In this post I will review the MoneyRisk Management Trading Tool. If the name wasn’t an obvious giveaway, this is a money management trading tool that has been developed to be used in the MetaTrader 4 (MT4) trading platform which is free to download from most online forex broker. I always use an ECN forex broker for the best possible trading conditions such as low spreads and reliable executions speeds.
In order to use this forex system, you will need a trading account with a forex broker. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
MoneyRisk Management Trading Tool Features
The main purpose of the MoneyRisk Management Trading Tool is to help you prepare for taking your trading positions. It can help you calculate the relevant lot size to use in order to risk a certain percentage of your account balance. This can help ensure proper positions size and risk management with consistency.
It is imperative to implement sounds money management principles within any trading strategy; this is something that is often over looked by many traders who look for a quick fix and can therefore risk more than they should. The MoneyRisk Management Tool helps calculating risk and money management to become easier and automated, thus saving traders time.
This money management tool can help with aspects of trading such as risk to reward ratio and portfolio exposure, all in real time. I would always prefer to take trades with a favourable risk to reward ratio, ideally at least 1:3 where a winning trade is 3 times that of a losing trade. I find nothing more frustrating than 1 losing trade wiping out successive winning trades.
The developer lists the following key features of the MoneyRisk Management Tool:
- It comes in a very simple user-friendly buttons that will process all calculations with few inputs.
- You are able to quantify your risk before taking your trades.
- You are able have a good understanding of your risk profile at a glance.
- You will even get notifications / warnings once you have reached your risk tolerance bands.
- You can conveniently move virtual lines, add multiple TP levels and still stay within your permissible risks per trade.
- Your opened positions are automatically moved to preset breakeven points even while you sleep (if set to run on VPS).
- You can place Instant orders using the Market button (SELL/BUY) at current market price with multiple TP levels all at just a single mouse click.
- You can also place pending orders (SELL STOP, BUY STOP, SELL LIMIT, BUY LIMIT) using the Pending Button with multiple TP levels all still at a single mouse click.
- You completely guard yourself against high risk exposures making you far away from margin call points.
- You have a complete information about your Risk Reward Ratio even before taking a trade.
- You have a display of virtual lines showing you the size of trade in USD, profit in USD, Profit in Pips amount and the % gain for that trade even before taking the position.
- The MoneyRisk Management Utility tool will also split your position while ensuring you stay within your preset risk level. You can take 3 trades or more and still not risking more than 1% or 2% of your account as set by you.
- It also gives you a summary table to display your current open positions and trade records so you understand your open positions, expected gains, total risk as well as portfolio Risk: Reward Ratio.
- It also displays your history trade records for better understanding of your account performance over the set period.
- If you are a signal provider then this tool also saves you from a whole lot of stress. It copies the order positions you have taken to clipboard. All you need to do is simply go to your Telegram, Whatsapp or whatever platform you use in servicing your members and press (CTRL+C) to paste. Quite easy and simple!
MoneyRisk Management Trading Tool Summary
Considering the price and abundant set of money management features, this is a solid piece of kit. The money movement aspect of online forex trading is often over looked and thus any trading tool that can help to inform traders about the importance of managing risks and help to keep them safe, I am all for. The MoneyRisk Management Tool comes with support, instructions, updates and a money back guarantee.