Legend Trade Management System Review

Legend Trade Management System is a forex trading solution designed to try empowering traders of all levels with its technology. Powered by an advanced machine learning algorithm, this fully automated system tries to excel at real-time price prediction, where it tries to offer unmatched accuracy and precision. Whether you’re a seasoned professional, an intermediate trader, or a beginner taking your first steps, this platform tries to equip you with every essential tool to try elevating your trading career. With a blend of automation and manual control, the Legend Trade Management System tries to stand as one of the choices available in the market, trying to provide you with the competitive edge you seek.

Main Features of Legend Trade Management System

  • Automatic Trading on Multiple Pairs and Timeframes: The Legend Trade Management System allows you to effortlessly engage in automatic trading across various forex pairs and timeframes, optimizing your trading opportunities.
  • Highly Accurate Machine Learning Algorithm: At the core of this system lies a sophisticated machine learning algorithm that boasts exceptional accuracy and reliability, empowering you with precise predictions in real-time.
  • Buy & Sell Trading Signals: Receive clear and actionable buy and sell signals, complete with entry price, take profit, and stop loss levels, providing you with well-defined trading opportunities.
  • Order Management Dashboard: Take control of your trades with ease using the intuitive Order Management dashboard, allowing you to execute manual trades efficiently.
  • Customizable Trading Strategy: Craft your own trading strategy without any coding required. This system offers a developer-friendly option for automation, ensuring your unique approach can be seamlessly implemented.
  • Currency Strength Meter: Effortlessly identify strong and weak currencies with the Currency Strength Meter, aiding in your decision-making process.
  • Technical Analysis Panel and Dashboard: Enhance your chart analysis with the Technical Analysis panel, offering comprehensive insights into market trends and patterns.
  • Account Report and Performance Statistics: Keep track of your trading account’s performance through detailed statistics and reports, providing valuable insights for improvement.
  • Task Manager: Automate essential trading tasks, including order placement, price alerts, and trade closures, streamlining your trading process.
  • Trend Scanner: Quickly identify trends across multiple pairs and timeframes using the Trend Scanner feature, allowing for well-informed trading decisions.
  • Compact View: For users with smaller screens or lower-resolution displays, the Compact View ensures improved visibility and accessibility.
  • Stealth Mode: Protect your trading strategies with Stealth Mode, concealing Stop Loss and Take Profit values from your broker.
  • Order Management and Editing: Effortlessly manage your trades with the ability to edit, close, hedge, and reverse orders using the built-in management dashboards.
  • Manual Grid Orders Management: Automatically manage manual grid orders, optimizing your trading performance.
  • Account Protection: Safeguard your account from high drawdowns and ensure profit protection, providing peace of mind during volatile market conditions.
  • Keyboard Shortcuts: Interact with the dashboard efficiently through user-friendly keyboard shortcuts.
  • Trailing Stop and Breakeven SL: Set trailing stops and breakeven stop-loss levels for both automated and manual trades, minimizing potential losses and locking in profits.
  • Pair Screening and Filtering: Customize your trading experience by screening and filtering pairs based on your specific technical criteria.
  • Performance Tracking: Monitor your account’s overall performance and track the individual performance of each traded pair, facilitating strategic adjustments.
  • Price Action Indicators: Leverage a suite of price action indicators, including automated Supply/Demand zones, Fibonacci, Trend lines, Candlestick patterns, Pivot points, Keltner Channel, and Donchian Channel, all seamlessly integrated into the system.
  • Forex Market Sessions and News: Stay informed with direct Forex Market Sessions displayed on the chart and receive updates on the latest and upcoming Forex news, helping you stay ahead of market-moving events.
  • Notifications and Mobile Alerts: Receive timely trading signals and trend alerts through notifications and mobile alerts, ensuring you never miss a profitable opportunity.
  • Wide Asset Coverage: The Legend Trade Management System supports all 28 popular forex pairs, including commodities, cryptocurrencies, and indices, broadening your trading possibilities.

