Forex trade manager EA (Expert Advisor) is a powerful tool that can help traders manage their trades in the Forex market. This software is used for managing manual trades that the trader places themselves. It does not have an automated trading strategy built-in. It is a “money-management EA” for automatically managing any positions the trader takes.
In this article, I will be taking a look at how the Forex Trade Manager EA works. Hopefully, that will help you to decide if this is a forex robot that you would consider using on your trading account.
What is the Forex Trade Manager EA?
When trading, forex trade manager can be a useful and essential instrument. The forex trade manager can help both novice and experienced traders. The most significant advantage is the speed with which a trader can complete duties on the trading terminal, allowing them to be reactive in even the most volatile markets.
This trade manager has been designed to be user-friendly for both experienced traders and newcomers. The main features of this trade manager are described in 3 easy to use Panels called; Execution, Management and Equity.
- Execution
This is where trades are executed in real time, as the term implies. It is further divided into the following sections to enable this.
Automatic Risk Calculation – Based on his account balance, the user will be able to determine the exact lot size required.
Break Even & Partial Close – Breakeven – Once in profit, the user will be able to instantly move his Stop Loss to breakeven. Partial close enables the user to close half of his position in order to salvage some earnings.
Close Trades – This option gives the user the option of closing ALL trades, only the LOSS trades, or only the PROFIT trades.
- Management
This section enables you to toggle the Trailing Stop function on and off. As your trades continue to make money, the stop loss will shift behind them to protect that profit. You will have complete control over where the trailing should begin and how many pips it should be changed each time.
This section also displays the user’s present trading balance, equity, and drawdown. Having this information on your dashboard eliminates the need for you to keep your toolbox menu available at the bottom of your trading terminal, enabling you to see your trading chart and other tools more clearly.
- Equity
This is arguably the most important section because it enables you to control something that every forex trader struggles with: RISK MANAGEMENT. We have the Daily Equity Protector and the Weekly Equity Protector in this area. The Daily Equity Protector is divided into two parts: Daily Profit and Daily Loss, and it effectively prevents you from making any new trades once the criteria is met.
For example, if I set my daily equity profit target to be $500, this means that if my account gains $500 in profit, trading is disabled until the next trading day begins. For Daily Equity Loss, it is the same thing. If the maximum loss for the day is $500, all trading will be disabled until the next trading day. The Weekly Equity Protector also works in the same way.
This equity part was designed to assist traders psychologically and to keep them from retaliating by trading.
Forex Trade Manager EA Features
- Can be used on any currency pair
- Can be used on all timeframes
- Manage trades on the MetaTrader 4 platform
- Built-in money management features
- Can be used on both real and demo accounts
- Customizable input parameter values
Forex Trade Manager EA Settings
- Lot for Balance – Automatic lot calculation volume
- Balance – Automatic lot calculation step
- Comments – Comments
- Trailing On/Off – Trailing stop on/off
- Trailing Start – Trailing start in points
- Trailing From – Trailing from in points
- Trailing Step – Trailing step in points
- Break Even & Partial Close
- Take Profit – Take Profit in points
- Stop Loss – Stop Loss in points
Conclusion
Forex trade manager EA (Expert Advisor), as the name implies, is a powerful tool that can help traders manage their trades in the Forex market. As mentioned, the EA does not make trade decisions or execute trades on behalf of the user, it manages trades that the trader takes based on their own market analysis. Forex trade manager EA can provide traders with many benefits, including the ability to manage multiple trades at once, set stop-loss and take-profit orders, and reduce the impact of emotions on trading decisions.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
