategy.
Option 1: Using ATR Stoploss
It is common to see many traders determine stoploss based on Average True Range (ATR) value, this is because ATR represents for current volatile market condition; a higher ATR indicates a more volatile market, while a lower ATR indicates a less volatile market. By using a certain percentage of ATR, you ensure your stop is dynamic and changes appropriately with market conditions.
For example, in above screenshot, the default value of ATR which is common practice setup, you can always change them in your favour. To use ATR stoploss, you need to pay attention to three paramenters as in the red box, the rest options of stoploss are ignored.
Hereafter is an example of using ATR = 14, factor = 2, it shows a good stoploss position.
Option 2: Using “Back_Candles” method to place Stoploss
No Back Candles: the number of back candles that the expected Stoploss will be placed just below/above the lowest/highest wick of the range of candles.
Buffer of pips: the number of pips is the distance between the lowest/highest wick and the stoploss. The default value 03 pips mean that the stoploss is 3 pips below the lowest wick for Buy order, or stoploss is 03 pips above the highest wick for Sell order.
In many cases, it is convenient to use this method as it is common to see the stoploss should be place just below previous bottom/top as below screenshot. This option is my favourite one that I often use in my trades.
Option 3: Set Static StopLoss:
For this method, it is required only number of pips for stoploss as above screenshot.
Below screenshot is an example for set up a static stoploss with 30 pips. It is required to measure the numner of pips for stoploss before it is setup.
Option 4: Place Stop Loss with price
The most useful method to place a stoploss. Traders first select Trade_Sloploss_Type as “SL_Price_Line”, then click OK as above image.
The EA will automatically draws a red horizontal line (stoploss line), traders adjust the line to a target stoploss price, then hit an Entry Button in the yellow box as shown below screenshot. When a position is placed, a stoploss will set right at the red horizontal line with a repsective volume.
Summary:
At this step, we completed setting parameters for a trade which includes volume, stoploss and take profit. It suggest to save the setup as template which will be used for onward trades, then it will take you less than 30 seconds to place an order.
Next step, we will simply place an order which is market buy/sell, or pending buy/sell.
Thanks for reading !
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MT4 Trade Manager EA 