Trading Management Dashboard

Trading Management Dashboard
Trading Management Dashboard

The Trading Management Dashboard within the Legend Trade Management System for forex serves as a central hub, providing crucial insights into market trends and empowering traders to manage their opened trades and account performance efficiently. Let’s explore the distinctive features that make this dashboard an invaluable tool for traders:

  • Trend Scanner: The dashboard hosts a trend scanner that swiftly identifies the prevailing trend for each specific forex pair and timeframe. A green color signifies an uptrend, while a red color indicates a downtrend. This intuitive visual aid helps traders make well-informed decisions based on the current market direction.
  • Currency Strength Meter: With the Currency Strength Meter, traders can readily assess the relative strength or weakness of different currencies. This powerful feature assists in identifying potential currency pairs for profitable trading opportunities.
  • Account Statistics Section: Tracking the performance of one’s trading account is essential for successful trading. The dashboard presents an account statistics section, offering valuable insights into the overall performance of the account, enabling traders to assess their progress and make informed adjustments to their strategies.
  • Manual Order Placement: The Trading Management Dashboard offers a user-friendly interface that allows traders to manually open buy and sell orders with a simple click of the Buy and Sell buttons. This feature provides flexibility and control over trade execution.
  • Trailing Stop, Breakeven SL, and Partial Close: Traders can effectively manage their positions with the ability to set trailing stops, breakeven stop-loss levels, and partial close options for both automated and manual trades. These features allow traders to secure profits and minimize potential losses.
  • Automatic Trading Configuration: The dashboard empowers traders to enable or disable automatic trading on individual forex pairs, providing the flexibility to automate trading based on preferred strategies and market conditions.
  • Order Editing and Closure: Traders have the freedom to edit and close opened orders directly through the dashboard, streamlining the management of their trades.
  • Manual Grid Orders Management: The dashboard allows traders to manually open grid orders, providing them with greater control over their trading approach.
  • Access to Account Reports and Task Manager: Beyond the immediate trade-related functions, the dashboard offers access to comprehensive account reports and a task manager. Traders can review detailed account performance data and automate essential trading tasks for increased efficiency.
  • Technical Dashboard: The Trading Management Dashboard extends access to a technical dashboard, enabling traders to perform in-depth chart analysis and gather valuable insights from various technical indicators.
  • Broad Instrument Support: The Legend Trade Management System accommodates trading with a wide range of financial instruments, as long as they are supported by the trader’s broker. This extensive instrument support enhances trading opportunities across various markets.

Currency Strength Meter

Currency Strength Meter
Currency Strength Meter

The Currency Strength Meter is a powerful tool integrated into the Legend Trade Management System for forex, offering traders a convenient and visual guide to identify the relative strength or weakness of currencies in the market. This meter measures the strength of the main currencies in the forex market, including AUD, CAD, CHF, EUR, GBP, JPY, NZD, and USD, by comparing all 28 pair crosses between them.

The primary function of the Currency Strength Meter is to aid traders in filtering their trades based on currency strength. By analyzing this information, traders can determine whether a particular currency, such as the US dollar (USD), is currently strengthening or weakening against other currencies.

One of the most effective ways to utilize the Currency Strength Meter is by trading the pair that combines the strongest and weakest currencies. For instance, if the USD is strong while the Japanese yen (JPY) is weak, a trader may consider going long on USDJPY to capitalize on the potential upward momentum.

The Currency Strength Meter offers quick and actionable insights, allowing traders to promptly open long or short positions based on their analysis. If, for instance, the US dollar is strengthening, traders can easily initiate long positions on USD pairs by clicking the “Buy” icon next to the USD, resulting in buy positions on USDJPY, USDCAD, USDCHF, and sell positions on EURUSD, GBPUSD, AUDUSD, and NZDUSD.

Furthermore, the Currency Strength Meter is customizable, giving traders the flexibility to add a second row of up to nine additional instruments to the meter section. This customization feature enables traders to expand their analysis and gain deeper insights into various currency pairs and combinations.

