Manual Trading is quite time-consuming and making correct calculations during fast-moving trades is a difficult task. Forex traders find it a hectic thing to calculate lot size for a running trade. 4xPip has designed an amazing product called Trade Manager. In this article, we are going to explain what is a trade manager and how it works. Read the complete blog to get detailed information about 4xPip Trade Manager. Let’s begin!
What is Trade Manager?
Forex Trade Manager is designed for Forex trading on both MetaTrader 4 and MetaTrader 5 platforms (MT4 and MT5). It offers a user-friendly trading panel that allows for quick and straightforward order placement. Users can easily set the opening price, stop loss, and take profit by simply dragging lines on the chart. The program also provides essential calculations such as the distance of SL and TP in pips from the opening price, the value in the account currency, and the Risk Reward Ratio.
This versatile tool is compatible with various symbols, including indices, CFDs, metals, futures, and cryptocurrencies, expanding its utility beyond currency pairs. Traders of all experience levels can benefit from the Forex Trade Manager, irrespective of their preferred trading strategy. Additionally, it serves as a valuable aid for participants in the Prop Firm Challenge, assisting them in optimizing risk management and enhancing their prospects of meeting the challenge’s requirements.
Lot Size Calculation:
In the Forex trading world, especially for beginners, traders commonly ask about the calculation of a transaction’s lot size. The Forex Trade Manager MT4 EA, which is available on MetaTrader 4 and MetaTrader 5 (MT4 and MT5), simplifies this process by automatically computing theFOREX TRADE MANAGER EA position size based on a specific risk percentage. This feature eliminates the need for traders to fret over complex formulas, providing a seamless solution. Traders can input the desired risk percentage in the trading panel or the account currency amount and then specify the Stop Loss level either through the panel or by adjusting the SL line on the chart. The program efficiently determines the appropriate lot size for the transaction. This streamlined approach ensures that traders effectively manage risk, highlighting the pivotal role of prudent money management as a cornerstone of success in the Forex market.
SL, TP, & Pending Order:
In the forex market, traders often face the challenge of Stop Loss Hunting, a practice where brokers manipulate prices to trigger customers’ stop losses. To counter this, traders can utilize the hide SL, TP, and pending orders feature offered by Forex Trade Manager. This function ensures that SL and TP appear solely as horizontal lines on the chart, without being transmitted to the broker. Once the price hits the SL or TP level, the EA automatically closes the trade. Users can adjust virtual SL and TP in the same manner as standard ones. However, it’s crucial to keep in mind that enabling stealth mode requires the continuous operation of the application.
Advantages of Trade Manager:
The MT4 Trade Manager offers a host of advantages that significantly enhance the trading experience. Firstly, it simplifies the process of order placement, enabling traders to swiftly set up Take Profit, Stop Loss, Trailing Stop, and Break-even orders before executing trades. Additionally, the tool facilitates efficient risk management by allowing users to calculate position sizes based on specific risk percentages, eliminating the need for complex manual calculations.
Furthermore, its hide SL, TP, and pending orders feature provides an effective shield against the practice of Stop Loss Hunting, ensuring a more secure trading environment. The incorporation of trade lines on the chart and the ability to work with various types of symbols expand the tool’s utility beyond just currency pairs, catering to diverse trading preferences. With its user-friendly interface and comprehensive functionality, the MT4 Trade Manager stands as a valuable asset for traders of all experience levels, fostering improved decision-making, streamlined operations, and enhanced overall performance in the dynamic forex market.
Trade Manager by 4xPip:
The Trade Manager, developed by 4xPip, is a top-notch EA (Expert Advisor) meant to assist forex and manual traders. It comes with a user-friendly interface and a time-saving calculator, making trading a breeze. This 4xPip Expert Advisor is a valuable ally for traders, enabling them to easily manage their trades. It allows them to adjust lotsize, either using fixed amount of lots or automatic lotsize based on their risk tolerance. This tool is game-changer, saving traders time with its built-in calculator, helping them calculate prices for placing various trades. It can handle Buy-stop, Sell-stop, Buy-limit, and Sell-limit, along with adjusting the Stoploss and Takeprofit according to the trader’s preferences. This automated system simplifies the trading process, handling trade placement, closure, SL, TP, and lotsize management effortlessly in just a few clicks.
In conclusion, Forex Trade Manager, designed by 4xPip, emerges as crucial asset for traders seeking to streamline operations and optimize trading strategies in dynamic world of forex. With its user-friendly interface, comprehensive features, and efficient risk management capabilities, Trade Manager stands as reliable companion for all traders. From simplifying order placement to automating lotsize calculations and providing shield against Stoploss Hunting, it embodies essence of convenience, security, and enhanced performance. With Trade Manager by their side, traders can navigate complexities of forex market with confidence, making informed decisions, and maximizing their potential for success.