Trade Manager

Trade Manager
Trade Manager

The Trade Manager within the Legend Trade Management System for forex is a versatile tool designed to monitor and manage the performance of your open trades, while also providing manual control over trade operations. Let’s delve into its key features and functionalities:

  • Trade Performance Tracking: The Trade Manager serves as a comprehensive tracking system for all your opened trades. It displays essential information such as the total number of buy and sell trades you currently have open for each symbol, allowing you to keep a close eye on your trading activity.
  • Order Management Dashboard: The Buy and Sell buttons in the Trade Manager open the Order Management dashboard. This dashboard enables you to swiftly open market or pending orders, streamlining the process of entering new trades into the market.
  • Fast Buy and Fast Sell Buttons: For rapid execution, the Trade Manager offers Fast Buy and Fast Sell buttons. With just one click, you can initiate a market order instantly, optimizing efficiency in fast-paced trading scenarios.
  • Trade Closure Options: The Close button within the Trade Manager grants you the ability to fully close or partially close specific trades for a particular currency pair. This feature allows for precise trade management, facilitating strategic profit-taking or risk reduction.
  • Trade Editing Options: The Edit button provides extensive trade editing capabilities. You can conveniently adjust the Take Profit (TP) and Stop Loss (SL) levels, hedge positions, or even reverse an opened order, empowering you to adapt your trading strategy as market conditions evolve.
  • Distance Column: The Distance column in the Trade Manager is a valuable indicator that shows how far the current market price is from reaching either your Stop Loss or Take Profit levels. In case a trade is in negative territory, it reveals the distance in points to the Stop Loss. Conversely, for trades in positive territory, it indicates the distance in points to the Take Profit.
  • Profit Display: The Trade Manager prominently displays your profits on the right side of the dashboard. It showcases the total profit in points, as well as the profit in the currency of your trading account and as a percentage of your account size. This feature enables you to assess the financial performance of your trades at a glance.

Auto-Trade Management

Auto-Trade Management
Auto-Trade Management

The Auto-Trade Management dashboard within the Legend Trade Management System for forex offers traders extensive control and automation over their trading activities. This feature allows for effortless customization of take profit, stop loss, lot size, trade direction, and maximum spread/slippage settings for each individual currency pair. These specified values are utilized by the Expert Advisor (EA) when automatically opening trades.

The Auto-Trading functionality of the system proves to be a valuable asset for traders, as it actively scans multiple pairs and timeframes to identify high probability trading opportunities. By automatically opening and closing trades based on predefined parameters, this feature becomes especially advantageous for traders who may not have the availability to actively monitor the markets and execute trades manually.

One of the key elements of the Auto-Trade Management dashboard is the ability to enable Automatic Trade Recovery. This strategy incorporates an averaging approach to recover from losing trades. However, it is essential to comprehend the higher risk associated with this strategy before enabling it. Traders are encouraged to thoroughly understand the implications and potential outcomes of Automatic Trade Recovery before implementing it in their trading.

Accessing the Auto-Trade Management panel is simple. By clicking the ON/OFF button for each currency pair under the “Auto-Trade” column on the main dashboard, traders can enable or disable auto-trading for specific pairs.

For greater convenience, a Toggle All button is available below the “Auto-Trade” column on the main dashboard. This enables traders to simultaneously activate or deactivate auto-trading for all pairs listed. By clicking the Enable All button, traders can swiftly enable auto-trading across all pairs. Conversely, they can also disable auto-trading for all pairs using this feature.

Advanced Screener Management

Advanced Screener Management
Advanced Screener Management

The Advanced Screener Management is a powerful feature within the Legend Trade Management System for forex, offering traders the ability to search and filter currency pairs on the dashboard based on their chosen technical conditions. This functionality enables traders to customize their trading analysis and focus on pairs that meet specific criteria.

The panel provides two different sets of data that can be viewed by clicking the “Symbol Info” or “Technical” buttons. The “Symbol Info” displays essential information related to each currency pair, while the “Technical” view presents technical indicators and data calculated for each pair.

Moreover, traders have the flexibility to switch between timeframes for the technical data calculation. When the technical column is selected, changing the timeframe will reflect the values of technical indicators based on the selected timeframe. This empowers traders to analyze currency pairs from different time perspectives, enhancing their decision-making process.

To further refine their selection, traders can utilize the “Filter Results” button to access the strategy filter dashboard. Within this dashboard, traders can specify specific technical conditions to filter pairs accordingly. For example, one can search and filter pairs that are currently overbought on the H1 timeframe by setting the condition of RSI (Relative Strength Index) to be above 70. Similarly, traders can search for pairs with current prices above the 50-day Simple Moving Average (SMA) on the D1 timeframe. This feature allows traders to tailor their analysis to more complex criteria based on their specific requirements.

To access the Advanced Screener Management panel, traders can click the “Screener” button on the main dashboard, opening up a world of comprehensive screening and filtering options.

Order Chart Labels

Order Chart Labels
Order Chart Labels

Order Chart Labels within the Legend Trade Management System for forex are informative labels displayed directly on the chart to facilitate easy identification of your opened trades. These labels provide essential details about each trade, including the trade direction (Buy or Sell), the current profit or loss, and the lot size.

The Order Chart Labels also come equipped with two convenient buttons, the “E” button and the “A” button. Clicking the “E” button reveals the Order Ticket Management dashboard, which allows traders to perform various actions on that particular order. These actions include editing the trade parameters, closing the trade, hedging the position, or even reversing the trade.

On the other hand, clicking the “A” button displays the order chart lines associated with the Stop Loss (SL), Take Profit (TP), and partial close levels (if enabled). These lines are visually represented on the chart and provide clear visual cues for the specific levels.

Traders have the flexibility to make adjustments to the Take Profit, Stop Loss, and partial close values directly on the chart by dragging the respective order lines after clicking the “A” button. This intuitive functionality allows for swift and precise modification of trade parameters, optimizing risk management and profit-taking strategies.

Order Ticket Management

Order Ticket Management
Order Ticket Management

Order Ticket Management is a powerful feature within the Legend Trade Management System for forex that empowers traders to individually and efficiently manage each of their orders. To access this dashboard, traders can simply click the “E” button on the Order Chart Labels directly from the chart.

Within the Order Ticket Management dashboard, traders have a range of options to manage their trades effectively:

  • Edit SL and TP: Traders can easily adjust the Stop Loss (SL) and Take Profit (TP) levels of a specific order. This feature allows for precise risk management and profit-targeting based on market conditions and individual trading strategies.
  • Close Order: With the “Close Order” button, traders can fully and promptly close the selected order, allowing for swift and decisive trade exits when necessary.
  • Hedge Order: The “Hedge Order” button opens the “Hedge Position” panel, where traders can choose the desired volume to hedge. Upon submission, a new opposite position will be opened using the same stop loss and take profit prices as the selected order. This hedging functionality offers a risk management technique to offset potential losses.
  • Reverse Order: The “Reverse Order” button serves as a valuable tool for traders who wish to execute a complete reversal of a trade. When clicked, the selected order will be closed, and a new opposite position will be automatically opened with the same stop loss, take profit, and lot size as the original order. This feature allows traders to swiftly capitalize on potential trend reversals.

Additionally, traders have the option to set the Stop Loss to breakeven by clicking the “Set” button under the “Set SL Breakeven” column and then clicking “Edit Order.” This feature enables traders to secure their initial capital by moving the Stop Loss to the entry price when a trade has moved in their favor.

Final Thoughts

In conclusion, the Legend Trade Management System for forex emerges as a sophisticated and comprehensive platform, designed to empower traders of all levels with powerful tools and functionalities. This advanced system seamlessly blends automation and manual control, catering to the diverse needs and preferences of traders.

With features like the Currency Strength Meter, Trade Management Dashboard, and Advanced Screener Management, traders gain a competitive edge by making well-informed decisions and effectively managing their trades in real-time. The Auto-Trade Management component offers automation capabilities that scan for high-probability trading opportunities, enabling traders to capitalize on market movements even when they are away from their computers.

The Order Chart Labels and Order Ticket Management enhance trade visualization and provide precise control over individual orders, facilitating efficient risk management and profit optimization strategies.

With its focus on technical analysis, order management, and automation, the Legend Trade Management System offers a holistic approach to forex trading. Whether one is a beginner, intermediate, or professional trader, this system provides the necessary tools and insights to elevate trading performance and achieve success in the dynamic and ever-changing forex market.

Overall, the Legend Trade Management System embodies innovation, flexibility, and user-friendliness, paving the way for traders to navigate the complexities of forex trading with confidence and achieve their financial goals. As a comprehensive and reliable trading solution, it stands as a valuable asset for traders seeking a competitive edge and consistent profitability in the world of forex trading.

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